COVID-19 Business Supports Hub

Managing your tax affairs during COVID-19

 

  • Prepare your tax return for 2019. Know what you owe by preparing your tax return early; you won't pay the tax until 31 October. Refunds are currently being processed quite quickly, which should help with cashflow.
  • Make a will. This is something many of us put off, but this is a good opportunity to review your plans. There may also be some tax planning opportunities to consider. It is also advisable to consider an enduring power of attorney in the event of something happening you.
  • Complete your Personal Affairs Checklist. See our website at www.wobh.ie for one.
  • Capital Losses. - if you have a gain, possibly sell an asset that is currently in a loss position. You can offset the loss against the gain in the same year.
  • Review your pension. - look at your risk profile and alter your pension strategy
  • Tax refund. - 4 year rule- claim it now- it may help with cashflow
  • Income losses. - 2 year rule to claim trading losses against other income -claim them now
  • Claiming annual CGT exemption. -€1,270- sell an asset and make a gain of €1,270 and have no tax to pay.Why wait to year end?
  • Reward your staff. Gift vouchers to staff up to €500 per annum- may be an opportunity to use to Reward staff performance while working remotely! Revenue concession for 2020 to allow more than one voucher per year (overall max is still at €500 per annum)
  • Small gift exemption. - €3k per annum to kids, grandkids etc-might be a good time to help out the family
  • Medical expenses. - for 2019 and prior years-make a claim via your tax return or ROS (My Account)
  • Make a charitable donation. over €250 - they need help now-charity gets additional credit if you fill in a CHY 3 form.
  • Applications for interim refunds of PSWT can be made online via ROS. Copies of F45s can be submitted to Revenue via My Enquiries.
  • Check any Revenue direct debits (e.g. VAT, income tax) and adjust or suspend payments for a period.
  • File corporation tax returns early where R&D tax credit refunds are due - Revenue have confirmed that such refunds will be processed early this year due to Covid 19.
  • Check whether your business qualifies for the Wages Subsidy Scheme.

 

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