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Parfrey Murphy
Chartered Accountants
Lee View House
South Terrace
Cork
Ireland

T: +353 (0)21 4310266
E: pm@parfreymurphy.ie
E-Newsletter
December
2018
 
Our aim is to help businesses grow, to increase their profitability, improve their  cash  flow and reduce their tax liabilities so that they have more disposable income. Please feel free to call us on   021 4310266  or email us at  pm@parfreymurphy.ie  if you wish to do business with us
CHRISTMAS GREETINGS 
 
Merry Christmas and a happy New Year from all of us at Parfrey Murphy. This year again we are making a donation to the Simon Community in lieu of sending Christmas cards.
 
So have a wonderful time with family and friends and we will see you all in 2019.

INCOME TAX REFUND 2014
Seamus ParfreyAs there is a four year limit on claiming Income Tax refunds, 31 December 2018 is the deadline date for filing your 2014 return if you are entitled to a refund. If you file your claim after that date you will not receive any refund. 

In 2017 Revenue stated that refunds on tax credits totalled €27.6m. The average refund is about €900/€1,100.

It is opportune that you check your position for 2014 and subsequent years to ensure you receive your correct tax credits and allowances for items such as medical expenses, nursing home fees, tuition fees or flat rate expenses.  

The following are the main items generally not claimed by taxpayers.


EMPLOYEES ANNUAL TAX FREE €500 BONUS

Employers can reward employees under the Small Benefits Exemption Scheme with a non-cash bonus of up to €500 per year completely tax free .

If guidelines are followed neither the employer nor the employee will pay PAYE, PRSI or US C with a potential saving of over €650.

To qualify for the tax exemption, only one tax-free bonus may be paid to each employee in any one year. If more than one bonus is given in a year, it is only the first one that will qualify for tax-free status, even if this bonus is less than the €500 annual allowance - any used allowance cannot be carried over

 

TAX DEADLINES & REMINDERS
By Claire Scannell
   
Deadline - 14 January 2019 
PAYE/PRSI
  • P30 monthly return and payment for December 2018
  • P30 Quarterly return and payment for October - December 2018
Deadline - 14 January 2019
PSWT
  • Return and payment for December 2018
Deadline - 14 January 2019
DWT
  • Return and payment for December 2018
Deadline 31 January 2019
CGT
  • Payment due on gains arising between 1 December 2018 to 31 December 2018 inclusive

Deadline - 19 January 2019
VAT
  • Annual VAT 3 return and payment for the period  January - December 2018, together with the Return of Trading Details where the accounting period ends in December 
  • Monthly VAT 3 return and payment for December 2018, together with the Return of Trading Details where the accounting period ends in December
  • Bi-Monthly VAT 3 return and payment for period November - December 2018 together with Return of Trading Details where the accounting period ends between the 1st November and the 31st December
  • 4 Monthly VAT 3 return and payment for period September - December 2018 together with the Return of Trading Details where the accounting period ends between the 1st September and the 31st December
  • 6 Monthly VAT 3 return and payment for period July - December 2018 together with the Return of Trading Details where the accounting period ends between the 1st July and the 31st December 
Deadline - 20 January 2019
VAT MOSS
  • Quarterly return and payment for October - December 2018 

Deadline - 23 January 2019
RCT 
  • Return and payment for December  2018 
  • Quarterly return and payment for October - December 2018
Deadline - 23 January 2019
VIES 
  • Monthly return for December  2018  
  • Quarterly return and payment for October - December 2018
Deadline - 1 January 2019
LPT
  • Commencement of phased payments. 
Deadline - 10 January 2019 
LPT

  • Deadline for paying in full, in one single payment or confirming that payment will be made in full by Single Debit Authority
Deadline - 15 January 2019
LPT
  • Commencement of monthly direct debits
 
Deadline - 1 - 21 January 2019
Corporation Tax
  • Preliminary Tax for accounting periods ending between 1-28 February 2019 
  • First instalment of preliminary tax for "Large Companies" with a financial year ending between 1 - 31 July 2019
  • Returns for accounting periods ending between 1 - 30 April 2018
  • Pay balance of tax due on accounting periods ending between 1 - 30 April 2018
  • Returns of third party information for accounting periods ending between 1 - 30 April 2018
Where returns and payments for RCT, VAT, PAYE/PRSI and Corporation Tax are made electronically, the return and payment deadlines are the 23rd day of the month where relevant



Parfrey Murphy
+353 (0)21 4310266
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