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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
October 2015
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 [email protected] if you wish to do business with us
BUDGET 2016
Budget 2016 is aimed at improving the tax position for workers and in particular the lower to middle income earners.  This is the second stage of a three year plan to reduce the income tax burden.

Key measures include:
  • USC rates reduction
  • CAT threshold increase
  • CGT reduction
The budget should encourage consumer confidence and benefit domestically focused businesses.

However, the marginal rate of income tax for high earning employees still remains comparatively uncompetitive by international standards and does cause concern in attracting foreign employees to Ireland.  

Income Tax
  • A new Earned Income Tax Credit of €550 will be available to the self-employed and proprietary directors.
  • The 0.15% pension levy will be abolished with effect from 31 December 2015.
  • The Home Carer's Tax Credit will be increased from €810 to €1,000, with an increase in the carer's income threshold from €5,080 to €7,200.
  • There were no changes to the income tax rates or bands.
DEADLINES AND REMINDERS
Deadline - 14 November 2015
PAYE/PRSI
  • P30 monthly return and payment for October 2015
Deadline - 14 November 2015
DWT
  • Return and payment for October 2015   
Deadline - 19 November 2015
VAT
  • Monthly VAT3 return and payment for period October 2015
  • Bi-Monthly VAT3 return and payment for period September - October 2015
Deadline - 23 November 2015
RCT
  • Return and payment for October 2015   

Deadline -  LPT 

 

1 November 2015         - Liability (Ownership) date for 2016

23 November 2015       -Deadline for confirming payment method to Revenue of spreading payments over 2016 (making phased payments). 
Note: This date is provisional.

Deadline - 21 November 2015

Corporation Tax

  • Preliminary Tax for accounting periods ending between 1 - 31 December 2015
  • First installment of preliminary tax for "Large Companies" with a financial year ending between 1 - 31 May 2016
  • Returns for accounting periods ending between 1 - 28 February 2015
  • Pay balance of tax due on accounting periods ending between 1 - 28 February 2015
  • Returns of third party information for accounting periods ending between 1 - 28 February 2015
Where returns and payments for RCT, 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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