Institute of Technology Carlow Curriculum

Outline the self-assessment system for the collection of tax and filing of Returns; Explain an individual's obligations under the Pay and File system; Implications of a late filing or non filing; Describe the appeals procedures as it applies to self -assessed individuals; Explain the main features of ROS (Revenue Online System) in the payment of tax and filing tax returns; Complete a Form 11 on ROS.

Analysis of income, charges, personal reliefs, refundable and non-refundable tax credits. The tax bands-standard, lone parent, married couples, DIRT tax band and the interaction of the married tax band with the carer-credit. The concept of tax deducted at source, and tax relief granted at source. Reliefs; Employed person taking care of an incapacitated individual, Permanent Health Insurance, Employment & Investment Incentive Scheme. Restriction of Certain Reliefs for High Income Earners. Tax Credits Non-Refundable –Basic personal tax credits – Single, Married, Widowed, One-parent family. Additional credits for widows and lone parents in respect of qualifying children, Home Carer’s tax credit, Incapacitated child’s tax credit, Age, Blind person, Employee Tax Credit, Earner Tax Credit, D.I.R.T., Medical Expenses, College fees. Tax Credits-refundable -PAYE, D.W.T, D.I.R.T. Calculation of PRSI and USC liabilities. Pension Contributions and retirement annuities. Calculation of Income Tax due by or refundable to the taxpayer.

Case 111, Foreign Income and Income from which Irish tax is not deducted at source. Basis of Assessment. UK dividends. UK Interest. Government Security Interest. Irish companies in receipt of bank deposit interest. Case IV – Income from which Irish tax is deducted at source, and a catch –all. Covenants receivable, bank deposit interest, DIRT tax credit. Increase in the standard rate tax band. Miscellaneous income. Case V – Basis of Assessment, computation of rental profits, allowable, disallowable expenditure, premiums on short leases, rental losses, rent a room relief. Excess capital allowances. Treatment of rents paid to non-residents. Schedule F – Basis of assessment, DWT, Irish companies in receipt of Irish dividend income from other Irish resident companies. Shares in lieu of dividends.

Definition of office and employment; Employment versus Self-Employment; Deductible expenses; Round sum subsistence allowances; Revenue-approved mileage and subsistence rates; Reimbursement of motor expenses. Benefits in kind for company cars, company vans, living accommodation, medical plans and preferential loans. Exempt BIK’s – Travel, lunches and vouchers. Termination Payments, Basic exemption, Increased exemption, Standard capital superannuation. Employee Share Schemes. Taxation of social welfare payments under Schedule E.

Explain the scope of the PAYE system. Calculate the tax liability under the PAYE's system given an individual's details regarding remuneration, B.I.K.'s, tax credits, and S.R.C.O.P. Adjustment of an individual's standard rate cut off point and tax credits of other incomes and reliefs. PRSI & USC. Calculate a wages slip using Excel. Determine and calculate PRSI for classes A1 and S1. Operation of PAYE. Registration as employer.

Calculate the tax liability for a Married couple using each of the available assessment methods; Single Assessment; Separate Assessment; Joint assessment; Calculation of the tax liability for Married couples for the following situations - Year of Marriage; Taxation options for separated couples under Sections 1025, and 1026; Year of Death; Taxation of surviving spouse, civil partner in the Year of Death.

Tax Residence of individuals: Determine the tax status of an individual regarding Residence, ordinary residence and domicile. Apply the tax implications of the residence status of individuals . Calculation of tax liabilities and claiming relevant reliefs such as Split Year Relief and SARP (Special Assignee Relief Programme). The Irish-UK Treaty re tax treatment of trading income, rents, wages, pensions, interest and dividends.