Saving money on taxes is easier when you know the tax laws and rules. Some tax planning / saving examples include:
• Changing the structure of the business, thus shifting from the higher rate of tax to the corporation tax 12.5%
• Employing your spouse and children to utilise their tax thresholds and credits. The employment must be genuine and the salary at market rates.
• Taking advantage of Section 486C to create a new company
• Revenue SURE relief for unemployed/PAYE workers starting a new company – get back tax that you paid in previous years.
• Starting a business after a long period of unemployment
• Renting a room in your own house
• Getting unemployed people back to work which would benefit employers – e.g. grant of up to €10k, JobBridge, Work Placement Programme etc, Tús scheme for charities.
• Using the Home Renovation Scheme (HRI)
Contact us and we will discuss with you the tax planning / saving strategy that suits you best.