Programme Content
This programme will cover all the main tax heads including Income Tax, Corporation Tax, Value-Added Tax, Capital Acquisitions Tax, Capital Gains Tax and Stamp Duty.
Tax Basics
Introduction to the Irish Taxation System, the main sources of tax law and structure of the Revenue Commissioners.
Taxation of the Individual
Persons liable to income tax (Residence, Ordinary Residence and Domicile), the Territorial scope of Income Tax, Scheduler System for taxing various sources of income including rental income, investment income, employment income, benefit in- kind. Reliefs available, tax credits, standard rate cut-off point. Pensions, PRSI and USC. Income tax computations, self-assessment system and preparation of Income Tax Return.
Taxation of Married Couples, Civil Partners and Cohabitants
Tax treatment of married couples, civil partners and cohabitants. Single assessment, joint assessment and separate assessment. Tax treatment in year of marriage/civil partnership, year of death of spouse/partner. Consequences of marital breakdown and separation.
Taxation of a Sole-Trader
The taxation of persons operating as a business. How to register for tax, basis of assessment, business expenses, relief available for losses. Relief available for capital expenditure. Income tax computation and preparation of return.
Capital Gains Tax (CGT)
Persons liable to CGT (Residence, Ordinary Residence, Domicile). Territorial scope of CGT. Identification of disposals subject to CGT. Development Land and Shares. Exemptions and Reliefs available (annual allowance, Retirement Relief, Principal Private Residence, Transfer of a Business and other reliefs available). How CGT applies to Married and Civil Partners and CGT treatment of separated and divorced couples. Pay and File System for CGT, calculation of CGT and preparation of CGT Return.
Value Added Tax (VAT)
Persons who must register for VAT, VAT Rates, VAT on Property, VAT Exemptions. VAT computations and Returns.
Capital Acquisitions Tax (CAT)
Gifts and Inheritances liable to CAT. Exemptions (Group Thresholds, Dwelling House Relief, Agricultural Relief, Business Relief, Favourite Nephew Relief, Charities, Retirement Benefits, Gifts from Self). Clawback Provisions. Pay and File system for CAT, Calculation of CAT due and preparation of CAT Return.
Taxation of a Company (Corporation Tax)
Decision to transfer a business to a company. Liability to Irish Corporation Tax (company
residence). Taxation of business profits (trading/other receipts), deductibility of expenses, relief for capital expenditure. Losses and trade charges. Tax treatment of capital gains. Close company and surcharge. Corporation Tax groups. Tax treatment of trading overseas. Corporation tax computation, Pay and File system and preparation of returns. Filing of mandatory accounts and iXBRL. Key dates and consequences of late returns.
Stamp Duty
Documents and transactions liable to stamp duty. Reliefs and exemptions (de-minimus relief, transactions between spouses and cohabitants, consanguinity relief, intra-group transfers, reconstructions and amalgamations). Stampable amount, key payment dates and preparation of Stamp Duty Return.