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Tax Relief and Childcare

Tax relief and Childcare

Whilst for parents, there is no tax relief for childcare costs, child minders themselves can avail of an income tax exemption under certain circumstances.  A child minder for this purpose is a person that cares for a child/children (under 18 years of age) in their own home.  The income from child minding must not be more than €15,000 per annum, and not more than 3 children must be cared for at a time.  The child minder must be registered as providing child minding services with the appropriate body (HSE) for the year/s concerned.  The child minder must also submit a tax return and claim the exemption in that return.

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What was in the Finance Bill 2013

The Finance Bill 2013 was published on February 13th. It confirms certain changes set out in the December 2012 budget, puts meat on the bones some of the policies outlined in the budget and introduces new measures not previously mentioned in the budget.

Here is our guide to some of the more important measures relevant to our clients.

Changes to Rates of Tax:

Confirmation of the following as outlined in the December 2012 budget:

  • an increase in the rates of CGT & CAT from 30% to 33% w.e.f. 05/12/2012

  • 10% reduction in CAT group thresholds

  • an increase in the rate of DIRT from 30% to 33% w.e.f. 01/01/2013

  • a reduction in the farmer’s flat rate addition from 5.2% to 4.8% w.e.f. 01/01/2013

  • increases in the rate of VRT and Motor Tax across all bands w.e.f. 01/01/2013

  • The interest rates for preferential loads to employees have been changed as follows:

Local Property Tax

Letters from the Revenue Commissioners have been arriving thick and fast now to home owners throughout the country regarding the Local Property Tax (LPT). Unfortunately, it looks like this tax is here to stay. The Revenue Commissioners have included a detailed guide to the tax with this letter and further information is available on their website (www.revenue.ie) and the Citizens Information website (www.citizensinformation.ie). Here’s our guide to some of the aspects of the tax that might be relevant to our clients:

Key Dates:

  • May 1st 2013: The Property Valuation Date

  • May 7th: Due date for submission of paper returns

  • May 28th: Due date for submission of online returns

  • July 21st: Payment date if you choose to make a one off ‘Single Debit Authority’.

    Read more: Local Property Tax