The Special Assignee Relief Program (SARP) is one way in which higher paid executives can reduce their income tax bill. It applies to salary greater than € 75,000 and excludes 30% of the excess over € 75,000 from Irish tax. There are qualifying conditions such as residency in another country … [Read more...]
Legal definitions of ‘domicile’ state that a persons domicile is the country where he or she intends to reside permanently and indefinitely. Irish resident but non-domiciled individuals are not taxed taxed on non-Irish sourced income unless they remit this income to Ireland (Remittance basis … [Read more...]
What do you mean by ‘close company’ or ‘close company surcharge’ and how does this affect our corporation tax liability?
A close company includes a company where, on distribution of its full income, more than 50% goes to five or fewer participators or participators who are directors. A participator is a person having an interest in the income or capital of the company. The Close Company provisions set out in the Taxes … [Read more...]
A related party is a person or entity that is related to your limited company (referred to as the 'reporting entity') Persons such as Directors, Shareholders or anyone who can exercise significant control over the entity is a 'related party'. Related Party Disclosures requires disclosures in the … [Read more...]
Non-Resident Tax Non-Irish Residents are obliged to pay Irish tax on Irish sourced Income such as employment & rental income. This may be offset against their foreign tax liability in their country of tax residence depending on the provisions of Ireland's Double Tax Treaty with that … [Read more...]
Chartered Accountant vs Chartered Certified Accountant You may see the terms "chartered accountant", "certified accountant" and "chartered certified accountant". To most people these terms can be used interchangeably, but as used by an accountancy firm it indicates which practising body the firm is … [Read more...]