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Taxation

Taxation for Household and Business

QuestionAnswer
CGT - Capital Gains Tax This is a tax on profits made from the sale or disposal of an asset such of property or investments This tax does not apply to the sale of a person's private home, lottery prizes, compensation payments or life assurance payments.
Corporation Tax This is a tax on company profits. The current rate is 12.5%
PRSI - Pay Related Social Insurance This is a compulsory insurance payment to the State and is calculated as a percentage of gross income.
USC - Universal Social Charge This is a tax payable on gross income and applies to all taxpayers whether PAYE or self-assessment income tax.
Standard rate This is the lower rate at which income is taxed - the current rate is 20%
Higher Rate This is the higher rate at which income is taxed - the current rate is 40%
PAYE - Pay as you earn This is a direct tax on income and is applied at a standard rate up to the Standard Rate Cut-Off Point. Then the Higher tax rate is applied to the remainder of gross income.
Standard Rate Cut-Off Point This is the amount of income which is taxed at a lower rate. Any income above this amount is taxed at the higher rate.
Tax Credits This is n allowance from the Government to reduce the amount of tax owed.
Benefit-in-kind These are free goods and services given to employees such as the use of a company car for private use. The financial value of the B-I-K is included in Gross Income for taxation purposes.
VAT- Value Added Tax This is a tax on goods and services paid by the consumer and collected by business. Different rates apply to different goods and services.
Gross Pay/Salary This is the total amount of income earned before deductions are made.
Net Pay/Salary This is the total amount of income earned after all deductions have been made. Also known as take home pay.
P60 This is given by the employer to all employees at the end of the tax year. It details gross income, all deductions and the net pay for the year This document can be used as proof of income when applying for a loan/mortgage.
P45 Cessation Certificate - this is given by the employer to the employee on leaving or redundancy during the tax year. It is given to the new employer or the Department of Social Protection.
P12 All employees when starting work should fill in this form. IThis form is used by the Revenue Commissioners to calculate the rate of tax that will apply and the amount of tax credits that the employee will be entitled oto
P21 This is known as a Balancing statement and can be used to apply for a rebate in the event of over-payment of tax.
Certificate of Tax Credits This document is sent by the Revenue Commissioners to the taxpayer and it gives information about the amount of tax credits the employee is entitled to for the tax year. A copy is given to the employer.
Direct Tax This is a tax on income and is deducted at source.
Indirect Tax This is a tax on goods and services and is included in the price paid by the consumer.
Progressive Tax The more income that is earned the more tax that is paid.
Regressive Tax The rate of tax paid is not dependent on the income earned. The same tax is paid by everyone.
CAT - Capital Acquisitions Tax This is a tax on gifts and inheritances
Customs Duties These are taxes imposed on imports coming into Ireland from countries outside the EU
Motor Tax This is a tax that must be paid annually on all roadworthy vehicles and is paid to the local authority.
Excise Duties These are taxes imposed on certain types of goods such as tobacco, alcohol and petrol.
LPT - Local Property Tax This is a tax paid on dwelling houses by citizens and it is paid to the local authority.
Created by: MsWhelanBusiness
 

 



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