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Taxation

Tax Planning:

We encourage proactive tax planning for our clients. This service requires our clients to have established successful business objectives. Such tax planning is an integral part of business development. Timely advice in this area may lead to long term profitable results.

Taxation advisory services include:

  • Business restructuring
  • Property acquisition
  • Introduction of new finance to a business
  • Planning for retirement

We are continuously exploring and developing new opportunites.

 

Tax Compliance:
We provide a compliance service for all tax headings, including:
  • VAT Returns
  • PAYE Returns
  • Corporation Tax Returns
  • Individual and Partnership Tax Returns
  • Capital Gains Tax Returns

 

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.

 

 

 

 

 

 

 
 

 1B Gurtnafleur Business Park, Gurtnafleur, Clonmel, Co. Tipperary. Phone: +353 - 52 - 6124822 Fax: +353 - 52 - 6124860

Email: info@klcollins.ie

                                                              K L Collins Ltd. is registered in Ireland at No. 389551