Revenue Form 11 Filing Guide

businessbuddy January 31, 2017 No Comments

REVENUE FORM 11 2016 GUIDE – FILE EARLY TO SAVE TAX!

The 2017 tax season has now commenced and all ‘Chargeable Persons’ are required to prepare and submit a 2016 return of income on a Revenue Form 11 or  Form 12 to the Revenue Commissioners on or before the 31st October 2017.

It is practice for Revenue to extend the Form 11 deadline until mid-November where a taxpayer both files his tax return online and pays any liability using the Revenue Online Service (ROS). The extended Form 11 deadline for filing the 2016 returns has not been announced yet.

A Chargeable Person is an individual that is self-employed or has Non-PAYE income where the tax liability cannot be collected by reducing their tax credits under the PAYE system.  

Company Directors, owning more than 15% of the shareholding in the company, are also obliged to complete a Revenue Form 11 each year even if all their income is PAYE.

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Happy Tax Free Christmas Bonus!

businessbuddy December 12, 2016 No Comments

Have a Happy Tax Free Christmas Bonus!

It’s that time of the year again when employers are considering rewarding staff for all their hard work throughout the year. For SME’s this can be a costly exercise, and so if it can be done in a tax efficient manner all the better!

Tax Free Gift Vouchers

Under a current Irish Tax concession known as the Small Benefits Scheme, employers can now reward employees with a non-cash bonus of up to €500 in value completely tax free each year. Provided certain guidelines are followed neither the employer nor the employee will pay PAYE, PRSI or USI, potentially saving €653.65 in tax.

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