Voluntary company strike off – CRO Requirements

Voluntary company strike off – CRO Requirements


If the company has any outstanding annual returns and CRO fees due, these must be filed and paid two weeks before an application can be made to the CRO to strike off the company.

A letter of no objection must be requested from Revenue. Before a letter of no objection can be issued by Revenue, all the companys tax returns must be filed up to date. The current waiting time for a letter of no objections is approximately 6 weeks. If there are outstanding tax returns to be filed then this waiting time will be longer.

Please also note that if you are striking off a company in the middle of a tax year, you are still obligated to file a P35 within 2 weeks of the trade of the company ceasing even though this return is not usually due until 15th February the following year.

If you are a Vat registered company, don’t forget to claim the Vat on the professional fees in relation to the strike off in your final Vat return.

Once issued the letter of no objection is valid for 6 months.

Once you receive the letter of no objection, an advertisement must be placed in one daily newspaper published and circulated nationwide in the Republic of Ireland

If the company has changed its name within 12 months prior to the date of publication, the former name as well as the current name of the company must appear on the advertisement

The business name of the company if difference to the company name must also appear on the advertisement.

If the company had changed registered office in the last 12 months, the former registered office must also appear in the advertisement.

Please note that once published, the entire newspaper page on which the advertisement appears must be submitted to the CRO within 4 weeks. Sample texts of advertisements are available on the CRO website http://www.cro.ie/

A Form H15 must be completed and signed by a current director of the company.

The following is submitted to the CRO:

Completed Form H15
Letter of no objection received from Revenue
The full page of the newspaper on which the advertisement to strike off the company appears

This documentation must be sent to:
The Companies Registration Office,
O’ Brien Road,
Carlow.

There is no fee required to be paid to the CRO to strike the company off.

New €200 levy on second homes

New €200 levy on second homes

Liability to pay the charge is determined on the basis of ownership of the property in question on a single day each year. For 2009 this date is 31 July 2009.
The charge must be paid within two months of the liability date (i.e by 30 September 2009).
Payments made after 31 October 2009 will face a late fee of €20 per month or part of a month.

A new website http://www.nppr.ie/ has been established to answer frequently asked questions and allow payments to be made electronically. Payment can also be made by cheque, bank draft or postal order and sent to the relevant local authority.

A declaration of ownership must accompany the payment. This can be made on-line through the website or on the relevant form. Forms are be available for download from the website.

The liability date for the charge in 2010 will be 31 March 2010.

Grant Application deadline – 31st August 2009

Grant Application deadline – 31st August 2009

The deadline for the submission of grant applications is 31st August 2009.

Information you may require for your application:

You may need to send a PAYE Balancing Statement (Form P21) to your Local Authority, Bank, Building Society etc. as proof of earnings for the purpose of obtaining an education grant, a house or a loan etc.

A PAYE Balancing Statement gives details of your total income, tax credits and PAYE tax paid for a particular tax year. It also shows whether you have overpaid or underpaid tax for the year. If you have overpaid tax, a cheque for the amount overpaid will be attached. If you have underpaid tax your district office will indicate if, and how the underpayment will be collected - usually by reduction of your tax credits for a subsequent tax year.

Why your P60 is not sufficient for the grant application:

You may have more than one source of income or you may be jointly assessed with your spouse which means that a P60 from one employer would not give the full information required.

How to get a P21

You can request a P21 online from www.revenue.ie/en/online/paye-anytime.html

You can also request a P21 by forwarding your Form P60 (and, if relevant, a Form P60 for your spouse) for the tax year to your local Revenue office and asking for a P21. If you wish to claim any additional tax credits you should submit the necessary information e.g. details of PRSA contributions etc. Receipts etc must be kept for 6 years as Revenue may ask for them at a later stage. Your district office will advise you if any further information is required. You can also claim additional tax credits online from PAYE anytime.

Waiting period for a P21

A P21 requested from PAYE anytime will be issued immediately and should be received within 3 to 4 days. A P21 requested in writing, by phone or by calling into a local office is not as quick as the online request and there may be some delay during peak periods.

It is essential that if you are applying for a P21 now that you indicate that it is required urgently for the purposes of a grant as the deadline is fast approaching.

For any further information contact us on 021 4810080.

Source information www.revenue.ie

Mortgage Interest Relief

Tax Refief at source (TRS)

Changes to Mortgage Interest Relief since 1st January 2009

From 1st January 2009, tax relief at source is calculated based on:
a) Whether you are a First Time Buyer or non first time buyer
b) How many years you have been a First Time Buyer
You can only get relief on the interest charged/paid on your mortgage and the relief you receive depends on the upper limit allowable.
With effect from the 1st May 2009 the number of tax years in respect of which mortgage interest relief may be claimed is 7 years for first time and non first time buyers.

Ceilings for Mortgage TRS
Status:
First Time Buyers: 01/01/2007 - 31/12/2007
Single: €8,000
Married/Widowed: €16,000

First Time Buyers: From 01/01/2008
Single: €10,000
Married/Widowed: €20,000

All Others: From 01/01/2007
Single: €3,000
Married/Widowed: €6,000

The higher limits for first-time buyers apply for the tax year in which the mortgage is taken out plus six subsequent tax years.

Are you a First Time Buyer or Non First Time Buyer?

In what year did you first receive tax relief on your mortgage? If the answer is 2003 or more recent, you are still a First Time Buyer for TRS purposes in 2009. If you received tax relief on your mortgage prior to 2003, you are no longer considered as a First Time Buyer.
If you have received Mortgage Interest Relief for more than 7 years on the same loan/property, you are no longer entitled to trs with effect from 1st May 2009.
If you are a non First Time Buyer and have taken out a NEW loan (not a Switcher Loan) or Top Up, you are entitled to mortgage interest relief at a rate of 15% for 7 years to a maximum of €3,000 interest paid from the date of first repayment on that loan.
If you are a First Time Buyer you must establish how many years you have been a First Time Buyer
If you became a First Time Buyer in 2003 or 2004 you are in your 7th or 6th year as a First Time Buyer and will therefore receive relief at a rate of 20% and up to a maximum interest ceiling of €10,000
If you became a First Time Buyer in 2005, 2006 or 2007 you are in your 5th, 4th or 3rd year as a First Time Buyer and will therefore receive relief at a rate of 22.5% and up to a maximum interest ceiling of €10,000
If you became a First Time Buyer in 2008 or 2009 you are in your 2nd or 1st year as a First Time Buyer and will therefore receive relief at a rate of 25% and up to a maximum interest ceiling of €10,000

Category A First Time Buyer (1st and 2nd Years)
You can calculate your relief at 25% of the interest paid by you on your mortgage up to a maximum of €10,000 interest paid.

Category B First Time Buyer (3rd, 4th and 5th Years)

You can calculate your relief at 22.5% of the interest paid by you on your mortgage up to a maximum of €10,000 interest paid.

Category C First Time Buyer (6th and 7th Years)

You can calculate your relief at 20% of the interest paid by you on your mortgage up to a maximum of €10,000 interest paid.

Changes from 1st May 2009

First Time Buyers:
If you are a First Time Buyer, i.e. are in receipt of mortgage interest relief for less than 7 years, you will continue to receive TRS until the end of the 7th year. This includes those mortgage holders where 2009 is the 7th year of relief.

Non First Time Buyers
If you are a non-first time buyers i.e. you have been in receipt of mortgage interest relief for more than 7 years it would appear, in the absence of detailed information, that you are no longer eligible for mortgage interest relief from 1st May 2009.

First Time Buyers and Non First Time Buyers
If you are a first time buyer and the other party to your loan is a non first time buyer who ceased to be eligible for relief from 1st May 2009, you will receive your full ceiling of €10,000 for 2009 while the non first time buyer will receive a ceiling of €1,000 in respect of the first 4 months of the year. This equates to 4/12 of the annual ceiling of €3,000.


Relief Rates:

Maximum Relief Rates

Status Years Ceiling per Year Maximun Relief
relief per year
First Time Buyer 1 and 2 €10,000 25% €2,500
First Time Buyer 3,4 and 5 €10,000 22.5% €2,250
First Time Buyer 6 and 7 €10,000 20% €2,000
Non First Time Buyer All 7 years € 3,000 15% € 450
of loan

Implementation of changes

Revenue has implemented all of the changes relevant to the January 2009 measures.

In relation to changes for 1st May 2009 the following is the position:

First Time Buyers
First Time Buyers who are within the first seven years of their mortgage continue to get the relief automatically until the end of the 7th year of their mortgage.

Non First Time Buyers
Revenue has been working closely with the relevant lenders to identify these accounts and the amount of mortgage interest relief payable under the new rules. Where Revenue is in a position to decide with certainty from the information provided by the lender that an account holder is entitled to mortgage interest relief then the account will be reactivated for TRS by Revenue.
In the case of non First Time Buyer accounts where it is still not clear that they are entitled to mortgage interest relief, Revenue has commenced writing to the account holder and will complete this process during the month of May. A prompt reply will ensure that where there is an entitlement to mortgage interest relief then it will be restored as quickly as possible.


If you get a letter from Revenue regarding mortgage interest relief…

If you are satisfied that you are no longer eligible for Mortgage Interest Relief through tax relief at source [TRS] i.e. you have received mortgage interest relief for 7 years or more on your current loan (or in combination with an original loan if you have switched lender), you do not need to do anything now as you are no longer entitled to TRS. Your entitlement to mortgage interest relief came to an end on the 30th April.
However, if you have an entitlement to mortgage interest relief, you need to submit your information online using a TRS re commencement form to have your mortgage interest relief recommenced.
Revenue will recommence payment of mortgage interest relief through tax relief at source [TRS] where eligibility is established.

How to apply for Mortgage Interest Relief
The most efficient way to claim mortgage interest relief on your home mortgage is to complete the application form online.

Source information: http://www.revenue.ie/en/tax/it/leaflets/tax-relief-source-mortgage-interest-relief.html

Your PRSI class and the benefits you are entitled to:


PRSI Class A
People within CLASS A:
People in industrial, commercial and service-type employment who are employed under a contract of service with gross earnings of €38 or more per week from all employments; Civil and Public Servants recruited from 6 April, 1995 and Community Employment participants from 6 April, 1996.

CLASS A BENEFITS
Jobseeker's Benefit
Illness Benefit
Health and Safety Benefit
Maternity Benefit
Adoptive Benefit
Invalidity Pension
Widow's or Widower's (Contributory) Pension
Guardian's Payment (Contributory)
State Pension (Transition)
State Pension (Contributory)
Bereavement Grant
Treatment Benefit
Occupational Injuries Benefits
Carer's Benefit

PRSI Class J
People within CLASS J:
People in industrial, commercial and service-type employment who are employed under a contract of service and whose gross earnings are less than €38 per week from all employments;
People insured for Occupational Injuries Benefits only, e.g. employees aged 66 years or over;
People participating in certain FÁS training schemes who are insurable for Occupational Injuries Benefits only, and
People whose employment is of a subsidiary nature or of inconsiderable extent, e.g. people insurable at Class B, C, D or H in their main employment and who have a second job; attendants at Department of Education Examinations; Presiding Officers and Poll Clerks at Elections, and R.D.F. members on annual training.

CLASS J BENEFITS
Occupational Injuries Benefits

Self-Employment
PRSI Class S
People within CLASS S:
Self-employed people such as farmers, certain company directors, people in business on their own account and people with income from investments, rents and maintenance.

CLASS S BENEFITS
Widow's or Widower's (Contributory) Pension
Guardian's Payment (Contributory)
State Pension (Contributory)
Maternity Benefit
Adoptive Benefit
Bereavement Grant

Occupational Pensions
PRSI Class K
People within CLASS K:
People receiving income which is not subject to social insurance contributions but which is liable for the Health Contribution, such as occupational pensions, income deriving from positions of certain Office Holders (e.g. Judiciary and State Solicitors) and income of people aged 66 to 70 years who were previously liable for Class S.
CLASS K BENEFITS
Nil

PRSI Class M
People within CLASS M:
The M Class should be used for people with NIL contribution liability, e.g. employees under age 16 years, people within Class K with a NIL liability (medical card holders, widows/widowers, people aged 70 years or over), etc.

CLASS M BENEFITS
In certain circumstances, Occupational Injuries Benefits