The following changes to PRSI rates come into effect from 1st October 2024. The Class A employee rate of 4% will increase by 0.1% to 4.1%. The Class A employer rates of 8.8% and 11.05% will increase by 0.1% to 8.9% and 11.15% respectively. The...
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Taxes Consolidation Act 1997 has introduced a new relief which is available to residential landlords. This relief allows landlords to take a deduction for expenses relating to the retrofitting of residential premises when calculating rental profits between 1st January 2023 and 31st December 2025. You...
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1 May 2024 (i.e., next Wednesday) is the deadline for two separate important matters: Revenue Debt Warehousing 1 May is the deadline for entering into “meaningful engagement” with Revenue as regards the warehousing of Revenue liabilities. Please refer to earlier circulars from PSC. Increased Cost of...
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Changes to Debt Warehousing Arrangements There have been significant changes made to the Revenue Debt Warehousing arrangements during February 2024. Firstly, the interest rate which will now apply during the so-called “Period 3” has been reduced to 0%. (A 3% rate was due to be applied). Secondly, Revenue...
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Employer Reporting of Benefits: Enhanced Reporting Requirements (ERR) Recent tax legislation has introduced a requirement for employers to notify Revenue of certain payments made to employees known as ‘reportable benefits’. The expected implementation date is 1 January 2024. Which Benefits are Required to Be Reported? Currently only the...
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There have been a number of different property taxes introduced in the recent past. These are aimed at increasing housing supply. Some of these main taxes are as follows: Vacant Homes Tax Applies to residential properties which are in use as a dwelling for less...
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It is important to note that the VAT rate on certain tourist/hospitality related services increased to 13½%, with effect from 1 September 2023. These services include: catering and restaurant supplies (excluding alcohol, soft drinks and bottled water) hot take-away food, and hot tea and coffee hotel...
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The notes below should be read in conjunction with our earlier circular from May 2023. The “Non-Resident Landlord Withholding Tax” (NLWT) system is now “live”. Detailed Revenue guidance notes are available here. The NLWT platform can be accessed by selecting “Manage non-resident landlord withholding tax” from...
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Non-resident landlords Changes from 1 July 2023 Finance Act 2022 introduced changes to the obligations of tenants and collection agents of non-resident landlords. These changes are pending the introduction of a new Non-resident Landlord Withholding tax platform (“NLWT”). This will be accessible through Revenue Online Service (ROS) and...
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The Government announced last week that a temporary measure of relief would be given to reduce the BIK cost of company cars and vans in 2023. This temporary relief is as follows: There is a temporary reduction of €10,000 in calculating original market value, for...
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