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2015

Capital Gains Tax Deadline Saturday 31 January

You are reminded of the upcoming capital gains tax (CGT) deadline of 31 January.  Tax due on capital gains made on disposals in the period 1 December 2014 to 31 December 2014 must be paid on or before Saturday 31 January.  Payment along with CGT Payslip B should be sent to the Collector G.....


Income Tax exemption for farm lease income

Guidance on the income tax exemption for certain income arising from leasing of farm land is updated to include the changes introduced by Finance Act 2014.  With effect from 1 January 2015 the age restriction or the requirement to be permanently incapacitated are removed.  The conditions .....


Information on Agricultural Relief

Revenue has published an updated version of their guidance on agricultural relief for CAT.  The guidance sets out the main features, conditions and eligibility criteria that apply. The changes introduced by Finance Act 2014 are also covered in the updates.  .....


Transfer of assets abroad to spouse or civil partner

In eBrief No. 06/2015 Revenue has clarified the application of the CGT anti-avoidance measure in cases where an individual transfers their asset situated abroad to their spouse or civil partner under a legal separation, divorce or dissolution of civil partnerships.....


Claiming tax relief for health expenses

The Form Med 1 for 2014 is now available.  This form can be used to claim tax relief for certain health expenses incurred during 2014.  Relief for such expenses can also be claimed via PAYE Anytime or by submitting an eForm 12.  .....


Public comments on Actions 10 and 14 of BEPS Action Plan Released

Last week saw the publication of submissions received in respect of Actions 10 and 14 of the BEPS Action Plan. These publications follow public comments previously released on Actions 6 and 7 of the BEPS Action Plan, as report in Tax News last week. Included in these publications are submissions ma.....


It’s the final countdown

Readers are likely all too aware that the online filing deadline for 2013-14 Self-Assessment returns is this coming Saturday 31 January. This is also the final payment deadline for 2013-14 coupled with the first payment on account due for 2014-15.  By way of reminder, the penalties for late ta.....


The Corporation Tax NI Bill – make this work for Northern Ireland

Last week the Institute met with Government and other key NI stakeholders to discuss the technical aspects of the Corporation Tax (Northern Ireland) Bill. The Bill is due to have its second reading in the House of Commons tomorrow and will then move on to Committee stage.  As the lead in time .....


Your opportunity to shape Self-Serve for Agents

HMRC have contacted Chartered Accountants Ireland seeking agents as volunteers to assist with user research and user testing to inform the design of new digital services for agents. The new service will enable agents, provided they have appropriate authorisation, to access the PAYE accounts for the.....


Women and Northern Ireland win the battle of the taxes

In another statistic laden publication, HMRC have announced that women, those in the agriculture industry and taxpayers in Northern Ireland are more likely to send in their tax return on time. The announcement by HMRC precedes the impending deadline for online filing of 2013/14 returns later this w.....


BEPS Public Consultations Released

The OECD has released the details of Public Consultations on the following Actions of the BEPS Action Plan: Action 6: Preventing Treaty Abuse Action 7: Prevent artificial avoidance of PE status Action 14: Make dispute resolution mechanisms more effectiv.....


UK Double Taxation Treaties – are you up to date?

A useful guide of developments in UK Double Taxation treaties in 2014 has been published. In addition, details of the UK treaty negotiating priorities up to 31 March 2015 are also available. The guidance can be used to keep up to date with changes to HMRC treaty negotiating priorities and changes t.....


Consultation aims to improve R&D tax credits access for small business

Over 15,000 companies (large and small) claim over £1.4bn in credits each year. Successful claims have been made across a wide range of business sectors. As part of the Autumn Statement 2014 announcements, the government announced a package of measures to streamline the application process fo.....


This week’s tax tidbits

This week sees a number of items worthy of note by tax practitioners.   HMRC have published CT600 Budget Insert (2014) which provides for an overview of the main Budget 2014 changes affecting Corporation Tax. Schema and supporting documents for Foreign Account Tax Compliance Act software devel.....


Improvements to IPSASs 2014

Improvements to IPSASs 2014 sets out amendments to International Public Sector Accounting Standards (IPSASs) based on the International Accounting Standards Board's annual improvements and narrow scope amendments projects. This document includes improvements to four standards (IPSAS 1, IPSAS 1.....


IAASB Issues Final Standards to Improve Auditor's Report

The International Auditing and Assurance Standards Board (IAASB) has recently released its new and revised Auditor Reporting standards, designed to significantly enhance auditor’s reports for investors and other users of financial statements. "These changes will reinvigorate the audit, as aud.....


Timely new book on performance reviews

Meaningful Performance Reviews by Sean McLoughney is the first title in Chartered Accountants Ireland’s ‘Your Advisor’ series, carefully designed, easy-to-use guides on a broad spectrum of business issues affecting managers, owners and professionals. Written by a well-known expert and advisor on th.....


Operation of PAYE for Non-Resident Employees

According to Revenue eBrief No. 03/15 an Irish resident employer will not be obliged to apply for a PAYE Exclusion Order in respect of remuneration paid to a non-resident employee in certain circumstances. Where the employee: is not resident in the State for tax purposes, has been recruited abroad,.....


tax.point January Issue

The January issue of tax.point is now available.  In this month’s issue Mark Doyle, Director of Doyle Tax Consultants, reviews the changes to the Irish capital gains tax regime over the last year and recent Revenue eBriefs.  In the first of a two part feature, Martin Fleetwood, Tax .....


Self-assessment return email reminders on their way

Last week HMRC began sending 650,000 email reminders to people who file their tax returns online, but have yet to complete this year’s Self-Assessment tax return or pay what they owe before the 31 January deadline. HMRC will be using the email addresses already held on Self-Assessment taxpaye.....


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