Monday, May 31, 2010
OECD countries welcomed four new members during their annual Council meeting at ministerial level: Chile, which joined the Organisation on 7 May 2010, and Estonia, Israel and Slovenia, which OECD countries agreed on 10 May 2010 to invite as members. Angel Gurría, OECD Secretary-General noted that a.....
Monday, May 31, 2010
The Commission's investigation focused on the settlement reached between Belgian tax authorities and Umicore SA whereby a demand to pay VAT of approximately €20 million was reduced to €10 million under the final settlement arrangement. The Commision established after a protracted period of investig.....
Monday, May 31, 2010
Members will have recently received an email from the Ulster Society Chairman Richard Gardiner in relation to the setting up of a new Focus Group on Corporation Tax.You will recall from recent eNews articles that the new Secretary of State Owen Paterson has already highlighted the huge challenges a.....
Monday, May 31, 2010
HMRC has published the above guidance which has been updated and amended to reflect the revised statutory references for tax exemptions relating to charitable trusts and charitable companies. This can be accessed on the HMRC website.....
Monday, May 31, 2010
HMRC have announced that Agents can now call one telephone number for all queries relating to their PAYE and SA clients (individuals). HMRC intend that this number will provide a quicker service with access to technical help, have shorter recorded announcements and will be manned by more experience.....
Monday, May 31, 2010
HMRC have announced Revised Advisory Fuel Rates which take effect from 1 June.These rates apply to all journeys on or after 1 June 2010 until further notice, the intention being to allow them to reflect fuel prices more quickly. For one month from the date of change, employers may use either the pr.....
Monday, May 31, 2010
An updated list of companies who have made a declaration to Revenue that they have raised BES/SCS investments on or after 1st January 2007 was published on the Revenue website.....
Monday, May 31, 2010
The Revenue Commissioners have made regulations under Finance Act 2010 implementing certain provisions of the Act regarding registration and records for natural gas carbon tax. A copy of the Regulations can be accessed on the Revenue website at: Tax Practitioners - Legislation - Statutory Instrumen.....
Monday, May 31, 2010
As readers will be aware, Finance Act 2010 introduced significant changes to CAT and probate requirements. Certain changes including the abolition of the status of CAT as a charge on property, the abolition of secondary accountability, and the revised clearance threshold of €50,000 came into effect.....
Monday, May 31, 2010
The Department of Finance has confirmed that the €200 car parking levy will be introduced this summer. The report on the levy has been prepared and will be submitted to the Minister for Finance for approval. The levy was provided for by section 3 Finance (No. 2) Act 2008 which inserted a new Part 1.....
Monday, May 31, 2010
The Institute's Director of Taxation Brian Keegan was interviewed on RTE Radio 1's Morning Ireland programme this morning about how a property tax might be implemented and about the Universal Social Contribution proposed by the Minister for Finance in last year's Budget. The interview is available .....
Friday, May 28, 2010
The Commission's investigation focused on the settlement reached between Belgian tax authorities and Umicore SA whereby a demand to pay VAT of approximately €20 million was reduced to €10 million under the final settlement arrangement. The Commission established after a protracted period of investi.....
Friday, May 28, 2010
NI Members will have recently received an email from the Ulster Society Chairman Richard Gardiner in relation to the setting up of a new Focus Group on Corporation Tax. You will recall from recent eNews articles that the new Secretary of State Owen Paterson has already highlighted the huge challeng.....
Friday, May 28, 2010
As readers will be aware, Finance Act 2010 introduced significant changes to CAT and probate requirements. Certain changes including the abolition of the status of CAT as a charge on property, the abolition of secondary accountability, and the revised clearance threshold of €50,000 came into effect.....
Friday, May 28, 2010
The Irish Auditing and Accounting Supervisory Authority (IAASA) has last week published a paper setting out:IAASA's observations arising from its engagement with issuers in respect of their materiality judgements; andan overview of the requirements of IFRS with respect to preparers' assessment of m.....
Friday, May 28, 2010
Chartered Accountants Ireland has had a number of enquiries relating to the requirement for an Accountant's Letter under the payment of Redundancy Lump Sum Scheme direct to the employee from the Social Insurance Fund .The Department of Enterprise, Trade and Innovation, Redundancy Payment guidelines.....
Friday, May 28, 2010
The International Accounting Standards Board (IASB) this week published for public comment proposals to improve the consistency of how items of Other Comprehensive Income (OCI) are presented. The IASB is proposing to require that entities present profit or loss and other comprehensive income in sep.....
Friday, May 28, 2010
The European Communities (Statutory Audits) (Directive 2006/43/EC) Regulations 2010, S.I. No. 220 of 2010 were signed into law on 20th May, 2010. These Regulations give effect to Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual accounts.....
Friday, May 28, 2010
The Financial Reporting Council (FRC) has today introduced changes to the UK Corporate Governance Code - formerly known as the Combined Code - to help company boards become more effective and more accountable to their shareholders.Changes include a clearer statement of the board's responsibilities .....
Monday, May 24, 2010
Average tax and social security burdens on employment incomes fell slightly in 24 out of 30 OECD countries last year as governments struggled to shore up faltering economies amid the worst recession in decades according to the latest edition of the OECD's annual publication "Taxing Wages".....
Monday, May 24, 2010
In order to encourage investment in affordable rental housing in Finland, the European Commission has authorised the introduction of REITS that will be exempted from corporate income tax, a move which according to Competition Commissioner Joaquín Almunia, will not unduly distort competition. Accord.....
Monday, May 24, 2010
Following changes to the Tour Operators' Margin Scheme (TOMS) from 1 January 2010, Revenue & Customs Brief 21/10 sets out details of an agreement with representative bodies of the business travel sector about invoicing for supplies under the arrangement known as 'hotel billback'.TOMS is a speci.....
Monday, May 24, 2010
HMRC have now published updated guidance on PAYE late payment penalties, including information about the new late payment penalty warning letters.The guide gives details of the late payments penalties which apply for all employers and contractors from May 2010. For employers with 250 or more employ.....
Monday, May 24, 2010
HMRC have published a basic guide for anyone wishing to import or export goods in the UK. The document acts as a guide to help get started on importing and / or exporting, and also provides a better understanding of the procedures involved in these activities.The guide can be accessed her.....
Monday, May 24, 2010
A recent Tribunal decided that the profits of a particular US LLC belonged to the individual members as they arose and that the UK member should be taxed accordingly.Since the member was thereby taxed on the same income in both countries, he was entitled to double taxation relief for US tax paid on.....
Monday, May 24, 2010
The 19 May deadline for submitting the 2009-10 Employer Annual Return (P35 and P14s) online has now passed. If employers still haven't filed their return, they must do so as soon as possible to avoid being charged a late-filing penalty.A penalty will be charged if an employer hasn't filed online an.....
Monday, May 24, 2010
The Coalition Government's programme published last week doesn't contain many specific proposals on taxation. While it doesn't give us much insight into what may be proposed on Budget Day, Tuesday 22 next, certain Income Tax and Capital Gains tax reforms are proposed.Once you've waded through the s.....
Monday, May 24, 2010
The May issue of tax.point; Chartered Accountants Ireland's monthly tax bulletin for tax professionals and accountants, is now available. In this months issue Lorraine Smyth and Nicola Quinn, write on tax incentives for innovation. Denise Heaney, Senior Tax Manager with PricewaterhouseCoopers LLP N.....
Monday, May 24, 2010
The Court Service and Revenue Commissioners are holding a series of joint information seminars nationwide on the changes introduced to CAT and Probate requirements by Finance Act 2010. Readers should note that the Dublin seminar on 26 May is now fully booked. However, there will be an additional in.....
Monday, May 24, 2010
Readers will be aware that Halifax is closing its current account business from 18 June 2010. Revenue has advised that all Revenue On-line Service (ROS) customers with such accounts should ensure that their ROS Debit Instructions (RDI) have been amended to reflect their new current account details .....
Monday, May 24, 2010
We have been informed that the Form CT1 for accounting periods ending in 2010 is now available for filing on ROS. The paper return is also available on the Revenue website at: Business & Self Assessment - Popular Forms. Revenue has advised that the "personalised" hard copy 2010 Form C.....
Monday, May 24, 2010
As readers of eNews will be aware, the National Solidarity Bond was launched by the National Treasury Management Agency (NTMA) at the beginning of this month. The Minister for Finance has designated the National Solidarity Bond to be "specified deposits" as defined in section 256 Taxes Co.....
Monday, May 24, 2010
Section 44 Finance Act 2010 amends Schedule 4A TCA 1997 to allow for three additional classes of technology to qualify for the capital allowances scheme for energy efficient equipment. This section was subject to a Commencement Order. The Minister for Communications, Energy and Natural Resources, i.....
Friday, May 21, 2010
The Professional Oversight Board has this week published its review of the UK professional accountancy bodies' monitoring of their members who provide non-regulated accountancy services (such as accounts preparation, payroll, tax and bookkeeping but not audit and insolvency work).The Oversight Boar.....
Friday, May 21, 2010
Friday, May 21, 2010
In order to encourage investment in affordable rental housing in Finland, the European Commission has authorised the introduction of REITS that will be exempted from corporate income tax, a move which according to Competition Commissioner Joaquín Almunia, will not unduly distort competition. Accord.....
Friday, May 21, 2010
It's been a busy week for the new Chancellor George Osborne. On Monday came the announcement of his first budget on Tuesday 22 June and the set-up of the new Office of Budget Responsibility.This was followed by much speculation of the potential contents of the "emergency" budget by intere.....
Friday, May 21, 2010
We have been informed that the Form CT1 for accounting periods ending in 2010 is now available for filing on ROS. The paper return is also available on the Revenue website at: Business & Self Assessment - Popular Forms. Revenue has advised that the "personalised" hard copy 2010 Form C.....
Monday, May 17, 2010
Revenue has published a claim form (Form CC-Rep) for a refund of MOTCC paid on oil used in installations covered by Greenhouse Gas Emissions Permits. The claim form includes guidance notes to assist completion and can be downloaded from the Revenue website her.....
Monday, May 17, 2010
Chartered Accountants Ireland has been engaged in discussions with Revenue, through the TALC Collection forum, on the current Revenue collection enforcement procedures and issues experienced by practitioners in their dealings with Revenue on this matter. The accountancy bodies are proposing to make.....
Monday, May 17, 2010
Chartered Accountants will be aware that the new Mandatory Disclosure arrangements for certain tax avoidance arrangements introduced in FA10 rely on Regulations for their operation. Under the new s817D, key components of the regime such as the information to be provided are to be defined by Regulat.....
Monday, May 17, 2010
In a statement released Thursday 13 May, Chartered Accountants Ireland noted the EU Commission Communication on Reinforcing Economic Policy Coordination. In our view, there is nothing in the Communication which could prejudice the 12.5% Corporation Tax rate in Ireland. This statement from the Insti.....
Monday, May 17, 2010
When paying PAYE electronically taxpayers normally have until the 22nd of the month to pay. However 22 May 2010 falls on a Saturday. Therefore payments for Month 1 of 2010-11 will need to clear HM Revenue & Customs bank account by Friday 21 May.More details are available her.....
Monday, May 17, 2010
HMRC have published the latest guide to completing a company tax return. Readers are advised to read all the General notes and use the box-by-box advice when completing the form. Whilst the notes do not give a detailed description of the tax system for companies or a detailed account of how to calc.....
Monday, May 17, 2010
HMRC have updated their guidance on Venture Capital Trusts (VCTs) to reflect current legislation. It is intended for guidance only and does not attempt comprehensive or detailed coverage of the rules of the VCT scheme. The guidance reflects HMRC's understanding of the law in force at the time of pu.....
Monday, May 17, 2010
We continue to receive updates on the NPS from HMRC and reproduce the latest update below. HMRC wish us to stress the context in which this has been sent. They say "Although the General Election has now been held, the short updates we can give you are still on the basis that we give you purely.....
Monday, May 17, 2010
Chartered Accountants Ireland has welcomed the commitment of Mr Owen Paterson towards business regeneration and renewal for Northern Ireland. Mr Paterson clearly sees a reduced rate of Corporation Tax as an important element in fostering Northern Ireland's economic development.Chair of the Institut.....
Monday, May 17, 2010
A very important debate on tax matters took place at the Northern Ireland Assembly on Tuesday 11 May and Chartered Accountants Ireland was there.Readers will be aware of the ongoing debate in terms of lowering the Corporation Tax rate in NI to match that of the Republic. Whilst the outcome of the 2.....
Monday, May 17, 2010
Six toolkits aimed at helping agents avoid common errors when filing clients' returns for 2009/10 have been published by HM Revenue & Customs (HMRC).The toolkits which can be accessed here cover:Capital Gains Tax for land and buildingsMarginal Small Companies' reliefPrivate and Personal expendi.....
Monday, May 17, 2010
The "emergency" Budget will be held on Tuesday 22 June.....
Friday, May 14, 2010
The Auditing Practices Board (APB) of the FRC has this week published a consultation draft of a revision of Practice Note (PN) 20: 'The Audit of Insurers in the United Kingdom (Revised)'. The consultation period ends on 16 August 2010.When finalised the guidance proposed in the consultation draft w.....
Friday, May 14, 2010
The Department of Justice, Equality and Law Reform has recently announced that the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 has been signed into law by the President. The Act transposes the 3rd EU Money Laundering Directive into Irish law. It imposes various obligations .....
Friday, May 14, 2010
Enterprise Ireland have recently issued tips for companies and their accountants in relation to making claims for the remaining periods of ESS Calls 1 and 2. This will enable claims to be processed faster. Click here to access the webpage. It is important also to note that both the accountants repo.....
Friday, May 14, 2010
The International Accounting Standards Board (IASB) this week published for public comment its proposed changes to the accounting for financial liabilities. This proposal follows work already completed on the classification and measurement of financial assets (IFRS 9 Financial Instruments). The IAS.....
Monday, May 10, 2010
The European Commission has decided to continue the infringement procedure against Greece on its car registration system, which still discriminates against used cars bought in other Member States, despite some modifications in the law. The Commission has therefore requested Greece, again, to modify.....
Monday, May 10, 2010
The Commission has referred Belgium, Finland and France to the European Court of Justice and has sent a reasoned opinion to Spain over failure to comply with previous formal requests to amend various tax provisions. The Commission also formally requested that Spain amend its inheritance and gift ta.....
Monday, May 10, 2010
During the Budget speech of 24 March it was announced that with effect from April 2010, where a business applies for time to pay a debt of £1 million or higher, HMRC may, unless the facts are straightforward, require the business to engage, at its own expense, a suitably qualified professional advi.....
Monday, May 10, 2010
HMRC have now published the above document which will be of interest to anyone importing goods into the UK from outside the fiscal (VAT) territory of the European Community (EC). The extent of the fiscal territory is explained in section 9 of the Notice.This can be found on the HMRC website hereThe.....
Monday, May 10, 2010
If readers have a trust tax query and can't find what they need online, the relevant HMRC point of contact depends on whether the matter relates to Income Tax, Capital Gains Tax or Inheritance HMRC have published details of how to get in touch on their website hereThe 2009-10 form 50(S) Return of T.....
Monday, May 10, 2010
As readers will be aware, from 1 April 2010 paper VAT Returns are being phased out. To find out more about these changes and the benefits of submitting your VAT Return online, HMRC are holding a number of free events where you can go along, sign up for VAT online and speak to one of their advisors......
Monday, May 10, 2010
The deadline for filing PAYE Employer Annual Returns (P35 and P14s) is 19 May. HMRC have published some need to know information for this deadline which can be found on its website.Further information is available her.....
Monday, May 10, 2010
Over the last two weeks in eNews we have requested details of your recent experiences in dealing with HMRC. Thanks to those readers who have already shared details of current issues they are experiencing. This is your opportunity to provide us with sufficiently supported evidence so that we can app.....
Monday, May 10, 2010
Chartered Accountants Ireland has been monitoring and making representations on the EU proposals for a Common Consolidated Corporate Tax Base for several years. Last week the Institute met with EU Tax Commissioner Mr Algirdas Semeta in Brussels on the matter.The Institute's position is that EU prop.....
Monday, May 10, 2010
The Revenue Commissioners, in exercise of the powers conferred on them by Section 75(5)(a) (inserted by Section 109 of Finance Act 2007 (No. 11 of 2007)) of the Stamp Duties Consolidation Act 1999 (No. 31 of 1999) have made Regulations entitled as above.....
Monday, May 10, 2010
Revenue has published updated FAQs which deal with the operation of the Income Levy. The topics covered include; income liable to the Income Levy, exemption categories, thresholds, underpayments and overpayments. Readers are reminded that these FAQs continue to be updated on a regular basis. Furthe.....
Friday, May 07, 2010
The Commission has referred Belgium, Finland and France to the European Court of Justice and has sent a reasoned opinion to Spain over failure to comply with previous formal requests to amend various tax provisions. The Commission also formally requested that Spain amend its inheritance and gift ta.....
Friday, May 07, 2010
As readers will be aware from last week's e-News, the consultation period for HMRC's published draft legislation on deliberate wrongdoing by tax agents closed on 28th April.As part of Chartered Accountants Ireland's submissions work on behalf of members, the Northern Ireland Tax Committee headed by.....
Friday, May 07, 2010
Chartered Accountants Ireland has been monitoring and making representations on the EU Proposals for a Common Consolidated Corporate Tax Base for several years. This week the Institute met with EU Tax Commissioner Mr Algirdas Semeta in Brussels on the matter.The Institute's position is that EU prop.....
Friday, May 07, 2010
- The International Federation of Accountants (IFAC) and The Prince's Accounting for Sustainability (A4S) Project have entered into a memorandum of understanding to support the global accountancy profession's role in developing sustainable organizations.Organizations are increasingly seeking new wa.....
Friday, May 07, 2010
The International Accounting Standards Board (IASB) this week issued Improvements to IFRSs - a collection of amendments to seven International Financial Reporting Standards (IFRSs) - as its latest set of annual improvements. The IASB uses the annual improvements process to make necessary, but .....
Tuesday, May 04, 2010
The European Commission has published the VAT rates applicable in the EU Member States as of 1 May 2010. The publication also contains further details such as details of the reduced VAT rates applied by Member States to goods and services contained in Annex III of the VAT Directive, cases where the.....
Tuesday, May 04, 2010
The European Commission has launched an online public consultation inviting individuals, companies and tax advisers for information on double taxation problems that they may have encountered when operating across borders within the EU. The Commission hopes to identify the nature of the problems tha.....
Tuesday, May 04, 2010
The Commission has published a report, prepared by an independent group of EU tax experts, which outlines the double taxation problems that arise when venture capital is invested cross-border, together with possible solutions. According to the report, there are two main problems. The first is that .....
Tuesday, May 04, 2010
HMRC have now published updated National Insurance technical guidance on working in the European Economic Area.Special rules mean that people often have to pay National Insurance contributions when they work overseas. These rules can help them to remain in the UK's Social Security system when they .....
Tuesday, May 04, 2010
The above notices have now been amended to reflect changes in the time limit for claiming VAT and can now be found here and her.....
Tuesday, May 04, 2010
HMRC have published details of changes to the 2009-10 Trust and Estate SA Return. This can be found on the HMRC website hereThis Guidance not only details changes to the 2009-10 Trust and Estate Return but incorporates the confirmation reported in last week's e-News that the tick-box facility at Bo.....
Tuesday, May 04, 2010
HMRC have now published new procedures and forms to be used to apply for recognition as a charity for tax purposes. These can be found on their website her.....
Tuesday, May 04, 2010
HMRC have now published Issue 35 of the Employer Bulletin.Aimed at Employers and Agents it contains important information and news about topics affecting the operation of payroll including items of relevance from the 2010 Budget as well as updates on other topics such as the National Minimum Wage.T.....
Tuesday, May 04, 2010
Draft technical guidance on the High Income Excess Relief Charge legislation has been published by HMRC. This can be found on the HMRC website here HMRC have stressed that the guidance is in draft and may need to be amended to reflect future changes. This legislation was introduced to restrict the .....
Tuesday, May 04, 2010
HMRC have advised that they are currently considering changes to the way these rates are provided. In the meantime employers can continue to use the rates published on the HMRC website. The guidance can be found her.....
Tuesday, May 04, 2010
HMRC are advising business that if, as a result of the disruption caused by the volcanic ash cloud, taxpayers are experiencing difficulties in being able to meet tax, National Insurance, VAT or other payments owed, or anticipate difficulties in making payments becoming due, to contact the Business .....
Tuesday, May 04, 2010
HMRC have published Statement of Practice 1/10 which sets out the type of information, claims and requests that HMRC Taxes Contact Centres will accept from individuals or their agents over the telephone. This only deals with the tax affairs of individuals and can be found on page 334 of HMRC's publ.....
Tuesday, May 04, 2010
In last weeks e-News we requested details of your recent experiences in postal and telephone communications with HMRC. We urge you to get in touch with Brian Keegan Director of Taxation or Leontia Doran Education and Taxation Specialist with details of specific concerns you may have in respect of H.....
Tuesday, May 04, 2010
As readers will be aware from last week's e-News, the consultation period for HMRC's published draft legislation on deliberate wrongdoing by tax agents closed on 28th April.As part of Chartered Accountants Ireland's submissions work on behalf of members, the Northern Ireland Tax Committee headed by.....
Tuesday, May 04, 2010
Readers are advised that a caller (reported to have a non-Irish accent) purporting to be a Revenue official has been contacting businesses seeking PPSN numbers or addresses of named taxpayers. Revenue would not make this type of telephone call and readers are requested to contact their local Revenu.....
Tuesday, May 04, 2010
Readers are reminded that a carbon tax, as announced by the Minister for Finance in his Budget 2010 speech, applies to home heating oil and gas, from 1 May 2010. Revenue published a guide to Natural Gas Carbon Tax on their website last week which outlines the main features of the tax and the arrang.....
Tuesday, May 04, 2010
Revenue has published FAQs on the use of the ROS PAYE service. The FAQs provide guidance to practical queries on the use of the service by agents for their clients. Issues such as; how to register as an agent for a PAYE client, accessing ROS PAYE, updating profiles and viewing client's pay and tax .....
Tuesday, May 04, 2010
The National Solidarity Bond, which was announced by the Minister in his Budget Speech 2010, will be available to purchase in all Post Offices from today Tuesday 4 May. The NTMA announced that the Bond will provide investors with a return of 1% gross per annum for 10 years, which will be subject to.....