When setting up a business, it is important to structure it correctly and be fully aware of all tax obligations so that you can pay the correct amount of tax, as well as claim the business expenses and deductions you are entitled to receive.
Despite its original introduction in 1694 as a temporary tax, the success of Stamp Duty (“SD”) as a measure to raise money for the exchequer has caused it to remain with us in the various forms described below.
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Tags: United Kingdom, Tax
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This blog is a follow on from a previous post on the “Practical VAT Update - Ireland” and it is advisable that this is read in conjunction with the earlier blog.
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Where a company or organisation is liable for UK Corporation Tax and makes a loss from trading, the sale or disposal of a capital asset, or on property income, then they may be able to claim relief from corporation tax in respect of those losses.
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Tags: United Kingdom, Tax
Ireland’s favourable Capital Gains Tax seven year relief (“the CGT Relief”) was originally introduced in the Finance Act 2012 and applied to land and buildings purchased up to 31 December 2013. The Finance (No. 2) Bill 2013 proposes to extend the CGT Relief to include purchases of land and buildings up to 31 December 2014.
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The UK Non-Resident Landlord Scheme (“NRL”) is a scheme for taxing the UK rental income of non-UK resident landlords, whether they are individuals, companies or trustees.
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Tags: Legal, United Kingdom, Tax
As set out by Ireland’s Finance Minister Michael Noonan in the publication of Ireland’s International Tax Strategy, which formed part of Budget 2014, it is Ireland’s intention to review its Irish tax residence rules to ensure that a company can no longer be regarded as “stateless” in terms of its tax residence.
Finance (No.2) Bill 2013 has dealt with this issue and proposes to introduce amendments to the Irish tax legislation. It is anticipated that the proposed changes will be viewed as being very positive by the international tax environment.
Irish Tax Legislation
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Annual Tax on Enveloped Dwellings (“ATED”) is part of a package of taxes affecting residential properties in the UK acquired for, or valued at, over GBP£2 million, which are held (enveloped) by a Non Natural Person (“NNP”) (i.e. a company, partnership or collective investment scheme – based in the UK or overseas).
The tax package comprises:
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Tags: United Kingdom, Tax
VAT is a very important source of funds for the Irish government. In the last few years, there have been significant increases in various tax categories including VAT (21% to 23%). The current emphasis is to increase collection by closing tax loopholes, imposing penalties for non-compliance and improving efficiency (through electronic services) to reduce the cost of tax collection.
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