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€40,000 tax exemption for Irish Start-up companies

Due to the global financial crisis legislation has been introduced to help stimulate economic growth. The Taxes Consolidation Act has been introduced (Section 486C) to promote and encourage new business activity in the traded sector of the Irish economy. The rationale for the policy stems from the recognition of the seriousness of current economic conditions and the availability of liquidity, and so is designed to assist start-up companies to manage their cash flow. New start-up companies which commence to trade in 2010 will be exempt from both corporation tax on trading income and on capital gains on the disposal of trade…
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VAT Bad Debt Relief

As the economic downturn continues, putting pressure on cashflows, perhaps now is time to review your debtor lists to see if VAT Bad Debt Relief claim can be made. This relief allows you to reclaim VAT originally accounted for from HM Revenue & Customs. It is available when at least six months have passed since you originally supplied the goods or the due date of payment. It is not necessary for you to have written off the debt in the accounts but you must have already included the amount claimed in a previous return and paid the VAT. For each…
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Do I need to complete a tax return?

If you have relatively straightforward tax affairs and already pay tax through PAYE (Pay As You Earn) you probably won’t need to complete a tax return. But if you have more complicated tax affairs – or income from several sources – you may need to complete one and failure to do so may result in penalties and surcharges being charged. The most common reasons for needing to fill in a tax return are listed below. If HM Revenue & Customs (HMRC) asks you to complete a tax return for any other reason (this will normally to be to make sure…
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