IE | Local Property Tax (LPT)

Local Property Tax logoLocal Property Tax (LPT) is a tax payable on the market value of residential properties in Ireland. LPT is introduced from 1st July 2013 and will be collected by the Revenue Commissioners. A half-year (July – December 2013) of LPT is payable in 2013 with a full year payable from 2014.

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IE | Tax Returns – Filing Frequency

There are reduced frequency for filing  tax returns and paying tax for smaller businesses.

You can pay and file VAT returns twice a year or three times a year instead of normal six times a year if your VAT payments are withing treshold.

You can pay and file P30 returns four times a year instead of twelve times a year if your PAYE/PRSI payments are less than €28,800.

You can pay and file RCT returns four times a year instead of twelve times a year if your RCT payments are less than €28,800.

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UK | Corporation Tax Rate to Fall

The corporation tax rate will be reduced to 23% in April 2013.

The rate will be reduced to 21% for the financial year commencing 1st April 2014 and 20% for the financial year commencing 1st April 2015.

A simpler income tax scheme will be introduced for small unincorporated businesses from April 2013. Businesses with receipts of up to £77,000 will be able to calculate their profits on a cash basis. They will be able to also use flat rates to calculate certain business expenses.