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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
January 2016
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
CASH WITHDRAWALS TO BE TAXED! WHAT DOES IT ACTUALLY MEAN?
By Aoife Ní Dhubhghaill
 
As announced in the Budget, changes were made by the Finance Act 2015 to levy stamp duty on withdrawals of cash from automated cash machines. This was to replace the flat rate charge on debit and cash cards and comes into effect from January 1st.

CHANGES TO HOME CARER TAX CREDIT!!
Seamus Parfrey
By Seamus Parfrey
 
With effect from 2016 and future years the Home Carer Tax Credit has been increased to €1,000. Previously this has been running at €810 a year.

In addition the income limit for the carer has been increased to €7,200 from €5,080. Once this limit is exceeded then the amount of tax credit due is tapered downwards. Once income for the carer has exceeded €9,200 (€6,700 in previous years) then no tax credit is due.
 
INCOME TAX EXEMPTION FOR "RELEVANT" DIRECTORS
By Noel Murphy

From January 1st 2016 certain travel and subsistence expenses incurred by "relevant" directors have been exempted from income tax.

A "relevant" director is defined as a non-executive director of a company who is not tax resident in Ireland.
TAX EXEMPTION FOR WATER CONSERVATION GRANT
By Seamus Parfrey

Anyone who registered their principal private residence with Irish Water by 30 June 2015 was invited to apply for a Water Conservation Grant. 

This is an annual payment administered by the Department of Social Protection, on behalf of the Department of the Environment, Community and Local Government.


TAX DEADLINES & REMINDERS
By Aoife Ní Dhubhghaill

Deadline - 14 February 2016
PAYE/PRSI
  • P30 monthly return and payment for January 2016

Deadline - 15 February 2016
PAYE/PRSI
  • Make available P60 2015 to each employee
  • Due date submission of Form P35 for year ended 31 December 2015

Deadline - 14 February 2016
DWT
  • Return and payment for January 2016  

Deadline - 23 February 2016
RCT
  • Return and payment for January 2016                                                    
Deadline - 1 - 21 February 2016
Corporation Tax
  • Preliminary Tax for accounting periods ending between 1-31 March 2016
  • First installment of preliminary tax for "Large Companies" with a financial year ending between 1 - 31 August 2016
  • Returns for accounting periods ending between 1 - 31 May 2015
  • Pay balance of tax due on accounting periods ending between 1 - 31 May 2015
  • Returns of third party information for accounting periods ending between 1 - 31 May 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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