What to look out for – Free use of Property

Free use of property Budget 2021 originally changed the deemed interest on interest free loans to the borrowing rate. Previously it had been the available deposit rate. This could have had a serious impact for parents lending money to children e.g. for a house deposit. The new rate could easily have triggered a taxable gift […]

Professional Service Company Surcharge – Management Consultancy

A recent decision of the Tax Appeals Commission is very significant for practitioners with consultant clients trading through companies. Previously these companies were caught by the professional services surcharge. This left them with a choice of either: • taking a distribution of the profit at marginal rates of Income Tax /PRS I /USC or• paying […]

Pre Trading VAT Claim

We recently had an issue whereby a VAT refund claimed on pre trading expenses was disallowed by Revenue. A planning issue had thwarted the efforts to proceed with economic activity. In support of our case to allow the claim we quoted three cases heard in the ECJ, and one which went through the Irish courts. […]

CAT Advice for Co-habiting couples

Most practitioners are aware that the threshold for Co-habiting couples is Group C, currently €16,250 This can lead to a substantial tax bill on the death of a partner, where the surviving partner is the main beneficiary. There are a few strategies to minimise/eliminate tax liabilities for the surviving partner. A). If one party takes […]