Schedule E income Flashcards
Taxation module
Explain the term schedule E income
‘All income that is earn in Ireland is taxed under schedule E.
It has been proven any one who sits in office or engages in employment are taxed under schedule E band.
Explain the difference between ness on ployee and sub -contract
An employee engages under contract of service
Where as an sub contractor engages in a contract of services l
Explain th’e decision making framework
The decision making framework.includes the following:
Does the contract involveany wage or work
D oes the contract involve any personal services
Does the employer has control ove r the employee
Does the contract has the factual matrix point do they line up with the contract of service
Is there any legislativewhich goes against the contract of service I
Explain the consequences ofemployment statue.
How post PAYE o social incomes paid to the collector general ?
Of the employer hasto pay psri accounted for
Liable to public for workdone.
Rights and duties under the employment protection act
Entitlements tosocial welfare.
Explain the scope of charge on scare e income.
Schedule e taxis charged on wages ,profit whasoever&free etc
Salaries and fees would cover all cash payments.
Receivables on payments to retirementfunds - such as widow o r social welfare retirement payment.
l
Social welfare payments exceptions carers jobseekers single parent payments
Benefit in kind- non cash payment f
Describe treatment of expenses.
Fit or any expDenses. For foot diver expe nses Connaught ed expenses
Cannot go over the
This is where theemployers pa exp the expenses employed while - dong kept to show the expense.
Flat rate expenses.it is seen as
This is where the explorer set an a mimum for, lunch a dinner overnight ex . penses.
Roundsuns
This is where the eplayers set a se t amlount this it is paid to employee , it is distrusted the way they like . Seen as an extra a income for Sally level why it is taxed under schedule 3 income ‘
remote working expense
this is when an employee is forced to work frpm home but is give 3.20 to cover any expense such as wifi,electricity.Must keep track of the 3.20 as the employeee could get a tax refund.
Explain the term Benefit in Kind
benefit in kind are no cash payments.employees recieve these benefits as a reward for theri efforts and contribution towards an objective.Benefit in kind normally come in the shape of accomadarion or cars etc.the employee will be taxed on the total value of the benefit
Explain the term Benefit in Kind
benefit in kind are no cash payments.employees recieve these benefits as a reward for theri efforts and contribution towards an objective.Benefit in kind normally come in the shape of accomadarion or cars etc.
Explain the exception to these benefits
If an employer provides the employee with accommodation q the bugle is clameum, however the revenue commissioner must been it to been necessary.it is a necessary € the meet the following conditionsthey are called b normal working hours are called constancy need quick access to the place of work. Example governed clerks -nurses, students nurses who see on the hospital grounds, caregivers etc.
The cost incurred by the employer for providing bus passes.
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The cost insured by the employer.providers free sbicwerle be to trial to work ottom ubsides frog however show id have everyone access except don’t first obstacle.the employee can clam for the bicycle every 2 years )hebyal must be ploughedthe 1,250 band equipmen 1S,000 preßike plus
Pension contribution and car park ring
What are the taxable BIK ?
motor cars,
prefential loasns
creche/childreen care
Explain the provisions for motor vehicles
from january 20233,the new c02 bases big rules included the employers.the amount table is the calucation of omv plus kmms drive and the co2 emmission band
for 2023 and 2024 there is an entra 10,000 for cars in catergories a , b ,c and d doesnt include 6
How do we calculate the cash eqvielute ?
we take away the 10,000 and then multiply it by the percentage in whic hthe vehicle is in
How do we calculate the applicable percetage ?
we take the emissons the car produces and we compare it to the to the business milgae of they in table 2
Explain employees with low miliage
if an employee has less then 26,000 kn drive of buiness mileage
they may be reduced at antoher 20 percent .to qualiify for these we must meet the following conditions.
the employee must have riven more than 8000 km
the employee must work more than 20 hours per week
employee must be away from base 70 percent
and employee must have a log book
of hpours of dailty business travel
