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We have just been in touch with our clients with our top 4 tax tips which might put a smile on your face for this Christmas / End of year

1. Gift Vouchers for Employees tax free

You can give all employees (including directors) up to €500 in non-cash vouchers per annum. The main benefit over cash is that whatever you spend the employee gets the full amount, albeit in vouchers (e.g. all4one etc.) which can be spent widely. For an equivalent cash bonus to an employee on the high rate of tax, for instance, it could cost you €1085 for the employee to receive €500.

2. Income Tax 2017

Reduce your Income Tax bill for 2017 by investing in BES / EIIS shares before 31/12/2017. For pension relief you can continue to pay up to the deadline day in November 2018. If you haven’t already done so you should also pay your preliminary tax before the end of the year to avoid interest charges.

3. Corporation Tax 2017

If you have a company with a calendar year-end the deadline for investing in company pensions, charitable deductions and other items that will reduce your CT bill for 2017 will be 31 December. If you haven’t already done so you should also pay your preliminary tax before the end of the year to avoid interest charges.

4.Time limits – claim for 2013

Don’t miss the 31/12/2017 deadline for claiming a tax refund for 2013. If you haven’t done so already you should consider if you are due a tax refund for previous years. Nearly €1bn is left behind in unclaimed tax refunds in Ireland mainly from health expenses not claimed and unused credits.

Hopefully, there is something here that you’ll find useful. The vouchers are really good value for everyone especially with all the Christmas shopping that needs doing.

Best wishes for the Christmas from all of us here at Bradán and we look forward to a prosperous 2018 for us all.