|
Customs & International Trade Planning
Customs duties are a bottom line cost. Once paid, generally they cannot be recovered. Our Customs
& International Trade advisors work with our clients so that they do not incur unnecessary duties
and that they maximise the benefits from the numerous relief schemes available for their raw materials,
products and capital equipment. For more information, please contact Fiachra Brennan on (01) 792 6101
or Damian McCarthy on (01) 792 6203.
Pictured (l-r): Anne Williams, Colin Doolin, Anna Blake and Damian McCarthy |
- Important financial dates
| Date |
|
|
| 14* |
IT |
Payment of PAYE/PRSI deductions for May. |
| |
DWT |
Due date for payment and filing of returns of withholding tax on dividends paid by companies in May. |
| |
VAT |
Filing of Intrastat return for May. |
| 21* |
CT |
Company year-end 31 July 2008: Preliminary tax due, minimum 90% of total liability for the year.
Company year-end 30 September 2007: Payment of balance of corporation tax and filing of corporation tax return. |
| 28* |
CS |
Filing of Annual Returns dated 31 May 2008. |
| 30 |
CT |
Company year-end 31 December 2006: Close companies with undistributed profits may have to make a distribution by this date to avoid surcharge.
Company year-end 30 September 2007: Filing of “Return of third party information” (Form 46G). |
| |
CS |
Company year-end 30 September 2007: Final date for holding Annual General Meeting and latest possible Annual Return date for 2008. |
| |
VAT |
Last date for filing Eighth/Thirteenth Directive refund claims relating to VAT incurred in 2007. |
Abbreviations: CAT - Capital Acquisitions Tax, CGT - Capital Gains Tax, CS - Company Secretarial, CT - Corporation Tax, DWT - Dividend Withholding Tax, IT - Income Tax and PAYE/PRSI, Pens - Pensions, SD - Stamp Duty, VAT - Value Added Tax
*As this date falls on a weekend, it is advisable to take action on the immediately preceding working day. |
- Planning considerations
- Tax relief for personal pension contributions is limited to 15-40%
(depending on age) of relevant income up to €262,382 (for the 2007
tax year), as adjusted for infl ation annually.
- You may qualify for tax relief in respect of donations (in either cash
or publicly quoted securities) made to charities and other approved
bodies such as educational institutions. Tax relief is granted to
individuals at their marginal rate of tax, and to trading companies at
12½% as appropriate. The minimum donation to any one approved
body is €250 in a tax year.
- Did you know that you can claim a tax deduction if you make a Deed
of Covenant in favour of elderly/incapacitated parents/relatives?
- Have you made a will and considered the impact of inheritance tax?
If you have drafted a will you should certify that it is tax effective.
- If you are married, do you hold your assets in the most tax efficient
manner? Transfers of assets between spouses are exempt from
stamp duty.
- Did you know that where your employer pays medical insurance on
your behalf, you can claim a tax credit of 20% of the gross premiums
on your certificate of tax credits?
- Have you considered the impact of the new VAT on Property rules,
which come into effect on 1 July 2008?
|
|
