Updated Tax Treatments On Rental Income, Legal Fees and More.

Rental Income

Revenue updated their guidance on the tax treatment of rental income from Irish property which now includes an introduction paragraph and content from a previous guidance manual.   The manual may be a helpful if you are dealing with Irish rental properties.

Legal Fees

Revenue’s Tax and Duty Manual Part 07-01-28 – Tax treatment of legal fees – has been updated to provide clarity in relation to legal fees paid by an employer on termination of an employment and the conditions which must be met for an income tax charge not to be imposed.

Guidance On Chargeable Persons

Finance Act 2019 amended the criteria for certain directors that are not required to file an income tax return. The company of which they are a director must now meet certain conditions in the three years to 31 December in the tax year.  Previously the date was to 5 April.  Revenue updated their Tax and Duty Manuals 41A-01-01 (Who must file a tax return and calculate tax due under self-assessment?) and 47-06-03 (PAYE tax paid and Surcharge on late Returns by Directors) to incorporate this change.