Tax Planning Tips for Contractors


With the year end approaching we have compiled a checklist to ensure that you are availing of all the relevant tax opportunities before the end of the year:

Business Taxes

1. Review your accounts figures before your year end to plan any closing transactions to avail of tax opportunities, e.g.

2. Claim home business expenses e.g. computer equipment/broadband.

3. Sell to your company any assets that you own personally, but use for business purposes (e.g. computer equipment).  The company can pay you free of tax

Directors

1. Make sure that all family members (spouse; children of working age) who work in the business are being paid a salary for the duties performed.

2. Tax Free benefits in kind (certain conditions apply):

Pension Contributions

Employer Pension Contributions: employer contributions far exceed the limits that directors/employees can pay personally therefore consider a company pension scheme for directors/employees

Income Tax

You can earn up to €14,000 tax free if you let a room in your house (conditions apply)

4 Year Deadline

The 31 December is the four-year deadline for tax relief claims relating to the tax year 2013; for example, tax relief on:

Contact your OSK tax adviser Imelda Prendergast Director OSK on 01 439 4206 for more details or visit OSK Contracting or OSK Small Business Support .

 

Share this Post

Sign-Up to OSK b2b

Welcome to OSK

A video message from Tadgh O'Sullivan, Director.

Request a Call Back

To request a call back from the OSK team, please complete the form below.

// Go to www.addthis.com/dashboard to customize your tools