INCOME TAX

Optimise Your Irish Income Tax Strategy

Navigating the intricacies of Irish income tax requires a clear understanding of various factors that impact your liability. At Walsh Business Consulting, we offer expert guidance to help you make informed decisions that minimise your tax exposure while ensuring compliance with Irish tax regulations.

Determining Your Income Tax Liability

An individual's liability to Irish income tax is contingent on the following key factors:

Tax Residency:

• Your tax residency in Ireland is contingent on the number of days you spend in the country during a tax year.
• You are considered resident in Ireland if: You spend 183 days or more in Ireland during a tax year.
• You spend 280 days or more in Ireland over two consecutive tax years, making you resident for the second tax year. For instance, if you spend 140 days in Year 1 and 150 days in Year 2, you become a resident in Ireland for Year 2.

Ordinary Tax Residency:

• Ordinary tax residency is determined by various factors, including your connections and ties to Ireland.
• It can significantly influence your overall income tax obligations.

Domicile Status:

• Your domicile status in Ireland can have substantial implications for your tax liabilities, particularly if you are a non-Irish domiciled individual.
  

Tax Planning Opportunities

Walsh Business Consulting provides strategic tax planning solutions that consider your unique circumstances. We help you explore opportunities such as:

Income Repatriation: Funds earned and gains accumulated before becoming an Irish tax resident can often be brought into Ireland tax-free.

Special Tax Relief Programs: We can guide you through various tax relief programs, including:

• Split-Year Residence: Designed to minimize the exposure to Irish Income tax on an individual's income.
• Cross-Border Workers Relief: Beneficial for those working across international borders.
• Seafarers Allowance: Providing tax relief for seafaring professionals.
• Special Assignee Relief Programme (SARP): Designed to attract high-income talent to Ireland by reducing taxable employment income over €100,000 for multinational and Irish companies.

Foreign Earnings Deduction (FED): This income tax relief, introduced as part of measures to promote Irish exports, applies to Irish tax-resident individuals working in specific countries. It offers a tax deduction against income tax liability when certain conditions are met.

Contact Walsh Business Consulting today to initiate a conversation about your income tax needs and embark on a path to financial optimization.