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Ardbrooks Blog (ardbrook.blogspot.com)

 

Local Property Tax Payroll Changes

We will be releasing an update to the EuroPayX and Payday payroll software in the next few weeks which will allow employers to comply with the changes for the collection of local property tax via the payroll.

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Posted on 14 May 2013

Budget 2013 - Advance Notice of PRSI Changes

The Advance Notice of PRSI Changes for Computer Users 2013 is now available on welfare.ie at  
 
http://www.welfare.ie/EN/Publications/Advanced2013/Documents/anprsi2013.pdf

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Posted on 7 December 2012

Budget 2013 - BIK on preferential loans

Increase from 12.5% to 13.5% in the specified interest rate used in calculating the taxable benefit from preferential loans, other than home loans. The specified rate used to calculate the taxable benefit from home loans is decreased from 5.0% to 4.0%. Specified interest rates are reviewed annually in the light of current interest rates available in the market.

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Posted on 6 December 2012

Budget 2013 - PRSI and USC Changes

The abolition of the standard PRSI allowance means most workers will pay an extra €264 a year. The minimum contribution from the self-employed will rise from €253 to €500.

The reduced rate of USC for those over 70 with an income in excess of €60,000 will be discontinued at the end of the year. 

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Posted on 6 December 2012

Budget 2013 Main Points

The main points of the budget as announced today by Finance Minister Michael Noonan are:

  • The abolition of the €127 a year PRSI allowance.
  • Child benefit cut by €10 per month
  • Capital Acquisitions Tax threshold falls by 10 per cent.
  • Carbon tax extended to solid fuels
  • Corporation tax remains unchanged
  • DIRT increases by 3% to 33%
  • Motor tax to rise from January 1st
  • Excise duty on tobacco to increase
  • €1 duty increase on wine
  • 10 cent rise on spirits, beer and cider
  • No increase on petrol/diesel
  • Property tax will be collected by the Revenue
  • Property tax based on market value introduced
  • Increase in USC for over 70s with incomes of €60,000+
  • Homes bought in 2013 exempt from property tax
  • Film tax relief extended to 2020
  • Tourism 9% VAT rate to remain for 2013
  • Farmers to get extended rate of stock relief
  • CRO to publish guidance for SMEs on credit
  • CRO to extend team of reviewers
  • Diesel rebate for hauliers from July
  • R&D tax credits amended to encourage innovation
  • Tax reform plan for SMEs

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Posted on 5 December 2012

Revenue Revised USC FAQ's

Revenue has revised its Universal Social Charge Frequently Asked Questions Document which is available on the following link www.revenue.ie/en/tax/usc/universal-social-charge-faqs.pdf

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Posted on 12 November 2012

Budget 2013 - Property Tax

It has been reported in the Irish Independent that the new property tax, now to be collected by Revenue will be implemented as follows

  1. The householder will value their own property using local property prices as a guide, a database of which will be made available. These valuations will be spot checked by Revenue.
  2. The property valuation will then be used to determine which band the property falls. These bands we are told will be fairly wide. The property tax will be in the range of 250 to 450 euro depending on which band the property falls into.
  3. The householder will be able to choose the method of payment, including by credit card, direct debit, instalments or monthly deductions from wages for PAYE employees.
It has yet to be announced by Revenue as to how the deductions will be handled if they are to be deducted from the PAYE employees wages. Any of the above could be changed by the time the Budget is finally introduced in December.

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Posted on 14 September 2012

P60 format Changed for 2012

Revenue have issued a new P60 format for 2012 which can be seen using the following link

http://www.ros.ie/PublisherServlet/offlineapps?language=en&languageSelect=en#Publications

and scrolling down to the P60 Section.

Employers will need to be careful when issuing P60's as the employees address no longer appears. It will also cause problems for employers who post P60's as address labels will now need to be used. In our EuroPayX payroll product it is possible to email P60's direct to the employees. Ardbrook will try to include the address on the P60 and to get it Revenue approved.

Other changes to the P60 include
  • the amount of taxable illness benefit is now shown
  • Flag to indicate if USC amount was deducted or refunded
  • Previous employment Pay for USC
  • Employers email address no longer shown

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Posted on 29 August 2012

Budget 2013 Troika calls for €1.25 in new taxes!


A report on the seventh review on the terms of Ireland’s EU-International Monetary Fund bailout, which was published this afternoon, states that revenue measures to raise at least €1.25 billion in the Budget will also include 

  • a broadening of the personal income tax base
  • a restructuring of motor tax
  • a property tax based on house valuation will be introduced
  • a reduction in general tax expenditures
  • an increase in excise duty and other indirect taxes

On the spending side, social expenditure reductions and a cut in the total pay and pensions bill will be part of consolidation measures worth €2.25 billion.

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Posted on 24 August 2012