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Parfrey Murphy
Chartered Accountants
Lee View House
South Terrace
Cork
Ireland

T: +353 (0)21 4310266
E: [email protected]
E-Newsletter
September 2015
Our aim is to help businesses grow, to 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 [email protected] if you wish to do business with us
THE IMMEDIATE DOUBLE BENEFIT TO REDUCE YOUR TAXES NOW!!
Seamus Parfrey
By Seamus Parfrey
 
The deadline for filing 2014 income tax returns is 31 October 2015 or 12 November 2015 where returns are filed and the tax paid through ROS.
 
You can reduce your 2014 tax liability by making a pension contribution on or before 31 October 2015 or on or before 12 November 2015 and backdating  the income tax relief against the 2014 tax year.
 
BENEFITS IN KIND TARGETED BY REVENUE
By Noel Murphy

Directors who have not paid benefit in kind (BIK) tax on company loans are currently being targeted by the Revenue Commissioners. 

This can result in substantial tax liabilities as the Revenue are also applying interest of 13.5% on the loans when they are calculating the BIK tax payable.
 
And penalties and interest could more than double the amount due.
 
It currently appears, if directors make a BIK declaration before a Revenue Audit is notified, penalties and interests may not be applied.

MILEAGE AND SUBSISTENCE CHANGES?
By Una Beecher

The European Court of Justice (ECJ) ruled in Sept 2015 that workers (e.g. sales executives) who do not have a fixed office are entitled to count time spend travelling from home to the first meeting of the day and the journey from their last meeting to home in the evening as work time.
 
Accordingly this time must be included in working hours, rest breaks and pay when they are being calculated.

TAX DEADLINES & REMINDERS

By Seamus Parfrey

Deadline - 14 October 2015
PAYE/PRSI
  • P30 monthly return and payment for September 2015
Deadline - 14 October 2015
DWT
  • Return and payment for September 2015   
Deadline - 23 October 2015
RCT
  • Return and payment for September 2015                                                    
Deadline - 1 - 21 October 2015
Corporation Tax
  • Preliminary Tax for accounting periods ending between 1 - 30 November 2015
  • First installment of preliminary tax for "Large Companies" with a financial year ending between 1 - 30 April 2016
  • Returns for accounting periods ending between 1 - 31 January 2015
  • Pay balance of tax due on accounting periods ending between 1 - 31 January 2015
  • Returns of third party information for accounting periods ending between 1 - 31 January 2015
Where returns and payments for RCT, VAT, PAYE/PRSI and Corporation Tax are made electronically, the return and payment deadlines are the 23rd day of the month

Parfrey Murphy
+353 (0)21 4310266
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