Budget 2004
While Budget 2004 may appear unimaginative a more positive observation will note that many reliefs have been continued and new opportunities have arisen. For farmers the farm pollution control expenditure qualifies for capital allowances for a further 3 years. The limits on the exemption of income from the leasing of farmland have been increased while the age limit has been dramatically reduced to just 40. The property incentive schemes have been extended until July 2006 which is certainly good news for landlords and other investors. The Business expansion scheme and the renewable energy scheme will continue to apply to investors until December 2006 while film investors can avail of relief until December 2008. Finally Companies that invest more than €50,000 in Research and Development can claim a substantial tax credit in calculating their corporation tax.

DEADLINES - February

Employers
 February is a busy month for employers. The monthly form p30 must be submitted by 14th in respect of payments made in the month of January 2004. Each employee employed on 31 December 2003 must be issued with a form P60 by 15th February and this is also the deadline for the submission of the form p35 for the year 2003.

Contractors
If you had subcontractors the form RCT 30 is due on 14th showing all payments for January 2004. Also by 15th a form RCT 35 should be submitted in respect of all payments in the year 2003.

Companies
If dividends were paid in the month of January 2004 the return and payment of dividend withholding tax is due by the 14th. If your accounting period ended in the month of May 2003 your corporation tax return, your third party information return and the balance of your corporation tax is due.
        If your accounting period ended in August 2003 the second instalment of your preliminary tax must be paid this month. If your accounting period will end in March 2004 the first instalment of your preliminary tax is due this month.