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Parfrey Murphy
Chartered Accountants
Lee View House
South Terrace
Cork
Ireland

T: +353 (0)21 4310266
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Budget 2014
Our aim is to help our clients increase their profitability, improve their cash flow and reduce their tax liabilities so that they have more disposable income. Please feel free to call us on  021 4310266 or email us at pm@parfreymurphy.ie if you wish to do business with us
BUDGET 2014

By Una Beecher

 

 

Income Tax

 

With effect from 1 January 2014 the One Family Parent Tax Credit will be replaced by the Single Person Child Carer Credit. This credit will only be available to the principal carer.

 

Tax Relief at Source (TRS) for medical insurance relief will be restricted to the first €1,000 per adult and the first €500 per child insured.

 

Top slicing relief will no longer be available for ex-gratia payments from 1 January 2014.

 

DIRT rate will increase from 33% to 41% from 1 January 2014.

 

Tax relief for interest on a loan to acquire an interest in a partnership will no longer be available for new loans taken out from 15 October 2013. Relief in respect of loans taken out before this date will be withdrawn on a phased basis over four years.

 

Pensions

 

Relief is still available for pension contributions at the marginal rate.

 

The Standard Fund Threshold will be reduced from €2.3m to €2m from 1 January 2014.

 

0.6% levy on pension fund assets will increase to 0.75% for the year 2014. This levy will reduce to 0.15% for the year 2015.

 

Corporation Tax

 

No change to the corporation tax rate of 12.5%.

 

R&D Tax Credit

 

The first €300k of expenditure (previously €200k) will qualify without reference to the 2003 base year.

 

The limits on the amount of expenditure on R&D outsourced to third parties which can qualify for the relief is to be increased from 10% to 15%.

 

VAT

 

The reduced VAT rate of 9% for tourism related services is being retained.

 

The threshold for the cash receipts basis is to be increased from €1.25m to €2m with effect from 1 May 2014.

 

Increase in farmer's flat rate addition from 4.8% to 5% from 1 January 2014.

 

Capital Gains Tax

 

{READ MORE}

 

Parfrey Murphy
+353 (0)21 4310266
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