Posts Tagged ‘Tax liability’

Simon Ball

Income Tax Filing

Most people hear the adverts on the radio come October each year informing you that the Income Tax filing deadline is looming, and you have until 31 October to file your Income Tax return. A lot of individuals probably aren’t fully aware of their obligations to file a return, and what are the potential ramifications of they fail to do so.

A large percentage of the working population in Ireland would be regarded as ‘normal PAYE’ workers. That is, they are an employee of a company which they do not own, and they receive their pay cheque each month. They are not regarded as a ‘chargeable person’ for Income tax purposes i.e. they do not have a requirement to file an annual Income tax return as this is their only source of income. Continue reading →

Simon Ball

Film Relief

Over the last number of years in Ireland, it seems like taxes are constantly being increased, while at the same time, the number of allowances to reduce our taxes are being decreased!

Investment in pensions was traditionally the favoured method of reducing taxes and was touted by the authorities as the most beneficial, as it ‘saved for the future’. Now that pensions have been decimated by falling asset values, and the tax relief available on them has been greatly reduced, with more reductions possible in the future, then perhaps it is no harm to look at another method of reducing your tax liability. Continue reading →