Coughlan Accounting & Taxation Services Limited

30 June 2011

As a timely reminder, the Non Principal Private Residence Charge, commonly known as the NPPR or second home charge is due to be paid by 30 June. The Annual charge of €200 applies to each residential property including apartments, bedsits, flats, holiday homes, chalets and other accommodation which a person owns other than their principle or main house. The 2011 charge is based upon the ownership and status of the property on the 31st March 2011. In other words, if you own a residential property which is not your main home at 31 March 2011, then the NPPR charge is due.

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9th June 2011, Irish Examiner

Generally speaking farm accounts are prepared a number of months after the year end solely for the purpose of calculating what tax is due. Sometimes the accounts are used for grant applications, applying for farm assist or are used during a loan application. Accounts can be useful tool in examining farm performance and looking at areas for cutting costs or improving performance.

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25 May 2011
The farming sector has experienced a number of shocks over the past few years most notably the dip in produce prices in 2008-09 and the tightening of credit from 2009 onwards. No doubt there will be future shocks to the farming sector with many economists concluding that the current prices are in a bubble as a result of stock market.....

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31 March 2011, Irish Examiner

The sale of single farm payment is normally subject to capital gains tax. Capital gains tax applies at 25% but there is an annual exemption which allows the first €1,270 of gains to be tax free........

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24 March 2011, Irish Examiner

Tax implications of this joint property ownership – be careful of the pitfalls

It is very often the case that property is owned in the name of more than one person......

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17 March 2011, Irish Examiner
The universal social charge came into effect on 1/1/2011, however many of us farmers wont feel the full effect of the universal social charge until 2012 – as tax is paid in arrears. The universal social applies at the following rates.....

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10 March 2011, Irish Examiner

Question: My neighbour owns a house adjoining my farm and has approached me with a view to acquiring an extra quarter of an acre from me as he needs extra land for a soak-away in order to get planning permission for an extension he proposes to build. Although I don’t have any objection to him....

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03 March 2011, Irish Examiner

Farm Assist is a weekly means-tested payment for low income farmers. As a primary starting point, you are not entitled to farm assist where you are not carrying on a trade of farming.

As a general rule of thumb if your average weekly income as determined by the social welfare assessment is below €196 as an individual, or if your joint income is below €326 where married, then you may qualify for a payment under the Farm Assist Scheme.

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24 February 2011, Irish Examiner
There has been special tax relief for long term leasing of farm land for many years. The current scheme can make the leasing of land over the longer term much more tax efficient than the typical conacre system. The scheme works as follows...

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17 February 2011, Irish Examiner

Normally a brother can receive gifts or inheritances of up to €33,208 from relatives being in the category of brothers, sisters, aunts and uncles without paying inheritance or gift tax. Any gifts or inheritances above this are usually subject to gift or inheritance tax at 25%. However a specific relief known as Agricultural relief....

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17 November 2010, Irish Examiner

The “Fair Deal” scheme is an application by an individual or their carer, for financial support towards the cost of their nursing home care. The Fair Deal or Nursing Homes Support Scheme began on the 27th October 2009. It is a scheme for determining how much the State will contribute towards your long term nursing home care and it replaced the previous subvention scheme..........

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24 Novemebr 2010, Irish Examiner 

Last week we looked at the relatively new Nursing Homes Support Scheme commonly referred to as the “Fair Deal” scheme. This week we look at how the calculations of an individual’s contributions towards their nursing care are worked out. Just to recap on last week’s article, the scheme is voluntary..........

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