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 31 st October Paper Filing 15 th 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 payment s

What is due on October 31 st ? 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?

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?