Friday, January 21, 2011
The European Commission this week adopted the first decision recognising the equivalence of the audit oversight systems in 10 third countries. This decision paves the way for reinforced cooperation between Member States and third countries which have been declared equivalent, so that they can mutua.....
Friday, January 14, 2011
Chartered Accountants Ireland has published Miscellaneous Technical Statement 50 Code of Practice for the Governance of State Bodies This Miscellaneous Technical Statement sets out the requirements of the Code of Practice for the Governance of State Bodies ('the Code') relating .....
Friday, January 07, 2011
The UK’s Financial Reporting Council (FRC) today publishes recommendations aimed at improving the dialogue between company boards and their shareholders. The FRC’s report, ‘Effective Company Stewardship: Enhancing Corporate Reporting and Audit’, contains seven key recommendations. It responds to le.....
Thursday, January 06, 2011
The CRO has issued a notice on its website advising companies and presenters that, as and from 1 January 2011, it will be strictly enforcing the statutory requirement that all auditors’ reports must be signed and dated. It notes that, in respect of filings received by CRO on or after 1 Ja.....
Thursday, January 06, 2011
The Auditing Practices Board (APB) of the FRC has published a revision of Practice Note (PN) 20: “The Audit of Insurers in the United Kingdom”. A consultation draft of the revised PN was issued in May 2010 for public comment. The revision applies to audits of financial statements of Insurers for pe.....
Wednesday, December 22, 2010
The International Accounting Standards Board (IASB) has this week issued amendments to IAS 12 Income Taxes. The amendments, set out in Deferred Tax: Recovery of Underlying Assets, result from proposals published for public comment in an exposure draft in September. IAS 12 requires an entity to.....
Wednesday, December 22, 2010
The International Accounting Standards Board (IASB) this week issued two narrow amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards (IFRSs). The amendments confirm proposals that were published as separate exposure drafts for public comment in August and Septembe.....
Wednesday, December 22, 2010
The Financial Reporting Council (FRC) has this week published its priorities and funding proposals for 2011-12 . Responses to the paper‘Draft Plan and Levy Proposals 2011-12’ are requested by 9 March 2011.....
Wednesday, December 22, 2010
The Financial Reporting Council (FRC), is to bring together company directors, investors and others to explore how companies are responding to the new UK Corporate Governance Code provision on Board’s responsibilities for risk. The FRC will consider whether the Turnbull Guidance on risk and interna.....
Monday, December 20, 2010
From 1 January 2011, traders will have to make an electronic declaration to Customs with security data on goods before they leave or enter the European Union. The stated aim of this measure is to increase security in international trade, by enabling customs to carry out better risk analyses on the .....
Monday, December 20, 2010
A new bulk upload facility is now available when making Electronic VAT Refund applications (EVR) on ROS. This facility will be relevant to taxable persons making electronic refund claims for expenses incurred in Member States in which they are not established. We understand that the new facil.....
Monday, December 20, 2010
At a recent speech to the US Chamber of Commerce in Washington, Mr Šemeta, EU Commissioner for Taxation and Customs Union, Audit and Anti-Fraud outlined plans for EU-US cooperation in tax and customs. The plans include minimizing bureaucracy, administrative duplication, and poorly coordinated.....
Monday, December 20, 2010
This is the last week to book your place on the new Chartered Tax Consultant programme commencing in January 2011! Due to demand we have added a small number of extra places! These will be available on a first come first served basis. Give your career the Christmas present it deserves and boo.....
Monday, December 20, 2010
Subscribers to tax.point; Chartered Accountants Ireland’s monthly tax bulletin for tax professionals and the official journal for Chartered Tax Consultants, will shortly receive their December issue. This month’s issue includes a concise summary of Ireland’s Budget 2011 and an overview of other key.....
Monday, December 20, 2010
Readers are reminded that Bank of Scotland (Ireland) is closing its current account business on 31 December 2010. All Revenue On-line Service (ROS) customers with such accounts should ensure that their ROS Debit Instructions have been amended to reflect their new current account details prior.....
Monday, December 20, 2010
Revenue has published a new version of Chapter 17 of the Pensions Manual on their website. The substantive change is an amended paragraph 10. This is to reflect the Revenue’s position on the qualifying conditions section 787M (1) TCA 1997 to be met by an individual in order to be .....
Monday, December 20, 2010
Revenue has requested that employers and agents who carry out payroll functions defer running their 2011 payroll until they receive the 2011 employee tax credit cert (PC2s) to ensure that they make the correct payroll deductions from the first pay date in 2011. Employers and agents should have rece.....
Monday, December 20, 2010
Revenue has confirmed that purchase invoices and other paper documents received by the taxable/accountable person may be stored electronically. Business may implement the measure retrospectively. Records must be retained for 6 years but a business may begin in December 2010 to electronically store .....
Monday, December 20, 2010
Tables showing the Indexation Allowance for assets disposed of in September and October 2010 are now available together with the relevant historical data. .....
Monday, December 20, 2010
HMRC is planning a programme of ‘Business Records Checks’ to check the adequacy and accuracy of business records within the ‘small and medium enterprise’ (SME) sector. An SME for these purposes is defined as a business with a turnover of less than €50m and less than 250 employees. No new legislatio.....
Monday, December 20, 2010
The above brief has been published which reminds businesses of two VAT changes that will take place in January 2011. These are the increase in the standard rate of VAT from 17.5 per cent to 20 per cent on 4 January 2011 and changes to the place of supply rules for cultural, artistic, sporting.....
Monday, December 20, 2010
HMRC have now published details of eight extra-statutory concessions (ESCs) that need to be withdrawn in addition to a fourth consultation document containing draft legislation for seven more ESCs. The House of Lords’ decision in the Wilkinson case (R v HM Commissioners of Inland Revenue ex p Wilki.....
Monday, December 20, 2010
Further to our update last week on recent developments in the arena of tax avoidance, the above Statutory Instrument which deals with amendments to the 2006 regulations (“the principal regulations”) has now been published. The principal regulations prescribe the descriptions of tax schemes which ce.....
Monday, December 20, 2010
HMRC has issued an alert urging taxpayers filing a tax return online for the first time to get registered now, in good time before the 31 January deadline The 31 October paper-filing deadline has passed, so any outstanding 2009/10 Self-Assessment returns must now be completed online. For completing.....
Monday, December 20, 2010
HMRC has recently set up a UK-wide team of Agent Account Managers (AAMs) to help tax agents and advisers deal with the department more effectively. A detailed guide is now available which explains what AAMs do, what services they provide, and how to contact them. We understand that the AAM team wil.....
Friday, December 17, 2010
A new bulk upload facility is now available when making Electronic VAT Refund applications (EVR) on ROS. This facility will be relevant to taxable persons making electronic refund claims for expenses incurred in Member States in which they are not established. We understand that the new facil.....
Friday, December 17, 2010
HMRC has recently set up a UK-wide team of Agent Account Managers (AAMs) to help tax agents and advisers deal with the department more effectively. A detailed guide is now available which explains what AAMs do, what services they provide, and how to contact them. After discussions in 2007 with agen.....
Friday, December 17, 2010
Revenue has requested that employers and agents who carry out payroll functions defer running their 2011 payroll until they receive the 2011 employee tax credit cert (PC2s) to ensure that they make the correct payroll deductions from the first pay date in 2011. Employers and agents registered on Re.....
Friday, December 17, 2010
The Accounting Standards Board ('ASB') have this week issued a study of the quality of capital management disclosures which concludes that there is good practice in places, but too often there is excessive boilerplate text and too many companies have missed essential elements of the required d.....
Friday, December 17, 2010
The Auditing Practices Board (APB) today published a Feedback Statement and revised Ethical Standards for Auditors and the FRC issues revisions to its Guidance on Audit Committees, following their parallel consultations in July 2010. The majority of respondents to the APB’s consultations on its Eth.....
Monday, December 13, 2010
The Council reached political agreement on a draft directive aimed at strengthening administrative cooperation in the field of direct taxation so as to enable the member states to better combat tax fraud. The Council's discussion focused on two issues The exchange of information on request. In orde.....
Monday, December 13, 2010
The formal record shows that this was the meeting of the European Council of Finance Ministers which approved Ireland’s bailout package. That aside, it was business as usual in Brussels as the Ministers also agreed not to reduce the Standard (higher) VAT rate floor allowable across the EU und.....
Monday, December 13, 2010
Following on from our previous update on the above project being undertaken by HMRC’s Review of Powers Team, we are now in a position to confirm that there will be a deferral in publishing or implementing the revised draft legislation. This is further to representations made by this Institute.....
Monday, December 13, 2010
As part of the Government’s ongoing targeting of avoidance, there have been a number of recent developments in this area worthy of note. On 6 December the Exchequer Secretary, David Gauke MP, announced in a written ministerial statement (WMS) that a study is to be set up headed by Graham Aaronson Q.....
Monday, December 13, 2010
As reported in Friday’s Chartered Accountants News the Government has now published draft Finance Bill 2011 clauses in addition to the 2011/12 rates and thresholds for income tax, National Insurance contributions and tax credits. The majority of these measures were announced in the June Budget. How.....
Monday, December 13, 2010
The above Order has been made under section 285A TCA 1997. The effect of this Order is to update the energy efficient products whose capital cost will be eligible for accelerated capital allowances and updates the energy efficiency criteria used to determine eligibility for inclusion on those.....
Monday, December 13, 2010
Revenue has published eBrief No. 91/10 which sets out some important information on RCT. Principals are reminded to order their relevant payments cards (RCT 47) for new and/or ongoing contracts for next year, as soon as possible to ensure timely delivery of the cards. This is without pr.....
Monday, December 13, 2010
Revenue introduced an increased range of e-registration services on Revenue Online Services (ROS). Among these services included; registering a new business, or registering an existing business for an additional tax, and cancellation of a registration. Revenue recently published eBrief .....
Monday, December 13, 2010
Readers are reminded that tax on capital gains arising on disposals made in the period 1 January to 30 November 2010 is due on or before Wednesday 15 December. Payment of the tax due for this period must be accompanied by a CGT Payslip A and submitted to the Collector General’s office in Lime.....
Monday, December 13, 2010
Budget 2011 introduced a number of significant changes to the entire range of property and area based tax incentives. Following the volume of queries from members and the level of concern expressed on these changes, we would like to advise all members that we are engaging with Revenue and the.....
Friday, December 10, 2010
The Council reached political agreement on a draft directive aimed at strengthening administrative cooperation in the field of direct taxation so as to enable the member states to better combat tax fraud. The Council's discussion focused on two issues The exchange of information on request. In orde.....
Friday, December 10, 2010
As many readers will be aware, the Government has committed to improving the way tax policy is made. One of the main features of the new approach is the publication of draft Finance Bill clauses, three months before publication of the Bill. For the first time, the Government has now published in ad.....
Friday, December 10, 2010
Budget 2011 introduced a number of significant changes to the entire range of property and area based tax incentives. Following the volume of queries from members and the level of concern expressed on these changes, we would like to advise all members that we are engaging with Revenue and the.....
Tuesday, December 07, 2010
With a stated aim of bringing confidence to the housing market, the Minister announced a reduction in the rate of stamp duty to 1% for transfers of residential property valued up to €1 million, with 2% applying to amounts over €1 million, in respect of instruments. This will apply to documents exec.....
Tuesday, December 07, 2010
Accountancy Ireland's post-Budget special podcast featuring a panel discussion chaired by Liam Lynch (KPMG) with Brian Keegan (Chartered Accountants Ireland) and Marie Barr (Barr Pomeroy) will be available on www.accountancyireland.ie and iTunes on Thursday 9 December.....
Tuesday, December 07, 2010
In addition to the abolition of ten tax reliefs as noted in the Four Year Recovery Plan, tax relief on shares purchased in an employer company are also to be abolished. With effect from tomorrow 8 December, employees will not be able to claim tax relief on shares purchased in their employer c.....
Tuesday, December 07, 2010
The valuable relief used by individual investors on funds borrowed to invest in companies is to be phased out between 2011 and 2014. The relief will be restricted by 25% in 2011, 50% in 2012, and 75% in 2013 when the Guillotine will come down on the relief to abolish it in 2014. The deduction.....
Tuesday, December 07, 2010
The Four Year Recovery Plan accustomed us to the reality that big changes were afoot for pensions. The Minster confirmed a number of these changes today but also announced that the current employer PRSI exemption on employee contributions to employee pension funds will be reduced to 50%.....
Tuesday, December 07, 2010
The Business Expansion Scheme is set to be replaced with a new Employment and Investment Incentive scheme. E13 million is being set aside to provide tax reliefs associated with investments under the new scheme which the Minister tells us will better focus tax reliefs to create more jobs......
Tuesday, December 07, 2010
The budget speech introduced incentive measures for corporation tax purposes including an extension to the 3 year tax exemption for start up companies. This scheme is being extended to include start-up companies which commence a new trade in 2011. The scheme will be modified so that the.....
Tuesday, December 07, 2010
Within the Speech and documents published thereafter there were a number of additional measures of interest. Tax on Savings The rate of retention tax (DIRT) that applies to deposit interest, together with the rates of exit tax that apply to life assurance policies and investment funds, are being in.....
Tuesday, December 07, 2010
The legacy relief restrictions introduced today are primarily aimed at limiting the use of tax relief on Section 23-type investments and capital allowances for passive investors. The restrictions introduced on a phased basis until 2014, when any remaining tax relief associated with these inve.....
Tuesday, December 07, 2010
Not unexpected, there were a number of environmentally targeted tax incentives announced today. The current Capital Allowances Scheme for Energy Efficient Equipment is being extended for a further three years to end in 2014. A new tax incentive has also been announced which it is intended will also.....
Tuesday, December 07, 2010
As follows the normal pattern of Budget day there were several changes announced in this area. These included a mix of increases, decreases and extensions to current relief schemes due to come to an end. Specific details are as follows:- Increase in Mineral Oil Tax on Petrol and Auto-diesel The min.....
Tuesday, December 07, 2010
From 1 January, the 20% tax rate band will be cut from €36,400 to €32,800 for a single person and from €45,400 to €41,800 for a married couple where one spouse is earning. The main tax credits will also be cut by approximately 10%. The reduction in standard rate band to €32,800 will mean that.....
Tuesday, December 07, 2010
Below are the links to the published content on Budget 2011. Important links to published content on Budget 2011 can be accessed at the following Department of Finance Revenue Commissioners Department of Social and Family Affair.....
Tuesday, December 07, 2010
A new Universal Social Charge (USC) will be introduced to replace both the health levy and income levy. The charge will apply to all income at rates between 2% and 7%, once annual income exceeds €4,004. The USC will apply in 2011 at the following rates: 0% where income is less than €4,004 2% .....
Tuesday, December 07, 2010
Targeted at both reducing black economy opportunities in the construction industry whilst at the same time protecting existing employment levels, the Minister announced proposals which will represent significant reform of the Relevant Contracts Tax regime. Applicable to all contractors in construct.....
Monday, December 06, 2010
The OECD has released to the public its annual statistics for 2008 and 2009 on the Mutual Agreement Procedure (MAP) caseloads of all its member countries and of non-OECD economies that agree to provide such statistics. MAP is the dispute resolution process as set out in the OECD Model Conventi.....
Monday, December 06, 2010
Tax due on capital gains arising on disposals in the month of December (1 December to 31 December) is due on or before 31 January 2011. CGT Payslip B should be used for the purpose of making a CGT payment for this period.....
Monday, December 06, 2010
Agents are allowed to view Employer's copy of Employees Tax Credit Certificates (P2Cs) regardless of whether the client is registered for ROS. Revenue advises that for non-ROS registered Employer clients, agents can search for Employers' P2Cs via the Agent's Services page on ROS. However, the.....
Monday, December 06, 2010
Revenue has released new online services and among the significant changes included in the release is the introduction of electronic versions of both the Form 46G and 46G Company, and a new version of the Form 11 2009 which corrects the error in the calculation of liability of high-earners where th.....
Monday, December 06, 2010
Following discussions with practitioner bodies through the TALC Technical forum concerning the application of section 980 TCA 1997 to intra-group transfers of assets which qualify for relief under section 617 TCA 1997, Revenue has issued Tax Briefing 13. Revenue has confirmed that in th.....
Monday, December 06, 2010
Readers will be aware that Revenue proposed last July to extend mandatory electronic filing and payment in a further three phases from 2011 to 2013. The next phase, phase 3, was due to be rolled out in January 2011. Under phase 3 all companies, partnerships, trusts and most self assessment ca.....
Monday, December 06, 2010
It’s not a good idea to get too excited about any overshoot in the Exchequer Returns. The 470m excess reported for November is against an estimate, and we are still €1.3bn down on the same time last year. Comparisons with estimates have got us into trouble in the past. However it .....
Monday, December 06, 2010
The tax details in the Memorandum of Understanding between Ireland and the various contributors to our current funding requirement match very closely those in the Four Year Plan. The only questions for tomorrow’s Budget concern the proportions in which the changes to tax bands, credits and al.....
Monday, December 06, 2010
HMRC have advised that there was a problem processing online requests for repayment and to reduce payments on account between the 11 October and 11 November. Although this has now been resolved HMRC are not able to process any requests submitted between these dates. If an Agent or Taxpayer submitte.....
Monday, December 06, 2010
Reform of the UK PAYE system now seems imminent following the publication of a consultation document last week entitled “Improving the operation of Pay As You Earn: Collecting Real Time Information”. The key idea is that more employee data will be provided to HMRC at the time the payroll.....
Monday, December 06, 2010
Following on from the Chancellor’s Autumn Statement in the House of Commons last Monday, the Government has published details of its Corporate Tax Reform programme. The stated aim is to improve the UK's tax competitiveness. The published document entitled ‘Corporate Tax Reform: Delivering a M.....
Friday, December 03, 2010
The OECD has released to the public its annual statistics for 2008 and 2009 on the Mutual Agreement Procedure (MAP) caseloads of all its member countries and of non-OECD economies that agree to provide such statistics. MAP is the dispute resolution process as set out in the OECD Model Conventi.....
Friday, December 03, 2010
Following on from the Chancellor’s Autumn Statement in the House of Commons on Monday, the Government has now published details of its Corporate Tax Reform programme. The stated aim is to improve the UK's tax competitiveness. The published document entitled ‘Corporate Tax Reform: Delivering a.....
Friday, December 03, 2010
The tax details in the Memorandum of Understanding between Ireland and the various contributors to our current funding requirement match very closely those in the Four Year Plan. The only questions for next Tuesday’s Budget concern the proportions in which the changes to tax bands, credits an.....