Tax Tips:

• Are you a business trying to expand but are strapped for cash. Perhaps you could qualify for the Business Expansion Scheme, the tax incentives might help you attract investors

• Are you a high income tax / PAYE earner paying a high average rate of income tax. Think about investing in a BES company or spread the risk in a BES fund or perhaps consider investing in a film!

• Employers: Are you aware that there are a number of tax efficient ways to reward employees? Pension contributions just being one.

• Property tax incentive schemes are at an end but you might still get some relief if you bought these properties second hand within their tax life!

• PAYE workers, did you know that the most immediate way to get tax relief from your pension contribution including AVCs is to contribute through the payroll.

• Did you get married this year? If so you may be due a tax refund.

• Did you receive redundancy from your employer this year over and above the statutory minimum? If so you are probably due more tax back at the end of the year, even if you did find employment immediately.

• Are you registered for VAT.? If so make sure that all your suppliers invoices comply with the VAT regulations, failure to do so will result in the VAT claim being disallowed.

• Are you VAT registered and taking on a long term lease on property? Make sure that you avail of the VAT procedures that enable you to avoid cash outlay for VAT purposes.

• Employees, who are granted options from their employer which are not part of a revenue approved scheme, remember your income tax is due 30 days after the exercise of the option. The relevant form is RTSO1.

• Have you sold an asset? The Capital Gains Tax is due on the 31st October if the sale goes through prior to September 30th and 31st January the following year if sold between October and December.

• Have you inherited an asset you do not use and wish to gift/leave to someone else? Now might be the time to do so, particularly if you feel that the asset will appreciate in value.

• Did you know that if your share holding and family company are structured properly you could sell your company to a third party for €750k tax free (as of budget 2008).

• Did you know that the revenue charge .03222% interest per day every day that your tax payment is late!

• Did you know that the revenue charge 5% of the outstanding taxes if your return is one month late and 10% if it is two months late or more. Be on time!!!

• Are you claiming for everything that you are entitled to, health expenses, refuge, union, and tuition, to name but a few. Check out www.revenue.ie

• Are you a landlord with multiple properties? Be careful that you don’t buy and sell too frequently; you could end up paying 41% plus 5.5% PRSI instead of just 20%.