Help to Buy Scheme – Time is Running Out

As first-time buyers struggle to get on the property ladder all potential first-time buyers should note that the Help to Buy Scheme introduced in 2016 is due to expire on the 31st of December 2019.

The scheme was set up to help first time buyers receive a rebate of income tax which could be used as part of a deposit on the purchase of a new home.

In order to qualify for the scheme, the individual must be a first time buyer and is required to either enter into a contract with a qualifying contractor to acquire a qualifying residence or draw down the first tranche of a loan used to fund the building of a qualifying residence by the 31st of December 2019.

A qualifying residence is a new residence which will be occupied as the purchaser’s sole or main residence.  The price of the residence cannot exceed €500,000.  The purchaser must also take out a mortgage of at least 70% of the purchase price of the property.

Where the conditions are satisfied the purchaser will be entitled to a rebate of income tax equal to the lower of:

  • 5% of the purchase price
  • €20,000
  • The total income tax, including DIRT, paid by the purchaser in the 4 years immediately preceding the year of application.

If the purchaser receives approval in respect of the scheme the tax rebate will be paid to the builder. 

Beware though.  Revenue are entitled to clawback the rebate where the property is not the purchaser’s main residence for a period of 5 years. 

What Questions Do You Have?

We are happy to help. Please post your comment below or call our friendly team on 01 677 9000. Alternatively, send us an email: info@cooneycarey.ie

To keep in touch, connect with us on LinkedIn.

If this article helped you, please share it with other businesses.

Image by Jan Vašek from Pixabay

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    Posted on May 30, 2019 by Cooney Carey

    Friday Funnies: Outsourcing

    About Cooney Carey

    We’re a firm of business advisors and chartered accountants. We earn and hold the trust of our clients by proving wisdom and energy.

    If you need help with tax or finance, we have the right people for the job.

    What Challenges Do You Face?

    We are happy to help. Please give our friendly team a call on 01 677 9000. Alternatively, send us an email: info@cooneycarey.ie

    To keep in touch, connect with us on LinkedIn.

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      Posted on May 24, 2019 by Cooney Carey

      10 Reasons Why A Business Continuity Plan Is A Must

      All of us rightly or wrongly consider that once we have a backup for the data on our computers that we are fully covered in the event of a disaster. However, as some of you will have already learned the hard way, that this is rarely the case.   A disaster can be defined as “any event or series of events that prevents your business from accessing the data and systems it needs to operate” and this includes power failures, cyberattacks, employee sabotage and hardware failure.

      Every company faces the risk of IT interruptions that can grind business to a halt and if this stoppage is serious enough it can risk bringing the business to a permanent standstill or failure.   

      We have listed below ten reason as to why your business should consider investing the time and resources in a business continuity plan, and in a subsequent article we will detail what the contents of a Disaster Recovery Plan should contain;

      1. The overall consideration here is that a business can’t afford downtime
      2. Customers expect always to be able to access websites, order portals etc. Downtime therefore means loss of business from customers both immediately and in the long term.
      3. Downtime can also cause reputational damage as this can be interpreted as shoddy and inadequate systems
      4. The weather (Beast from the East) can play havoc with our systems and should be protected.
      5. Sometimes hardware just fails, even the best equipment can just die for no apparent reason.
      6. If subject to a cyber-attack, it could also impact your client business.
      7. In this new GDPR world any data breaches can prove very costly to the business and should be protected to comply with all the relevant legislation.
      8. A staggering statistic from the US in relation to SME’s 43% of companies were immediately put out of business by a “major loss” of computer records, and another 51% permanently closed their doors within two years — leaving a mere six percent “survival” rate. 
      9. Ultimately it will save you money in the long term, once the initial investment is over it will begin paying dividend for the company.
      10. All systems even the most secure, interact with humans, and humans can make mistakes. 

      You can see from the above that it is imperative that all businesses invest the necessary resources in a Business Continuity, Disaster Recovery Plan and we shall be looking at what it should contain in future articles.

      What Questions Do You Have?

      We are happy to help. Please post your comment below or call Des McCann, Partner at Cooney Carey, on 01 677 9000. Alternatively, send him an email: dmccann@cooneycarey.ie

      To keep in touch, connect with us on LinkedIn.

      If this article helped you, please share it with other businesses.

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        Posted on May 21, 2019 by Cooney Carey

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