Tax tips for Farmers

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Farming has been one of the oldest trades to survive in Ireland, and with minimal profits to be made from this industry today; most farmers are in it for pleasure more than gain. However, there is potential to reduce gains made on your farm income by following these steps.

 

1. Employing family members.

 

You can employ a son or daughter to work part time on your farm. They can earn €9,150 in 2008 without paying tax. This saves you, the farmer €3,751 ...

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E Working Tip for the Self Employed

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Make the most of all tax breaks out there especially ones which are easy to apply!

E working is where the Revenue Commissioners allow you to pay someone €3.20 a day for working at home for your business.

This could be your son or daughter doing valuable research for your business on the net in the comfort of their own room!

That adds up to €1,168 per annum and that €478 of a tax saving if you are in the higher bracket.

Make sure ...

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Tax Tip – employing a spouse

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If your spouse is a director of your company do not give him/her more than 15% shareholding if they are being paid a salary otherwise they will loose the PAYE tax credit worth €1,830.00

For more information contact us…

info@mytaxreturn.ie

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Medical expense relief can include travel cost !

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Is tax relief allowed on the cost of travel relating to health issues?

Tax relief may be claimed in respect of the cost of transport by ambulance. However, where regular continuing treatment or consultation is required and the patient has to travel long distances, tax relief may be claimed in respect of the cost of the travelling other than by ambulance. It is not the intention that this tax relief be granted for minor local travelling expenses or occasional travelling [e.g. ...

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Mortgage Interest Relief – Top ups

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f like me you have taken out a top up on your mortgage and may have 2 mortgage accounts  watchout for your lender not giving you mortgage relief on the top up repayments.

What appears to be happening is your relief is being based on when the mortgage originally started -you have 7 years of interest to claim.

If you take a top up mortgage say 3 years after you first took out a mortgage then you should also get 7 years ...

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Mileage, subsistance and overnight rates …

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If you are self employed and have your own company, here are the rates you should be using to claim for things like travel, meals, and overnights.

It is far better from a tax point of view to use these rates, than actual receipts  a sole trader would o use in his calculation of business expenses.

It is one of the reasons you can justify going the limited company route than using the sole ...

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Self Employed tax tips

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1. Employ a family member – make use of all family members tax credits who are not working and therefore reduce your liability by up to €4,000.

2. Form a partership with your spouse if they have no income, to stop your profits being taxed at the higher rate and save up to €6,000.

3. E learning – save up to €1,200 by having an allowance for a relative doing some valuable research on line for you !!

4. Pension – despite the ...

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Rent Relief – tax reduction when you pay rent

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Who can Claim?

An individual paying for private rented accommodation e.g. bedsitters, flats, apartments, houses, etc.

Exclusions

Rent paid to Local Authority tenancies, Army, etc.

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Relief Due

Over 55 – Single, Widowed, Married – See charts.

Under 55 – Single, Widowed, Married – See charts.

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Documentation Required

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A Guide to claiming Health/Medical Expenses Relief – IT6

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General Information

Introduction

You may claim tax relief in respect of the cost of certain medical expenses paid by you. You cannot claim tax relief for any expenditure which:

  • has been, or will be, reimbursed by another body such as the VHI, Quinn Healthcare, Hibernian Aviva Health, the Health Service Executive or other body or person
  • has been, or will be, the subject of a compensation payment
  • relates to routine dental and ophthalmic care.

Further details on the main medical expenses that qualify for relief are ...

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Cycle to work tax relief – Self Employed ?

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I have had a few queries recently on whether self employed people can get ‘cycle to work’ tax relief on the purchase of a bicycle.

The relief that exists at the moment is aimed at getting PAYE workers to purchase bikes and they can save up to half the cost of a new bike if they are on the higher tax rate, if you include PRSI. (more info at http://www.bikescheme.ie/)

Anyway, the joys of being self employed continue as yes, you ...

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