Income tax

We provide a full complement of taxation services to our personal tax clients. We liaise with them throughout the year to ensure they meet their preliminary tax and income tax return filing obligations. We appreciate that our many of our personal tax clients have busy and demanding schedules and so our taxation services are designed to make income tax returns a simple and hassle-free experience.

Our services include:

• Preparation of income taxation computations
• Preparation of trading income and expenditure statements
• Preparation of rental income computations
• Tax planning advice
• Advice on the utilisation and maximisation of credits/losses/reliefs
• Advice on transaction taxes, including Capital Gains and Capital Acquisitions
• Submission of returns

Corporation Tax

We provide tax advice to a diverse client portfolio comprising entrepreneurial and growth orientated owner-managed businesses, operating domestically and internationally. We cater for start-ups right through to multi-national corporates.

Our experienced tax professionals provide advice to our corporate clients to enable them to comply with current taxation legislation, to meet their filing obligations and to conduct their business affairs in a tax efficient manner.

Our services include:

• Preparation of corporation taxation computations
• Tax planning advice
• Advice on the utilisation and maximisation of allowances/losses/reliefs
• Submission of returns

Self-assessment

Self-Assessment applies to people whose income is from sources not chargeable to tax under the PAYE system or, where some, but not all of their tax on these sources of income is paid under PAYE.

The onus is on the taxpayer to ensure they have complied with all tax obligations arising from their financial affairs. They are expected to be aware of any updates to the law and cannot plead ignorance if taxes are filed incorrectly.

With WENTWORTH, you can rest assured that your returns will be fully compliant. Our experienced tax professionals will also ensure your business affairs are carried out in a tax efficient manner.

Self-Assessment applies for Income Tax purposes to:

• Self-employed persons (i.e. people carrying on their own business including farming, professions or vocations)
• Persons receiving income from sources where some or all of the tax cannot be collected under the PAYE system, for example:
  • Profits from rents
  • Investment income
  • Foreign income and foreign pensions
  • Maintenance payments to separated persons
  • Fees
  • Profit arising on exercising various Share Options/Share
  • Incentives

Domicile Levy

The domicile levy is charged on anyone who is Irish-domiciled and who satisfies the following conditions;

• Their world-wide income exceeds €1m
• Their Irish property is greater in value than €5m
• Their liability to Irish income tax in a relevant tax year was less than €200,000

Since 2012, the requirement that an individual be an Irish citizen no longer applies. The amount of the levy is €200,000 and is payable annually where the above conditions are met. Irish income tax paid by an individual in a tax year will be allowed as a credit in calculating the amount of domicile levy due for that year.

Our experienced tax professionals are on hand to provide you with advice in respect of the domicile levy.

Remittance Basis of Taxation

In general, income chargeable to income tax under Case III of Schedule D (foreign income) is calculated on the full amount of the profits or income, arising within the year of assessment. The income is assessable in the tax year in which it arises, whether or not remitted to the State. This is known as the “arising basis” of assessment.

In the case of an individual who is not domiciled in the State, they may avail of an alternate computational basis of assessment in respect of income from foreign securities and possessions. The income chargeable to income tax under Case III of Schedule D shall be computed on the full amount of the actual sums received in the State in the relevant tax year, rather than the income arising in that year. This basis of computation is more known as the “remittance basis” of assessment.

In the case of an individual returning to Ireland after a period or absence, if they are domiciled in Ireland, they will be taxable on their worldwide income from the first year they become Irish tax resident.

Our experienced tax professionals are on hand to provide you with advice in respect of your foreign source income and your residency status.

High Earners Restriction

The Finance Act 2010 introduced a number of changes to the high income earners restriction (HEIR) which further restrict the use of certain tax reliefs. For example, the effective rate of income tax for high-income earners who are fully subjected to restrictions increases from 20% to 30%. The 30% effective rate applies at adjusted income levels of €400,000 and above. There are further changes which WENTWORTH can give expert advice and guidance on.