Category: Personal LTD company expenses

Entrepreneur Relief Entrepreneur Relief relates to a reduced rate of Capital Gains tax you pay on the sale of your business or the shares in your business Capital Gains Tax This is a tax on the profits you make on the sale of Assets, including Property and Shares.The prevailing rate of CGT is 33%When you…

Should you wish to Purchase an Electric Vehicle in your limited company, the below tax advantages apply. Benefit in Kind Benefit in Kind is a tax charge on an Employee or Director when they have use of a company vehicle.It is calculated by taking the Original Market Value of the Vehicle and Multiplying it by…

As and from July 1st 2019, Revenue have issued new Domestic Subsistence Rates. The Normal Overnight Rates stay the same however they have changed the Dublin Overnight Rate and also the Daily Subsistence Rates. What are conditions that I must meet to claim Domestic Subsistence expenses (i) The absence must be wholly and exclusively related…

The extraction of Dividends from your limited company is generally not a tax-efficient method of extracting funds from your Company. There is often confusion created around this topic due to the fact that the UK Tax System is different from the Irish Tax System, and that in the UK it is efficient. Dividends are not…

Corporation tax rates for your limited company The standard rates for corporation tax are below(i) Trading Profits: 12.5%(ii) Professional Service Surcharge: 15% of 50% of Distributable profits Trading Profits A flat rate of 12.5% Corporation Tax is chargeable to Company profits. Professional Service Surcharge S441 TCA 1997 provides for a surcharge on certain undistributed income…

What is Bike to Work Scheme The Cycle to Work Scheme is a tax incentive scheme which aims to encourage employees/contractors to cycle to and from work. I am a Director of a company, am I allowed to claim it? Yes, The Bike to Work scheme is available if you have not availed of this…

What business assets can I purchase in my Limited company? You can purchase business assets in your limited company that are required wholly and exclusively for use in the business. These can include: (i) Computer equipment (ii) Office furniture for home office (iii) Motor Vehicles (iv) Telecoms Equipment Can I claim tax relief on these…