It’s nearly time to pay and file…
Please find below a checklist which you may find useful in the compilation of relevant information required for the forthcoming Income, Capital Gains & Capital Acquisitions Tax returns and payment filing deadlines. If you are unsure of the deadlines, please check either with myself or on www.revenue.ie
CHECKLIST FOR TAX YEAR 2016
- Indicate (if there was any change in) your personal status during 2016 – single, single parent, married, widowed, divorced, etc. – please indicate if you / your spouse were not working for the year – this might be relevant for the purposes of claiming home carer’s allowance;
- If married, state spouse’s name & PPS number;
- If either of you were a proprietary director i.e. owning more than 15% of a company. If so, please provide the name of the company.
- Indicate all sources of income from trades, professions, vocations and/or employments;
- Details of rental income generated and related expenses, including details of where you have rented rooms in your own home. Please also indicate or provide evidence that a tenancy is registered with the RTB (residential tenants) where relevant and/or that the annual fees on a non-principal primary residence (“second home tax”) have been paid to the local authority for 2016. Also, please provide evidence that the household charge was paid for 2016. In addition, please provide evidence (a certificate from the lender) of mortgage interest paid on a rented property in 2016.
- If employment or pension, please provide P.60s for the year ended 31 December 2016 for yourself and/or your spouse and state the nature of the employment.
- The most recently issued statement of credits and standard rate cut-off that you received in respect of the 2016 tax year;
- Details of any social welfare benefits received;
- Amount received on cessation of employment;
- Amount of benefits from employments/directorships including motor cars, preferential loans and/or other benefits;
- If share options were exercised;
- Details and amount of patent royalty income;
- Sources and amounts of untaxed income arising in the State e.g. credit union dividends, government stocks and other investments;
- Sources and amounts of interest received on deposits in the State from which Irish tax (DIRT) was deducted. Please provide a certificate for these;
- Sources and amounts of distributions (dividends) from companies both resident within the State and abroad;
- Details and source of income from foreign life policies, offshore funds, other offshore products and bank accounts and any other sources of foreign income;
- Details of income not outlined above;
- Details of loans, including interest charge, used to acquire an interest in an unquoted company;
TAX CREDITS & RELIEFS:
- Amounts contributed towards a retirement annuity or pension fund – also indicating if it is your intention to contribute additional amounts before the tax deadline;
- Indication if you or your spouse are members of an occupational pension scheme and the amounts contributed;
- If amounts have been contributed to a PRSA scheme – details thereon including name of provider and amounts;
- If a home loan for the purchase, repair or improvement of your main residence for which tax relief at source (TRS) was not obtained, please provide details of the lender, loan account number, if this your first ever home loan and the amount of interest paid in 2016;
- Amount of interest on loans applied in acquiring interest or share in unquoted trading companies;
- Medical insurance: if your employer paid premia on your behalf, please state gross amount paid;
- Permanent health insurance: name of insurer and amount paid;
- If you have claimed and obtained tax relief on renting your principal primary residence, please provide details of rent paid, address of landlord and PPS number of landlord;
- Tuition fees paid in respect of approved courses;
- Details of medical expenses incurred by yourself and/or family members but not re-imbursed by health insurance, HSE or compensation awards;
- Amounts subscribed for eligible investments and/or shares in EIIS or films;
- Trade union subscriptions;
- If you think that you and/or spouse may be entitled to any one of the following;
- Home carer’s credit;
- Dependent relative credit;
- One-parent family credit;
- Qualifying tuition fees;
- Incapacitated child tax credit.
- Any other information that you believe is relevant.
- Full details of the disposal/acquisition of any assets – e.g. shares, property, capital repayments from financial institutions, etc. during the year ended 31 December 2016 and for the period ended 30 November 2017. In the case of contracts, please note that the relevant date for CGT purposes is the contract date as opposed to the date of closing.
Specifically in relation to the disposal of an asset, details are required of the amount of proceeds; date of sale; legal fees on sale; date of acquisition; original cost of acquisition (including legal fees and stamp duty); and/or if there are capital losses brought forward from previous years.
In addition, the possibility may exist to claim CGT negligible value relief on certain assets which although not sold, are in reality not likely to ever actually recover their value. If you think this provision is relevant to your circumstance, please do contact me to discuss this further.
CAPITAL ACQUISITIONS TAX – GIFTS & INHERITANCES:
- If you have been in receipt or beneficially entitled to a gift or inheritance during 2016 or are likely to do so in the year 2017, please do contact me.
Finally, please note that this checklist is not a substitute for specific tax advice. It is advice for a broad spectrum of clients, and while it is not specific to any one particular client, neither can it be an all-encompassing comprehensive taxation advice guide. It is simply an assistance tool for your private use only. If you think there is any issue that is relevant in your specific case, or if you require clarification on a matter, please do contact us with your queries.
The taxpayer is responsible in all instances for ensuring that all appropriate information is disclosed for the purposes of compiling his/her income, capital gains and inheritance tax returns.