Why does some pensioners pay tax on their social welfare income even though their other income is very low ? A person is exempt from Income Tax if they are 65 years of age or over and their annual total income is less than €18,000 if single, or €36,000 if married or in a civil partnership. In…
Any expenses incurred wholly and exclusively for the purpose of the business can be used in calculating the profit the business makes in that tax year. Any expenses incurred prior to commencing to trade can be used in the first year of trading. It is important to note that some of these expenses might be…
What are flat rate employment expenses ? These are expenses that are incurred in the performance of the duties of the employment and are directly related to the ‘nature of the employee’s employment’. A standard flat rate expenses allowance (deduction) is set for various classes of employee. For example, teachers are granted flat rate expenses of €518…
