| Pay & File Summary | VAT Amendments | Extension Granted for Reduced Frequency of Tax Returns | Redundancy Rebates |
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PAY & FILE SUMMARY |
The following is a summary of upcoming pay and file dates: |
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CAPITAL GAINS TAX |
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| Payment of Capital Gains Tax for the disposal of assets made during the month ended 31 December 2009 |
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PAYE |
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| P35 for the year ended 31 December 2009 |
15 February 2010 |
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RELEVANT PAYMENTS TAX |
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RCT for the year ended 31 December 2009 |
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INCOME TAX |
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Filing date of 2009 return of income |
31 October 2010 |
| Pay preliminary income tax for 2010 |
31 October 2010 |
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| VAT AMENDMENTS |
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The top rate of VAT has fallen from 21.5% to 21% from 1 January 2010. While this decrease will not reverse the Northern shopping trend it will bring the VAT rate somewhat in line with that of the UK, which has increased from 15% to 17.5%. Revenue has published a guide to the rate change on www.revenue.ie.
Revenue has published new legislation on a 2010 VAT Package that will amend the treatment of cross border supplies of services from 1 January 2010. The new Place of Supply VAT rules are summarised in the table below. A more detailed guide is available on www.revenue.ie: |
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| EXTENSION GRANTED FOR REDUCED FREQUENCY OF TAX RETURNS |
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Revenue has broadened the criteria for businesses to qualify for the reduced filing frequency of VAT and PAYE/PRSI returns from 1 January 2010 in a bid to reduce administration costs for small businesses.
Revenue is now in the process of writing to the eligible businesses advising them of the change in the filing dates. Eligible businesses should note that there is no need to take action in order to benefit from the reduced frequency filing requirements as Revenue will automatically extend them from 1 January 2010. |
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REDUNDANCY REBATES |
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Where a business is awaiting a redundancy rebate and has difficulty in meeting their tax liabilities, Revenue previously announced that the business can offset the redundancy rebate directly against the outstanding taxes, thereby mitigating against any interest and penalties that may be accruing on the unpaid liabilities.
To expedite the process, Revenue has advised that the business should provide authorisation for payment of the rebate directly to Revenue by submitting a completed application form to the Revenue caseworker involved in managing the case. The Redundancy Rebates and Tax Payment Difficulties form is available on the Revenue website for download at www.revenue.ie. |
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