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Personal Income Tax Services

Our tailored income tax service ensures you are up-to-date, compliant, and tax-efficient in your tax planning and returns.

Personal Tax Planning

It can be difficult to navigate the tax system if you are new to managing your personal income tax affairs. At Gilroy Gannon, we’ll look after the time-consuming and stressful task of tax planning so that you can focus on your business.

Our personal tax clients are employees who pay tax on a PAYE basis, as well as business owners and self-employed individuals. Our wide range of personal tax services includes advice on tax planning, identifying tax relief opportunities, and calculating tax liabilities.

Income Tax – What is Taxed?

Three personal taxes must be paid on employment income — PAYE, Pay Related Social Insurance (PRSI), and Universal Social Charge (USC).

The taxed amount is decided by your level of income and how many tax credits you have. When submitting your tax returns, there may be ways to reduce the amount of income tax you must pay. Your personal circumstances and status, as well as taking advantage of all applicable tax reliefs, are important considerations when reducing income tax.

Our Process

When you partner with us at Gilroy Gannon, we will take you through our personal tax process. That process includes looking at your income tax position for the current year and the four previous years as there are often missed tax relief claims in previous years that might be available.

We will ensure all personal taxation considerations are covered during our analysis and before submitting your tax return. This includes your personal, work, and family circumstances. We’ll work closely with you during this process, so you are aware of what is happening every step of the way.

Income Tax Advice

Once our analysis is complete, you will receive a comprehensive report prepared by our expert team. This report is fully compliant with all Revenue personal taxation rules and guidelines. It will calculate your tax liability, identify any tax planning opportunities that are available, and ensure tax efficiency.

Tax Relief

There are often missed opportunities when it comes to tax relief. We will identify where you can avail of those opportunities in your tax planning.

* Please note that tax credit and tax relief are not the same. A tax credit reduces the tax you have to pay, whereas tax relief reduces the amount of income you pay tax on.

Examples of the tax reliefs you may be eligible for as a self-employed or PAYE worker include:

Here are some of the tax reliefs you may be eligible for as a self-employed or P.A.Y.E. individual: 

Rent & Power

Costs associated with premises are often among the highest costs a business has to pay. Rent, water, lighting, heating, and power costs can all be claimed as an expense.

Staff Costs

If you have employees, there are specific costs you can claim, such as salaries, bonuses, recruitment agency fees, subcontract costs, and insurance contributions.

Financial Charges

Charges from your bank, credit cards, business loans, and any other creditor can also be deducted from your taxable income to reduce the amount of income tax you have to pay.

Insurance & Income Tax

Insurance premiums are another cost that can be deducted from your tax return. These include property insurance and professional indemnity insurance.

Medical Expenses

Tax relief is available for certain dental procedures, private health care, and long-term care. Deducting these expenses from your tax return will reduce your tax payments.

Starting a Business

Starting a business can be costly, but there are reliefs that can mitigate a portion of your start-up costs by reducing the amount of personal income tax that you need to pay.

Work From Home

The Irish tax system allows you tax relief on items such as electricity, heat, and broadband when you work from home for all or part of the week.

Third -Level Fees

If you are currently studying to obtain a qualification, you may be eligible for the tax relief that is available for third-level students in the form of paid fees.

Personal Tax+
All our services are customised to your requirements, including providing you with standalone personal tax services or as part of a wider package of services.

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