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Just for clarity on this point, lest anyone might misunderstand, the relief in question is an exemption from tax, under section 216A TCA 1997. The legislation doesn't require that a claim be made, on a return or otherwise. If you have income within the scope of the exemption, then it's exempt by...

Simplified answer: Yes!

I've never heard the term market income before, in a tax context. Why are you using it, is it a term from economics or something?

Net. Your claim is supposed to be based on the cost to you, of your utilities.

Out of interest, are you guys PAYE only (Form 12) taxpayers, or Form 11 filers?

Anything you file under your VAT registration should only include details for the period that you are accountable for VAT, i.e. only from the date of your registration.

I expect WizardDr is talking about the distinction between capital vs. revenue expenditure in the first instance (with only revenue expenditure that meets the "wholly and exclusively" test qualifying for a deduction), and noting that capital expense on anything other than things qualifying as...

Your husband has inherited 1/3 of a house. This interest is subject to the sister's right of residence, which as you have already stated can be taken as reducing the value by 10% (i.e., to 120k). The sale of the house, or otherwise is irrelevant - he now owns a 1/3 interest in it. If or when...

Okay so from what you've said it seems quite clear that Mr X's father always retained his Irish domicile, and thus Mr X had an Irish domicile of origin. The question then, is whether Mr X has shed that domicile of origin in favour of a UK domicile of choice at any point. The Devil's in the...

The OP has confirmed that Mr X's father was Irish, so it is likely, or at least possible, that he was still Irish domiciled at the time of Mr X's birth (as would most of the Irish that emigrated to the UK in the mid-20th century, for want of jobs / opportunity in Ireland, at the time of starting...

That's the definition for the purpose of a specific exemption from CGT on sale of property, not relevant to the discussion at hand. The relevant guidance, from Revenue's Tax and Duty Manual 07-01-32 is as follows: Qualifying residence 4.1 Sole or main residence The room or rooms must be in a...

Agreed, 100%, hence the emergence of "contracting". And although we won't know for sure until the OP comes back and confirms the form his "contractor" relationship took, this very well known riskiness means that it is vanishingly unlikely that we are dealing with a four year long pseudo...

The reference to fixed term workers in your link, is referring to employees on fixed term contracts (as opposed to employees with permanent contracts or contract of indefinite duration). I can understand your confusion though Brendan, as it's a very poorly laid out and worded page. It looks like...

First thing first, are you a sole trader or an employee/director of your own limited company?

You haven't factored the close company surcharge into your calculations there - its impact will be substantial.

Got to move with the times Wiz..! Important to note at the outset that this is focussed solely on B2B (business to business) and B2G (business to government) transactions, not on goods or services to consumers. Although, obviously, it will be intended that will follow in due course. What fresh...

This is nothing new, or at all sneaky, really. It's not new because: If you look at the previous TDM that this one replaced (TDM 05-03-06, last updated in early 2020, and I can't link to it as I'm looking at it behind the ITI paywall), you'll find that it has substantially the same form of...

This seems pretty simple, and the only costs are a bit of legal and stamp duty, which are a small fraction of the CAT in issue. Step 1: value the property in January Step 2: On 1 February, gift your sibling a proportion of the property equal to the amount you want to gift her, based on that...

In the couple of instances I've seen of settlements / property adjustment orders, the court's order has explicitly stated that it's an amount after relevant taxes are paid, that is due to the other spouse. You need to make sure that you know exactly what the order says.

I think you're misunderstanding - the audit wouldn't be triggered if there was a low salary AND a large (taxed, at CT rates) profit in the company. But when you have a very small salary AND very large expense deductions, in a company that effectively is the conduit for a professional's earnings...