Dear Friends,
Happy New Year! Hope you enjoyed the Christmas Break.
2023 is here and for most it is back to normality and another year of business and exciting growth! We wish you continued success throughout 2023 and thank you for the opportunity to work and grow with you this year once again.
With this in mind we have put together some bullet points on what to expect in 2023 from both a Revenue and tax point of view.
- Revenue have confirmed the sectors they will be focusing on in 2023 and these include but are not limited to Pubs, Restaurants & Share Option Schemes for employee’s
- For the year of assessment 2023 and onwards the cash equivalent for vans (for the purpose of the BIK calculation) will increase from 5% to 8% of the Original Market Value. It is also expected that the 0% BIK on Electric Vehicles will be phased out over the next four year
- Your PRSI contributions will form the basis of your state pension. We would advise clients to call 0818 690 690 to order a PRSI statement or alternatively this can be retrieved on your mygov.id account. We can prepare an estimated calculation of your state pension entitlement with this document. Please contact us if you require further assistance on same
- Revenue have stated that they will be seeking that all travel & subsistence payments are reported to them in real time through PAYE Modernisation this year. The details of this or when this will commence have not been fully disclosed.
- The rent credit of €500 is now available to all renters and can be applied for through your tax return
- Revenue have confirmed they are retrieving information from Done Deal in relation the buying and selling of goods.
- The Business Energy Supply Scheme is now open to all applicants. Please contact us if you require further assistance with same.
- Revenue have again reminded tax payers that if you claim VAT on an a supplier invoice and have not made a payment toward that invoice within a 6 month period from the date of the invoice you are obliged to remit the VAT back to Revenue
- Revenue are also introducing a measure whereby if you claim VAT back on a supplier invoice it is the tax payers obligation to carry out due diligence on the supplier to ensure they are remitting the VAT to Revenue. We are awaiting further details to be disclosed from Revenue.
- Revenue have confirmed they are introducing a vacant home tax (VHT). This tax will be charged at a rate of three times the basic rate of Local Property Tax applying to the property. VHT will be a self assessment tax. We are still waiting further detail from Revenue on same.
- Revenue have reminded tax payers that reliefs are required to be perfectly documented as they deem them to be a “privilege”. Among the reliefs is Succession/Tax planning which plays a vital role in business to ensure you are set up to meet all required conditions of the various reliefs and maximise all tax reliefs on your eventual exit to extract the wealth built up in a tax efficient manner. Please contact us if you wish to discuss this further,
We hope you find the above informative and useful for 2023. We will continue to update you on any changes in tax legislation or from Revenue guidance throughout the year.
If you have any queries, please do not hesitate to contact us anytime.
Kindest Regards
Emilie, Joe, Enda and all the Team!
Keogh Accountancy Group