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