Not a good look. I wonder did he go because this was going to come to light?
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I'd view it as free use of an asset. The first €3,000 of value is tax free as Small Gift Exemption. Any value after that is taxed at 33% CAT.
Not an excuse. A reality!
Was this before or after your trip to the pub where you overheard the beer swilling 13 year olds talking about how hard done by Tubridy has been?
Pretty sure he was with Carol & Associates up to a couple of years ago - He's one of the people that came in from the cold and is staff now
1/10. Must try harder
I meant VRT if he had to buy a car, rather than one being "loaned".
Whatever way you look at it, Marty had a free car and he only handed it back before it was discovered.
Possibly, but how would you determine the value of a car?
I wonder if there was NO public purse to plunder and NO opportunity of being an "influencer" of sorts to the public with RTE's reach would so many be attracted to RTE?
Power attracts the corrupt.
BIK can come not only from your (main) employer, but from any other income source. I know for sure
He got a car in lieu of payment. That's a benefit in kind (had they paid him he would have been an employee or contractor)
What about CAT ..the value of the lease payments excused being a gift.
He is on the hook for some tax.
He worked as MC for Renault and instead of cash got the free use of car. Wouldn't we all love to turn part of taxable earnings , from cash to the free use of a car or a house if there was no tax implications. It doesn't work that way
6 years and 24 hrs to be pedantic. 😆
Do you self-declare in this scenario then?
How would you value a car for self-declaration? Is there a formula?
I mean, I would be absolutely amazed if there was a way to get free use of a car tax-free, so I'm not disputing what you are saying it's just unclear to me what specific tax applies in this scenario.
Tax on the value of the lease payments does make sense to me. As I said in the post directly above this one, I'd be amazed if it's possible to legally avoid all tax in this scenario, I'm just not totally clear on what specific tax is applicable.
Reading it more he seems to have accepted as payment for event he done for Renault. So instead of getting paid for the events and paying tax on the earning he got a car "loaned" to him
It does confirm it was straight from Renault so does that mean he was taking expenses from RTE for using his own car?
So at a minimum it tax evasion, Rev Commissions should bring him to court
If it was a private company and this was ongoing with their company car scheme he would be sacked in all probability.
Whatever about the capital cost of the car, I would like to know who has been paying for the fuel, road tax insurance and maintenance?
Morrissey claims no car allowance, as stated in his own words, and for somebody who travels the country for work that just doesn't make sense.
With all the money he has earned from RTE over the years, I'm sure that's a question his accountant could have answered...
Original market value
This tax bill for Marty could seriously impact his ability to keep buying the fake tan.
Use similar valuations to Capital allowances calculations possibly. Gigantic mess anyway. Revenue will be busy.
It was Timmy Dooley who asked about the car, I think.
Are he and Marty from the same general area?
I'm just wondering why he asked that question and also asked about when it was handed back. It didn't come out of nowhere, that line of questioning.
He should have charged Renault with a VAT invoice. Revenue have rules around bartering in their VAT legislation.
I don't think Morrissey would be liable for BIK under the circumstances. He is not an employee of the business which owns the vehicle, Renault Ireland. I think he got done for not informing his employer, RTE, about this cosy little arrangement as he is obliged to do under the terms of his employment. He could face some sort of disciplinary action because of that.
If he provided a service such as being MC for an event, Marty may be eligible to charge VAT on the value of that service and pay it to the government.
Perhaps someone with accountancy knowledge would know?
Check out his other half.
I didnt believe it at first.
How will Marty get to Croker now, carpool?
Yes he should have charged VAT to Renault. There's probably no loss to Revenue though as Renault likely would have reclaimed the VAT in their own VAT return.
I declared it. There is a formula based on the car’s purchase price. AFAIK, if you can’t get a receipt from whoever sourced the car they use the book purchase price. The supplier informed Revenue in my case
Marty's car
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