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Business/Tax Updates
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McMahon Keyes & Co.
Accountants and Tax Consultants
Statutory Audit Firm
042-9663384

http://www.mcmahonkeyes.ie

Business/Tax Updates

June 2016
Dear Reader,
Please take a couple of minutes of your time to read this. It may be of some help to you.
 
Tax Refunds
If you are lucky enough to be getting a refund of tax well since May 3rd your bank account must be registered on line with R.O.S. This move is in line with a broader approach to make all payments and refunds mandatory through electronic transfer. This will now cover all taxes including Income tax, Vehicle registration taxes, etc. The only opt out is if you have poor or no broadband and then you will have to contact the revenue to apply for an opt - out. All updates should only be carried out through R.O.S.
For more information please click
Motor & Travel Expenses
This is always a topic for revenue during an audit on a companies accounts. Sole traders cannot claim mileage or subsistence based upon civil service rates. A director or employee can claim these rates if they adhere to certain rules. 
1. The travel expenses must be necessarily incurred in the performance of their duties.
2. They must be absent and away from their base for a specific time. 
Your normal pace of work can be a cause of conflict. A normal place of work is where you normally carry out your duties. Travel from home to your normal place of work is not allowed. 
You must record all your travel on weekly/monthly sheets. This is a complicated area so be careful.
For more information please click

Holiday Pay

Are you paying the correct holiday pay? Failure to pay the correct holiday pay will cause you to lose any employment disputes you may have.
 
An employee who has worked at least 1,365 hours in a year is entitled to the maximum of 4 working weeks’ paid leave. An employee who has worked less than 1,365 hours or who is in part time employment is entitled to 8% of hours worked subject to a maximum of 4 working weeks at the normal weekly rate. If your pay varies the normal weekly rate for your holidays is the average of your pay over the 13 weeks before you take holidays.
 
Time spent on annual leave, maternity leave, parental leave, force majeure leave, adoptive leave or first 13 weeks of carer’s leave are included in the calculation for holidays pay.

Mortgage Interest Relief
Mortgage interest relief can ONLY be claimed on your principal residence. Currently the revenue are reviewing individuals who have claimed mortgage interest relief on properties that they may currently be renting. Failure to stop mortgage interest relief on a property that has ceased to be your principal residence will lead to the claw back of this relief and possible interest and penalties.
 
 
If you would like any further information on the above then please give us a call.
Please feel free to forward this to any of your colleagues.

 

Sincerely,

McMahon Keyes & Co.
 
Copyright © 2016 McMahon Keyes & Co., All rights reserved.


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