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New Property Rules could trip up Sellers
News - 2021-06-09

New Property Rules could trip up Sellers

Frequently Asked Business Question: I inherited property many years ago and I am now keen to sell it as the property market looks quite strong at the minute. The property has significantly increased in value in recent years and there will be a large capital gain. When do I pay this tax? Top Tip: From […] The post New Property Rules could trip up Sellers appeared first on PKF-FPM Accountants.

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Employment Wage Subsidy Scheme | Extension Explained
News - 2021-06-03

Employment Wage Subsidy Scheme | Extension Explained

This week the Irish Government’s Minister for Finance, Paschal Donohoe, T.D.,  announced the extension of the Employment Wage Subsidy Scheme to 31 December 2021. What is the Employment Wage Subsidy Scheme? The Employment Wage Subsidy Scheme (EWSS) was introduced as part of the July 2020 Jobs Stimulus Plan and was due to expire on 30 […] The post Employment Wage Subsidy Scheme | Extension Explained appeared first on PKF-FPM Accountants.

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Lifetime Giving – Potentially Exempt Transfers & Normal Expediture Out of Income
News - 2021-06-02

Lifetime Giving – Potentially Exempt Transfers & Normal Expediture Out of Income

Gifts to your family or friends may be Potentially Exempt Transfers for Inheritance Tax purposes provided you survive for 7 years after the transfer, explains PKF-FPM Senior Tax Manager Jarlath Devlin. Inheritance Tax (IHT) is arguably the UK’s most unpopular tax.  Over the years, Labour and Conservative party manifestos have promised to abolish it, however, […] The post Lifetime Giving – Potentially Exempt Transfers & Normal Expediture Out of Income appeared first on PKF-FPM Accountants.

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Covid Supports | A Taxing Time
News - 2021-06-01

Covid Supports | A Taxing Time

Frequently Asked Business Question: My business has claimed some Covid supports since March 2020, can you explain the tax impact of these and what I need to be aware of? Top Tip: During the Covid pandemic,  the UK Government and NI Executive were instrumental in providing a range of supports to businesses. These included the  […] The post Covid Supports | A Taxing Time appeared first on PKF-FPM Accountants.

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News - 2021-05-27

Assurance vs Audit: What is the Difference?

Understanding the difference between assurance and an external audit will help you get the most out of these procedures, explains PKF-FPM Audit Manager Donal McGibbon. Demand for assurance and audit services has increased in recent years, partly because many business grants and supports stipulate that an independent assurance report must accompany requests for assistance. Yet […] The post Assurance vs Audit: What is the Difference? appeared first on PKF-FPM Accountants.

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News - 2021-05-25

Inheritance Tax | What should you be looking out for?

Frequently Asked Business Question: I am the Executor of a distant relative’s estate.  He has died recently, and his wife predeceased him.  They had no children.  Although the Estate amounts to £1m I understand that with two nil rates bands and two residential nil rate bands there should be no inheritance tax payable by the […] The post Inheritance Tax | What should you be looking out for? appeared first on PKF-FPM Accountants.

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News - 2021-05-20

Tax Brackets in Ireland | Are You Claiming All You’re Entitled To?

  There are two income tax brackets in Ireland – the standard rate band and the higher rate band. It is important to understand how these tax brackets work and what tax credits you are entitled to claim, to ensure you are not out of pocket. It is also worth noting that there is a […] The post Tax Brackets in Ireland | Are You Claiming All You’re Entitled To? appeared first on PKF-FPM Accountants.

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News - 2021-05-19

£500 Payment for Working Households on Tax Credits

Frequently Asked Business Question: My wife and I are working parents and we receive working tax credits. We have read that HMRC was to make a one-off £500 supplementary payment in April for working families. What is this for and what should we do if we haven’t received anything to date? Top Tip: In March […] The post £500 Payment for Working Households on Tax Credits appeared first on PKF-FPM Accountants.

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News - 2021-05-12

Residence Nil Rate Band | Keeping the Family Home free from Inheritance Tax

The Residence Nil Rate Band exemption enables individuals to pass on their family home to direct descendants free of Inheritance Tax in certain circumstances. PKF-FPM Senior Tax Manager Jarlath Devlin, explains what Residence Nil Rate Band is and how it works. As property prices hit record highs a little over a decade ago, more and […] The post Residence Nil Rate Band | Keeping the Family Home free from Inheritance Tax appeared first on PKF-FPM Accountants.

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News - 2021-05-11

Working While you Study – Are you Owed Money?

Frequently Asked Business Question: My daughter who is currently studying at university has just started a part-time job and I would like to understand if she has to pay tax. Can you advise? Top Tip: Students who study full-time still have to pay income tax if the limits are breached. If you are paid using […] The post Working While you Study – Are you Owed Money? appeared first on PKF-FPM Accountants.

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