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MrHarryCrummyEfficientFinancial4St.Mary’sRoad,Arklow,Co.Wicklow,Y14X677,Ireland.Tel:+353(0)40232629Fax:+353(0)40291772Email:[email protected]
MrJohnTraynorEfficientFinancial14FitzwilliamSquareEast,Dublin2,D02W298,Ireland.Tel:+353(0)16325013Fax:+353(0)16619664Email:[email protected]
Ø Listed below are summary notes on taxes, which you may
find helpful as a reference point. Ø This information was prepared in December 2016 for
the 2017 Tax Year. Ø If you are interested in exploring what changes could be
made to improve the tax situation for you or your dependants, please contact us today for an initial financial consultation.
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IncomeTax2017 StandardRate 20% HigherRate 40% StandardRateBand Single/WidowedNodependantchildrenWithdependantchildren
€33,800€37,800
Married/CivilPartners-oneincome €42,800 Married/CivilPartners-twoincomes*Increaseislowerof€24,800andincomeoflowerearningspouse.
€42,800+
*€24,800
TaxCredits SinglePerson €1,650 Married/CivilPartners €3,300 Widowed/SurvivingCivilPartners(nodependantchildren) €2,190 AdditionalCreditforOneParentFamily,Widowed&Other €1,650 PAYECredit €1,650 EarnedIncome(ExcludingPAYEIncome)Credit €950max BlindAllowance €1,650 DependantRelative €70 AgeTaxCredit-65&Over €245 HomeCarer'sTaxCredit €1,100 LimitforMedicalExpensesperadult €1,000 ExemptionLimits Single/Widowed/
SurvivingCivilPartnerMarried/CivilPartner
(Atleastoneaged65orover)Aged65orover,withnochilddependants.
€18,000 €36,000
UniversalSocialCharge Income (i)First€12,012
0.5% (ii)Next€6,760
2.5%
(iii)Next€51,272
5.0%Ratereducedto2.5%ifover70andincomeisbelow€60,000,oriffullmedicalcardholderatanyage.
(iv)Balance 8.0%
Individualswhohaveincomefromself-employmentthatexceeds€100,000inataxyeararesubjecttoa3%surcharge.AUSCrateof11%thereforeappliestoanyincomeinexcessof€100,000.USCdoesnotapplywheretotalincomedoesnotexceed€13,000orincomethatisalreadysubjecttoDIRT.
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PRSIRatesFromJanuary2017 A1 S1Employee *4.0%onallincome 4.0%onallincomeEmployer 10.75%**
(Incl.0.7%Traininglevy)Nil
*Employeesearninglessthan€352p.w.areexemptfromPRSI.TaperedPRSIreliefifweeklyearningsarebetween€352and€424,withnoPRSIreliefifweeklyearningsareover€424.**EmployerPRSIis8.50%ifweeklyearningsare€376orless.PRSIispayableonrentalincome,dividendsandinterestondepositsandsavings(ifthetotalofsuchincomeexceeds€5,000p.a.)(self-employedalreadyliablewithnothreshold)CapitalAcquisitionsTax2017* Threshold Relationship€310,000**(Previously€280,000)
Child,or,minorchildofadeceasedchild.
€32,500(Previously€30,150) Brother,sister,childofabrotherorsister,linealancestorordescendant.
€16,250(Previously€15,075)
Other
TaxRate
33%
*Allbenefitsreceivedsince5/12/1991takenintoaccountforthreshold.
**Appliesonorafter12thOctober2016
AnnualGiftExemption€3,000
TaxonInvestmentProducts2017DIRT Whetherpayableannuallyorotherwise39%Thefollowingareamongthosewhocanclaimexemptionfrom/reclaimDIRT:Firsttimebuyerswhopurchasetheirfirsthomebetween14/10/2014and31/12/2017canclaimarefundofDIRTincurredintheprevious48monthsonsavingsupto20%ofthepurchaseprice.Thoseindividualswhoareoverage65andbelowtheincomeexemptionlimits.ExitTax CollectiveInvestments 41%CorporateInvestors 25%PersonalPortfolio/Wrappers 60%LocalPropertyTaxThestandardyearlyrateis0.18%ofthemarketvalueupto€1mand0.25%onexcessabove€1mLocalauthoritiescanincreaseordecreasetheseratesbyamaximumof15%.
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ImportantTaxDatesfor2017
IncomeTax31/10/2017
Ø ReturnFilingdateandPaymentofBalanceofIncomeTaxfor2016.Ø PreliminaryIncomeTaxduefor2017.
10thNovember2017
Ø DeadlineforOnlineReturns.CapitalGainsTax15/12/2017
Ø PaymentofCGTondisposalsmadeintheperiod1stJanuary2017to30thNovember2017.31/1/2018
Ø PaymentofCGTondisposalsmadeinDecember2017.Disclaimer:EfficientFinancialacceptsnoresponsibilityforanyoftheinformationcontainedinthisfactsheet.Theinformationinthisfactsheetwascorrectatthetimeofpreparation(Dec.2016).Thefactsheetisintendedasaguideonly.Anytaxdecisionsshouldbemadeinconsultationwithaqualifiedprofessional.EfficientFinancialisatradingnameofHenryCrummyInsurancesLtdandisregulatedbytheCentralBankofIreland.