As a Chartered Tax Adviser, Liam Burns & Co. specialise in tax for small to medium businesses, including Limited Companies, Limited by Guarantee Companies, Partnerships, Sole Traders and Individuals.
We ensure your business and/or personal taxes are prepared utilising any tax reliefs available to an optimum level and guarantee to prepare and submit tax returns in compliance with all legislation.
Each client will have unique requirements and expectations and Liam Burns & Co. will provide a professional and expert service tailored to satisfy these needs.
NEW! We now have specific information and advice service pages here on Revenue Form 11 (for self-employed/company directors etc) and Revenue Form 12 (for PAYE workers with additional sources of income e.g. rents etc)
Personal Tax Advice Service
Who Needs to File a Tax Return?
‘Chargeable Persons’ – generally self-employed persons but also people with another source of income other that PAYE Income. For example:
- Persons in receipt of Rental Income or Investment Income
- Directors owning >15% of the ordinary share capital
- Persons that opened a Foreign Bank Account of which he is the beneficial owner of
- Persons in receipt of gain from share option
- Persons acquiring a Foreign Life Policy
- Persons acquiring a material interest in an offshore fund
Note: It does not include persons whose only source of income is social welfare or pensions.Indicative Fess: €450 (ex VAT)
An indication of the fees charged by Liam Burns & Co. for preparation and submission of a standard Income Tax return, liaising with Revenue Commissioners and guaranteed tax efficient returns, prepared by a Professional Chartered Tax Accountant.
Important Taxation Dates
Personal Tax returns – Form 11’s and Form 12’s are due for submission on or before the 31st October each year. Revenue Commissioners usually allow an additional 2 weeks after that date, to taxpayers who file the return and pay any liability in full (including Preliminary Tax) at that point.
Surcharges, Interest & Penalties
Late filing of returns may be subject to 5% surcharge (Max €12,695) on liability (if < 2 Months late) or 10% surcharge (max €63,458) on liability (if > 2 Months late).
Revenue can also apply interest to late payments, charged by the day (.0219% per day).
This is income tax payable in respect of the current year. As you file your tax return for the year 2015, for example, the tax return and payment date is 31st October 2018. However you will also be required to pay preliminary income tax.
The 2 acceptable amounts are;
- 90% of the actual final liability for that year (2017), or
- 100% of the final liability of the previous year (2016).
Where preliminary tax requirements are met, the balance is due 31st October in the following year.
Liam Burns & Co. will guarantee compliance with the above regulations and ensure you do not get charged penalties and interest on late filing
Tax Bands and Rates (Updated for 2018)
The standard tax rate is 20%. This rate applies for income up to €34,550 for a single person, €43,550 for a married couple (one income) and €69,100 for a married couple (two incomes)
Note: Up to €9,000 of the married band for those married with two incomes is transferrable between spouses.
The higher tax rate (also known as the marginal tax rate is 40%) applies to the balance of income not taxed at 20%.
Note: The Universal Social Charge (USC) is also levied, from 1% to 8% (2016) and generally PRSI is charged at 4%.
Tax Credits, Exemptions and Reliefs
Once you have calculated your income and taxable amount using the above rates, you can avail of your tax credits. Revenue usually send you a copy of your tax credit certificate outlining your tax credit. However they are not always accurate as circumstances change!!
Outlined below are some (not all) of the tax credits for the year 2016 (and are up to date as of January 2018)
Personal Tax CreditsTax Credits according to status - valid as of 2016
|Widowed (With Children)||€2190|
|Self Employed Tax Credit (New in 2016)||€550|
|Age Credit (65 or Over)||€245 (€490 married)|
|Dependent Relative Credit||€70|
|Blind persons Credit||€1650|
|Single Person Child Carer Credit||€1650|
*Married persons (also includes those in a civil partnership)
**An additional €1,650 is allowed in year of bereavement
Income up to €18,000 is exempt for anybody over 65 years of age. This is increased to €36,000 for married couples. It increases further by €575 for a first and second child and by €830 for any additional children.
- Childcare Services – When gross annual income for the provision of childcare services is not in excess of €15,000, the income is exempt
- Health Expenses – Most medical expenses including prescription drugs, doctors and consultants fees are relieved at the 20% rate. Note that routing dental and ophthalmic care do not qualify.
- Rent a Room Relief – where an individual lets a room (or rooms) in their main residence as residential accommodation, the income is exempt if below €14,000 (since 2017). The threshold includes sums received for meals or services supplied. (Note: No requirement to register for Residential Tenancies Board in this regard).
- Start Your Own Business Relief – Where an individual has been unemployed for 12 months and starts a business as a sole trader, the first €40,000 of profits are not subject to income tax. PRSI and USC will apply, however.
Other Reliefs and Credits
- Third level tuition fees
- Fees for approved training courses
- Home Carer Credit
- Home renovations
- Expenditure on energy efficiency of residential premises
- Pension Contributions
- Medical Insurance Premiums
- Dental Insurance
- Permanent Health Benefit Schemes
- Relief for employing a carer
New Service! Find out if you are due a tax rebate from last 4 years
Liam Burns & Co will also ensure you are utilising any relevant reliefs and credits to minimise your tax liability. Call (01)5677380 or enquire online.