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Foreign travel advice Indonesia
FCDO advises against all travel to parts of Indonesia.
Foreign travel advice Romania
Warnings and insurance Still current at: 24 April 2024 Updated: 23 April 2024 Latest update: Information related to drug offences and Romanian music festivals (under 'Laws and cultural differences' subheading on the 'Safety and security' page).
Foreign travel advice The Gambia
Warnings and insurance Still current at: 23 April 2024 Updated: 22 April 2024 Latest update: Ferry services between Banjul and Barra have been suspended until further notice; The Islamic Summit of the OIC (Organisation of Islamic Cooperation) will be held in Banjul on 4-5 May; road closures and delays at Banjul International Airport ('Safety and security' page).
Foreign travel advice China
Warnings and insurance Still current at: 23 April 2024 Updated: 22 April 2024 Latest update: Updated information on flooding (‘Safety and security’ page).
Guidance Living in South Korea
Information for British citizens moving to or living in South Korea, including guidance on residency, healthcare, driving and more.
6 Top Tax Reliefs For Business Owners
6 TOP TAX RELIEFS FOR BUSINESS OWNERS
Here are 6 Key tax reliefs available to Irish businesses to help them grow and develop. The reliefs provide business owners with very significant tax savings which is an incentive to grow and then possibly sell on the business at a profit, and pay less tax:
1. Entreprenuers CGT Relief
This relief provides for a 10% rate of CGT on the first €1m of lifetime chargeable gains when a person sells their business, subject to meeting certain criteria, this can save a taxpayer €230,000 in CGT.
2. Retirement Relief
Provides for relief from CGT on up to €750,000 of sales proceeds from sale or passing on of your business.
3. 7 Year CGT relief
This relief provides that for land or property acquired between 7 December 2011 and 31 December 2014 and retained for at least seven years, the capital gain is fully relieved from tax.
4. Start-up Relief for Entrepreneurs” (“SURE”); Start-up Capital Incentive (“SCI”) and the Employment Investment Incentive (“EII”)
These are three related income tax reliefs for investing in businesses “Start-up Relief for Entrepreneurs” (“SURE”); Start-up Capital Incentive (“SCI”) and the Employment Investment Incentive (“EII”).
The income tax relief operates by way of a deduction against total income (value depending on the level of income subject to 40% income tax).
5. Business Property Relief
Business Property Relief provides a valuable Capital Acquisitions Tax relief in respect of a gift or inheritance of business property. The relief reduces the taxable value of the relevant business property taken by the beneficiary by 90%. Subject to conditions and where available, therefore, business relief reduces the CAT payable from a rate of 33% to an effective rate of 3.3%.
6. KEEP Key Employee Engagement Programme
Key Employee Engagement Programme (“KEEP”) allows SMEs to compete with larger enterprises in terms of the share-based remuneration that could be offered. It allows an employer to grant their employees up to €100,000 share options per annum, which will be taxed favourably at 33% instead of the income tax rate which can be as high as 52%.
Summary
If you are in business it is worth reviewing your tax strategy to ensure you are availing of all the existing reliefs available and that there is a plan for the future selling or passing on of the business which doesn’t lead to a very high tax bill.