Study For Tax In Your Coffee Break

• Research & Development Tax Credit Update (2025)

  Thank you to Amicus: Search and Recruitment for Sponsoring this episode. To find your next Finance or Accounting Role, head to https://amicus.ie/ and tell them that we sent you!In this episode, Paula Byrne outlines the recent changes to the Research and Development Tax Credit in Ireland, which has increased from 25% to 30%. She details the conditions for companies to qualify for the credit, the process of claiming and obtaining refunds, and the implications of these changes for limited companies engaged in research and development. Paula also covers how companies can leverage the tax credit for in-house R&D expenses, plant and machinery, and buildings used primarily for R&D activities and what you should look out for in an exam question with the change to the Credit.Episode Summary:Eligibility: The R&D tax credit is available to limited companies in Ireland, not sole traders. The company must be within the charge of Irish corporation tax.Tax Credit Rate: The tax credit has moved from 25% to 30%.Location of R&D: Research and development must be carried out in Ireland, the EU, the EEA (including Norway, Liechtenstein, and Iceland), or the UK.Claim Submission: All R&D claims must be submitted within 12 months from the end of the accounting period.Refund Options: Companies can offset the credit against tax liabilities over a three-year period, or opt for a repayment in the form of refundable installments over the same period.Usage of Credit: The credit applies to in-house R&D expenses, including overheads, plant and machinery, buildings used for R&D, and can potentially be applied to salaries of key employees under specific conditions.Key Employee Benefit: The tax credit can be partially allocated to key employees, provided they meet conditions like spending 50% of their time in R&D activities and maintaining an effective income tax rate of at least 23%.Thank you for listening to Study For Tax in your Coffee Break! If you enjoyed the episode, make sure to leave a rating and review on your Podcast platform and share it with others to let them know you enjoyed the podcast.If you'd like to purchase the books from which the content of this podcast is made, head to https://paulabyrne.ie/tax-books/.Click here to grab your ideal audio revision material for Tax Conditions for this year.Thank you to Matthew Bliss for editing and production of this episode. If you'd like him to edit your podcast, send an email to business@mbpod.com or head to https://www.mbpod.com/.

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• Examiners Report Review: ACCA Advanced Taxation Exam Dec 2024

  Thank you to Amicus: Search and Recruitment for Sponsoring this episode. To find your next Finance or Accounting Role, head to https://amicus.ie/ and tell them that we sent you!Every time the ACCA Advanced Tax exam is completed, the Examiner creates a report to give candidates feedback on the overall results and advice for what to look for in future exams.In this episode, Paula Byrne gives you a review of the primary pieces of feedback from the Examiner's Report that you should note for when you complete the exam in 2025.Resources Mentioned in this Episode:Download your copy of the ATX IRL Examiner's Report: https://www.accaglobal.com/content/dam/acca/global/PDF-students/acca/p6/examinersreports/ATX%20IRL%20Examiner's%20report%20D24.pdf.Listen to the Partnerships Episode for your Revision: https://player.captivate.fm/episode/7d439553-9545-4722-b83b-04bcbc968949/.Thank you for listening to Study For Tax in your Coffee Break! If you enjoyed the episode, make sure to leave a rating and review on your Podcast platform and share it with others to let them know you enjoyed the podcast.Click here to grab your ideal audio revision material for Tax Conditions for this year.Thank you to Matthew Bliss for editing and production of this episode. If you'd like him to edit your podcast, send an email to business@mbpod.com or head to https://www.mbpod.com/.

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• Overcoming the Language Barrier with the ACCA Exams with Simão Couto

  Thank you to Amicus: Search and Recruitment for Sponsoring this episode. To find your next Finance or Accounting Role, head to https://amicus.ie/ and tell them that we sent you!In this special episode of the podcast, Paula Byrne and Simão Couto discuss the challenges and strategies for studying for the ACCA exams, particularly the advanced tax exam, as a non-native English speaker. They cover Simão's coping mechanisms for managing stress and his unique approach to studying in a foreign language.Topics in this Episode:Introduction to Simão Couto: Discussion on Simão's background and his experience as a Portuguese student studying ACCA in Ireland.Approach to Studying in a Foreign Language: Simão's strategy of using English exclusively for notes and studies, even though it's not his first language, and his methods for expanding vocabulary and improving writing skills.Coping with Stress and Exam Preparation: Simão's techniques for managing stress during the ACCA exams, including walking, listening to podcasts, and going to the gym.Experience with the ACCA Exam: Insights into taking exams in a non-native language, interacting with classmates and professors, and dealing with technical challenges during the exam.Reflection and Future Aspirations: Simão's thoughts on possibly pursuing a career in communications post-qualification and philosophical advice on handling exam results and career decisions.Thank you for listening to Study For Tax in your Coffee Break! If you enjoyed the episode, make sure to leave a rating and review on your Podcast platform and share it with others to let them know you enjoyed the podcast.Click here to grab your ideal audio revision material for Tax Conditions for this year.Thank you to Matthew Bliss for editing and production of this episode. If you'd like him to edit your podcast, send an email to business@mbpod.com or head to https://www.mbpod.com/.

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• Dwelling House Relief

  Thank you to Amicus: Search and Recruitment for Sponsoring this episode. To find your next Finance or Accounting Role, head to https://amicus.ie/ and tell them that we sent you!In this episode, Paula Byrne delves into the specifics of dwelling house relief as it applies to capital acquisition tax, explaining the conditions and exceptions for receiving a house or apartment tax-free through inheritance or as a gift. She emphasizes the importance of understanding qualifications such as the main home requirement, dependent relative provisions, and the necessity for beneficiaries to live in the dwelling for certain periods.5 Key Learnings:Introduction to Dwelling House Relief: Explanation of what dwelling house relief is and its distinction from CGT relief.Conditions for Tax-Free Inheritance: Criteria for inheriting a dwelling house or apartment tax-free, including the necessity of it being the main home of the disponer and exceptions for dependent relatives.Three-Year Residency Requirement: Requirement for the beneficiary to have lived in the donor's main home for three years prior to inheritance and the restriction on owning other property.Six-Year Residency Post-Inheritance: Obligation for beneficiaries under 65 to live in the inherited property for six years after inheritance, along with rules for reinvestment upon selling the inherited property.Gift Provisions and Dependent Relative Clause: Additional conditions for qualifying under dwelling house relief when receiving a property as a gift, including the requirement for the beneficiary to be a dependent relative.Thank you for listening to Study For Tax in your Coffee Break! If you enjoyed the episode, make sure to leave a rating and review on your Podcast platform and share it with others to let them know you enjoyed the podcast.Click here to grab your ideal audio revision material for Tax Conditions for this year.Thank you to Matthew Bliss for editing and production of this episode. If you'd like him to edit your podcast, send an email to business@mbpod.com or head to https://www.mbpod.com/.

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  9:03
• Liquidating Assets from an Irish Company and the Tax Considerations

  Thank you to Amicus: Search and Recruitment for Sponsoring this episode. To find your next Finance or Accounting Role, head to https://amicus.ie/ and tell them that we sent you!In this episode, Paula Byrne delves into the topic of liquidations, discussing the tax implications and various scenarios that can arise when a company goes into liquidation. She covers aspects such as chargeable gains, balancing charges, close company transactions, and the potential for shareholders to claim certain reliefs.Topic List for this Episode: Overview of Liquidations:Explanation of liquidation scenarios, including solvent and insolvent companies.Negligible value claims and loss carry forwards.Tax Implications on Asset Disposals:Chargeable gains and balancing charges on plant and machinery.Corporation tax rates applicable to chargeable gains.Sales to Shareholders:Market value sales vs. undervalued sales.Ring fencing losses and close company implications.Base cost adjustments for shares.Calculating Available Cash for Distribution:Determining cash inflows and outflows.Accounting for disposal proceeds, bank balances, receivables, payables, bank overdrafts, and long-term loans.Capital Gains Tax (CGT) for Shareholders:CGT liability on remaining cash distributions.Entrepreneurial and retirement reliefs and their respective conditions (appointment timelines for liquidators).Thank you for listening to Study For Tax in your Coffee Break! If you enjoyed the episode, make sure to leave a rating and review on your Podcast platform and share it with others to let them know you enjoyed the podcast.If you'd like to purchase the books from which the content of this podcast is made, head to https://paulabyrne.ie/tax-books/.Thank you to Matthew Bliss for editing and production of this episode. If you'd like him to edit your podcast, send an email to business@mbpod.com or head to https://www.mbpod.com/.

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