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SETTING UP AN IRISH LIMITED PARTNERSHIP
By Seamus Parfrey
The Limited Partnerships Act 1907 regulates partnerships in which some members have limited liability for the debts of the partnership as their liability is limited to the extent of the amount of capital contributed by them to the partnership.
A partnership may be made up of natural persons and bodies corporate.
It is not a separate legal entity and accordingly has no legal personality separate and distinct from the partners who form the partnership. Therefore the partners can be sued in their own names.
The Minister reiterated in his Budget speech that the 12.5% Corporation Tax rate will remain in place indefinitely.
CAPITAL ALLOWANCES
The deduction for capital allowances for intangible assets, and any related interest expense, will be limited to 80% of the relevant income arising from the intangible asset in an accounting period.
The scheme of accelerated capital allowances for energy efficient equipment is being extended to 31 December 2020.
VAT
The 9% VAT rate on tourism and services sector is retained.
An increase in the VAT rate on sunbed services from 13.5% to 23% was announced.
A VAT refund scheme is being introduced to compensate charities for the VAT they incur on their inputs. This scheme will be introduced in 2019 in respect of VAT expenses incurred in 2018.
Annual VAT 3 Return and payment for the period November - October together with a Return of Trading Details where the accounting period ends in October
Deadline - 19 July 2017
VAT
Bi-Monthly VAT 3 Return and payment for period September - October 2017 together with Return of Trading Details where the accounting period ends between the 1st September and 31st October
Deadline- 23 November 2017
VIES
Return for October 2017
Deadline - 23 November 2017
RCT
Return and payment for October 2017
Deadline - 1 November
2017
LPT
Liability (Ownership) Date for 2018
Deadline - 1 - 21 November 2017
Corporation Tax
Preliminary Tax for accounting periods ending between 1-30 December 2017
First installment of preliminary tax for "Large Companies" with a financial year ending between 1 - 31 May 2018
Returns for accounting periods ending between 1 - 28 February 2017
Pay balance of tax due on accounting periods ending between 1 - 28 February 2017
Returns of third party information for accounting periods ending between 1 - 28 February 2017
Deadline - 14 November 2017
Income Tax
Extension of Pay & File Deadline Preliminary Tax 2017
Extension of Pay & File Deadline Pay balance of 2016 tax liability
Extension of Pay & File Deadline Return of income for 2016
Where returns and payments for RCT, VAT, PAYE/PRSI and Corporation Tax are made electronically, the return and payment deadlines are the 23rd day of the month
