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Tax Tips
by Una Beecher

The following are some tax tips that business owners and others might find useful:

  1. Consider your business paying a spouse as you could be lowering Income Tax to 20% from 41%
  2. Consider tax exempt rent a room scheme income of €10,000 per year
  3. Pay pension contributions through the business
  4. If you use a computer for work reasons at home, pay for it through the business
  5. Have your mobile phone paid through the business
  6. Claim travel and subsistence allowances if you travel for business purposes on behalf of your company
  7. Claim annually all allowable medical and dental expenses paid by you for yourself and your dependants
  8. Review all tax allowances given to you every year to make sure they are complete and accurate
  9. Consider employing your children in the business to use up their 20% standard rate band
  10. Avail of the annual exemption to Capital Gains Tax of €1,270
  11. Transfer shares into joint names with your spouse so that they can avail of the Capital Gains Tax annual exemption
  12. Do not pay any business expenses by cash. Use a debit card or credit card so you have a complete record of your cash expenses to reduce your tax liability
  13. Reclaim the interest against your taxable income on money borrowed to invest in your business
  14. Tuition fees paid to colleges can be reclaimed against tax in certain circumstances
  15. Avoid interest and surcharges by filing and paying your tax liabilities on time
  16. Review registering for VAT on the cash receipts basis so that you only pay VAT when you have been paid
  17. Review your tax position on redundancy to ensure you are using the reliefs available to you
  18. Ensure you register a rental property with the Private Residential Tenancies Board to get mortgage deduction

If you want any assistance with the above tax tips or any tax related questions you may have please call me on 021 4310266.

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