PAYE/BIK/PENSIONS 2 – MAJOR CHANGE
ALLOWABLE DEDUCTIONS INCURRED IN EMPLOYMENT
We have enhanced the PAYE/BIK/Pensions 2 tab with a new feature that allows users to manage flat rate expenses directly within Personal Tax. Users can now access the new Flat Rate Expenses window via a convenient hyperlink located in the Allowable Deductions Incurred in Employment section. With this implementation, users can:
Ø Enter and track separate flat rate expenses for both Self and Spouse
Ø Select from seven predefined descriptions in dropdown menus, each with fixed assigned values
Ø View all entered expenses displayed in the data tables above
Ø Edit or delete entries by selecting them from the tables
Ø The total expenses for both Self and Spouse are displayed at the bottom of the window
This addition streamlines the process of claiming flat rate expenses, providing a more comprehensive tax planning experience. The new feature is highlighted in Figure 1. The Tax Fields added are listed below:
Ø Description dropdown for Self
Ø Description dropdown for Spouse
Ø The dropdown has seven enlisted descriptions with fixed values assigned to it
Figure 1: New Tax Fields under PAYE/BIK/Pensions (2)
IRISH RENTAL INCOME- MAJOR CHANGE
RESIDENTIAL PREMISES RENTAL INCOME RELIEF
We have enhanced the Irish Rental Income tab with a new section for Residential Premises Rental Income Relief. This feature enables users to accurately document compliance requirements and calculate available rental relief for both Self and Spouse across two tax years. With this implementation, users can:
Ø Comprise comprehensive compliance documentation for rental properties
Ø Year-over-year tracking for both Self and Spouse
Ø Automate calculations for available relief and capped relief
Ø Streamline management of residential rental income relief claims
This enhancement strengthens Personal Tax's Irish taxation capabilities, ensuring users can properly document compliance requirements and maximize available residential premises rental income relief options following current tax regulations. The new feature is highlighted in Figure 2. The Tax Fields added are listed below, Each field is available for both Self and Spouse across Last Year and Current Year periods, allowing for comprehensive historical and current tax planning.
Ø Confirmation Checkboxes:
o RTB registration requirements
o Local Property Tax obligations
o Valid eTax Clearance Certificate issued under Section 109S
o Property letting to public authority/formerly rented controlled tenancies
o Active marketing for vacant properties
Ø Property Details Fields:
o LPT ID of property
o Net rental income after Losses and Capital Allowances
o Percentage of ownership of qualifying premises
o Available relief from premises
o Capped Relief for 2024 period
Figure 2: New Tax Fields under Irish Rental Income
RETROFITTING PROPERTIES RELIEF
We have enhanced the Irish Rental Income tab with a new section for Retrofitting Rental Properties Relief (RRPR). This feature enables users to efficiently manage and claim tax relief for qualifying retrofitting work carried out on rental properties. With this implementation, users can:
Ø Comprise comprehensive tracking of retrofitting expenses and eligibility
Ø Separate management for Self and Spouse properties
Ø Automate calculation of Net Credit Effect
Ø Streamline documentation of compliance requirements
This enhancement strengthens Personal Tax's Irish taxation capabilities, ensuring users can properly document compliance requirements and maximize available residential premises rental income relief options following current tax regulations. The new feature is highlighted in Figure 3. The Tax Fields added are listed below, Each field is available for both Self and Spouse, allowing for comprehensive historical and current tax planning.
Ø Confirmation Checkboxes:
o RTB registration requirements compliance
o Confirmation that qualifying premises are not rented to connected person(s)
o Local Property Tax obligations compliance
Ø Property Details Fields:
o Date the qualifying work was carried out on
o LPT ID of the property where the qualifying work was carried out
o VAT number of the Qualifying Contractor who carried out the qualifying work
o Net rental income from this qualifying premises
o Percentage of ownership of the qualifying premises
o Total cost of qualifying work carried out
o Value of the grant received
o Net Credit Effect (calculated by form)
Figure 3: New Tax Fields under Irish Rental Income
SELF-EMPLOYED INCOME- MAJOR CHANGE
CAPITAL ALLOWANCES FOR THE YEAR 2024
We have enhanced the Capital Allowances for the year 2024 section under the Self-Employed Income tab with new fields for farm buildings and slurry storage allowances. These additions allow users to claim and document specific agricultural capital allowances under current tax legislation. With this implementation, users can:
Ø Dedicated entries for slurry storage allowances under different sections
Ø Seamless integration with existing Capital Allowances framework
Ø Support for both Current Year and last year's documentation
Ø Improved compliance with agricultural tax provisions
This enhancement provides greater precision in documenting agricultural capital allowances, ensuring self-employed taxpayers involved in farming can properly record and claim eligible allowances for farm buildings and slurry storage facilities. The new feature is highlighted in Figure 4. The Tax Fields added are listed below. Each field is available for comprehensive historical and current tax planning.
New Tax Fields:
Ø (a) (i) If any amount entered at (a) above refers to farm buildings under section 658(2)(b) enter that amount here.
o Allows for specification of farm building allowances
Ø (a) (i) If any amount entered at (a) above refers to slurry storage under section 658(2)(a) enter that amount here.
o Enables documentation of slurry storage allowances under section 658(2)(a)
Ø (a) (i) If any amount entered at (a) above refers to slurry storage under section 658(2)(c) enter that amount here.
o Supports entry of slurry storage allowances under section 658(2)(c)
Figure 4: New Tax Fields under Self-Employed Income
INDIVIDUAL LEESES
We have enhanced the Self-Employed Income tab with a new comprehensive section for Leases agreed by Individual Lessees. This feature enables users to properly document and report lease elections under section 299(3)(b) and calculate associated tax implications. With the implementation, users can:
Ø Streamlined management of lease elections
Ø Comprehensive tracking of lease payments and expenditures
Ø Support for both Last Year and Current Year reporting
Ø Detailed breakdown of lease-related financial elements
This enhancement strengthens Professional Tax's self-employed income reporting capabilities, ensuring users can properly document and claim deductions related to lease agreements under current tax regulations under section 299(3)(b). All fields are available for both Last Year and Current Year periods, allowing for comprehensive historical and current tax planning related to lease agreements.
New Tax Fields:
Ø Election Confirmation:
o Checkbox to confirm election(s) or joint election under section 299(3)(b)
Ø Lease Documentation Fields:
o Number of Leases subject to an election
o Are any Lessors Associated Enterprises for Chapter 4 of Part 35C?
o Total Lease Payments Deductible Under section 299(3)(C)
o Total Actual Lease Payments Payable
o Total Deemed Capital Expenditure
o Capital Allowances in Period
Figure 4: New Tax Fields under Self-Employed Income
PERSONAL DETAILS – MINOR CHANGE
DE MINIMIS- EU STATE AID
We have enhanced the Personal Details tab with a new section for De Minimis - EU State Aid. This feature enables users to properly document and declare EU State Aid in compliance with Commission Regulation (EU) 2023/2831 of 13 December 2023 (the General De Minimis Regulation). With this implementation, users can:
Ø Streamline declaration process for EU State Aid claims
Ø Automatic calculation of gross grant equivalent
Ø Comprise comprehensive compliance with current EU regulations
Ø Integrate management within the tax return workflow
This enhancement strengthens Personal Tax's compliance capabilities, ensuring users can properly document and declare EU State Aid following the latest Commission Regulations. The feature provides clear guidance on which provisions require declaration and facilitates accurate reporting of previously received aid and current aid applications. The new feature is highlighted in Figure 4. The Tax Fields added are listed below:
Ø Regulatory Information Display:
o Listing of provisions requiring declaration-
§ Sec 372 AAC Living City Initiative
§ Sec 372 AAD Living City Initiative
§ Sec 286 (1)(N) Industrial Buildings Aviation Services Facilities
§ Section 216F Exemption of certain profit from production, maintenance, and repair of certain musical instruments
Ø Declaration Fields:
o Checkbox for applying for aid under the General De Minimis Regulation
o Previously granted de minimis aid amount (within past three years)
o Gross grant equivalent of the aid in this return
Figure 4: New Tax Fields under Personal Details
PERSONAL TAX CREDITS
HOME RENOVATION INCENTIVE
We have removed the Home Renovation Incentive (HRI) section from the Personal Tax Credits tab. This change reflects updates to the current tax legislation where this incentive is no longer applicable for the current tax year. This change streamlines the Personal Tax interface by removing outdated tax credit options, ensuring the software remains aligned with current tax legislation. The new feature is highlighted in Figure 5. The Tax Fields added are listed below:
Ø Carry Forward Information:
o Amount of unused Home Renovation Incentive credit carried forward from the previous year
Ø Current Year Credit Fields:
o Tax credit due for 2023 based on your HRI online claim (Self)
o Tax credit due for 2023 based on your HRI online claim (Spouse)
Figure 5: Tax Fields Removed under Personal Tax Credits
CHANGES
TAX RATES AND BAND RELIEFS
We have updated the Tax Rates and Bands information in Personal Tax to reflect the latest changes for the 2024 tax year. These updates ensure accurate tax calculations and planning capabilities for the upcoming tax period. You can find a detailed breakdown of the changes by clicking here.
COUNTRY LIST UPDATE
We have updated the Country List in Personal Tax to include:
| Country | Code |
| Serbia | 256 |
| Isle of Man | 257 |
| Kosovo | 258 |