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GAZETTE
\ v
DECEMBER 1992
Literature from Council
Election Candidates
T h e Editor,
Gazette
Dear M a d a m,
Recently, ma ny of my colleagues
wrote to me asking me for s u p p o rt
in the Co u n c il election. Their letters
were t h o u g h t f u l, stimulating
d o c ume n t s. I am sure t ho se w h o
were elected will help the profession
greatly in p l a n n i ng for the future.
However, I trust they will show mo re
foresight in their work for the
Co u n c il t h an they did in sending me
their literature. Wi th o ne exception, I
received these s t imu l a t i ng letters
a f t er I h ad voted a nd returned my
p a p er to the Law Society.
Th is is the first time t h at all b ar o ne
were received late. However, every
year I receive at least a c o u p le of
these letters a f t er I have voted. If
p e op le w h o think they deserve a
Co u n c il seat show this level of
efficiency, wh at mu st the s t a n d a rd be
like over the profession as a whole?
Yours etc,
Michael O'Ma Iley
Re: Wigs: Abolition of:
precedent for
T h e Editor,
Gazette,
Sir,
" We mu st b e c ome civilised men
f r om every point of view . . . o ur
t h i n k i ng a nd mentality will b e c ome
civilised f r om h e ad to f o o t. We shall
acquire, keep a n d finally improve
the place we deserve in the civilised
family to which we belong.
"Civilised i n t e r n a t i o n al f o r ms of
dress are a worthy c o s t ume for o ur
n a t i o n. We shall wear shoes or b o o ts
on o ur feet, then trousers,
waistcoats, shirts, ties, jackets, a nd
naturally to crown it all, we shall
wear b r i mmed headgear. I want to
say clearly t h at this b r i mmed
h e a d g e ar is called a h a t ".
- Mu s t a fa Kemal (A t a t u r k)
. . . . on 25 November, 1925 the
Turkish Assembly a d o p t ed a law
ma k i ng it illegal for a Turk to wear
a fez.
Yours etc,
Frank O'Mahony
P.S. Just like t h a t.
Your Clients Can Pay
Self-assessment was first i n t r o d u c ed
for the i n c ome tax year 1988/89.
Originally, it was on the preceding
year basis, me a n i ng t h at tax was
assessed o n the p r o f i ts of the
a c c o u n t i ng year which e n d ed in the
previous year of assessment.
T h e 1990 F i n a n ce Act abolished the
preceding year basis a nd replaced it
with the Cu r r e nt Year Basis.
Self-assessment i n t r o d u c ed the
c o n c e pt of " p r e l i m i n a ry t a x " a nd
" f i n a l a s s e s sme n t ". Currently,
preliminary tax mu st be paid by 31
Oc t o b er in the year of assessment.
So, for the year 1991/92, preliminary
tax h ad to be paid by 31 October,
1991 a nd by 31 Oc t ob e r, 1992 for the
tax year 1992/93.
T h e a m o u nt of preliminary tax to be
paid to avoid penalty interest charges
Less Tax
s h o u ld be n o less t h an the lower of:
• 9 0% of the final tax liability for
the current tax year, or
• 100% of the final tax liability for
the previous tax year.
Your i n c ome tax returns for the tax
year mu st be filed with the Revenue
Comm i s s i o n e rs by 31 J a n u a ry in the
following tax year, giving you 15
mo n t hs to finalise your a f f a i rs a f t er
the d a te for p a yme nt of preliminary
tax.
Wh e re a d e q u a te preliminary tax was
paid by 31 Oc t o b er wh en due, the
o u t s t a n d i ng b a l a n ce of tax for t h at
year need n ot be paid until the later
of o ne mo n t h f r om the date of
assessment or the relevant 31
J a n u a r y. So, for the tax year
1991/92, the n o r mal d a te of final
assessment would be 31 J a n u a r y,
1993.
T h e mo st efficient me t h od of
reducing your tax liability is by way
of pension c o n t r i b u t i o n s. You can
o b t a in full tax relief on c o n t r i b u t i o ns
to a p e n s i on of u p to 15% of your
net relevant earnings.
Co n t r i b u t i o ns to a p e n s i on plan
m a d e b e f o re 31 J a n u a r y, 1993 can be
used to reduce the liability for the
tax year 1991/92 a nd t h us reduce the
final assessment payable to the
Revenue Comm i s s i o n e rs by 31
J a n u a r y, 1993.
For f u r t h er details on this matter,
write to
Tom Kennedy,
at Solicitors
Division, Sedgwick Financial
Services, 18/19 Ha r c o u rt Street,
Dub l in 2 or t e l e p h o ne (01) 781599.
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