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| Farm Improvements | Pay and File Summary | Tax Tip | Finance [No.2] Bill 2011 |
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FARM IMPROVEMENTS |
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Revenue has announced that VAT on certain expenditure incurred by unregistered (flat-rate) farmers on underpasses, hedgerows and land reclamation may qualify for a refund subject to the following:
UNDERPASSES - Concrete underpasses that have been designed to accommodate the transfer of livestock from one plot of land to another, where a public road separates the land qualify for a VAT refund
Hedgerows which are planted by farmers for the purpose of stock proofing qualify for a VAT refund
LAND RECLAMATION - Expenditure allowable may include ploughing and re-seeding provided that it is an expense that is integral to the reclamation of the land and carried out as part of the land reclamation project. |
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| PAY AND FILE SUMMARY |
| The following is a summary of upcoming pay and file dates: |
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Income Tax
Filing date of 2010 return of income |
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| - self assessed individuals |
31 October 2011 |
| - non self assessed individuals |
30 September 2011 |
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| Pay preliminary income tax for 2010 |
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| - self assessed individuals |
31 October 2011 |
| - non self assessed individuals |
30 September 2011 |
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Capital Gains Tax
Payment of Capital Gains Tax for the disposal of assets made from 1 January 2011 to 30 November 2011 |
15 December 2011 |
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Corporation Tax
Filing date for Corporation Tax returns for accounting periods ending in October 2010 |
21 July 2011 |
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| Payment of Corporation Tax for accounting periods ending in October 2010 |
21 July 2011 |
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TAX TIP |
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| Summers here!! If you think you may be in a tax refund, why not send in your return early and obtain your refund now. With an extra few euro in your pocket the long lazy summer days may be even brighter! |
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FINANCE [No.2] BILL 2011 |
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Following the governments recent Jobs Initiative, Finance (No.2) Bill 2011 was passed on 19 May 2011 and introduced the following changes:
PENSION LEVY
• A pension levy of 0.6% per annum has been introduced as a stamp duty charge which will be payable on 25 September annually.
• It is to apply for four years from 2011 and the levy is to be accounted for by the trustees of the pension scheme.
• The valuation basis for 2011 is the market value of the assets under management in the pension schemes approved by Revenue under Irish Tax legislation at 30 June 2011. To that end it will include Occupational schemes, personal schemes, personal pension plans and unvested PRSA’s). For Defined Benefit and “one member” schemes, where accounts are prepared (to an appropriate accounting standard) on the last day of the accounting period of the scheme ended in the preceding 12 months, this can be used as the basis for valuation.
VAT
From 1 July 2011 to 31 December 2013 a reduced rate of VAT of 9% will apply to the following services:
• Restaurant and Catering
• Hotel and Holiday Accommodation
• Admissions to Cinemas, Theatres, Certain Musical
Performances, Museums and Art Gallery Exhibitions and
Fairgrounds or Amusement Parks
• Use of sporting facilities
• Hairdressing Services
• Printed Matter such as brochures, maps, programmes, leaflets, catalogues, magazines and newspapers
R&D
Three amendments were made to the Research & Development (R&D) tax credit regime in a bid to improve the relief under the existing scheme.
1. The definition of ‘payroll liabilities’ was extended to include the income levy, parking levy and universal social charge.
2. A new definition of ‘relevant payroll period’ was introduced which includes the accounting period in which the R&D expenditure was incurred and also the preceding period of equal length.
3. The cap on the amount of unutilised R&D credits has been amended and subject to certain conditions, may facilitate a claim for a greater refund from Revenue. |
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| These are intended as a general guide to the subject matter, it should not be used as a basis for decisions. For this purpose advice should be obtained which takes into account all the client's circumstances. Every effort has been made to ensure the accuracy of the information. In view of its purpose the reader will appreciate that we are unable to accept liability for any errors or omissions which may arise. |
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