Category Archives: Money Management

Upcoming Revenue Compliance Date’s

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Having received some queries lately regarding upcoming tax deadline date, below is a summary of whats due to be paid & when.  

 October 2010

  • Pay current year(2011) Preliminary Tax by 31 October
  • File your tax return for the previous tax year(2010) by 31 October. Failure to send your completed tax return by this date will result in a surcharge (5% where the return is submitted within two months, otherwise 10%) being added to your final tax bill. An extension to this date applies if a taxpayer is registered with Revenue to pay & file online using the ROS system. The extended date is 15th November 2011.
  • Pay balance of tax for previous year(2010) by 31 October.
  • File Capital Gains Tax return for previous tax year(2010) by 31 October.

December 2010

  • Pay any Capital Gains Tax due on disposals made in the initial period of 1 January 2011 to 30 November 2011 by 15 December 2011 (in the same tax year).

January 2011

  • Pay any Capital Gains Tax due on disposals made in the later period 1 December 2011 to 31 December2011 by 31 January.

Should anyone have any queries regarding your taxation affairs and compliance with these date, please contact us directly and we can discuss your affairs.

Time is Running Out for Employees and Directors to Claim a Refund of 2010 Tax, PRSI and Health Levy

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For employees and company directors who pay taxes through the PAYE system, you currently have one last chance to back date relief from PRSI and health levy on certain pension contributions. But time is running out as everything needs to be in place for October 31st 2011 to claim your refund. There is a small extension for those who use Revenue’s online filing system (ROS) to file their tax return and pay the required tax. The extended deadline is to November 15th.

Revenue practise allows for the backdating to 2010 of relief against Income Tax, PRSI and the Health Levy to be claimed on certain personal contributions and notified to Revenue before October 31st 2011. Therefore, for example, individuals who paid Income Tax at 41%, PRSI at 4% and Health Levy at 4% in 2010 could claim back €490 for every €1,000 of qualifying contributions they make before October 31st.

Qualifying contributions must be paid personally by the individual employee/director and they must fall within the relevant age and earnings related contribution limits as directed by Revenue.

This really is an oppertunity not to be missed. For any further details regaridng a potential tax, PRSI and health levy refund from 2010, please dont hesitate to contact Brendan or Jim for specific information.

VHI CUSTOMERS NOW FACE €50 FEE FOR SWITCHING MID-CONTRACT

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The state’s largest private health insurer, the VHI, has begun imposing fees on customers who cancel their insurance cover midway through the year, says the Irish Times.

Since May 1st it has been charging a €50 cancellation fee to those who switch insurers midway through their 12-month contracts, and is also insisting on clawing back from them part of the annual Government levy it pays on their behalf. News of the charge emerged yesterday when the Health Insurance Authority, the industry regulator, published figures showing the number of people covered by private health insurance across the State fell by 14,000 in the first quarter of this year. This was in addition to 31,000 people cancelling their insurance policies in 2010 and 37,000 doing so in 2009.

The VHI said the first day a customer takes out a health insurance policy with the company – all of which are 12-month contracts usually paid in monthly instalments – it has to pay the Government a levy on their behalf. This is currently €205 for an adult and €66 for a child and the levy cannot be recouped from the Government, even if the customer cancels their policy.

If you have any concerns or queries relating to your existing health insurance cover, feel free to contact Eolas Money and we will be delighted to answer your questions.