VALUE SERVICE SUCCESS

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VALUE SERVICE SUCCESS
Campbell Company Chartered Accountants
Attached slides are for information purposes only
and should not be relied upon without
professional advice
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Stephen Connolly

• MIATI,CPA
• Audit Manager

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Campbell Company Who are we

• Newbridge based Chartered Accountants
• Established since 1994
• Our compliance services include the
  following
• Audit Taxation
• Accounting Services
• Payroll
• Our value-added services include
• Bespoke Taxation advice
• Due Diligence Reporting
• Retirement Planning
• Investment / Commercial Property Advice

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Topics Covered

• Government Revenue Tax Take
• Income Tax
• Vat Changes

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Government Tax Revenue
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Government Tax Revenue
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Income Tax

• Income Levy
• Tax Credits
• Tax Bands
• Tax Rates
• Pensions

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Income Levy

• 1 on income up to 100,100 (1,925 per week).
• 2 on income in excess of 100,000.
• Specific Exclusions

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Tax Credits
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Tax Bands
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Case Study 1
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Case Study 2
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Case Study 3
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Income Tax Cont

• Mortgage Interest Relief
• 1st Time Buyers
• Relief increased from 20 to
• Yr 1 2 25
• Yr 3,4 5 22.5
• Yr 6 7 20
• Non 1st Time Buyers 20 to 15
• Health Expenses Relief
• From 01 January 2009 standard rate only

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Income Tax Cont

• Car Parking Facilities
• Cycle to Work Scheme
• Preferential Home Loans
• Donation of Heritage Items
• BIK
• PRSI
• Social Welfare Changes

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Vat Changes

• Increase in standard rate of Vat
• - From 21 to 21.5

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Michelle TroyBCOMM, AITI

• Taxation Manager

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Topics Covered

• Stamp Duty
• Capital Gains Tax
• Corporation Tax
• DIRT
• Motor Tax Changes
• Excises
• Other

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Stamp Duty

• Commercial Property
• The top rate of duty is being reduced from 9 to
  6 and the new rates are
• Aggregate Consideration Rate of Duty
• Up to 10,000 Exempt
• 10,001 to 20,000 1
• 20,001 to 30,000 2
• 30,001 to 40,000 3
• 40,001 to 70,000 4
• 70,001 to 80,000 5
• Over 80,000 6
• Instruments executed on or after 15 October 2008.
  

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Stamp Duty

• Financial Cards/Bills Exchange
• Annual charge on ATM Debit cards reduced
• Description Current New
• ATM cards 5 2.50
• Debit cards 5 2.50
• Combined
• ATM/Debit cards 10 5
• Charge on bills increasing from 30 cent to 50
  cent.
• Example
• Hence to write and post cheque cost 1.05 as
  opposed to average charge of 20 cent for an
  electronic funds transfer.
• Effective from 15 October 2008

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Capital Gains Tax

• Change in Payment Dates
• Period Due
• Disposals Jan Nov 2008 Mid-December 08
• Disposals in December 2008 31 October 09
• CGT Rate
• Increased from 20 to 22 for disposals made on
  or after 15 October 2008

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Corporation Tax

• - Currently companies with a Corporation Tax
  liability of more than 200,000 pay once a year,
  one month prior to its year end.
• - New regime for accounting periods starting on
  or after budget day. The payment will be split in
  two
• - 1st Instalment payable in the sixth month
• - 2nd Instalment payable in the eleventh Month

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Corporation Tax

• Corporation Tax Exemption
• -Three year Tax exemption for both Corporation
  Tax and Capital Gains Tax.
• - New start up companies
• - Tax Liability under 40,000 per annum
• Full details in Finance Bill.

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DIRT

• DIRT on
• Deposit Interest ? 20 to 23
• Life Assurance Polices ? 23 to 26
• Investment Funds ? 23 to 26
• Effective to all payments made on or after 1
  January 2009

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Motor Tax Changes

• Motor Tax Rates
• A to D Increase 4 (lt2.5ltr)
• E, F, G Increase 5 (gt2.5ltr)
• Trade Licences Increase 4
• All other vehicles Increase 4
• No increase for electric vehicles
• Effective 1 January 2009?

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Excises

• Petrol Increase 8 cent per ltr
• Tobacco Increase 50 cent per pack of 20
• Wine Increase 50 cent per bottle
• Reduced excise rates for low alcohol beer
  cider (Effective immediately)
• Off-Licenses etc (excl pub licences) ? 500
• Betting Duty Increase 1 to 2
• (Effective 1 January 2009)

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Excises

• Air Travel Tax
• Applies to all departures from Irish Airports
• Effective from 30 March 2009
• 10 per passenger
• 2 for shorter journeys (lt300kms)
• Specific Exclusions

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Other

• Charge on non-principal private residences
• - 200 per dwelling
• - Levied by local authorities on
• Private rented accommodation
• Holiday Homes
• Other non PPRs
• Excluding new dwellings as yet unsold
• - Effective 2009

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Other

• Capital Allowances
• - 100 on certain expenditure including
• Information Communications Technology
• Energy Control Systems
• Ventilation Air Conditioning Systems
• Alternative Fuel Vehicles
• Newly constructed commercial buildings
• Seveso Listed Industrial Facilities (proposed)
• More details to follow in Finance Bill

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Income Tax Comparisons
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Finance Bill 2009WATCH THIS SPACE
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Campbell Company Chartered Accountants
www.campbellaccountants.ie