End of Year 2021 Tax Tips

With year end fast approaching now is a good time to review your current tax situation!

Here are a few pointers to consider before 2021 closes out, please contact us should you require any more detailed information

• Avail of the annual CGT exemption of €1,270 and realise a gain of up to €1,270 without a CGT liability.

• Review your Stocks and Crypto assets: Make sure you have all your losses and gains up do date.You can then use those losses to offset any taxable gains you have realised during the year. Losses offset gains euro for euro.

• Charity donations result in additional tax relief payable to the relevant charity which can increase the value of your donation. Minimum donation required is €250 per year.

• Individuals may receive a gift up to the value of €3,000 per year free from gift tax (CAT). For example, a child can receive a gift of €3,000 from each parent.

• Get your medical receipts together and ready to claim 20% tax relief for the 2021 spend.

• Employees (including directors) can receive a gift voucher from their employers up to the value of €500 free from tax or BIK.

• Talk to your pension provider, pension scheme payments should be paid prior to the accounting year end to ensure the company can claim a tax deduction.

• If you are a landlord with rented residential property, ensure you are registered with the RTB (Residential Tenancies Board) in order to claim a deduction for loan interest on the properties.

• Homeowners and landlords should ensure that their Local Property Tax returns and payments are up to date to avoid a late filing surcharge on their tax return.