Ask our expert your own questions regarding your finances and taxes. Questions will be answered and published during the month of June 2010. This month's expert is Lucinda Greaney, accountant with the Financial Factory, Cork.What Lucinda says...
The Celtic Tiger is gone after one hell of a party and I bet like most people, you feel it has left you to pick up the tab. Recent pay cuts and tax levies have made the economic reality extremely personal for us all. No matter who you are (i.e. PAYE worker, self employed person or a company director), we appear to be held hostage to pay the bill. OK, now that we know we must, we want all the discounts we are entitled to.
First step is to check your tax allowances and entitlements. You are entitled to go back four years. This process is very easy and, in many cases, the rebate is high. Tax legislation changes on a regular basis and so do your entitlements. E.g. Due to the government’s ‘cash for trash’ (NAMA), capital gains legislation has changed. You may be entitled to write off those worthless shares…
Email me with any tax queries. Tax is a complex area but everything should be questioned. You have worked hard for your money and why should you pay for someone else’s party?
Lucinda Greaney AITI (Tax Accountant)
www.financialfactory.ie
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