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Revised Ethical Standards and UK Corporate Governance Code

The Financial Reporting Council (FRC) has issued final draft updates to the UK Corporate Governance Code and the associated Guidance on Audit Committees to reflect forthcoming UK legislation on audit committees and auditor appointments. The FRC has committed to avoid further updates to the Code unt.....


Notice of AGM and SGM

The 128th Annual General Meeting of Chartered Accountants Ireland will take place at 2.30pm on Friday 20 May at Chartered Accountants House, 47 Pearse Street, Dublin 2. This will be followed by a Special General Meeting, dealing with changes to the regulatory regime and related Bye-Laws. Members ha.....


This week’s tax tidbits

Developments of interest this week are outlined. Ireland Revenue set out its current priorities for compliance interventions targeting white collar non-compliance at a recent Audit Subcommittee meeting of the Tax Administration Liaison Committee.  Tax compliance in the construction sector will.....


IPSASB publishes paper on Applicability of IPSASs

The International Public Sector Accounting Standards Board (IPSASB) has published 'The Ap­plic­a­bil­ity of IPSASs' and a revised 'Preface to International Public Sector Accounting Standards', which change how the IPSASB com­mu­ni­cates the type of public sector entities.....


April IASB Update

The April issue of the IASB Update has just been published, topics for discussion included Insurance, Business Combinations under Common Control and IFRIC Update. Please click here to download the document.....


IAASB Biennial Report

The International Auditing and Assurance Standards Board (IAASB) 2014/2015 Biennial Report, Championing Change in the Public Interest, has recently been published.  It explains how the IAASB is responding to the ever-evolving environment in which audits and other assurance services are co.....


Zambia Institute of Chartered Accountants joins Chartered Accountants Worldwide and strengthens international presence

The Zambia Institute of Chartered Accountants (ZiCA), the regulatory accountancy body in Zambia which registers all chartered practicing accountants, has joined Chartered Accountants Worldwide as an Associate Member. ZiCA is the third organisation to become an Associate Member. Chartered Accountant.....


HMRC services - don’t be caught out by planned downtime

Will you be using HMRC online services in the coming weeks? Don’t be caught out by the planned downtime to some services. HMRC are warning about the non-availability of specific services on the HMRC website, a range of services are impacted. Check the relevant page for information o.....


Finance Bill 2016 update

The second reading of the Finance (No.2) Bill 2015-16 took place in the House of Commons on 11 April 2016. At the same time the programme for consideration of the rest of the Bill was also agreed. Due to the 28 day ‘purdah’ period before the EU referendum on 23 June, time given to consi.....


Action on beneficial ownership

The UK announced recently that it has entered into a deal with Germany, France, Italy and Spain to automatically share information on the ultimate owners of companies.  The agreement will see tax and law enforcement agencies from the five countries exchange data on company beneficial ownership.....


This week’s UK tax tidbits

Tax developments of interest this week are outlined.   The latest employment-related securities bulletin has been published in addition to various updated forms related to share schemes: employment related securities (42), enterprise management incentives (EMI40), share incentive plan (39), co.....


Revenue to target white collar activity

At a recent Audit Subcommittee meeting of the Tax Administration Liaison Committee, Revenue set out their current priorities for compliance interventions, including the targeting of white collar non-compliance.  According to Revenue they will continue their focus on shadow economy activity inc.....


Bermuda signs up to automatically share BEPS country-by-country reports

The OECD recently announced that Bermuda has become the 33rd signatory of the Multilateral Competent Authority Agreement for the automatic exchange of Country-by-Country reports (CbC MCAA). Under the CbC MCAA, tax administrations where a company operates will get information annually rela.....


VAT cancellation

When a VAT registration number is cancelled, Revenue may advise the relevant suppliers of the cancellation. Revenue may also publish certain details of the cancelled registration number in the appropriate publications.  Revenue has published guidance on this anti-fraud measure which was introd.....


When is a CGT clearance certificate not required?

Revenue has clarified the circumstances where a CGT clearance certificate is not required per section 980 Taxes Consolidation Act 1997 (TCA 1997).  This clarification follows a number of queries raised by practitioners.  The Revenue Tax manual has been amended to state that section 980 TC.....


OECD Forum on Tax Administration

The 10th Plenary meeting of the OECD Forum on Tax Administration (FTA) is to be held in Beijing on 11-13 May 2016.  The Forum on Tax Administration brings together Tax Commissioners from 46 tax administrations, including Ireland and the UK, to work collaboratively on global tax administration .....


Filing FATCA Returns in 2016

The Foreign Account Tax Compliance Act or “FATCA” filing option is now available on Revenue Online Service (ROS).  As we reported previously, this filing option was closed by Revenue to allow for enhancement work to be carried out to the FATCA filing process.   The reporting d.....


No spring in their step

Brian Keegan, Director of Taxation, writes in the Sunday Business Post on the impact of the current political uncertainty on the formation of Budget 2017.  .....


Food for thought - study snacks

Food for thought: what are the right foods to eat as brain food Those of us with well-meaning spouses/parents/housemates/children who have studied part-time may have been visited by them at intervals carrying a cup of hot coffee and a plate of Jammie Dodgers and chocolate Hob Nobs. We may not have .....


VERY URGENT; They need and deserve your support

As of today’s date donations to Chartered Accountants Support have been a fraction of the norm. At the beginning of April donations were €58k compared to €237k in the same period last year. Since then they have virtually stopped. Hence this communication. I have a feeling that there is a sense, amo.....


This week’s tax tidbits

Developments of interest this week are outlined. Ireland Revenue is writing to certain taxpayers regarding their unsettled tax appeals.   Such 'settlement' letter are issuing to appellants and their agents during the month of April. Per Revenue eBrief No. 37/16 Revenue has desig.....


tax.point April issue

In the April issue of tax.point, the monthly tax journal from Chartered Accountants Ireland, Leontia Doran reviews some of the business focused measures, positive and negative, in the recent UK Budget. Colin Smith and Mark Connor explore the provisions of the final report issued by the OECD on prev.....


SIP 11B 'The Handling of Funds in Formal Insolvency Appointments - ROI'

Members should note that the revised SIP 11B applies to assignments commencing on or after Monday 25 April 2016.....


Future of Corporate Reporting event in London

The Federation of European Accountants, jointly with the Consultative Committee of Accountancy Bodies (CCAB) and the Chartered Financial Analyst (CFA) Institute, are holding an event Join us to debate the Future of Corporate Reporting on 16 May in London. This is a unique opportunity to debate the .....


FRC guidance on going concern basis of accounting

The Financial Reporting Council (FRC) has issued guidance for directors of companies which brings together the requirements of company law, accounting standards, auditing standards, other regulation and existing FRC guidance relating to the going concern basis of accounting. The guidance also cover.....


SIP 14B 'A Receiver’s Responsibility to Preferential Creditors – ROI'

The CCAB-I Insolvency Committee has recently issued an Exposure Draft of the proposed revised SIP 14B “A Receiver’s Responsibility to Preferential Creditors – ROI”.  In common with the six revised Statements of Insolvency Practice already issued, the content of this Exposure Draft of the propo.....


The key to job hunting success? Tailor your CV for every role.

Even in an improving jobs market, employers remain specific and discerning when it comes to sourcing the right talent for their organisation. Therefore a crucial part of your job search process is to tailor your CV for each specific role and employer you are applying to.  Don’t rely on a.....


Juggling work, life, family and study

Reasonably soon after my return to work following maternity leave I found myself idle one evening with my laptop open surfing the web with the nugget of an idea. I was considering distance learning of something…anything. Becoming a working mum had made me feel that I would like to keep my skills an.....


Payment and Receipt of Interest without Deduction of Income Tax Reven

Revenue guidance on when interest payments can be paid without deduction of withholding tax, as otherwise required by section 246 of the Taxes Consolidation Act 1997 (TCA 1997), has been updated to confirm that no withholding tax need be operated on interest payments to the European Investment Bank.....


Tax appeal cases

As we reported last week, Revenue is writing to certain taxpayers regarding their unsettled tax appeals.   Such 'settlement' letter are issuing to appellants and their agents during the month of April. Per Revenue eBrief No. 37/16 Revenue has designed a standard template letter that will .....


Surcharge for late submission of tax return

In cases where a penalty is applied under section 1077E of the Taxes Consolidation Act 1997 (TCA 1997) for the deliberate or careless making of an incorrect return, a taxpayer will not be liable to a surcharge (section 1084 TCA 1997) provided the return was made in a timely manner in the first inst.....


Disclosure by Revenue of taxpayer information

Revenue has updated their tax and duty manual to take account of changes made by Finance Act 2015 in relation to taxpayer information that can be disclosed to third parties by Revenue under section 851A of the Taxes Consolidation Act 1997. .....


Universal Social Charge

The Revenue’s Universal Social Charge (USC) FAQs are updated to reflect changes made since December 2015.  .....


tax.point April issue

In the April issue of tax.point, the monthly tax journal from Chartered Accountants Ireland, Leontia Doran reviews some of the business focused measures, positive and negative, in the recent UK Budget. Colin Smith and Mark Connor explore the provisions of the final report issued by the OECD on prev.....


The Five Stages of Disclosure

Brian Keegan, Director of Taxation writes on the disclosure of tax information following the Panama Papers and the EU Commission’s proposals for the publication of tax information by multinationals in the Sunday Business Post.  .....


European Commission proposes public tax transparency rules for multinationals

The Commission recently published plans to introduce mandatory public country-by-country reporting for large companies operating in the EU. This information would be made available in a stand-alone report accessible to the public for at least five years on the company’s website. Companies wou.....


Ireland meets with other tax administrations on “Panama Papers”

A special project meeting of the Joint International Tax Shelter Information and Collaboration (JITSIC) Network which was attended by the Irish Revenue took place at the OECD in Paris on Wednesday 13 April to discuss the “Panama Papers” revelations. Revenue confirmed to Chartered Accoun.....


OECD’s Taxing Wages report

The OECD has published its annual Taxing Wages report which provides cross-country comparative data on the amounts of taxes and social security contributions (SSCs) made by workers and their employers across the world.   For 2015, Ireland’s tax wedge was 27.5 per cent whil.....


Upcoming HMRC online events

Details of forthcoming HMRC events are outlined.      Online event - Wednesday 20th April 11:00-12.00  From 1 April 2016 workers aged 25 and over became entitled to a minimum pay rate of £7.20 per hour, called the National Living Wage (NLW). HMRC are running a live webinar.....


Double tax convention/agreements update

Recent developments in this area are outlined.     The protocol amending the convention between the UK and Germany for the avoidance of double taxation has been presented to parliament An exchange of letters between the UK government and Belgium which amends the agreement relating to the .....


This week’s UK tax tidbits

Developments of interest this week are outlined below.     Recent VAT publications include the following:- VAT Bulletin, VAT road fuel scale charge tables, Refunds of VAT in the European Community for EC and non-EC businesses, Application for VAT refund by a business person not establishe.....


EFRAG updates website

The European Financial Reporting Advisory Group (EFRAG) has updated its website to a more modern look.   Unfortunately the new site does not offer a search function any more. Please click here for further details.....


IFRIC March Update

The March 2016 IFRS Interpretations Committee Update (IFRIC Update) has been published. The Update and previous issues can be accessed here.....


FEE Briefing Paper highlights key benefits of adopting accrual accounting

Many Member States have already embraced accrual accounting but the discussion on its potential contribution to improving transparency and accountability is still ongoing. This paper aims at highlighting some of the key benefits and its contribution to governments’ financial decision-making p.....


This week’s tax tidbits

Developments of interest this week are outlined. Ireland In the case of appeals that have been submitted to Revenue prior to 21 March Revenue are required to refer such appeals to the Tax Appeals Commission (TAC).  However, before doing so, Revenue must give appellants an opportunity to settle.....


Simple apps to help with your studies

There are truly apps for everything today. I can remember being in college and being quite confident that if my notes were covered in highlighter ink, I was surely going to excel at this assignment/module/essay/exam. Not to mention the wall planner with its array of stickers of various shapes denot.....


Tax appeal cases

The Finance (Tax Appeals) Act 2015 provides that in the case of appeals that have been submitted to Revenue prior to 21 March Revenue are required to refer such appeals to the Tax Appeals Commission (TAC).  However, before doing so, Revenue must give appellants an opportunity to settle the mat.....


Income tax leaflets on residence and trans-border workers relief

Updated guidance on Irish tax residence and individuals who can claim trans-border workers relief have been published by Revenue.  .....


Exemptions from local property tax

Revenue has published updated FAQs on property owners who qualify for exemption from local property tax (LPT).  The FAQs cover; properties that qualify for exemption, how long the exemption applies and how to claim exemption.....


The Panama Files

Brian Keegan, Director of Taxation writes on offshore investments, tax planning and the Irish tax system in his column for the Sunday Business Post.  Elsewhere, the Sunday Times quoted the CCAB-I submission on the tax treatment of self-employed arrangements.  .....


Chartered Tax Consultant: Integrated Tax – July 2016

The current participants for Chartered Tax Consultant are already on the home stretch of the first stage of the course: Applied Tax. Next up is the Integrated Tax stage which starts in July 2016. Did you know that if you are a chartered accountant who already holds a recognised tax qualification fr.....


Happy new tax year

With the 2016-17 tax year just underway, HMRC have published a raft of documents relevant to the new tax year including various helpsheets, and updated self-assessment tax returns. Access these documents at the latest publications section on the HMRC website. And remember, this new tax year he.....


Agent Online Self-Serve project March update

This ongoing project aims to offer agents access to enhanced online services. The March update from HMRC is outlined.  “Prototype of AOSS advert on HMRC Online Services Portal   The new web page launched on 2 February, promoting the opportunity for agents to join the AOSS priva.....


Updated on accelerated payment notices and avoidance

In a press release dealing with accelerated payment notices (APNs), HMRC advise that they are now issuing over 3,000 APNs a month, and have issued over 41,000 notices since these were introduced. By the end of 2016, HMRC expects to have completed issuing notices.  By way of reminder, the APNs .....


This week’s UK tax tidbits

Developments of interest this week are outlined.     Use form Ireland-Company for Irish companies that receive interest or royalties in the UK to apply for relief at source from UK income tax under the UK/Ireland Double Tax Treaty. The form can also be used to claim a repayment of UK inco.....


OECD to hold special meeting on foot of “Panama Papers” revelations

The OECD has convened a special project meeting of the Joint International Tax Shelter Information and Collaboration (JITSIC) Network this week to discuss matters such as co-operation and information-sharing, tax compliance risks and agreement on collaborative action in light of the “Pana.....


Commission presents measures to modernise VAT in the EU

The Commission has launched a VAT Action Plan to tackle fraud, support business and help the digital economy and e-commerce. This includes proposals to give Member States more autonomy to choose their own VAT rates. Under the current rules, Member States need to adhere to a pre-defined list of good.....


Ten reasons to enrol in a Specialist Qualification

We're well into the new year now and we have had time to take stock and make changes. Some of the resolutions might even have been stuck to! If you are considering a new qualification as part of the "new you", here are some reasons you will be on the right track to do this with Specialist Qualifica.....


Response to consultation on self-employed arrangements

Chartered Accountants Ireland, as a member of CCAB-I, has responded to the consultation on intermediary type structures and self-employed arrangements.   As we reported previously in Chartered Accountants Tax News the consultation was launched by the Minister for Finance and Minister for Socia.....


This week’s tax tidbits

Developments of interest this week are outlined. Ireland If you have any queries on the electronic Tax Clearance (eTC) system or are having any difficulties with the system you should contact the Collector General’s office.  Since Friday last – 1 April, the Collector General has ta.....


CRO April newsletter

The Companies Registration Office (CRO) has issued their April e-zine which features current developments in the office and details of future events. Please click here to access the newsletter.....


Revised operating procedures for reviewing corporate reporting

The Financial Reporting Council has published a revised version of its Conduct Committee’s operating procedures for reviewing corporate reporting. The changes to the operating procedures, which take effect from Friday 1 April 2016, primarily reflect the changes being made to the FRC’s g.....


March IFRS for SMEs Update

The March 2016 IFRS for SMEs Update has been published. It includes information on the selection process for membership of the SMEIG and where to obtain IFRS for SMEs materials. Please click here to access the document.....


Solicitors Accounts Regulations work programme

Solicitors Accounts Regulations – Accountants Work Programme 2016 (Republic of Ireland) Practice Consulting has published a new version of the popular Solicitors Accounts Regulations work programme.  Our new toolkit helps you with the preparation of a Reporting Accountant’s Report for submissi.....


Response to consultation on self-employed arrangements

Chartered Accountants Ireland, as a member of CCAB-I, has responded to the consultation on intermediary type structures and self-employed arrangements.  In the submission, we set out that modern day work practices are a reflection of commercial factors such as the need for flexibility for busi.....


Electronic Tax Clearance system managed by Collector General

If you have any queries on the electronic Tax Clearance (eTC) system or are having any difficulties with the system you should contact the Collector General’s office.  Since Friday last – 1 April, the Collector General has taken over responsibility for the eTC system. The eTC syste.....


Tax Appeals System

We reported last month on the new Tax Appeals system and told you that from 21 March taxpayers who want to appeal a tax assessment by the Revenue can make their application to the Tax Appeals Commission (TAC).  Revenue has published a new Tax and Duty Appeals Manual which applies in relat.....


Artists' exemption information and guidelines

Revenue has published updated guidelines on the artists’ exemption which covers information on how to obtain a determination, advance Revenue opinions, the tax treatment of advance royalties, grants, awards etc. and artist income. .....


VATman v superman

Brian Keegan, Director of Taxation writes in his column for the Sunday Business Post on the risks posed by data theft leading to tax fraud of all types.   Brian questions the expected yield and behavioural changes from the proposed UK sugar tax in his article in the Irish Examiner (today,.....


Just Published - New edition of Mark Doyle's Capital Gains Tax book

From the accountant’s perspective, the new 2nd edition of Capital Gains Tax: A Practitioner’s Guide is right up-to-date and covers all changes made in capital gains tax legislation up to and including Finance Act 2015.....


Germany amends tax rule on donations to foreign charities

Germany recently amended its tax laws to provide the same inheritance tax treatment on donations to foreign charities as currently afforded to German charities. The rule change is in response to infringement procedures (Case No 2012/2159; see MEMO/14/589) initiated by the European Commission. Accor.....


Finance Bill 2016 published

In recent weeks, Chartered Accountants Tax News focused on tax measures announced in Budget 2016. This week we’re alerting readers to the recent publication of the 2016 Finance Bill. Known as the Finance (No. 2) Bill 2015-16, this was published last month on 24 March and is due to have its se.....


NI corporation tax – the countdown is on

With just under two years to go to the proposed introduction of a 12.5 percent rate of corporation tax (CT) for NI, are you ready for the change? In Budget 2016, the Chancellor reaffirmed the importance of conditions being met as a prerequisite for this regime. Download our briefing note on the reg.....


Two step verification for personal tax accounts

HMRC recently contacted us to advise that from 29 March 2016 more self-assessment tax payers will be able to avail of “2 step verification” when logging into their tax account. The update from HMRC is outlined.  “From 29th March 2016, HMRC will start to offer more Self Assess.....


It's good to talk

HMRC’s “Talking Points” are online seminars providing opportunities for discussion on various tax matters. Working Together meetings are also held online. Details of upcoming events are outlined.     Working Together - Friday 8th April 13:00 – 14:00 .....


Country by country regulations in force

The UK country-by-country (CbC) regulations which implement the country by country reporting obligations under the OECD BEPS (Base Erosion Profit Shifting) Action Plan came into force last month.  CbC reporting applies to any multinational group with consolidated group revenue of €750m or.....


This week’s UK tax tidbits

Developments of interest this week are outlined.       HMRC have published an updated version of the PAYE starter checklist, which employers can use to gather the information needed to operate PAYE for a new employee. PAYE: no return of Class 1A National Insurance contribut.....


Family Business book coverRecommended Reading
Family Business - A Survival Guide
By Kieran McCarthy

Family businesses can be found in every sector of the economy, in all shapes and sizes. Regardless of size, however, running a successful family business brings unique challenges which can affect its chances of survival and the transition to the next generation.

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