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Tax Deadlines:
Diary
Income Tax
Preliminary Tax for
2008 must be paid by 31st October 2008. (To avoid interest charges
your Preliminary Tax payment must be either 100% of your final 2007
liability or 90% of your final 2008 liability). Balance of Income
Tax for 2007 must be paid by 31st October 2008.
Corporation
Tax:
The payment dates are
dependent on the Company's year end as follows:
First Instalment: Due
on or before the 21st day of the 11th month of the accounting
period.
Second Instalment:
Due on or before the 21st day of the 6th month following the end of
the accounting period.
Final Payment: Due on
or before the 21st day of the 9th month following the end of the
accounting period.
Capital Gains
Tax (CGT):
CGT must be paid by
31st October in each year in relation to assets that were disposed between
1st January and 30th September.
CGT must be paid by
31st January( the following year) in relation to assets that were disposed between
1st October and 31st December in each year.
Tax Tips:
Pension Top Ups:
In addition to
claiming a tax deduction for pension payments made during the
relevant tax year you may make an additional top-up payment by 31st
October . The amount that you may claim for tax purposes is
determined by your age. If you are paying Income Tax at the marginal
rate the cost of topping up your pension is 59% of the sum
paid.
Example: €10,000 top up:
Additional top up:
€10,000
Tax deduction
claimed: €(4,100)
Net cost:
€5,900
Medical
Expenses
All Medical Expenses
for a family are allowable on a Form Med 1. Please retain all
receipts from your GP, Consultants, X-Rays/Tests and Prescriptions.
A form Med 2 must be supplied by a Dentist for dental expenses to be
allowable.
Service
Charges
Service Charges e.g.
refuse charges, paid in the calendar year will qualify for tax
relief in the following tax year.
Donations:
Donations of at
least €250 made by a self employed or a company to an approved body
(e.g. a charity) will qualify for tax relief. The relief is given as
a deduction from Income. Where the donation is made by a PAYE
worker, the charity claims the relief directly.
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