Taxation Services to Individuals
We have a dedicated department focused exclusively on the needs of individual taxation. Our objective is to ensure that we understand your long term goals so that we can then devise appropriate tax strategies maximising timing advantages, tax reliefs and incentives. A key part of this process is ongoing monitoring of yur personal and family circumstances as they change and your varying risk profile.
To achieve this objective, we offer services to the following taxes:
- Income Tax
- Capital Gains Tax
- Capital Acquisitions Tax
- Foreign Tax
- Double taxation relief
- Tax planning (link to succession planning)
- Stamp Duty
We offer an integrated approach on all aspects of tax planning regarding your existing/future investments and appropriate structures to meet your ongoing needs.
Recent Updates to Personal Taxation
Calculation of car benefit-in-kind
• The calculation of the benefit-in-kind on the use of a car is summarized as follows:
• Benefit-in-Kind on the use of a car is equal to:
o the cash equivalent of the benefit of the car, less
o any amounts made good to the employer by the employee in respect of the
o costs of providing or running the car.
• The cash equivalent of the benefit of the car is equal to 30% of the original market
value (OMV) of the car.
Benefit-in-kind = (OMV x 30%) less amounts made good by the employee.
Records to be kept
It is important that records are kept in respect of company cars used by the
employee and that the correct OMV Band is used for each employee’s benefit-in-kind
Employers are obliged to keep records in respect of:
• the company cars driven by all employee’s including directors,
• the value of the cars driven and the OMV Band used in the BIK calculation,
• the Benefit-in-Kind computation in respect of each employee.
9.5. Non-Application of Arrangement
If during the course of an audit, it comes to light that the employer has not complied
with his or her statutory obligation to operate PAYE, PRSI and USC in respect of any
benefit-in-kind arising to employees from the availability of the private use of
company cars, then the arrangement outlined in this chapter will not be available.