Agenda

• Do I have to file?

• When do I file?

• What are the penalties?

• How can I reduce my tax bill?

• Rental property issues

• Who are TaxAssist Accountants?

Do I have to file?Yes if you are…

•Self employed

•Director and you own more than 15% shareholding in a company

•Have rental income

Do I have to file cont.…

Yes if you have…

•Investment income

•Shares or share options

•Other non PAYE income

Deadlines

• 31st October 2012- Paper Filing

• 15th November- Online Filing

Filing on time is crucial!

Compulsory online filing

• New scheme introduced by Revenue- will have impact on anyone doing their own return

• Applies to anyone claiming tax relief such as:• Pension contributions• Covenants • Maintenance payments

What is due on October 31st?

• Tax return- form 11 or form 12• CGT return if applicable• Tax Liability- cheque, credit card, online bank

transfer• Preliminary tax for 2013

What is preliminary tax?

• Advanced payment of your 2013 liability• Can be calculated using 3 methods. 2 most

common– 100% of 2012 liability– 90% of 2013 Not paying opens you to late payment interest

Penalties for filing late

• 5% surcharge of tax liability for the year • More than 2 months late increased to 10%.

Example:

3 months late, tax liability for the year was €15,000 paid through the PAYE system. A surcharge of €1,500 would be payable.

Tax Tips: Claim all your credits

Tax credits people tend to forget

•Health- 20% of expenses. Remember to claim for your family

•Home carers credit

•Nursing home costs

Tax planning

• Contribute to a pension scheme

• Split income with your spouse

• Claim trading losses against other income

• Consider setting up a limited company

Rental Property• Up to € 10,000 relief from room in your own

house• Capital allowances on furnishings- don’t

forget• Interest relief- 75% of interest only not capital• Must be registered with PRTB to claim

interest relief

Difficulty paying tax

• File your return anyway

• Contact Revenue Commissioners

• Agree installment arrangement- Be realistic

Who are TaxAssist Accountants?

Who are TaxAssist Accountants?• We are Ireland’s leading accountancy network with 25

branches across Ireland

• We specialise in helping Small Businesses and as a network are servicing over 3,000 clients

• We offer clients Fixed Fees – no hidden costs, so you know what you are paying in advance

• Our Fees include all correspondence and free business advice to clients

• We focus only on the SME sector

• Friendly and approachable

• Fixed fees agreed in advance

• Prompt completion of accounts and returns

• Tailored service

• No jargon

• Regular and flexible appointments

Our core services:

• Business accountancy

• Tax returns and advice

• Bookkeeping services

• Payroll

• Business plans and financial projections

• Company formation

Thanks for listening

Questions?