CAN I USE A LOSS ON MY TRADE AGAINST OTHER INCOME ? Yes, it’s called S.381 loss tax relief If you are self-employed or part of a partnership and you make a loss in a tax year, you can offset that loss against your other income such as P60 or rental income. This could generate…
Qualifying disclosure If you have a tax problem, that has not been reported to revenue, the best way to deal with it, is to do a qualifying disclosure to revenue. The benefits of a qualifying disclosure are reduced penalties, non-publication and most importantly stopping the revenue interest clock which is up to 8% or 10%…
Self-Correction without Penalty What happens if you make a mistake ? To encourage taxpayers to regularly review their taxes on a on-going basis, Revenue will allow taxpayers ‘self-correct without penalty’ any return, subject to the following conditions 1. the taxpayer must notify Revenue of the adjustments to be made [either in writing or electronically through…
