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If you sell the 1/3 of an asset worth 300k you are infact disposing of an asset worth 100k. If you sell this asset to a "connected party" otherwise than by means of a bargain made at arm’s length the Market value applies under S.549. Further more you are also making a gift of the difference to...

You would have been entitled to it since 2006 however you may be entitled to a larger band after marriage. Which I think is your point. I'm not sure if your new spouse will qualify as you originally purchased the property as a "single" person. I'm not sure how this interaction goes through on...

Don't forget indexation. Cost at 1974 or if later when acquired will be indexed. See this table https://www.revenue.ie/en/gains-gifts-and-inheritance/documents/cgtmult.pdf

Why make things complicated if the house is run down. Why not get the property valued and see what the property is actually worth. Say its worth 45k and none of the nephews group b threshold is used as yet that would mean that 45k - 3k - 32.5K = 9.5K is taxable at 33%. That will give a tax...

Be careful to structure it correctly in order not to lose your Retirement Relief entitlement. Retirement relief in the two trading co's would probably be best with a share buy back (with succession) or a liquidation at retirement(cessation). This is unless you want to set up the investment...

It its only 2k odd the earned income tax credit will take care of that. Similarly no USC or PRSI if this is her only source of income. You should submit a Form 12 though.

Have any of you come across this return reasoning for a business name: "It appears that the business is located at your residential address. Given the nature of your business it would seem more appropriate that your business would be better located at a commercial premises, please advise. If you...

There is no time limit in cases of fraud or neglect and enquiries can be made at any time in such cases. S46(7B) CATCA States where the Revenue have reasonable grounds to suspect fraud or neglect the 4 yr rule does not apply. Neglect includes failure to submit a return. I would think however as...

I dare say the purchaser wouldn't have a CGT liability either! The OP has asked for the tax liabilities for both parties From working with purchase contracts day in day out and considering the question. I'm beginning to wonder if the Purchaser is considering taking on any tax...

An accountant isn't going to chase you. 800 seems very reasonable for accounts and tax returns 500 + 300 I assume that is ex VAT. Including VAT is extremely cheap. Probably even a little too cheap but that would depend on the level of transactions etc. I'm afraid at that sort of fee your not...

You need to consider all tax heads. There will most definitely be a VAT liability here! Supply of this incomplete property will be subject to VAT at 13.5% unless Transfer of Business relief applies which it wouldn't unless you are a developer. If his a builder it is also highly likely that...

Hi Guys, had a faulty XBox recently that broke after a few months. Went back to the Smyths shop and was told that the company policy was not to issue refunds after 1 month of purchase even if the good is faulty and they gave me the number for Microsoft and farmed out their obligation(Sales of...

You can put anything you want on your form 12/11. Is it correct? You know the answer to that yourself and if you don't the above posters have answered it.

Just to clarify, I assume the company you are invoicing is the UK entity which you are working for and not your own company. I also assume that whey you say you "set up a company" you mean you set up a limited liability company and not a business name or similar. €37,500 for services...

Practically speaking at 154E per week 8k per annum you are not even using up your personal credits so the OPF tax credit is doing you no good. If you start earning above 16,500e per year then you will be using up your full personal tax credits. Removing your OPF tax credit on this basis won't...

2017: Under the 280 day rule the odds are you will be resident in Ireland for 2017. You might get split year residence relief("SYR") on employment income if you don't plan on being resident in 2017. However without question a minimum would be that in 2017 you will pay tax on your Total income...

Call him, tell him to get registered or you will bring his name to the attention of Revenue that his is wrongly using the Revenue to his advantage and wrongly stating that he is VAT and HRI Registered.

Very carefully considering what T.McGibney has said this is my 50 pence. Ok so. You say you are non dom. When did you move to Austrailia in 2010? Odds were you were resident in 2010 and subject to tax on your world wide income(WWI) for 2010 as between 2010 and 2009 you probably spent excess of...

If your combined income is under 36k you should be exempt from income tax full stop. http://www.revenue.ie/en/tax/it/leaflets/it8.html SW Pension is not subject to USC. You shouldn't be subject to PRSI. Have you other sources of income?

You pay tax on 30% of the market value of say 22k. That is 6,600 of a BIK of which you will pay approx 3,300 in tax. 3,300 for full use of a car alone is a very cheap car IMHO. Nevermind with a fuel card, tax, insurance service tyres etc. Tax, insurance, maintenance and tyres alone are 2,000 odd...