Welcome!
Welcome to this issue of Monthly topics for November 2013. At Dermot Deegan & Company, we urge you to claim for everything you are entitled to. We like to make your life easier: we research, interpret and inform you on Hot Topics relevant to your finances. We love feedback and questions. What would you like to see covered in the next issue?
Talk soon and enjoy!
Dermot.
Summary of this issue at a glance
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Some ways to save Tax before the end of the tax year 31 December 2013
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Summary of main employment rights
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Summary of main employment schemes
Some ways to save Tax by 31 December 2013
- The time limit for claiming refunds is 4 years. Therefore any refunds for 2009 must be submitted to Revenue by 31 December 2013.
- If in pensionable employment you can make an additional voluntary contribution (AVC) on or before 31 December 2013 and receive tax relief at source if paid through payroll.
- In order to claim mortgage relief against rental income, the landlord must be registered with PRTB.
- The first €3,000 of the total value of gifts received by an individual from any one person in tax year is exempt from gift tax. (CAT) and will not affect the CAT thresholds. Parents can gift €3,000 each to a child.
- Top Slicing Relief will no longer be available from 1 January 2014 on ex-gratia lump sums in respect of termination and severance payments on non-statutory payments.
- An employer can award a single tax free non-cash benefit not exceeding €250 to an employee.
- Tax relief may be claimed at the standard rate of tax (20%) in respect of college fees (not registration fees) paid to an approved college for an approved course (full / part-time). The first €2,000 is disregarded for relief purposes in respect of full-time courses, and the first €1,000 in respect of part-time courses.
- Medical expenses (excluding routine dental) incurred before 31 December 2013 are claimable against your 2013 tax liability at the standard rate of tax (20%).
Summary of main employment rights
- The national minimum wage is €8.65 per hour since 1 July 2011 for an experienced adult employee .Read more
- All employees are legally entitled to a payslip. Read more
- Anyone who works for an employer for a regular wage or salary automatically has a contract of employment. While the complete contract does not have to be in writing, an employee must be given a written statement of terms of employment within 2 months of starting work. Read more
- Unpaid parental leave is available to each parent per child for a period of 18 weeks. Read More
- Unpaid carers leave is available for a period of at least 13 weeks to maximum of 104 weeks. Read more
- Employee who has been employed by you for a continuous period of 104 weeks are entitled to statutory redundancy where a redundancy situation arises. Read more
- In compliance with Employment Legislation, and in order to demonstrate that employees are receiving their proper entitlements, an employer is obliged to maintain certain statutory records. The list below sets out the main records required.Read more
- Employee who has been employed by you for a continuous period of 104 weeks are entitled to statutory redundancy where a redundancy situation arises. Read more
- National Employment Rights Authority (NERA) is the regulatory body to ensure compliance with employment rights legislation. Read more
Summary of employment schemes
- Back to Work Enterprise Allowance. – Available to Unemployed and Self – employed persons.
- JobBridge – National Internship Scheme – Provides internship placements to unemployed on the live register for at least 3 months
- JobsPlus – Replaces Revenue Job Assist scheme. Applies to full-time employment for persons on live register.
- For more information on the above and other schemes. Read more