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This week's technical tidbits

Developments of interest this week are outlined.                ROI The CRO has issued its regular weekly gazette. UK Proposals for incremental improvements and clarifications to FRS 102 have been published this week by the .....


CRO Gazette

The Companies Registration Office (CRO) has issued their weekly Gazette. It is available at the following link: https://www.cro.ie/Publications/Publications/CRO-Gazette/2017-Gazette/ArtMID/1545/ArticleID/1076/2017-03-15-CRO-Gazette  .....


Triennial review results in simplifications proposed to FRS 102

Proposals for incremental improvements and clarifications to FRS 102 have been published this week by the Financial Reporting Council (FRC).  The proposals in Financial Reporting Exposure Draft (FRED) 67 have arisen as a result of the triennial review of FRS 102, and after taking account of st.....


Article 50 to be triggered on Wednesday 29 March

Ending nine months of speculation, it has been reported that Prime Minister Theresa May will officially notify the EU next week that the UK is leaving the EU.  This meets the end of March 2017 deadline set by Ms May in one of her first speeches as Prime Minister.  We understand .....


Five things you need to know about tax this week

Developments of interest are outlined. Ireland Revenue has issued eBrief No. 25/17 noting that an online facility to notify Revenue of a claim for repayment of the NPPR charge will be available on the Revenue website from 3 April 2017.   The Tax and Duty manual has also been updated. Reve.....


Accountancy Europe Future of Corporate Reporting Paper

Pursuing the conversation on the Future of Corporate Reporting paper is a follow-up to the 2015 Accountancy Europe Cogito paper, The Future of Corporate Reporting – creating the dynamics for change. It presents a summary of the responses received to the paper in writing as well as during seve.....


PRA’s approach to its insurance objective

On Monday 20 March, the PRA issued a news release alongside a speech by Sam Woods on the PRA’s approach to its insurance objective, which coincides with the publication of ‘Evaluation of the Prudential Regulation Authority’s approach to its Insurance Objective’ and the PRA’s response to the Indepen.....


FSB letter to G20 Finance Ministers and Central Bank Governors

In a letter to the G20 Finance Ministers and Central Bank Governors who met in Baden-Baden, Germany, on 17-18 March 2017, the Financial Stability Board (FSB) stressed the importance of climate-related financial disclosures and iden­ti­fied new and emerging vul­ner­a­bil­i&sh.....


IFRS Foundation conference on implementing IFRS 16

The IFRS Foun­da­tion has announced an IFRS con­fer­ence 'Im­ple­ment­ing the IFRS 16 'Leases' re­quire­ments' in London on 9 May 2017. Some of the topics the con­fer­ence will cover are IFRS 16: An Overview and Ratings and Valuations. Please click here f.....


Article 50 to be triggered on Wednesday 29 March

Ending nine months of speculation, it has been reported that Prime Minister Theresa May will officially notify the EU next week that the UK is leaving the EU.  This meets the end of March 2017 deadline set by Ms May in one of her first speeches as Prime Minister.  We gather that in a stat.....


Substantial changes ahead for VAT at EU level

The European Commission’s VAT Action Plan and its Work Programme for 2017 aim to adopt a number of VAT proposals for a simpler and fraud-proof definitive VAT system. There are also plans to reform VAT rates, along with the Small Medium Enterprise (SME) VAT package and proposals for improved a.....


The gentleman is for turning

Just a week after the Budget, the Chancellor confirmed in a letter to the Chairman of the Treasury Select Committee, that the planned increases in NIC for the self-employed announced on Budget Day will not proceed. The changes were expected to raise over £2 billion in additional revenues by 2.....


Finance Bill 2017

Following on from the Budget on Wednesday 8th March, Finance Bill 2017 is due to be published later today.  Finance Bill 2017 will officially be known as the Finance (No. 2) Bill 2016-17 because, although it is published in 2017, this is the second Finance Bill in the current parliament. The B.....


NPPR: facility to notify Revenue of a claim

Further to recent reports, Revenue has appealed the recent decision of the High Court on the deductibility of the Non Principal Private Residence (NPPR) charge and will not be in a position to amend assessments until that decision is known.  However Revenue will accept and retain repayment cla.....


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 i.....


Updated Revenue guidance on health expenses

Revenue has provided additional guidance to taxpayers who are claiming relief for certain health expenses.   The changes reflected cover relief in the following areas: Nursing home expenses under the Fair Deal scheme Extension of the current Guide Dog tax allowances to owners of Assistanc.....


Institute client notification obligation briefing note

As readers are aware from recent coverage in Chartered Accountants Tax News, the Client Notification Regulations came into force on 30 September 2016.  These regulations impose obligations on certain advisers who provide “offshore advice or services” to specific clients, to send th.....


Guide to completing 2016 income tax returns

Revenue has released a guide to help self-assessed individuals to complete their 2016 Form 11 returns for 2016.  The guide can be accessed on the Revenue website. .....


HMRC’s performance in January 2017

In the first publication of a new format of report on their performance, HMRC will now be publishing performance data more regularly on a monthly basis, and not quarterly.  The January 2017 report is now available.  Chartered Accountants will judge for themselves whether these published s.....


In the media

In his regular column for the Sunday Business Post, Brian Keegan, Director of Public Policy and Taxation discusses tax relief on pensions and how it might be time to start thinking of availing of the generous reliefs available. In a piece in the Irish Examiner today, Brian analyses the suggestion b.....


It’s good to talk

Details of forthcoming online HMRC events are outlined. HMRC’s Agent Talking Points are weekly online digital meetings designed specifically for tax agents and advisors, which sit alongside HMRC’s regular monthly Working Together online meetings with agents. These are short se.....


Brexit developments, 20 March 2017

Taoiseach says Ireland will block any agreement that keeps NI border closed Enda Kenny told Bloomberg news that Ireland will block any agreement on the terms of the UK’s departure from the EU that results in a closed border between Ireland and Northern Ireland. Repeating his stance on the border, M.....


This week’s UK tax tidbits

Developments of interest are outlined.     The Office of Tax Simplification (OTS) has written to the Chancellor to outline the timings around the reporting of their current reviews and to set out the date of the formal change in Tax Director Tobacco smugglers and people who repeatedly smu.....


Companies (Accounting) Bill 2016

Update and commentary on the 2016 financial statements of small and micro companies  Update on Bill / Meeting with Minister The Companies (Accounting) Bill 2016 (‘the Bill’) is scheduled for Report Stage in the Dáil in the week commencing 20 March 2017.  As reported els.....


This week's technical tidbits

Developments of interest this week are outlined.                ROI Speaking at the Credit Union Managers’ Association Spring Conference this week, Registrar of Credit Unions, Anne Marie McKiernan, focused on the ongoing bus.....


Appointment announcement

Chartered Accountants Ireland is pleased to announce the following appointments: Leo Norris has been appointed to the role of Head of Education Delivery. Leo is a professionally qualified Accountant with Masters in Accounting, who currently lectures in University College Dublin on the MBA, Bachelor.....


CRO Gazette

The Companies Registration Office (CRO) has issued their weekly Gazette. It is available at the following link: https://www.cro.ie/Publications/Publications/CRO-Gazette/2017-Gazette/ArtMID/1545/ArticleID/1076/2017-03-15-CRO-Gazette  .....


FRC Consultation on proposed revisions to ISA (UK) 250

The Financial Reporting Council (FRC) has launched a consultation on proposed revisions to ISA (UK) 250, and conforming amendments to other UK standards. The consultation runs until 26 May 2017. The revisions, which are limited in scope, reflect changes made to the International Code of Ethics issu.....


Registrar’s address at Credit Union Spring Conference

Speaking at the Credit Union Managers’ Association Spring Conference this week, Registrar of Credit Unions, Anne Marie McKiernan, focused on the ongoing business model challenges faced by credit unions. She urged the sector to ‘mind the gap’ between current and future business mod.....


Conference on accrual accounting in public financial management

Rep­re­sen­ta­tives of the International Public Sector Accounting Standards Board (IPSASB), the International Monetary Fund (IMF), the World Bank, and the International Fed­er­a­tion of Ac­coun­tants (IFAC) met at a joint con­fer­ence in Wash­ing­.....


March IASB Meeting

The International Accounting Standards Board (IASB) will meet at its offices in London on 21–22 March 2017. Pre-meet­ing summaries that allow you to follow the IASB’s decision making more closely are posted on their website. Please click here for further details.....


UK Spring Budget 2017 – bland but bullish?

  With the UK expecting Article 50 to be triggered this month, many expected further measures showing that Britain is “open for business”.  These were absent in the Chancellor’s speech on Wednesday 8 March. The Chancellor’s approach seemed to be “steady as sh.....


Five things you need to know about tax this week

Developments of interest are outlined. Ireland Revenue have updated its FAQs on offshore matters at 2.3 and 2.4 to clarify that self-assessed individuals who do not have any tax liability in relation to an offshore asset or offshore bank account need not make a disclosure. Failure to disclose detai.....


UK Spring Budget 2017 – bland but bullish?

With the UK expecting Article 50 to be triggered this month, many expected further measures showing that Britain is “open for business”.  These were absent in the Chancellor’s speech. The Chancellor’s approach seemed to be “steady as she goes” on Budget day .....


UK Spring Budget 2017 - useful links

The Spring Budget 2017 announcements and publications can be found on GOV.UK on the main Spring Budget 2017 webpage.  One page also links to all the HMRC Spring Budget 2017 tax-related documents and announcements. As usual, the main Budget documents are the Red Book, and the Overview of Tax Le.....


UK Spring Budget 2017 – Making Tax Digital paused for smaller business

The Making Tax Digital (“MTD”) consultation outcomes were published on 31 January and covered in depth in recent editions of Chartered Accountants Tax News.  Many were hoping that the Chancellor would announced a delay in the implementation of MTD which is due to commence on 1 Apri.....


UK Budget 2017 - Northern Ireland corporation tax on track?

The impetus remains with NI’s politicians to reach agreement following the recent election. With just over a year to the proposed commencement of the NI corporation tax regime on 1 April 2018, the reforms necessary to put the (still to be established) Executive’s finances on the sustain.....


UK Spring Budget 2017 – personal tax changes focus on bridging the self-employed tax gap

Previous Budgets have been focused on tax changes designed to encourage savers.  This time around the emphasis was on measures designed to bridge the “tax gap” between employees and the self-employed. There were no further announcements towards achieving the government’s elec.....


UK Spring Budget 2017 – business taxes remain stable

No significant new changes were announced affecting the UK corporation tax regime.  The rate changes enacted previously are to be maintained; the main rate falls to 19% for three consecutive financial years from 1 April 2017.  From 1 April 2020, the rate falls a further two percentage poi.....


UK Spring Budget 2017 - capital gains tax stands still

Capital gains tax remained completely untouched in the Budget with the rate changes announced in Budget 2016 staying in situ.  Though that’s not to say that change isn’t coming this April.  From 6 April 2017, capital gains tax, income tax and inheritance tax will all contain a.....


UK Budget 2017 – property taxes

The reform of stamp duty land tax which commenced in December 2014 has been completed. The few measures announced in this area on Budget day were largely positive but should be viewed in the round with previously announced changes targeting landlords in prior years. The removal of the wear and tear.....


UK Spring Budget 2017 – old habits die hard

The usual suspects were hit with duty increases on Budget day.   Alcohol duty rates and bands From 13 March 2017, the duty rates on beer, cider, wine and spirits increase by RPI inflation, in line with previous forecasts. The government will also consult on: • introducing a new duty band .....


UK Spring Budget 2017 – miscellanea and tidbits

We finish off our coverage of Spring Budget 2017 with a round-up of various other measures announced.     VAT From 1 April 2017 the VAT registration threshold will increase from £83,000 to £85,000 and the deregistration threshold from £81,000 to £83,000. VAT: use a.....


Qualifying disclosures relating to “offshore matters”

Following queries raised by this Institute and others at Tax Administration Liaison Committee (TALC), Revenue have clarified that self-assessed individuals who do not have any tax liability in relation to an offshore asset or offshore bank account need not make a disclosure, despite receiving corre.....


Government consultation on taxation of landlords

The Department of Finance has launched a consultation on the tax treatment of landlords.  The closing date for submissions is Friday 7 April 2017 and the consultation document can be found on the Department of Finance website.   Chartered Accountants Ireland will make a submission an.....


Income and capital gains tax returns

Revenue have released PDF versions of the Form 11 – 2016 Pay & File Return for the year 2016, along with the Form CG1 – Capital Gains Tax Return and Self-Assessment 2016. .....


Helping Hands - Cross border tax recovery within the EU

Under the Mutual Assistance Directive introduced in 2010, Revenue has assisted EU member states with tax recovery on 425 occasions.  On the flip side Revenue has asked EU tax authorities to recover tax on its behalf under this Directive on 87 occasions.  The CCAB-I has responded to E.....


Customs & VAT Post Brexit

Last Friday, Chartered Accountants Ireland hosted an in-depth seminar on the practical Customs and VAT implications of Brexit.  Given the widespread expectation that the UK’s “Article 50” formal notification to leave the EU could take place this week, it is now time to start .....


In the media

In his regular column for the Sunday Business Post, Brian Keegan, Director of Public Policy and Taxation discusses the recent UK Budget announcement which was almost blind to the prospect of Brexit. .....


Brexit developments, 13 March 2017

IFA urges priority for farming in Brexit paper In a paper entitled “Brexit: The Imperatives for Irish Farmers & the Agri-Food Sector”, the Irish Farmers’ Association has said that the farming and food sectors in Ireland are the most exposed and urged that this sector be at the foremost of the G.....


Customs & VAT post Brexit CPD event

This morning, Friday 10 March 2017, Chartered Accountants Ireland hosted an in-depth seminar on the practical Customs and VAT implications of Brexit.   Carol Lynch, Partner in Customs & International Trade Services in BDO discussed the customs documentation requirements and compliance cost.....


Companies (Accounting) Bill 2016

Update and commentary on the 2016 financial statements of small and micro companies  Update on Bill / Meeting with Minister The Companies (Accounting) Bill 2016 (‘the Bill’) is scheduled for Report Stage in the Dáil in the week commencing 20 March 2017.  As reported els.....


FAE re-sit January 2017 overall performance

This was the first sitting of the FAE re-sit examination. As such no comparator data is available. The results are good considering that this is a re-sit examination: There was a fall in pass rates from the main sitting as would be expected due to this being a weaker cohort of students; The numbers.....


This week's technical tidbits

Developments of interest this week are outlined.                ROI The CRO has recently published its March Newsletter which reminds readers of the mandatory e-filing system effective from 1 June 2017. UK The Prudential Reg.....


Chartered Accountants Ireland delegation meets Minister Mary Mitchell O’Connor TD to discuss the progress of the Companies Accounting Bill

                A delegation from Ireland’s biggest accountancy body met yesterday (Tues 7 March 2017) with the Minister for Jobs, Enterprise and Innovation Mary Mitchell O’Connor TD to discuss the progress through the Oireachtas of the Companies Accounting B.....


Five things you need to know about tax this week

Developments of interest are outlined. Ireland  1. The Chairman of the CCAB-I Tax Committee, Paul Dillon, has written to the Chairman of the Revenue Commissioners on the unfair and confusing letters issued to self-assessed taxpayers.  In place of issuing further confusing correspondence t.....


EIOPA publishes technical documentation on interest rate term structures

The European Insurance and Occupational Pensions Authority (EIOPA) have published technical information on the relevant risk free interest rate term structures (RFR) with reference to the end of February 2017.  This RFR information is based on the updated Technical Documentation published on 2.....


PRA Regulatory Digest

The Prudential Regulatory Authority have issued their February newsletter for people interested in the UK financial services industry and highlights key regulatory news and publications delivered for the month. Please click here to view the document.....


IFASS discuss consistent application of IFRSs

The International Forum of Accounting Standard Setters (IFASS) met in Taipei on 2 and 3 March 2017. One of the core topics of the meeting was con­sis­tent ap­pli­ca­tion of IFRSs across ju­ris­dic­tions, including the meaning of "con­sis­tent ap­pli­ca­tion" and what the IASB and the national stan­.....


IIRC Framework Implementation

The International Integrated Reporting Council is conducting a two-month comment period to encourage feedback on the implementation of the International Framework. Feedback is being sought from those involved with preparing integrated reports, providers of financial capital and other users of .....


CRO Newsletter

The CRO has recently published its March Newsletter. In the March Newsletter, CRO reminds readers of the mandatory e-filing system effective from 1 June 2017 and of the requirements on corporates and other entities to compile beneficial ownership data pursuant to S.I. 560 of 2016.  .....


Can a move to Internal Audit improve the chance of getting your dream job?

Recruitment Consultant, John Fagan explains how Internal Audit could be an ideal career move.  Introduction Our monthly newsletter is entitled ambition. The definition of ambition is a “strong desire to do or achieve something”. I meet a lot of members before they make their first move out of .....


How to influence at work

Fiona Buckley gives you expert tips to help you influence those you work with.    Every job requires you to influence people on a day to day basis. Influencing can take the form of gaining support, inspiring others, persuading other people to become your champions, engaging someone's imag.....


Revenue letters campaign unfairly targets self-assessed taxpayers

The Chairman of the CCAB-I Tax Committee, Paul Dillon, has written to the Chairman of the Revenue Commissioners on the unfair and confusing letters issued to self-assessed taxpayers. To date, 200,000 letters have issued to self-assessed taxpayers and another 300,000 are expected to issue in the com.....


CPD this Friday: Customs & VAT Post Brexit “Stop speculating, start preparing”

This coming Friday 10 March the Institute is hosting a major seminar on Brexit. Chartered Accountants Ireland along with partners from member firm BDO will present a two hour CPD event on the practical Customs and VAT implications of Brexit.  For details and how to book visit our website......


Amendments to Code of Practice for Revenue Audits

Revenue recently published an updated Code of Practice for Revenue Audits and other Compliance Interventions.  Restrictions to the disclosure regime on foot of Finance Act 2016, among other matters are now reflected in the Code.  The grounds for claiming an unprompted qualifying disclosur.....


Non Principal Private Residence (NPPR) charge

As reported by us last week, Revenue has lodged an appeal against the decision by the High Court to allow a deduction for the NPPR charge against rental income.  Repayment claims made within the 4 year statutory time limit will be held by Revenue until the appeal decision is known. The issue o.....


February Exchequer figures

The fiscal year continued its good start with the release of the Exchequer Returns for February showing a surplus of €587 million recorded to the end of February 2017.  This compares to a surplus of €310 million in the same period last year and is due to increased tax receipts primar.....


In the media

In his regular column for the Sunday Business Post, Brian Keegan, Director of Public Policy and Taxation notes that Ireland may very well have backed itself into a corner when it comes to adjusting the sources from which tax is collected.  In a piece in the Irish Examiner today, Brian criticis.....


Brexit developments, 6 March 2017

The Brexit ‘divorce bill’ EU officials have estimated that the UK may have to pay a financial settlement of €60 billion to leave the bloc to cover their liabilities and commitments to the EU budget.  The UK has balked at this number and now it has been reported that lawyers for the UK governme.....


Budget 2017

This Wednesday 8th March the Chancellor, Philip Hammond, will deliver his first (and last!) Spring Budget speech to Parliament.  You can read our detailed Spring Budget 2017 coverage in next Monday’s Chartered Accountants Tax News. Check out now where to find the information and relevant.....


Payrolling BIK in 2017/18 – get registered

Readers are reminded that employers who want to payroll benefits in kind for the coming tax year 2017/18 must register to do so with HMRC by 5 April 2017. Using the online service for payrolling benefits and expenses means that you won’t have to submit a form P11D.  You must tell HMRC wh.....


Client notification obligation leaflet

As readers are aware from recent coverage in Chartered Accountants Tax News, the Client Notification Regulations came into force on 30 September 2016. The obligation to notify must be met by 31 August 2017. HMRC are seeking to raise awareness of the client notification requirement amongst the Tax A.....


It’s good to talk

Details of forthcoming online HMRC events are outlined. HMRC’s Agent Talking Points are weekly online digital meetings designed specifically for tax agents and advisors, which sit alongside HMRC’s regular monthly Working Together online meetings with agents. These are short se.....


This week’s UK tax tidbits

Developments of interest are outlined.     The National Minimum Wage information for employers has been updated HMRC’s cash-pooling guidance which covers the key issues associated with the transfer pricing aspects of cash pooling has been updated Use form P9X to find out which PAYE .....


Commission launches consultation on administrative cooperation and VAT fraud

The European Commission recently launched a public consultation on the functioning of administrative cooperation and fraud in the field of VAT.  The consultation takes the form of an online questionnaire.    The purpose of the consultation is: to gather views from stakeholders other .....


Lunchtime work outs

Our Tax Manager and resident fitness guru Cróna Brady shares her secrets to working out during your lunch break.    We are all familiar with the benefits of exercise; it can improve sleep, improves energy levels, reduces stress and relieves feelings of anxiety.  But what about exerci.....


Break out of your comfort zone

Amy Dawson shares the virtues of breaking out of your comfort zone   When was the last time you did something a little bit different, a little bit off kilter from your usual routine, out of your comfort zone?   I don’t know about you, but I have to confess that I basically do the same thi.....


Companies (Accounting) Bill 2016 – Expected date for Report Stage

Members may be aware that in response to a question posed by Deputy Ciarán Cannon in the Dáil this week as to when the Companies (Accounting) Bill 2016 is due to come before the Houses, the Taoiseach replied that it is on Report Stage and this is expected to be taken in the week of 24.....


Bank of England Banking XBRL taxonomy v2.0.0

The Bank of England has published v2.0.0 of the Bank of England Banking XBRL Taxonomy and related technical artefacts following PS36/16 'Financial statements - responses to Chapter 3 of CP17/16' and the feedback request published on 9 February (see release notes below). Please click .....


This week's technical tidbits

Developments of interest this week are outlined.      ROI Companies (Accounting) Bill 2016 – Expected date for Report Stage The Companies Registration Office (CRO) reports that work has commenced on putting in place a central register of beneficial ownership. S.I.  560.....


Institute talks showcase Chartered Accountancy to 400 students

Following the success of the 2016 Dublin schools open day, Chartered Accountants Ireland was delighted to repeat and expand the event this year. On Wednesday 1 March the Institute welcomed more than 400 second-level students and teachers from over 20 schools across Ireland to our Dublin HQ for a se.....


Five things you need to know about tax this week

Developments of interest are outlined. Ireland 1. Revenue has lodged an appeal against the decision by the High Court allowing the Non Principal Private Residence (NPPR) charge to be deducted against rental income.  Until the appeal is concluded, Revenue is not in a position to amend assessmen.....


'The Role of Financial Regulation in Protecting Consumers' Speech by Governor Philip R. Lane

Governor Lane spoke recently at UCC’s Financial Services Innovation Centre to outline the Central Bank’s approach to fulfilling its consumer protection mandate.  He discussed the underlying theoretical case for regulatory interventions to protect consumers and the institutional framework for c.....


IFRS Foundation Trustees Meeting

The IFRS Foun­da­tion Trustees met in Paris on 1–2 February 2017.  Meeting ac­tiv­i­ties included the executive sessions, strategic work plan and Chairman’s report. A full report on the meeting is available at this link.....


Updated IASB work plan

Following its February 2017 meeting, the IASB has updated its work plan. Some of the changes made are in the areas of standard setting, narrow-scope amendments and IFRS taxonomy. The revised IASB work plan is available at this link.....


Beneficial Ownership

The Companies Registration Office (CRO) reports that work has comenced on putting in place a central register of beneficial ownership. S.I.  560 of 2016 transposes the first sub-paragraph of Article 30(1) of the Fourth Anti-Money Laundering Directive (4AMLD) and requires corporates and other l.....


FRC responds to Climate-related Financial Disclosures Task Force Report Consultation

The Financial Reporting Council (FRC) has responded to the phase II consultation from the Financial Stability Board’s (FSB) Task Force on Climate-related Financial Disclosures (TCFD).   The consultation aims to set out recommendations for consistent, comparable, reliable, clear and efficient c.....


Non Principal Private Residence charge

As reported by us previously, in a case heard before the High Court in Ireland, it was determined that the Non-Principal Private Residents (NPPR) charge could be taken as a deduction against rental income for income tax purposes.  It has been reported that Revenue has appealed this decision an.....


National Contractors Project

In a parliamentary question last week Deputy Michael McGrath, a Chartered Accountant, asked the Minister for Finance the position to date on Revenue audits of self-employed contractors.  The Minister for Finance responded that 746 audits of contracting companies and a further 547 audits of dir.....


Notifying Revenue of S110 status

From 1 January 2017, Revenue requires additional information to be submitted when a company wishes to inform Revenue that it intends to operate as a section 110 company. Revenue has made the relevant forms available on the Revenue website and has updated its Tax and Duty manual accordingly.  F.....


Notional Case I computations: Solvency II

Revenue has issued guidance in relation to some practical issues that have arisen for life assurance companies when preparing Notional Case I computations since the implementation of Solvency II for reporting periods on or after 1 January 2016. Revenue’s Tax and Duty manual has been updated t.....


Review of corporation tax code – Public consultation launched

It was announced on Budget Day that Economist Seamus Coffey will carry out a review of Ireland’s corporation tax code.  This week the Department of Finance launched a public consultation inviting submissions. The consultation will close on 4 April 2017. The consultation is seeking insigh.....


Diploma in Taxation: View the syllabus for 4 March start

The Diploma in Taxation will start on 4 March by classroom and distance learning. This is the only scheduled offering of this programme for 2017 so contact us today for more information and to enrol.   The syllabus covers in seven modules the major taxes and how to practically apply them .....


Making Tax Digital

In this week’s edition of Chartered Accountants Tax News, we’re taking a look at the final three consultation outcomes as part of the Making Tax Digital Project, “Transforming the tax system through the use of better information”, “Simplifying tax for unincorporated bu.....


In the media

In his regular column for the Sunday Business Post, Brian Keegan, Director of Public Policy and Taxation talks about the possibility of experiencing Brexit fatigue; warning that this should not be indulged by businesses. .....


HMRC quarterly performance update

HMRC have published details of their quarterly performance for the quarter October to December 2016.  The figures published are initial management information to provide an indication of HMRC’s performance.  They are therefore subject to revision and audit.  Fina.....


Brexit developments, 27 February 2017

Taoiseach discusses what Brexit means for Ireland with President of the European Commission At a meeting in Brussels last week, Enda Kenny discussed the border between north and south of Ireland and the peace process with President of the European Commission, Jean Claude Juncker in terms of the imp.....


National Audit Office reports on collecting tax from high net worth individuals

HMRC estimate that its specialist unit dedicated to collecting tax from high net worth individuals raised £416 million from compliance work with this group in 2015-16, according to a report by the National Audit Office (NAO).  This is separate from tax already declared by these individua.....


This week’s UK tax tidbits

Developments of interest are outlined.     The Employer Bulletin for February 2017 has been published HMRC have published new guidance on “negative earnings” – this can be found in the Employment Income Manual entries at EIM00800 and EIM00845 HMRC have published gui.....


ECOFIN anti-avoidance directive on hybrid mismatches

The Economic and Financial Affairs Council (ECOFIN) recently reached agreement on a proposal for a directive targeting 'hybrid mismatches' with the tax systems of third countries.  The draft directive forms part of 2015 OECD recommendations addressing corporate tax base erosion and profit shif.....


This week's technical tidbits

Developments of interest this week are outlined.                ROI Construction Workers Pension Scheme – Click here for an update regarding Letters of Compliance. The Companies Registration Office (CRO) has issued their wee.....


Speech by Sir Win Bischoff, Chairman FRC, on The Future of Governance

Sir Win Bischoff, Chairman of the Financial Reporting Council (FRC) spoke recently at an Institute of Chartered Secretaries & Administrators Event on the future of governance. Click here to read the speech in full.....


CRO Gazette

The Companies Registration Office (CRO) has issued their weekly Gazette. It is available at the following link: https://www.cro.ie/Publications/Publications/CRO-Gazette/2017-Gazette/ArtMID/1545/ArticleID/1072/2017-02-22-CRO-Gazett.....


FCA - Review of the effectiveness of primary markets – discussion paper and consultation paper

The Financial Conduct Authority (FCA) is publishing a discussion paper and a consultation paper as part of their 2016/2017 Business Plan commitment to review the structure of the UK’s primary markets to ensure they continue to serve the needs of issuers and investors. The FCA note that while .....


PRA Occasional Consultation Paper – CP2/17

This Occasional Consultation Paper sets out proposed changes to Prudential Regulation Authority (PRA) rules and existing supervisory statements. The PRA notes that this consultation is relevant to all PRA-authorised firms. It can be downloaded at the link below. The PRA invites feedback on the prop.....


Policy and forms for Solvency II insurers

The PRA has published updates to two supervisory statements, and amendments to templates and LOG files for Solvency II insurers. Solvency II: regulatory reporting, internal model outputs – SS25/15 UPDATE  and Solvency II: ORSA and the ultimate time horizon – non life firms – SS26/15 UPDAT.....


ESAs warn on money laundering and terrorist financing risks affecting the EU financial sector

The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published a Joint Opinion addressed to the European Commission on the risks of money laundering and terrorist financing affecting the European Union's financial sector. This Opinion will contribute to the European Commission's .....


FRC responds to the Green Paper on Corporate Governance Reforms

The Financial Reporting Council (FRC) has responded to the Department for Business, Energy and Industrial Strategy (BEIS) Corporate Governance Reform Green Paper. The interests of stakeholders, executive remuneration, the accountability of large private companies and effective enforcement.....


EFRAG requests comments on its draft endorsement advice on Transfers of Investment Property (Amendments to IAS 40)

The European Financial Reporting Advisory Group (EFRAG) is consulting on both its assessment of Transfers of Investment Property (Amendments to IAS 40) against the technical criteria in the EU and on its assessment of whether Transfers of Investment Property (Amendments to IAS 40) is conducive to t.....


Presumption of Honesty?

In a press release issued last week, Revenue announced that it is writing to taxpayers and their agents who filed income tax returns for the 2015 tax year to inform them how to correct errors and omissions in any tax returns that they have filed.   We understand that some of the letters h.....


Making Tax Digital

In this week’s edition of Chartered Accountants Tax News, we looked at two more consultation outcomes as part of the Making Tax Digital Project (“MTD”), “Tax Administration” and “Voluntary Pay as You Go”.....


Five things you need to know about tax this week:

Developments of interest this week are outlined. Ireland Revenue has issued guidance stating that it will not seek to challenge a claim for the R&D tax credit under the science test in certain situations for small or micro companies’ who have an IDA or Enterprise Ireland R&D approved grant .....


Construction Workers Pension Scheme

As some members will be aware there have been some issues arising from the procedures issued by the Construction Workers Pensions Scheme ("CWPS") for applying for a Letter of Compliance from CWPS. In previous years CWPS agreed that if members find it more suitable to submit the P35 documents to the.....


CCAB-I responds to Commission’s survey - Ireland operates regulation of tax intermediaries and advisors of tax planning schemes

Chartered Accountants Ireland under the auspices the CCAB-I responded to the European Commission’s consultation titled “Disincentives for advisors and intermediaries for potentially aggressive tax planning schemes”. The CCAB-I set out how Ireland already operates a mandatory discl.....


ECOFIN to discuss anti-tax avoidance directive and non-cooperative jurisdictions list

ECOFIN are due to meet tomorrow Tuesday 21st February and the anti-tax avoidance directive and the non-cooperative jurisdictions list are on the agenda for discussion. According to the agenda, the Council will be invited to reach agreement on a general approach on the amendment to the anti-tax.....


Customs & VAT Post Brexit – “Stop speculating, start preparing”

Hold the morning of Friday 10 March free in your diary for a major Institute seminar. Chartered Accountants Ireland along with partners from member firm BDO will present a CPD event on the practical Customs and VAT implications of Brexit.   For details and how to book visit our websi.....


Presumption of Honesty?

In a press release issued on Friday, Revenue announced that it will be writing to taxpayers who filed income tax returns for the 2015 tax year to inform them how to correct errors and omissions in any tax returns that they have filed.   In the letters, Revenue will also remind taxpayers of the.....


Taxation of Paternity Benefit

Revenue has issued guidance confirming that paid Paternity Benefit which was introduced in respect of births and adoptions which occur after 1 September 2016 is chargeable to income tax.   Where possible, the tax will be collected by adjusting the tax credits and rate bands and an updated.....


R&D tax credit: science test

Revenue has issued guidance stating that it will not seek to challenge a claim for the R&D tax credit under the science test in the following situations:   Where an IDA or Enterprise Ireland R&D grant has been approved for the project; The amount of the R&D tax credit claimed for a.....


Access to My Enquiries for Solicitors

Solicitors who wish to contact the Revenue Technical Service on behalf of their clients where the solicitor is not the tax agent can now access the MyEnquiries service.   In order to access the MyEnquiries service, the solicitor must apply in writing to the Dublin North City Revenue Distr.....


Guidance on Foreign Earnings Deduction

Revenue has provided additional guidance in respect of the recent changes to the Foreign Earnings Deduction (FED) which were introduced in Finance Act 2016.  FED allows Irish resident employees to claim a deduction from their salary of up to €35,000 where they travel to qualifying countri.....


Update to Relevant Contract Tax (RCT) system

Revenue has updated its guidance to reflect several enhancements that were made to the e-RCT system in December 2016.  The Tax & Duty manual lists these changes and Revenue eBrief No. 18/17 contains further details. .....


In the media

In his regular column for the Sunday Business Post, Brian Keegan, Director of Public Policy and Taxation notes that in the increasing push to get tax authorities to share information with each other, there should be a different standard for the free exchange of sensitive commercial information abou.....


Brexit developments, 20 February 2017

Brexit and Tax Policy events The approach of Government to Tax Policy and Brexit policy was outlined during the past week at successive events. In an address on Wednesday 15 entitled 'Ireland at the heart of a changing European Union', the Taoiseach outlined the challenges faced by Ireland in light.....


Making Tax Digital

In this week’s edition of Chartered Accountants Tax News, we’re taking a look at two more consultation outcomes as part of the Making Tax Digital Project (“MTD”), “Tax Administration” and “Voluntary Pay as You Go”.   Tax administration The main o.....


It’s good to talk

Details of forthcoming online HMRC events are outlined. HMRC’s Agent Talking Points are weekly online digital meetings designed specifically for tax agents and advisors, which sit alongside HMRC’s regular monthly Working Together online meetings with agents. These are short se.....


Scottish tax rates and thresholds for 2017/18

HMRC recently published the P9X, containing rates, thresholds and tax code increases required by employers and payroll providers, enabling them to prepare their payroll records and tax codes for the tax year commencing on 6 April 2017.  The Scottish income tax rates and thresholds shown in the.....


Construction industry scheme changes

Readers are advised that from April 2017, you'll no longer be able to verify subcontractors by phoning HMRC’s Construction Industry Scheme helpline.  You will need to verify online.  If you've not already registered, please go to www.gov.uk/use-construction-industry-scheme-online/.&.....


This week’s UK tax tidbits

Developments of interest are outlined.     Agent update: issue 58 has been published The factsheet which tells you what you can do if you don't agree with one of HMRC’s tax decisions and how to appeal to the independent tax tribunal has been updated HMRC has updated the list (List 3.....


Micheal Martins speech to the Leinster society

"Brexit is the Defining Challenge of this Generation”    Any politician who says they know what they will be talking about in a week’s time is either an incurable optimist or oblivious to the world around them.    Whatever plans you make events can intervene and demand your atte.....


This week's technical tidbits

Developments of interest this week are outlined.                ROI The Companies Registration Office (CRO) has issued their weekly Gazette. UK The Financial Reporting Council (FRC) has issued a revised edition of FRS 103 In.....


New Members’ Lounge

The refurbished Members’ Lounge at our Dublin office, is now open and available. The Lounge, has been refitted to make the best use of space and resources and provides increased access to workstations, charging points and free wifi. All members and students are very welcome to come in and use the s.....


FRC to review the UK Corporate Governance Code

The Financial Reporting Council (FRC) has announced plans for a fundamental review of the UK Corporate Governance Code. This will take account of work done by the FRC on corporate culture and succession planning, and the issues raised in the Government’s Green Paper and the BEIS Select Commit.....


CRO Gazette

The Companies Registration Office (CRO) has issued their weekly Gazette. It is available at the following link:  https://www.cro.ie/Publications/Publications/CRO-Gazette/2017Gazette/ArtMID/1545/ArticleID/1071/2017-02-15-CRO-Gazette  .....


ESMA launches new Q&A tool

The European Securities and Markets Authority (ESMA) has launched a new Q&A tool, providing easy access to stakeholders to consult existing Q&As and submit new questions.  The tool is available on the new Questions and Answers page, which contains an overview of all Q&As developed .....


FCA opens discussion on regulatory approach to open-ended funds investing in illiquid assets

The Financial Conduct Authority (FCA) has published a Discussion Paper which seeks stakeholder views on the practice of investing in illiquid assets through open-ended funds and the challenges that can pose to managers and investors. Illiquid assets in the context of this Paper may include land and.....


FCA and PRA publish final changes to enhance enforcement decision-making processes

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have published final changes in a Policy Statement (PS) aimed at strengthening the transparency and effectiveness of their enforcement decision-making processes.    Please click here for further details.....


Revised edition of FRS 103 Insurance Contracts issued

The Financial Reporting Council (FRC) has issued a revised edition of FRS 103 Insurance Contracts and the accompanying Implementation Guidance. This revised edition incorporates the amendments arising as a result of Solvency II that were issued in May 2016.  In addition paragraph A4.2A clarifi.....


Making Tax Digital – tax revolution

As we reported in last week’s Chartered Accountants Tax News, HMRC have now published its response to each of the consultations as part of the UK’s Making Tax Digital (“MTD”) project. Over the course of the new few weeks we’ll be taking a closer look at each of the con.....


This week’s tax tidbits

Developments of interest are outlined. Ireland Revenue has issued a number of summary guides for solicitors and qualifying contractors providing further information on the mechanics of the Help to Buy Scheme Revenue has updated its Tax & Duty Manual in respect of PAYE Exclusion Orders to confir.....


CPD event: Customs & VAT Post Brexit – “Stop speculating, start preparing”

Hold the morning of Friday 10 March free in your diary for a major Institute seminar. Chartered Accountants Ireland along with partners from member firm BDO will present a CPD event on the practical Customs and VAT implications of Brexit.  For further details and how to book, visit our we.....


Institute presents to Oireachtas committee on Apple ruling

Presenting evidence at the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach on Tuesday last, the Director of Public Policy and Taxation explained and defended the Institute’s position, as set out by the President Liam Lynch in August 2016; the Apple ruling infring.....


Customs & VAT Post Brexit – “Stop speculating, start preparing”

Hold the morning of Friday 10 March free in your diary for a major Institute seminar. Chartered Accountants Ireland along with partners from member firm BDO will present a CPD event on the practical Customs and VAT implications of Brexit.  For details and how to book visit our website.&nb.....


Help to Buy Scheme – further guidance issued by Revenue

Revenue has issued a number of summary guides providing further information on the mechanics of the Help to Buy Scheme.   It is important to note that where an applicant is building a home, any claims for relief under the Help to Buy Scheme must be verified by a solicitor.  Revenue has pr.....


PAYE Exclusion Orders

Revenue has updated its Tax & Duty Manual in respect of PAYE Exclusion Orders to confirm and clarify the following:     The discontinuance in issuing exclusion orders for certain medical appointments; The reason Revenue does not issue exclusion orders for private sector occupational p.....


In the media

In his regular column for the Sunday Business Post, Brian Keegan, Director of Public Policy and Taxation, considers what a fair tax system would look like and whether it is really possible to achieve. .....


Brexit developments, 13 February 2017

Institute President Liam Lynch has asked members to get in touch with comments, views and input to inform our submissions to the EU Institutions on Brexit.  We are particularly asking members in industry to tell us about UK import and export difficulties which could arise when the customs cont.....


Making Tax Digital – "tax revolution"

As we reported in last week’s Chartered Accountants Tax News, HMRC have now published its response to each of the consultations as part of the Making Tax Digital (“MTD”) project. Over the course of the new few weeks we’ll be taking a closer look at each of the consultation o.....


High earning Scots to pay more income tax than rest of UK

The minority Scottish Government has reached a deal with the opposition Green Party, so that the higher rate threshold for Scottish taxpayers will remain frozen at £43,000 for the 2017/18 tax year.  That’s £2,000 less than the £45,000 threshold for other UK taxpayers. T.....


January digital update

HMRC have asked us to share their January 2017 digital update.     “Agent Services Beta service on PAYE Liabilities and Payments  The trial of the Agent Services (AS) beta service for PAYE liabilities and payments is continuing, with 10,767 agents opted into the service at the .....


It’s good to talk

Details of forthcoming online HMRC events are outlined. HMRC’s Agent Talking Points are weekly online digital meetings designed specifically for tax agents and advisors, which sit alongside HMRC’s regular monthly Working Together online meetings with agents.  These are sh.....


This week’s UK tax tidbits

Developments of interest are outlined.     Details of the new ATED online services are available A consultation on the impacts of withdrawing four of HMRC’s extra-statutory concessions has been opened A further 350 bilateral automatic exchange relationships were recently&n.....


Maltese Presidency sets out roadmap for future BEPS work

Following discussions by ECOFIN’s High Level Working Party on Tax Issues on 3 February, the Maltese Presidency issued proposals to progress work on the Base Erosion and Profit Shifting (BEPS) initiative at EU level over the coming months. The draft EU-BEPS roadmap issued by the Maltese Presid.....


Briefly, from Accountancy Ireland – next step in improving how we communicate with members

Accountancy Ireland will soon launch a new weekly eNewsletter for members. The short newsletter, which will publish every Monday morning at 8am, will provide updates and commentary on a range of issues relevant to the accountancy profession. Unique content – including specially-commissioned analysi.....


EU Commission State Aid Ruling on Apple

Presenting evidence at the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach on Tuesday last, the Director of Public Policy and Taxation explained and defended the Institute’s position, as set out by the President Liam Lynch in August 2016 – the Apple ruling infringes on Iris.....


IAASA adopts the new Auditing Framework for Ireland

On 31 January, IAASA announced the adoption of the Auditing Framework for Ireland (“the Standards”). The Standards – ISAs (Ireland), ISQC (Ireland) 1 and the Ethical Standard for Auditors (Ireland) are mandatory for use in auditing financial statements of periods commencing on or .....


This week's technical tidbits

Developments of interest this week are outlined.                ROI On 31 January, IAASA announced the adoption of the Auditing Framework for Ireland (“the Standards”). The Standards – ISAs (Ireland), ISQC (Ireland) 1 and th.....


This week’s tax tidbits

Developments of interest this week are outlined Ireland Recent media reports note the recent High Court decision concerning the Case V deductibility of the NPPR charge.  The case, taken by James Jennings & Co Chartered Accountants, was originally brought before the Appeal Commissioner.....


Making Tax Digital

Last week on 31 January, HM Revenue & Customs published the long awaited responses to the Making Tax Digital consultations. Calling this the “Digital tax revolution” speaks volumes. The consultation responses came on the busiest day of the tax year for practitioners and most disappo.....


CHARIOT Update

 CHARIOT has recently been updated online. Amongst the items added to CHARIOT in February 2017 members of Chartered Accountants Ireland will find: Technical Release 13/2016 - Guidance for Auditors of Insurance Undertakings in Ireland Technical Alert 05/2016 - Update for auditors regarding pres.....


ESMA publishes 2017 supervision plan for credit rating agencies, trade repositories and third country central counterparties

The European Securities and Markets Authority (ESMA) has recently published its Annual Report and Supervision Work Programme (Report) setting out its main areas of supervisory focus for credit rating agencies, trade repositories, and third country central counterparties in the European Union. The R.....


Stephen Haddrill speech at recent Airmic Event

Stephen Haddrill, Chief Executive of the Financial Reporting Council, spoke recently at an Airmic Evening Lecture on Corporate Culture and the Role of Boards.Please click here to read the speech in full.  .....


Accountancy Europe respond to IAASB discussion paper on Supporting Credibility and Trust in Emerging Forms of External Reporting

Accountancy Europe has responded to the IAASB discussion paper “Supporting Credibility and Trust in Emerging Forms of External Reporting: Ten Key Challenges for Assurance Engagements“. The response can be viewed at this link: https://www.accountancyeurope.eu/consultation-response/iaasb-.....


Accountancy Europe January Newsletter

Accountancy Europe (formerly FEE) has issued their January newsletter which contains recent news items, publications, details of upcoming events and consultation responses. Please click here to download the paper.        .....


FRC publishes Audit Tenders – Notes on Best Practice

The Financial Reporting Council’s (FRC) recently published notes on best practice highlight how audit committees can approach the process to get the best outcome and is based on experiences of audit tenders since the requirement was first introduced into the UK Corporate Governance Code in 20.....


EFRAG draft comment letter in response to the IASB's ED/2017/1 Annual Improvements to IFRS Standards 2015-2017 Cycle

The European Financial Reporting Advisory Group (EFRAG) has published its draft comment letter in response to the IASB's ED/2017/1 Annual Improvements to IFRS Standards 2015-2017 Cycle and seeks constituents' views on the proposals. Comments are requested by 3 April 2017. In the draft comment lette.....


Tiny habits the key to success

To change behaviour, start very small… For most, as we move into February, our New Year's Resolutions and the enthusiasm which inspired them will seem like faded memories, most having been cast to the wayside already, now weighing on us as just another reason to feel guilty. You may be saying to yo.....


EU State Aid decision in Apple Case debated by Oireachtas Committee

The European Commissioner for Competition, Margrethe Vestager came before the Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach last Tuesday where she defended the Commission’s State Aid ruling against Ireland in the Apple case.  The debate continued on Thursd.....


OECD releases peer review documents for information exchanges under BEPS

The OECD recently published documents which will form the basis of the peer review of Action 13 Country-by-Country Reporting and for the peer review of the Action 5 transparency framework. The Action 13 standard on Country-by-Country Reporting and the Action 5 standard for the compulsory spontaneou.....


Brexit – call to action

Institute President Liam Lynch has asked members to get in touch with comments, views and input to inform our submissions to the EU Institutions on Brexit. We are particularly asking members in industry to tell us about UK import and export difficulties which could arise when the customs controls r.....


NPPR Charge

Recent media reports note the recent High Court decision concerning the Case V deductibility of the NPPR charge.  The Mail on Sunday reports that the case, taken by James Jennings & Co Chartered Accountants, was originally brought before the Appeal Commissioners in 2013.  Given the fo.....


Exchequer surplus of €1,470 million recorded in January 2017

The fiscal year was off to a good start with the release of the Exchequer Returns showing a surplus of €1,470 million in January 2017. This figure is up €272 million compared to 2016 and was primarily due to increased tax revenue. Tax revenue collected to end-January amounted to €4,769 million repr.....


Guidance on the withholding tax exemption in respect of Irish Real Estate Funds

Revenue has provided guidance on withholding tax for certain unit holders of Irish Real Estate Funds (IREFs).   Finance Act 2016 introduced rules for a taxing method for fund structures where at least 25% of the value of the fund is made up of Irish real estate.   IREF’s m.....


Revenue arrangements for implementing EU and OECD exchange of information requirements in respect of tax rulings

Revenue has set out updated guidance on its arrangements for implementing the EU Directive in relation to the mandatory exchange of information and the OECD framework for the compulsory spontaneous exchange of information in respect of rulings. The EU Directive has been transposed into Irish law an.....


Average market mid-closing exchange rates

The Central Bank has supplied the average market mid-closing exchange rates against the Euro for 2013-2016. The Lloyds conversion rate of sterling to euro is Stg£1 = €1.16798. Details of the rates can be found in Revenue eBrief No. 11/2017.....


Making Tax Digital

Last week on 31 January, HM Revenue & Customs published the long awaited responses to the Making Tax Digital consultations. Calling this the “Digital tax revolution” speaks volumes. The consultation responses came on the busiest day of the tax year for practitioners and most disappo.....


Diploma in Taxation running once in 2017 and starts on 4 March

The Diploma in Taxation will run just once in 2017 and will start by classroom and distance learning on Saturday 4 March. Offering a practical understanding of compliance, accounting for tax, computations of liabilities and reliefs and preparation of tax returns, this is your chance to upskill or r.....


In the media

In his regular column for the Sunday Business Post, Brian Keegan, Director of Public Policy and Taxation, considers the impact of policy and regulation in the world that we live in and how for the US, any tax policy initiative is possible at present. While in the Sunday Independent, Tax Technical M.....


The EIS/SEIS advance assurance service should not be closed

That’s according to the NI Tax Committee in its response to the consultation on streamlining the advance assurance service (“AAS”) for the various tax-advantaged venture capital schemes. One of five options presented in the consultation document suggested that the AAS could be con.....


Brexit developments

Hold the morning of Friday 10 March free in your diary for a major Institute seminar, with partners from member firm BDO, on the practical Customs and VAT implications of Brexit. For details and how to book visit our website. Now click through for our round-up of the latest Brexit-related developme.....


NICs & Company Directors

A director of a limited company who is the only person in the company paid above the secondary threshold should stop claiming NICs Employment Allowance, as they are at risk of interest and penalties.  HMRC advise that any underpaid employer NICs may also have to be refunded.  To stop the .....


Draft legislation published

Draft legislation in a number of areas was recently published.     Corporation tax: relief for carried-forward losses Income tax relief for social investments Corporate interest restriction       Deemed domicile - income tax, capital gains tax and inheritance ta.....


This week’s UK tax tidbits

Developments of interest this week are outlined.     A reminder to use the online service to file several returns has been published:- Lottery duty: send your online return (BD600), Bingo duty: send your online return (BD510), Landfill tax: send your online return (LT100) and Gaming duty:.....


Brexit – Call to Action

Institute President Liam Lynch has asked members to get in touch with comments, views and input to inform our submissions to the EU Institutions on Brexit. We are particularly asking members in industry to tell us about UK import and export difficulties which could arise when the customs controls r.....


Chartered Accountants call for action to prevent closed border in post-Brexit world

Innovative solutions must be found to allow businesses to prosper The President of Chartered Accountants Ireland has called for early and significant consultation between governments and business on how best to deal with the challenges of movement of goods and people in a post-Brexit world. Speakin.....


IAASA adopts the new Auditing Framework for Ireland

On 31 January, IAASA announced the adoption of the Auditing Framework for Ireland (“the Standards”). The Standards – ISAs (Ireland), ISQC (Ireland) 1 and the Ethical Standard for Auditors (Ireland) are mandatory for use in auditing financial statements of periods commencing on or .....


Online exams make online study even more accessible

Online programmes leading to online exams The average person probably doesn’t relish the experience of doing an exam. They are the culmination of lots of hard work and your one chance to show off what you know which is pressure in itself. Some of us don’t react so well to exam conditions and feel t.....


This week's technical tidbits

Developments of interest this week are outlined.                ROI On 31 January, IAASA announced the adoption of the Auditing Framework for Ireland (“the Standards”). The Standards – ISAs (Ireland), ISQC (Ireland) 1 and th.....


This week’s tax tidbits

Developments of interest this week are outlined Ireland The income tax rebate by way of a 40% deduction on certain income for certain sportspersons is not taken into consideration for the purposes of calculating net relevant earning sunder the Personal Retirement Savings Account with effect from 1 .....


Technical Release 13/2016 'Guidance for Auditors of Insurance Undertakings in Ireland'

Members are reminded that Chartered Accountants Ireland has recently published Technical Release 13/2016 “Guidance for Auditors of Insurance Undertakings in Ireland” which provides guidance to auditors engaged by an insurance undertaking to carry out an audit of the undertaking’s financial statemen.....


Central Bank publishes first Quarterly Bulletin for 2017

The Central Bank has published its first Quarterly Bulletin for 2017. The Bulletin examines recent trends in the domestic and international economies, as well as presenting the Central Bank’s forecasts for the Irish economy and its views on domestic macroeconomic policy issues. It also includ.....


FRC issues findings of Audit Quality Thematic Review

The FRC have issued the findings of their Audit Quality Thematic Review: ‘The use of data analytics in the audit of financial statements’. The findings and the press release introducing the findings are available at the following link:   https://frc.org.uk/News-and-Events/FRC-Press.....


ESMA updates two Q&A documents

The European Securities and Markets Authority (ESMA) has updated two Questions and Answers (Q&A) documents on implementation issues relating to transparency and market structure topics under the revised Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR). Read more at the.....


Department of Finance issues January edition of its Economic Bulletin

The Department of Finance has issued the January 2017 edition of its Monthly Economic Bulletin. The bulletin provides a monthly update of some of the key developments within the Irish economy across a broad spectrum of sectors. The bulletin also outlines fiscal developments for the State, as well a.....


FRC publishes Practice Note 20

The FRC has published a revised Practice Note 20, which brings together guidance for practitioners auditing insurance entities in the UK. The revised PN20 includes guidance on the application of ISAs (UK) to support the delivery of high-quality audit of insurance company statutory financial stateme.....


Dynamic risk management - Findings from EFRAG's 2016 outreach

EFRAG undertook outreach with a sample of European banks in order to understand their objectives and processes for managing their interest rate margin. The paper reflects the different practices these banks use in managing the interest rate risk of their structural balances within the banking book......


Distance learning: The busy person's dream?

Many Chartered Accountants want to study a course but with obligations like working full-time, family, hobbies and commuting it can be hard to find the time. One option that presents itself is Distance or online learning. With the rapid rate of improvements in technology, the differences between cl.....


How to network

How to network     You sign up to go to a talk or a CPD event. You look at the timetable; then notice a gap.  30 minutes of networking time. You’re the only person from your organisation attending.  Panic sets in. Who will you talk to? What will you say? Most of us have been in .....


“Ireland is not a tax haven” – Commissioner Moscovici

European Commissioner for Economic and Financial Affairs, Taxation and Customs, Pierre Moscovici, was in Dublin last week, appearing before the Oireachtas Finance Committee where he faced questions from TDs and Senators on the relaunched Common Consolidated Corporate Tax Base (CCCTB).  Mr Mosc.....


Revenue opinions and confirmations

As noted in eBrief No. 79/ 2016, Revenue recently reduced the period of validity for Revenue opinions and confirmations in cases dealt with by the Large Cases Division from seven years to a maximum of five years.   Revenue has issued further guidance on the procedure to be followed where .....


Tax relief on retirement for certain income of certain sportspersons

Section 480A TCA 1997 provides a tax relief in the form of an income tax rebate for a sportsperson on his or her retirement. The rebate is claimed as a 40% deduction on certain income over a ten year period.   The 40% deduction is not taken into consideration for the purposes of calculating th.....


Could you be affected by customs changes post Brexit?

Chartered Accountants Ireland has identified possible Customs implications for businesses across the island of Ireland as the UK prepares to leave the EU.  We understand that Revenue is making contingency preparations to manage a customs border between North and South.   You can help.....


Brian Keegan outlines the Diploma in Taxation

If you need practical knowledge of tax compliance, computations, liabilities and reliefs, the Diploma in Taxation is for you.  This course is available by classroom and distance learning in March 2017 which is the only scheduled running of this course this year.  Don’t miss out!  &nb.....


In the media

In his regular column for the Sunday Business Post, Brian Keegan, Director of Public Policy and Taxation, considers how dependent Ireland’s tax collection policy is on the cooperation of businesses to collect and pay taxes on a timely basis and how such businesses should be recognised for the sterl.....


Brexit developments, 6 February 2017

The Government programme of engagement with sectors affected by Brexit continues with a round of sectoral events across the country.  The sectoral dialogue on Jobs, Enterprise and Innovation takes place today, and the Institute is being represented by the Chief Executive Pat Costello at that e.....


Men edge ahead in Battle of the Taxes

Ahead of the 2015-16 self-assessment deadline tomorrow (31 January 2017), in 2014-15 men, for the second year running, were more likely than women to complete their tax return on time - but only just. 235 late tax returns for every 10,000 were submitted by women, but they were beaten by a tiny marg.....


Upcoming HMRC events

HMRC have asked us to highlight two forthcoming online events. Details are outlined.     Webinar  - new reporting obligations tackling offshore tax evasion New reporting obligations affecting some UK charities came into effect on 1 January 2016, and the first reporting deadline is 31.....


Raw tobacco approval scheme

HMRC have asked us to remind all businesses and individuals who carry out any activity involving raw tobacco that they will need to be approved for the Raw Tobacco Approval Scheme by 1 April 2017.    Those that fail to gain approval will be at risk of having their raw tobacco seized .....


Scottish draft budget

The Scottish Draft Budget for 2017-18 was presented to Holyrood on 15 December 2016 by Scottish Finance Secretary. The Budget sets out Scotland’s tax and spending plans for the upcoming year.    The Budget saw the first divergence between the income tax positions of Scottish and oth.....


HMRC research – volunteers needed

HMRC have contacted us with the below request for volunteers. The deadline to apply is Friday 3rd February 2017.    “RESEARCH ABOUT THE EVOLVING ROLE OF TAX ADVISERS AND AGENTS IN THE AVOIDANCE MARKETPLACE  HMRC is seeking to better understand the issues and pressures faced by .....


This week’s UK tax tidbits

Developments of interest this week are outlined     A collection of leaflets, factsheets and booklets issued by HMRC has been published Updated guidance on when you should use a particular version of a taxonomy has been published The Government has published a technical consultation on dr.....


Malta’s EU Presidency plan on tax matters

For the first time since its accession in 2004, Malta assumed the rotating Presidency of the Council of the EU on 1 January 2017. The Maltese Presidency’s tax agenda includes the continuation of work against tax fraud and tax avoidance. A commitment to deal with the first phase of the Commission’s .....


BEPS country-by-country reporting - seven more jurisdictions sign up

The Russian Federation was one of seven new jurisdictions to recently sign up to the Multilateral Competent Authority Agreement for Country-by-Country Reporting (CbC MCAA), bringing the total number of signatories to 57.  Gabon, Hungary, Indonesia, Lithuania, Malta, Mauritius also joined the a.....


Ireland is not a Tax Haven - Moscovici

European Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici was in Dublin on Tuesday, appearing before the Oireachtas Finance Committee where he faced questions from TDs and Senators on the relaunched Common Consolidated Corporate Tax Base (CCCTB). Mr Moscovici s.....


This week's technical tidbits

Developments of interest this week are outlined.                  Recent publications Chartered Accountants Ireland has issued Technical Alert 05/2016 “Update on prescribed enactments for the purposes of section 27B of .....


UK Self-assessment deadline looms

The deadline to file 2015-16 self-assessment returns and pay any outstanding tax for that tax year is 31 January 2017, just 4 days away at the time of writing. HMRC is urging all taxpayers to “find their inner peace” by returning theirs before the 31 January.  Below we present some.....


This week’s tax tidbits

Developments of interest this week are outlined Ireland Revenue has updated its guidance to reflect that Finance Bill 2016 extended the relief under Special Assignee Relief Programme (SARP) to 2020.  Medical scientists, physiotherapists and social care workers have been added to the list of em.....


CRO Gazette

The CRO (Companies Registration Office) has just issued their weekly Gazette which includes pdf lists of new companies, change of name, annual returns received/registered. The newsletter and previous issues can be viewed here.  .....


Globalisation and Innovation in Finance

The Governor of the Central Bank of Ireland, Philip Lane, this week addressed the European Financial Forum at Dublin Castle.  The agenda for the event was quite broad but globalisation and innovation were two primary themes that recurred throughout the sessions. The speech can be read in full .....


ESMA chair speaks at PRIME Conference

The European Securities and Markets Authority (ESMA) Chair, Steven Maijoor, recently gave the keynote speech at the P.R.I.M.E. Finance 6th Annual Conference. Mr. Maijoor focused on two major regulatory reforms taking place in EU financial markets currently: the reform of the OTC derivatives ma.....


EU business insolvency - a contribution from the Accountancy profession

This paper provides an overview of accountants’ and auditors’ current contribution to insolvency proceedings in Europe based on the experience of Accountancy Europe’s 50 Member Bodies and is in support of the proposed EC Directive for an effective insolvency framework which signalled the role of in.....


Two related studies on non-GAAP financial measures

The CFA Institute, a global as­so­ci­a­tion of in­vest­ment pro­fes­sion­als, has published 'Investor Uses, Ex­pec­ta­tions and Concerns on Non-GAAP Financial Measures' and 'Bridging the Gap: Ensuring Effective Non-GAAP and Per­for­mance Repor.....


IESBA issues final set of proposals on Restructured International Code of Ethics

The International Ethics Standards Board for Accountants (IESBA) recently announced completion of the major first phase of its strategic project to restructure its Code of Ethics for Professional Accountants. In addition, it also released new proposals that will enhance and complete the fully restr.....


New Institute website - testers wanted

In the coming months, the Institute will launch a brand new website for members and students.  The design of the new site has been informed by user feedback. However, before launch, we would like to test the site again, to ensure that meets the needs of members and students.  We are looki.....


Revenue and Other International Tax Administrations Meet on ‘Panama Papers’

Irish Revenue officials recently met with 29 other Revenue authorities to exchange information and share findings on investigations arising from the Panama Papers.  The meeting focused on the intermediaries including financial institutions, advisers, lawyers, and accountants, who facilitate ta.....


Update to SARP Revenue Guidance

Revenue has updated its guidance to reflect that Finance Bill 2016 extended the relief under Special Assignee Relief Programme (SARP) to 2020.  SARP gives income tax relief on a proportion of income earned by an employee who is assigned by their employer to work in Ireland for the employer or .....


Tax Deduction for registration fees paid by certain healthcare professionals

Medical scientists, physiotherapists and social care workers have been added to the list of employments that can qualify for a tax deduction in respect of statutory registration fees paid to the Health and Social Care Professionals Council (CORU). Revenue has updated its guidance and issued Revenue.....


Self-assessment deadline looms

The deadline to file 2015-16 self-assessment returns and pay any outstanding tax for that tax year is 31 January 2017, just 8 days away at the time of writing. HMRC is urging all taxpayers to “find their inner peace” by returning theirs before the 31 January.  Below we present some.....


Chartered Tax Consultant: Late applications still being accepted for final places

We were delighted to welcome our new class of Chartered Tax Consultant which started recently. There are still a few places available for late applicants.  Developed exclusively for accountants, this qualification can be completed in just one year, covers all the major tax heads and involves i.....


Q: What do language barriers and cups of tea have in common?

A: These both featured as excuses used by employers to escape meeting their responsibilities under the National Minimum Wage legislation.  HMRC has recently launched a campaign to raise awareness of the national minimum wage. The recent press release includes a list of the most bizar.....


Open Evening: Specialist qualifications – Thursday 26 January

Join us for our Annual Spring Diploma and Careers Evening on 26 January 2017, in Chartered Accountants House from 5:00pm-7:00pm.  The evening is your chance to learn about our spring programmes, including the Diploma in Taxation, and meet our team.  To attend, let us know here, and d.....


Northern Ireland CT Rate

In an interview in the Irish News last week, the Chairman of the Institute’s Northern Ireland Tax Committee, Paddy Harty of PKF-FPM, highlighted the need to ensure that efforts that have gone into delivering corporation tax devolution are not lost. Mr Harty explained that the Northern Ireland.....


In the media

In his regular column in the Sunday Business Post, Brian Keegan, considers the UK’s 12 point Brexit plan announced by Theresa May last week and highlights some of the gaps, including the issue of future cross-border recognition of accountants.  Commenting in the Irish Examiner and the Ir.....


HMRC quarterly performance update

HMRC have published details of their quarterly performance for the quarter July to September 2016.  The figures published are initial management information to provide an indication of HMRC’s performance.  They are therefore subject to revision and audit. Final performance figu.....


It’s good to talk

Details of forthcoming online HMRC events are outlined. HMRC’s Agent Talking Points are weekly online digital meetings designed specifically for tax agents and advisors, which sit alongside HMRC’s regular monthly Working Together online meetings with agents.  These are sh.....


Brexit Developments, 23 January 2017

Theresa May outlines her Brexit Vision The UK Prime Minister set out what she calls a 12 point plan for ‘a global Britain’ when she detailed her Brexit wish-list in a speech last Tuesday.   Rumours of a ‘hard’ Brexit proved to be well founded as Ms. May stated that the UK will leave the Single.....


This week’s UK tax tidbits

Developments of interest this week are outlined       The guidance to help recognise genuine HMRC contact, phishing emails and phishing text messages has been updated Use the online form service to apply for a direction to operate PAYE on a non-resident employee's earnings .....


The Institute of Chartered Accountants of Sri Lanka joins Chartered Accountants Worldwide and strengthens international presence

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) has become the eleventh member of international body Chartered Accountants Worldwide. CA Sri Lanka is the sixth Chartered Accountancy body to be awarded Associate membership to the organisation since it was launched in February 2013.....


This week's technical tidbits

Developments of interest this week are outlined.                UK The FRC have issued their Draft Plan & Budget and Levy Proposals for 2017/8 which outlines their proposed priorities for the future including updating th.....


Financial Reporting Council Draft Plan 2017/18

The FRC have issued their Draft Plan & Budget and Levy Proposals for 2017/8 which outlines their proposed priorities for the future including updating the Corporate Governance Code and playing an active role with other regulators in addressing the challenges of Brexit. Please click here to down.....


My tax return was on my yacht…..

….which caught fire. It’s that time of year again readers. With the 2015-16 self-assessment deadline in just over two weeks, HMRC are highlighting the bizarre excuses it hears from taxpayers attempting to appeal a penalty for not filing their self-assessment return on time.  Anima.....


This week’s tax tidbits

Developments of interest this week are outlined Ireland Revenue has updated its guidance to reflect the changes introduced in Finance Bill 2016 in relation to the dwelling house exemption which came into effect on or after 25 December 2016 Revenue has updated Statement of Practice IT/3/07 which giv.....


IVSC publishes IVS 2017

The International Valuation Standards Council (IVSC) has issued the suite of new International Valuation Standards (IVSs) that make up the 2017 IVS. They are the result of exposure drafts published in April and June 2016.  IVS 2017 consist of five general standards and six asset standards. Fur.....


IASB publishes proposals for amendments under its annual improvements project (cycle 2015-2017)

The International Accounting Standards Board (IASB) has published an exposure draft 'Annual Im­prove­ments to IFRS Standards 2015–2017 Cycle'. It contains proposed amend­ments to three International Financial Reporting Standards (IFRSs) as a result of the IASB's annual im­prov.....


Recent sustainability and integrated reporting developments

The Global Reporting Ini­tia­tive (GRI) has announced the Corporate Lead­er­ship Group on in­te­grated reporting 2017 (CLGir 2017) and invites companies to apply to join the group. Co­or­di­nated by GRI and in col­lab­o­ra­tion with the Internatio.....


IASB article on putting IFRS 16 into practice

The IASB has published an article featuring four IASB members dis­cussing messages they have heard from stake­hold­ers about IFRS 16 im­ple­men­ta­tion over the last year and advice to companies im­ple­ment­ing the new standard. The article can be read in ful.....


EFRAG issues final endorsement advice on applying IFRS 9 with IFRS 4

The European Financial Reporting Advisory Group (EFRAG) has issued final en­dorse­ment advice 'Applying IFRS 9 'Financial In­stru­ments' with IFRS 4 'Insurance Contracts''. EFRAG assesses that, in the specific cir­cum­stances arising from the mis­align­ment of effect.....


Beware of wishful thinking. The UK Brexit Strategy sets a tough border agenda for Irish interests both North and South

                      The UK approach to Brexit which involves leaving the EU Single Market will redefine how we move and trade between Ireland and Northern Ireland, and Ireland and Great Britain according to Chartered Accountants Ireland. .....


National Parliaments object to CCCTB Proposal

A number of national parliaments in the EU have objected to the European Commission’s CCCTB (Common Consolidated Corporate Tax Base) proposals.  Ireland, Sweden, Denmark, Malta, Luxembourg along with two chambers of the Dutch Parliament objected to the plans.  The UK’s House o.....


Court rules that NPPR charge is deductible against rental income

In a case heard before the High Court in Ireland, it was determined that the Non-Principal Private Residence (NPPR) charge could be taken as a deduction against rental income for income tax purposes.  The NPPR charge, which has been abolished since 2013, was a €200 annual change on non-princip.....


Could you be affected by Customs changes post Brexit?

Chartered Accountants Ireland has identified possible Customs implications for businesses across the island of Ireland as the UK prepares to leave the EU.  It was reported this week that Revenue are making contingency preparations to manage a Customs border between North and South.  You c.....


Updated Guidance on Dwelling House Exemption

Revenue has updated its guidance to reflect the changes introduced in Finance Bill 2016 in relation to the dwelling house exemption which came into effect on or after 25 December 2016. In general, the exemption from capital acquisitions tax will now only apply to inheritances and not gifts unless t.....


Finance Bill 2016

Finance Bill 2016, which was signed by the President on 25 December 2016, is now available as Act No. 18 of 2016.....


Revised Revenue guidance – PAYE on non-Irish employments

Revenue has updated Statement of Practice IT/3/07 which gives guidance on the operation of PAYE where non-Irish employments are exercised in Ireland.  The guidance is based on Revenue’s interpretation of Article 15 of the OECD Model Tax Convention on Income and Capital which deals with s.....


Tax.point January edition

In the January issue of tax.point, the monthly tax journal from Chartered Accountants Ireland, Cróna Brady considers some tax reliefs that may be available for employees.  On the UK side, Paddy Harty of PKF-FPM Chartered Accountants looks at the potential tax consequences that many prop.....


In the media

In his regular column in the Sunday Business Post, Brian Keegan, Director of Public Policy and Taxation, discusses why he thinks a ‘hard’ Brexit is now inevitable and why this could trigger a Constitutional referendum in this country.  In a piece in the Irish Examiner, Brian argues that there .....


Brexit Developments, 16 January 2017

UK Prime Minister to deliver Brexit vision in speech tomorrow Theresa May’s spokesperson has told reporters that Ms. May will set out the UK’s negotiating approach to Brexit in a much anticipated address this coming Tuesday as she prepares to trigger Article 50. The confirmation of this address is .....


Spring Budget 2017 date confirmed

The Chancellor of the Exchequer, Philip Hammond, has announced that the Spring Budget will be on Wednesday 8 March 2017.     The Spring Budget sets out the government’s plans for the economy based on the latest forecasts from the Office for Budget Responsibility.  This will be .....


My tax return was on my yacht…..

….which caught fire. It’s that time of year again readers. With the 2015-16 self-assessment deadline in just over two weeks, HMRC are highlighting the bizarre excuses it hears from taxpayers attempting to appeal a penalty for not filing their self-assessment return on time.  Anima.....


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 i.....


December digital update

The December digital update from HMRC is outlined. The update refers to the Making Tax Digital consultations which Chartered Accountants Ireland contributed to. “Agent Services Beta service on PAYE Liabilities and Payments The trial of the Agent Services (AS) beta service for PAYE liabilities.....


This week’s UK tax tidbits

Developments of interest this week are outlined.     Draft forms relating to changes to the pension tax rules for qualifying overseas pension schemes and qualifying recognised overseas pension schemes have been published Guidance in relation to the changes to the conditions to be an &lsqu.....


This week's technical tidbits

Developments of interest this week are outlined.                Recent publications Chartered Accountants Ireland has issued Technical Alert 05/2016 “Update on prescribed enactments for the purposes of section 27B of the Cen.....


This week’s tax tidbits

Developments of interest this week are outlined. Ireland Revenue has published updated guidance on making a disclosure; reminding taxpayers that they have until 30th April 2017 to come forward with offshore tax irregularities before the restrictions introduced in Finance Bill 2016 for making a qual.....


Technical Alert 05/2016 'Update on prescribed enactments for the purposes of section 27B of the Central Bank Act 1997'

Chartered Accountants Ireland has issued Technical Alert 05/2016 “Update on prescribed enactments for the purposes of section 27B of the Central Bank Act 1997” to alert auditors to the notification by the Central Bank of Ireland (“the Central Bank”) in recent months of addit.....


Technical Release 13/2016 'Guidance for Auditors of Insurance Undertakings in Ireland'

Chartered Accountants Ireland has published Technical Release 13/2016 “Guidance for Auditors of Insurance Undertakings in Ireland”.  The Technical Release provides guidance to auditors engaged by an insurance undertaking to carry out an audit of the undertaking’s financial st.....


FRC Annual Report

The Financial Reporting Council’s (FRC) annual report, Developments in Corporate Governance and Stewardship 2016, has been published against a backdrop of falling public trust in business. High standards of governance are a direct driver of investment into UK companies and play an important p.....


EFRAG 2015 Review

Under the theme of "Moving Forward", the European Financial Reporting Authority Group’s (EFRAG) Annual Review provides an overview on how they contribute to enhancing Europe's influence in the development of IFRS.  The Review also includes a governance report and financial highlights. Pl.....


ESAs publish response to EC amendments

The European Supervisory Authorities (ESAs) have published their response to the European Commission on the amendments the Commission proposes to make to the draft regulatory technical standards (RTS) on key information documents (KIDs) for packaged retail and insurance-based in.....


IASB posts update on insurance webinars

In April and May 2016, the International Accounting Standards Board (IASB) posted a series of eight webinars on the forth­com­ing insurance contracts standard. Now a twenty minute update has been made available that reflects more recent decisions in the project. Please click here for furthe.....


IAASA’s financial reporting enforcement activities 2016

IAASA has published summary information of its financial reporting enforcement activities undertaken during 2016. The primary function of its Financial Reporting Supervision Unit (FRSU) is to examine the compliance of financial reporting of those listed entities coming within its remit with applica.....


IAASA publishes compendium of financial reporting decisions

IAASA has recently published selected financial reporting decisions regarding the financial reporting treatments adopted by a number of issuers.    Please click here for a link to the document.  .....


Motivate Yourself in 2017

Returning to work after fun filled festivities may leave little to be inspired about and with 12 months ahead of us it may be timely to look at a fresh year with fresh eyes. So how can you put your best foot forward and keep that spring in your step for 2017? Here are some suggestions that might gi.....


January Blues

January, the month where we return to work after a Christmas break filled with food and drinks. No matter how content you may have been going into the festivities, and with the best of intentions you might start to question your role, your company and/or your future, particularly after impromptu ca.....


Autumn Statement 2016: salary sacrifice

The Chancellor announced at Autumn Statement 2016 that new rules are coming in on 6 April 2017 for Benefits in Kind (BiKs) where they are provided by salary sacrifice. Further details of the changes were announced on 5 December.  HMRC have asked us to make the below information available which.....


Major Change to Qualifying Disclosure Regime with effect from 1 May 2017

As reported by us previously, significant changes to the qualifying disclosure regime will take effect from 1 May 2017 following the amendments introduced in Finance Bill 2016.   Taxpayers have until 30th April 2017 to come forward with offshore tax irregularities before the restrictions .....


Finance Act 2016

Finance Act 2016 was signed into law by the President on 25 December. The signed Act has not yet been published.  We will update Members accordingly. .....


Colour me happy

Revenue and Customs Brief 17 (2016) outlines HMRC’s VAT treatment of colouring and dot-to-dot books.  As a result, VAT Notice 701/10 (zero-rating of books and other forms of printed matter) has been updated accordingly.  The brief sets out the policy in respect of the VAT treatment .....


Help to Buy Scheme – online portal now open

Revenue’s online portal for processing claims under the Help to Buy scheme opened last week.  Revenue issued a press release noting that by 1pm on the first day, 120 online applications had been received. The scheme allows a refund of income tax and DIRT paid over the previous four tax y.....


Public consultations on VAT reform in the European Union

The European Commission has launched three public consultations on VAT reform derived from issues identified in its 2016 Action Plan for VAT.  The first consultation deals with reform of VAT rates and seeks views on the following aspects: The need for EU action in the field of VAT rates; The p.....


It’s good to talk

The deadline for 2015-16 Self-Assessment tax returns is approaching fast. HMRC’s series of Digital Talking Points meetings, designed with Self-Assessment in mind, continue this week. So why not see if they can help you.    Subject – self-assessment tax returns: self-assessment.....


Updated VAT guidance on Finance Bill 2016 changes

Revenue has published some guidance on the VAT changes that were introduced in Finance Bill 2016. Included in the guide is a note on the apportionment of deductibility of dual-use inputs and some new restrictions of the flat-rate addition for farmers. Revenue eBrief No. 01/2017 contains further det.....


Over 1,300 relationships in place for automatic information exchange between tax authorities

The OECD recently announced the activation of a further 350 bilateral automatic exchange relationships between over 50 jurisdictions pursuant to the OECD Common Reporting Standard (CRS) starting in 2017. According to the OECD, there are now more than 1,300 bilateral relationships in place across th.....


End of year Exchequer Returns

The end of December 2016 exchequer records show the national deficit standing at €1,012 million.  This compares to a deficit of €64 million in the same period last year.  According to the information note issued by the Department of Finance, the €949 mil.....


A Busy time for the Office of Tax Simplification

The Office of Tax Simplification (“OTS”) has recently published an update on some of its recent work in addition to announcing new board members and a new director. In its response to HMRC's 'Off-payroll working in the public sector' consultation, the OTS supports the need for grea.....


Revenue publishes headline results for 2016

Revenue has published preliminary results for 2016 which include data on tax collected, compliance rates, outcomes from compliance and enforcement interventions, number of customer contacts and resources deployed. Revenue noted that timely voluntary compliance remains strong and it intends to expan.....


This week’s UK tax tidbits

Developments of interest this week are outlined.       Agent Update 57 is now available A special edition of the Agent Update has been published in view of the forthcoming self-assessment deadline Find out if your company or social enterprises' proposed investment could qualify, so i.....


New online services for PAYE customers

Revenue has changed its online services for PAYE customers in order to make them quicker, easier and more convenient to manage tax.  Access to PAYE Anytime, Form 12 and the Jobs and Pensions service will be available from the new PAYE Services card in myAccount. PAYE Services allows taxpayers .....


OECD releases additional guidance on Action 4 of the BEPS Action Plan to curb international tax avoidance

The OECD recently published an updated version of the BEPS Action 4 Report (Limiting Base Erosion Involving Interest Deductions and Other Financial Payments), which includes further guidance on the design and operation of the group ratio rule, and approaches to deal with risks posed by the banking .....


Your last chance to join Chartered Tax Consultant 2017

This weekend Chartered Tax Consultant will start its seventh intake and we are taking final bookings now. This is the one full-spectrum tax qualification you can take inside one year, delivered by blended learning to offer you more flexibility.  See the full programme schedule and modules cove.....


In the media

In his regular column in the Sunday Business Post, Brian Keegan, Director of Public Policy and Taxation reflects on the end-of- year Exchequer figures noting that positivity should be met with some caution.  In a contribution to the Sunday Independent Business, Brian warns that Revenue’s.....


Brexit Developments, 9 January 2017

EU Commissioner calls for Ireland to look beyond its relationship with the UK EU Commissioner Phil Hogan has warned that Ireland should focus on cementing its relationship with European partners rather than the UK in terms of the Brexit talks. It is reported that Mr Hogan believes that Ireland may .....


This week's technical tidbits

Developments of interest this week are outlined.                ROI The Central Bank of Ireland has published the second edition of the 2016 Macro Financial Review which provides an overview of the current state of the macro.....


This week’s tax tidbits

Developments of interest this week are outlined. Ireland Finance Act 2016 was signed into law by the President on 25 December 2016 and is Act No. 18 of 2016. Taxpayers are reminded that the changes to USC rates and bands announced in Budget 2016 apply from 1 January 2017. Revenue has updated its ma.....


Clarification - Effective Date of the Code of Practice for the Governance of State Bodies (2016)

In August the Minister for Public Expenditure and Reform published a revised and updated Code of Practice for the Governance of State Bodies. A clarification note (below) was sent to Accounting Officers of Government Departments 19 December. The Code of Practice for the Governance of State Bod.....


Draft guidelines on MiFID II product governance requirements

The European Securities and Markets Authority paper recently issued is primarily of interest to competent authorities and firms that are subject to Directive 2014/65/EU of the European Parliament and of the Council1 (MiFID II). In particular, this paper is addressed to investment firms and credit i.....


FCA Future Mission

The Financial Conduct Authority recently launched ‘Our future Mission’, which outlines the key questions faced as a financial conduct regulator. They want to share some of the key themes from your feedback so far which will contribute directly to the development of their future Mission......


Central Bank Macro Financial Review 2016: II highlights risks

The Central Bank of Ireland has published the second edition of the 2016 Macro Financial Review. It provides an overview of the current state of the macro-financial environment in Ireland. Monitoring macro-financial developments and risks is an important task for the Central Bank. This Review aims .....


IAASB Reporting Page

The International Auditing and Assurance Standards Board (IAASB) Auditor Reporting page is a useful source for tools and resources to promote awareness, understanding and effective implementation of the new and revised Auditor Reporting standards. The new standards are designed to enhance auditor&r.....


Key Challenges for Assurance Engagements

The International Auditing and Assurance Standards Board (IAASB)’s Integrated Reporting Working Group has released a Discussion Paper, Supporting Credibility and Trust in Emerging Forms of External Reporting: Ten Key Challenges for Assurance Engagements. It is intended to facilitate an open d.....


Mandatory E-filing - 1st June 2017

Form B1 and financial statements are required to be filed online from June 1st 2017.  Over 87% of all annual returns in 2016 were filed online. Filing online increases speed, efficiency and means that companies are less likely to miss deadlines.Please click here for details.....


Recap of changes resulting from the application of IFRS 9 and IFRS 15

The IASB has published 'IFRS 9 and IFRS 15 — one year to go' on its website.  Basically, the recap offers a very general overview of the changes IFRS 9 Financial In­stru­ments and IFRS 15 Revenue from Contracts with Customers will bring about and then links to the IASB's IFRS 9 i.....


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