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…
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…
Receiving a gift of a foreign property You might receive a gift of a foreign property, or inherit one. If so, you may have to pay Irish Capital Acquisitions Tax (CAT) on it. This will happen if you, or the person that you receive the property from, are resident, or ordinarily resident, in Ireland. A certain amount of…
