Revenue’s Jobs & Pension Service

The Revenue Commissioners introduced the Jobs and Pension Service with effect from 12 September, 2016.  This system replaces Form 12As which were completed by the employee and submitted to the Revenue Commissioners by the employer to manually apply for tax credits and Form P46s which were completed by the employer through ROS, Revenue’s online system.

 

Each new employee must now (from 12 September, 2016) apply to allocate credits to a new job using the Jobs and Pension Service through My Account on Revenue.ie.  It is no longer possible for the employer to apply for the credits.

 

Please recommend to all current and new/potential employees to register for My Account through the Revenue Commissioners website.  The following information is required to register for my account;

  • PPS number
  • Date of birth
  • Mobile/landline number
  • Email address
  • Home address

2 of the following will also be required to verify identity;

  • Irish driving licence number
  • P60 details
  • For self employed people – Acknowledgement of Self Assessment/Notice of Assessment

 

Emergency tax rates will apply without tax credits being allocated.

 

Please contact our office on 0402 29376 or info@rhendy.ie if you have any queries in relation to this item.

Thinking of starting your own business?

If you have recently set up or are thinking about setting up a new business you might be wondering what you need to do as regards taxes and compliance.

At R Hendy & Co one of our specialist areas is new start ups whether it’s a company or sole trader.  We work with you to establish what your objectives and priorities are and this ensures that we provide you with the most appropriate advice to you.

While the lower rate of corporation tax, generally 12.5% is attractive, operating through a company might not be the best option for every new business.  This is a one key area we will review with you.

We can assist you with the following areas;

–  company formation and incorporation 

–  tax registrations

–  business name registration

–  provision of bookkeeping template spreadsheets

–  guidance on bookkeeping software and set up

–  preparation of bookkeeping records and filing of Revenue VAT returns

–  preparation of payroll and filing of Revenue PAYE returns

–  Companies Registration Office and other company secretarial compliance

–  preparation of annual financial statements (accounts) and tax returns
As your business grows we will tailor our services to suit you, including pension advice.

If you think this applies to you please contact our office on 0402 29376 or email us at info@rhendy.ie

New subsistence rates from 1 July, 2015

The Revenue Commissioners have updated the Civil Service subsistence rate applicable from 1 July, 2015.

The rate for absences from the normal place of work for one day in excess of 10 hours has remained unchanged (€33.61), however the rate for absences between 5 and 10 hours has increased by 30c to €14.01 per day.

The overnight rates have increased.

All the rates applicable from 1 July, 2015 can be found on the Revenue’s IT 54 Employees’ Subsistence Expenses leaflet.

Maintenance of correct records is essential when claiming Civil Service subsistence rates.

Please contact our office for further details on 0402 29376

Vodafone’s Return of Capital to shareholders

As you may be aware, the Vodafone Group proposes to reorganise and return some capital to shareholders.  The background to this is that the group on 2 September, 2012 announced that it planned to sell its Verizon Wireless investment to Verizon Communications Inc.  Following is a link to the Revenue Commissioners website that deals with the majority of small Irish Investers who bought Eircom shares in 1999 and still retain the related Vodafone shares.

The important thing to note is if you opt for the return of Capital AND complete and return the relevant forms, the return will be subject to Captial Gains Tax and may effectively be tax free (as the return leads to the crystallisation of a Capital Gains Tax Loss) but if not the dividend will be subject to Income Tax and related levies and charges.

http://www.revenue.ie/en/tax/cgt/vodafone-shareholders.html

Also attached is an interesting article from the Irish Independent giving guidance on how to complete the bundle of forms Vodafone Investors received recently. Its well worth a read

http://www.irishtimes.com/business/personal-finance/vodafone-windfall-how-much-will-i-get-what-do-i-do-1.1653948#.UtZlJcMDBR0.email

 

The Seed Capital Scheme

Summary of the Seed Capital Scheme (SCS)

If you are an employee, an unemployed person or were made redundant recently and are interested in starting your own business you may be entitled to avail of the tax refund available under the Seed Capital Scheme.

An employee who leaves employment and invests by means of shares in a company, which carries on a new business, may claim a refund of income tax paid in previous years. An unemployed person may also avail of this facility.

For more information please clink the following link: http://www.revenue.ie/en/tax/it/leaflets/it15.html

 

Latest News from the Companies Registration Office

Electoral Amendment Political Funding Act 2012

This Act was signed into law on 6/11/2012. One of the provisions of this Act reduces the amount threshold for disclosure of political donations made by a company, society or trade union on an annual return form completed by a company, society or trade union. With effect from 7/11/2013 the threshold for this disclosure has been significantly reduced from €5,079 to €200.

Companies, societies and trade unions making an annual return up to a date on or after 7/11/2013 are required to disclose in that return all political donations in excess of €200 in the aggregate which were made by the company, society or trade union, as applicable, during the period covered by the annual return.

Companies, societies and trade unions making an annual return up to 6/11/2013 or earlier are required to disclose in that return all political donations in excess of €5,079 in the aggregate which were made by the company, society or trade union, as applicable, during the period covered by the annual return.

Employment Regulation Orders – Agricultural Workers

The High Court has made the ruling that the Employment Regulation Order (ERO) wage setting mechanism is unconstitutional. For detailed information please click on the following link: http://www.employmentrights.ie/en/informationforemployees/industryspecificinformation/agriculturalworkers/

For Rates of Pay for Agricultural Workers please click: http://www.labourcourt.ie/Labour/Information.nsf/447a09a9deaa452280256a1b0052dc2e/9e9d066a6aeaf803802569e0003d99b7?OpenDocument