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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

July 2016
Dear Reader,
Please take a couple of minutes of your time to read this. It may be of some help to you.
 
Minimum wage
Are you paying the correct wage? Failure to pay the correct wage could cause you to lose any unfair dismissal disputes in the future and may also lead to fines.
 
Since 1st January 2016, the national minimum wage wage for an experienced adult employee is €9.15 per hour. An experienced adult employee is an employee who has an employment of any kind in any 2 years over the age of 18. There are sub-minimum rates for some people such as:

An employee aged under 18 is €6.41 per hour (70% of minimum wage)
An employee who is in the first year of employment since the age of 18 €7.32 per hour (80% of minimum wage)
An employee who is in the second year of employment since the age of 18 €8.24 (90% of minimum wage)

Click on the link below to learn more on this topic:
http://www.citizensinformation.ie/en/employment/employment_rights_and_conditions/pay_and_employment/pay_inc_min_wage.html
 
Tax Relief on Tuition Fees
The deadline has just passed for applications for SUSI grants. If you are not successful with your grant application  remember that you can claim tax relief on tuition fees paid for third level education. 

Relief is allowed per course, per student, academic year at a rate of 20%

The first €3,000 is disregarded with the maximum limited to €7,000.

More information can be found on the link below:
http://www.revenue.ie/en/tax/it/leaflets/it31.html
 

Rent-a-room Relief

Have a spare room in your house you where thinking of renting out? Did you know that you can rent out a room in your house for €12,000 per year tax free.

The total income from the room must remain below €12,000 to be entitled to the relief.

Contributory Pension
Are you thinking of your future? The contributory state pension is paid to people from the age of 66 who have enough Irish social insurance contributions. It is not means-tested. There are a number of different levels of pensions depending on the average number of contributions made before the age of 66. 

To qualify for a state pension social contributions must be made under A, E, F, G, H, N or S class. If you are not paying any of these classes you may also pay a voluntary contribution of €500.

To check how many contributions you have made you can enquiry through the following link:

https://www.welfare.ie/en/Pages/secure/GENENQ.aspx 

More information on pensions can be found on the following link:

http://www.citizensinformation.ie/en/social_welfare/social_welfare_payments/older_and_retired_people/state_pension_contributory.html
 
 
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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