Carrying Losses Forward Where there is a trading loss under the accounts as adjusted for taxation, there are a number of different ways in which the losses can be used. Losses can be augmented by capital allowances. One option is to carry the loss forward against future trading profits. They must then be set against […]
Income tax on partnership profits applies in much the same way as in Ireland. Each partner is taxed individually. This applies both to partnerships formed under the Partnerships Act, and Limited Partnerships formed under the Limited Liability Partnerships (LLPs) which has no counterpart in Ireland. Each partner is assessed on his share of the partnership […]
Self Assessment Obligation The self assessment system in the United Kingdom requires the tax payer to calculate his own tax liability, make a return and pay any tax due. Generally, an individual will be required to make are return where self employed / trading/ in business a company director owns UK property with rent of […]
Employees Most employees under state pension age pay Class 1 contributions. The primary contribution is by employee and the secondary contribution is by employer. They are percentage based contributions levied on gross earnings in excess of a certain sum. Earnings are all earnings paid in cash or readily convertible to cash. NIC are paid on […]
General As in Ireland, there are a number of share option and share purchase schemes, which receive favourable tax treatment. They represent a means of rewarding and incentivising employees on a tax efficient basis. A share option is an offer to an employee of a right to purchase shares at a future date at an […]
Residence The receipt of income by an Irish resident individual from a source in the UK will have implications under both Irish and UK tax law. The source could, for example, be rent from a UK property, dividends form a UK company, UK savings income, UK employment income etc. Under Irish Tax Law, a person […]
What is a Trade? The profits of an individual who undertakes a trade or business personally (as opposed to through company or some other vehicle) is subject to special income tax rules. Tax law calls business activity the carrying on of a “trade”. Whether or not an activity is a “trade” is a question of […]