Revenue are now reviewing the tax affairs of limited companies and directors who provide contracted services to a larger company or group.
They have this week written to the Irish Tax Institute, confirming that that their review has already commenced in the South West region (counties Cork, Limerick, Kerry and Clare) and is “likely” in due course to extend to other parts of the country.
Revenue state that they have already found “a significant understatement of tax liability” in many cases, which they attribute to “deficiencies in accounting for input costs and expenses”.
They are now inviting contractors to make voluntary disclosures of their tax underpayments, including interest, and the following penalties as set out for “deliberate default” in the Code of Practice for Revenue Audit:
- unprompted disclosure (i.e. where no audit or investigation notice has issued) – penalty of 10% of the tax underpayment.
- prompted disclosure (made after receipt of a audit notice) – 50% penalty;
- failure to make a complete disclosure, 75% – 100% penalty.
In the coming weeks, contractors, and their tax advisors, will need to carefully review the implications of this news.
The Institute of Tax website includes a pdf copy of the Revenue letter while you can also find a full transcript here.
1) I am an IT contractor (resident but not domiciled in Ireland) that decides to create an LTD company in Ireland. What is the minimum salary I can get paid by my company? where is the limit for salary and dividends?
2) I am an IT contractor (resident but not domiciled in Ireland) that decides to join an UK LTD company as a Director, then this UK company will invoice my Irish Client.
Do I have to pay taxes on foreign dividends in Ireland?
Does it depends if the dividends enter Ireland or not?
Do I have to pay taxes in the UK if I am not UK resident?
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