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Increases to Employer and Employee PRSI rates from 1st October 2024
Increases to Employer and Employee PRSI rates from 1st October 2024 The recent announcement in Budget 2024 has introduced significant changes to the Pay-Related Social Insurance (PRSI) system in Ireland, set to take effect on 1 October 2024. These changes encompass adjustments to PRSI rates for both employees and employers across various classes, as well […]
Common Objections and Concerns When Outsourcing: A Q&A Guide for Business Owners
Common Objections and Concerns When Outsourcing: A Q&A Guide for Business Owners Below we examine in a Q&A format the steps to take when examining this option. We look at the questions business owners would have, when making the decision whether to outsource or not and also to whom should they select as an outsource […]
Increased Parent’s leave and Parent’s Benefit from 1st August 2024
Parent’s Leave and Parent’s Benefit extended from 1st August 2024 Starting today, 1st August 2024, Parent’s Leave and Parent’s Benefit are extended from seven weeks to nine weeks. These changes were announced in Budget 2024. Parents can now take nine weeks of leave if their child is under two years old, or if they adopted […]
Increased size limits for Irish companies signed from 1st July 2024
Increased Size Thresholds to benefit Irish SME’s with Audit & Reporting Requirements The EU has updated the size criteria for companies and groups, increasing the balance sheet and turnover limits by 25% to account for inflation. This will help more Irish companies qualify as “micro” or “small” and benefit from simpler reporting and audit exemptions, […]
CAT loans from close relatives – New Tax Filing Requirement from 2024
Close Relative Loans – How will this effect me? With effect from 1 January 2024 a new mandatory Capital Acquisitions Tax (CAT) reporting obligation is imposed on the recipients of certain loans from close relatives. This applies irrespective of whether any tax is due or not and is applicable to both new loans made from […]
Revenue Compliance Check or Audit
Revenue Complaince Checks or Audits – Steps to take Revenue Intervention Summary Lately, more businesses are getting random compliance check letters from Revenue. But what is a Revenue audit or compliance check, and how can you get ready for it? Why Me? There are three main reasons why you may have been chosen. 1. Random […]
Retirement Relief
How do I sell my business while minimising my tax liability? Point to note – Although this is referred to as Retirement Relief by Revenue, you do not need to retire from the business. For those aged 55 or older, you might be able to claim Retirement Relief. This is a relief on Capital Gains Tax […]
Tax Tip – Pension changes and the impact for business owners
Tax Tip ! This is a positive change for employees and business owners? These changes came into effect on 1st January 2023. 1. Employees They will now be given the same tax treatment as scheme members of occupational pension, in relation to any employer contributions to their pension scheme. Previously on the employers contribution paid […]
Tax Tip – Medical check-ups
Tax Tip ! Can a company provide a Medical check-up tax free to employees? There are not many opportunities for employers to provide benefits to their employees (including Directors) tax free but this is one of them. 1. personal health A company may pay for one medical check-up each year for each employee. The guidance […]
New Revenue reporting on expenses coming
Heads up! More Headaches for business owners coming in 2024 So what are these new reporting requirements and how will they impact you and your employees? Revenue are joining up all the dots and want you to help them with enhanced reporting on payments being made to employees and/or directors. These are being labeled “Enhanced Reporting Requirements” and […]
