Institute's Charity Day - Your Activity Countdown

Tuesday, January 31, 2012

January.   With three months left until the Irish Heart Foundation’s big fundraising event ‘active afternoon’, there is still time to plan ahead and feel the benefits of getting active by starting today. For the next few weeks the Irish Heart Foundation will be providing information, tips.....


Commission requests Belgium to amend its rules on the notional interest deduction

Monday, January 30, 2012

The European Commission has officially asked Belgium to amend its treatment of notional interest deductions. Current Belgian rules provide that a notional interest deduction is granted for Belgian real estate and permanent establishments, while no deduction is granted for foreign real estate and pe.....


Commission requests Ireland to modify motor tax on vehicles less than 3 months old

Monday, January 30, 2012

The European Commission has formally requested Ireland to modify how motor vehicles less than 3 months old are taxed to comply with EU law. According to the Commission, Ireland imposes a higher motor tax on cars of less than 3 month old which are imported from other Member States than it imposes on.....


Commission refers the United Kingdom to the Court of Justice for Abolition of Tax Refund Procedure

Monday, January 30, 2012

The European Commission has referred the United Kingdom to the EU's Court of Justice for abolishing the "remedy for repayment of taxes paid in mistake of law" without implementing proper transitional measures. Under EU law, taxes must be reimbursed when such taxes have been levied in breach of EU r.....


Tax Gather & Check – NEW Tax Checklists for 2011

Monday, January 30, 2012

A good start is half the work! Why invest valuable staff and partner time writing your own personal and corporation tax return checklists when you can have this pack for just €70? The updated version of this popular tax toolkit, designed to help you streamline your procedures and assist you in aski.....


Pay to keep off the list of Tax Defaulters

Monday, January 30, 2012

Revenue have published eBrief No. 04/12 as a reminder to practitioners that if tax due on foot of an unprompted disclosure is not paid, Revenue will not regard the disclosure as a qualifying disclosure.  In turn this could mean that publication of the disclosure could occur. In eBrief No. 04/1.....


Who’s afraid of the USC?

Monday, January 30, 2012

A review of the Universal Social Charge (USC), as committed to under the Programme for Government, was published by the Department of Finance recently.   It’s much more than that however – it is possibly the clearest official document yet to set out the evolution of income tax over the pa.....


Deadline - P35 Return for 2011

Monday, January 30, 2012

The due date for filing the 2011 P35 return is 15 February. This deadline is extended to 23 February where the P35 return and associated payment is made through Revenue Online Service (ROS). Members are reminded that when filing the P35 return the PPS number returned for each employee should match .....


Capital Gains Tax Deadline tomorrow 31 January

Monday, January 30, 2012

Members are reminded that the deadline for payment of capital gains tax (CGT) due on disposals made in the month of December – 1 December to 31 December inclusive, is tomorrow 31 January.  Form CGT Payslip B should be used for the purpose of making payment of the tax due and returned to the Co.....


Tax Experts have one less day to wait

Monday, January 30, 2012

We have confirmed with the Department of Finance that Finance Bill 2012 will now be published a day earlier than originally advised, on Wednesday 8 February. As well as the Big Ticket Budget measures, the Bill is scheduled to contain: details of a new tax incentive for individuals working in resear.....


PAYE update

Monday, January 30, 2012

HMRC have contacted us to advise that they have now commenced the process of issuing annual PAYE coding notices as of last week. A reminder was also issued about the new regulations which enable HMRC to collect up to £2,999 of tax owed through adjustment to the tax code. The first PAYE coding notic.....


HMRC issue reminder that paper VAT returns are disappearing this spring

Monday, January 30, 2012

HMRC is reminding VAT-registered businesses that all VAT returns must be submitted online from this spring, meaning paper returns will soon be a thing of the past. Currently, only newly-registered businesses and those with turnovers of more than £100,000 have to submit their VAT online, as well as .....


Revenue & Customs Brief 01/12

Monday, January 30, 2012

The above Brief explains HMRC’s policy on claims for VAT on goods on hand at registration that are received from persons who were previously registered for VAT, de-registered and have now re-registered the same legal entity. When taxable persons register for VAT they often bring assets into the tax.....


Urgent News about Tax Filing Deadline

Monday, January 30, 2012

HMRC contacted us late last week to advise that online filers will not face penalties provided returns are filed in the first two days of February. HMRC will treat all online Self-Assessment returns that come in by midnight on 2 February as though they were submitted by the 31 January deadline. Thi.....


ICAEW report on Auditor-Investor Forum

Friday, January 27, 2012

The Institute of Chartered Accountants in England and Wales (ICAEW) has published a report summarising the some of the key highlights of its Auditor-Investor Forum held on 24 November 2011. During the forum, investors, auditors and financial statement preparers had discussions on the main issues re.....


Withdrawal of Information sheet (IS) 05/2010 POBAL - Independent Reconciliation with POBAL's Expenditure Returns

Friday, January 27, 2012

Information sheet (IS) 05/2010 POBAL - Independent Reconciliation with POBAL's Expenditure Returns has been withdrawn and has been removed from the CHARIOT build which will be issued shortly.  It has come to our attention that a reconciliation of programme income and expenditure is being .....


EFRAG 'Endorsement Status' Update - January 2012

Friday, January 27, 2012

EFRAG has issued its draft endorsement advice letters on the Amendments to IFRS 7 Disclosures – Offsetting Financial Assets and Financial Liabilities and Amendments to IAS 32 Offsetting Financial Assets and Financial Liabilities. Therefore, EFRAG has updated the EFRAG Endorsement Status Report, as .....


FSA consults on amendments to the Listing Rules

Friday, January 27, 2012

The UK Financial Services Authority (FSA) has today proposed a number of changes to the Listing Rules that set out the requirements for companies listed in the UK. The changes are updates to the rules to take account of market developments. The Listing Rules are the responsibility of the Unite.....


Ireland to support EU Directive on white collar crime

Friday, January 27, 2012

The Minister for Jobs, Enterprise and Innovation, Richard Bruton T.D., has announced that he has secured the Government’s approval for Ireland to opt in to the EU negotiations for a Directive providing for criminal sanctions for insider dealing and market manipulation. The full press release is ava.....


Appointment of Executive Director of the IFRS Foundation and re-appointments to the IFRS Foundation and the IASB

Friday, January 27, 2012

The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board, have announced the appointment of Yael Almog as Executive Director of the IFRS Foundation. Ms Almog will be responsible for the management of the day-to-day operations of the organisation and pr.....


ASB Update on 'Future of GAAP' project

Friday, January 27, 2012

The ASB's monthly update of developments in its project to replace current UK and Irish GAAP with standards based on the IFRS for SMEs, with amendments for application in the UK and Ireland, is available on the ASB's website and can be accessed by clicking on the following link.....


Status report on IFRS for SMEs

Friday, January 27, 2012

Paul Pachter, IASB board member with responsibility for the IFRS for SMEs has written report to the EFRAG Working Group on matters relating to the standard, which has been published on the IASB's website. Please click here for more details and to access the report.....


Commission refers the United Kingdom to the Court of Justice for Abolition of Tax Refund Procedure

Friday, January 27, 2012

The European Commission has referred the United Kingdom to the EU's Court of Justice for abolishing the "remedy for repayment of taxes paid in mistake of law" without implementing proper transitional measures. Under EU law, taxes must be reimbursed when such taxes have been levied in breach of EU r.....


What do you want to learn from HMRC?

Friday, January 27, 2012

Feedback received from members on HMRC service levels resulted in a submission last year on your behalf. Following on from that submission a number of direct meetings were held with HMRC the most recent of which was in November last. At that meeting it was clear that our members would benefit from .....


Urgent News about Tax Filing Deadline

Friday, January 27, 2012

HMRC contacted us late yesterday to advise that online filers will not face penalties provided returns are filed in the first two days of February. HMRC will treat all online Self-Assessment returns that come in by midnight on 2 February as though they were submitted by the 31 January deadline. Thi.....


Deadline - P35 Return for 2011

Friday, January 27, 2012

The due date for filing the 2011 P35 return is 15 February.  This deadline is extended to 23 February where the P35 return and associated payment is made through Revenue Online Service (ROS). Members are reminded that when filing the P35 return the PPS number returned for each employee should .....


Financial Transaction Tax to launch even if not all Member States implement it?

Monday, January 23, 2012

Manfred Bergmann, Director for Indirect Taxation and Tax Administration, European Commission says that the Financial Transaction Tax will go ahead without Member States opposed to the tax. In a video interview available on the Commission’s website, Mr Bergmann says that the FTT has political moment.....


Off-Shore Tax Abuse Tops Agenda for 43 Tax Authorities including Ireland and the UK

Monday, January 23, 2012

The 7th meeting of the Forum on Tax Administration (FTA), which brought together the heads of tax administrations from 43 countries, concluded on 19 January with a commitment to combat offshore tax abuse. The 43 heads of various tax authorities, including Ireland and the UK, agreed a strategy which.....


NEW Tax Checklists for 2011 – ‘Tax Gather & Check’

Monday, January 23, 2012

Efficiency pays … and a good start is half the work! Get equipped early for 2011 tax returns with this new toolkit, designed to help you streamline your procedures and assist you in asking the right questions to capture essential details for 2011 Personal Tax and Corporation Tax returns in the Repu.....


tax.point January Issue – Now Available

Monday, January 23, 2012

The January issue of tax.point; Chartered Accountants Ireland’s monthly tax bulletin for tax professionals and accountants is now available. In this month’s issue, Mark Doyle, Tax Director with Grant Thornton considers the tax efficient options for holding assets and looks at the tax and commercial.....


Revenue Publish 2011 Forms

Monday, January 23, 2012

Revenue have also recently published a number of forms for the 2011 tax year on their website.  These forms are: Form 11E - 2011 - Pay & File Tax Return for the year 2011 Form 54 Claims - Income Tax Repayment Claim for the year 2011 Form RR1 2011 - High-Income Individuals: Limitation on Us.....


Updated Capital Gains Tax Guide and Payslip for Initial Period Now Available

Monday, January 23, 2012

Revenue have published on their website an updated guide to Capital Gains Tax (CGT).  This guide sets out the scope of CGT, the main exemptions and reliefs, how to calculate the tax due on different types of gains and the CGT self-assessment system.  Also now available on the Revenue webs.....


CCAB-I Pre Finance Bill 2012 Submission

Monday, January 23, 2012

Chartered Accountants Ireland, as a member of CCAB-I, made its pre Finance Bill submission to the Minister for Finance recently. The submission focuses on the pro-business measures as announced in the Budget 2012 statement. The points in the submission include: In the design of the new Special Assi.....


Having your cake and eating it

Monday, January 23, 2012

The High Court has confirmed the traditional approaches to deciding whether someone is employed or self employed, not least that every case must be examined on its own merits. The High Court heard the case of Neenan Travel Ltd versus the Minister for Social and Family Affairs ([2011] IEHC 458) in D.....


Proposed changes to tax code operated for share-based payments now open for comment

Monday, January 23, 2012

HMRC has published for comment draft amendments to PAYE regulations relating to a tax code change for share-based payments made after cessation of employment not included on Form P45. On 6 April 2011 HMRC changed the tax code that applies to certain payments of PAYE income made to an employee after.....


Is your company investing in Research and Development?

Monday, January 23, 2012

Innovation in the commercial world can often be the key to continued success and growth and in the tough business environment in Northern Ireland, life is no different. Tax incentives can be one factor in encouraging businesses to invest in innovation. To encourage Northern Ireland companies to inv.....


What do you want to learn from HMRC?

Monday, January 23, 2012

Feedback received from members on HMRC service levels resulted in a submission last year on your behalf. Following on from that submission a number of direct meetings were held with HMRC the most recent of which was in November last. At that meeting it was clear that our members would benefit from .....


Off-Shore Tax Abuse Tops Agenda for 43 Tax Authorities including Ireland and the UK

Friday, January 20, 2012

The 7th meeting of the Forum on Tax Administration (FTA), which brought together the heads of tax administrations from 43 countries, concluded on 19 January with a commitment to combat offshore tax abuse. The 43 heads of various tax authorities, including Ireland and the UK, agreed a strategy which.....


Employers: do you know about the new penalties for PAYE paid late?

Friday, January 20, 2012

To avoid paying the tough new penalties for late payment of PAYE and NIC, HMRC must have cleared funds by the due date. The new penalty regime was one of the matters on the agenda when Chartered Accountants Ireland met with HMRC recently. HMRC’s view is that employers must take responsibility for t.....


France and Germany cannot determine EU Tax Policy

Friday, January 20, 2012

Agendas and priorities are set by the EU Member State which holds the Presidency, currently Denmark” according to Chartered Accountants Ireland Director of Taxation Brian Keegan. ”While the Danes make reference to Common Consolidated Corporate Tax Base proposals in their agenda for their Presidency.....


CCAB-I Pre Finance Bill 2012 Submission

Friday, January 20, 2012

Chartered Accountants Ireland, as a member of CCAB-I, made its pre Finance Bill submission to the Minister for Finance last week. The submission focuses on the pro-business measures as announced in the Budget 2012 statement. The points in the submission include: In the design of the new Special Ass.....


Published: Kindle edition of The Seven Cs of Business Recovery, by Neil Hughes

Friday, January 20, 2012

The Seven Cs of Business Recovery by Neil Hughes is now available as an e-book for your Kindle. Previously published in paperback as Beating the Recession, this book provides a framework to help businesses successfully trade through challenging economic conditions. This e-book for Kindle is availab.....


CRH plc - the latest organisation to join our Employer Partnership Scheme…

Friday, January 20, 2012

To date a broad range of organisations have joined the Chartered Accountants Ireland Employer Partnership scheme including: Kerry Group, Bord Gáis, Google, Accenture, Microsoft, Meteor and Apple.  Membership of the scheme is public recognition and accreditation of an organisation's commit.....


Exposure Draft of the IFRS Taxonomy 2012

Friday, January 20, 2012

The IFRS Foundation has published for public comment an exposure draft of the International Financial Reporting Standards (IFRS) Taxonomy 2012. The proposed Taxonomy is a translation of IFRSs and interpretations as issued at 1 January 2012 into XBRL (eXtensible Business Reporting Language). Fo.....


EFRAG and ICAS research funding opportunity: The use of information by capital providers

Friday, January 20, 2012

EFRAG and ICAS are commissioning a literature review on this issue to serve as a sound platform for future research and deliberations on the use of information by capital providers and the future evolution of financial statements. The objective of financial reporting is based on satisfying users’ n.....


FRC publishes An Update for Directors of Listed Companies: responding to increased country and currency risk in financial reports

Friday, January 20, 2012

The Financial Reporting Council (FRC) has recently published an Update for Directors of Listed Companies in the UK to assist them in responding to increased country and currency risk in their annual and half-yearly financial reports. The Update was prompted by the current economic uncertainties fac.....


Bank Audit Letters

Tuesday, January 17, 2012

As many members will be aware, there were some minor changes to the bank enquiry letter this year, agreed by the accountancy bodies and the Irish banks.  The revised letter is available on the Irish Banking Federation (IBF) website.   The information sheet IS 01/2001 on CHARIOT will .....


First Revenue eBrief of the New Year

Monday, January 16, 2012

Revenue eBrief 01/12 warns of the perils of failing to use ROS, and (another) letters campaign, but we understand it is aimed at VAT non-filers in particular. The eBrief states that “Revenue will shortly be writing to certain customers who have previously been advised of their obligation to file ta.....


Revenue Headline Results 2011

Monday, January 16, 2012

Revenue recently published their usual New Year report of initial tax results from the year gone by.  The headline results for 2011 show that tax compliance levels are being sustained.  The results also show an increase in the number of Revenue audits and assurance checks; the two factors.....


Death of HMRC former Chief Executive

Monday, January 16, 2012

The Institute notes with regret the passing of Dame Lesley Strathie, former Chief Executive Officer and Permanent Secretary at HM Revenue & Customs.  She stood down as Chief Executive late last year, having been diagnosed with a serious illness.....


Simplifying Cross Border VAT Compliance is not that Simple

Monday, January 16, 2012

The European Commission has put forward a proposal for a Council Regulation amending Implementing Regulation (EU) No 282/2011 for non-established taxable persons supplying telecommunication services, broadcasting services or electronic services to non-taxable persons.  The proposal is a first .....


Commission Threatens Excessive Deficit Procedures against Hungary

Monday, January 16, 2012

Olli Rehn, EU Commissioner for Economic and Monetary affairs, has announced that Hungary’s forecast budget deficits for 2012 and 2013 exceeded the EU’s 3% threshold.  As a result, Hungary could face a suspension of EU funding from January 2013 onwards.  Hungary was among five countries in.....


Tax Gather & Check – NEW Tax Checklists for 2011

Monday, January 16, 2012

A good start is half the work! Why invest valuable staff and partner time writing your own personal and corporation tax return checklists when you can have this pack for just €70? The updated version of this popular tax toolkit, designed to help you streamline your procedures and assist you in aski.....


Information Leaflet on Income Tax Credits, Reliefs and Rates for 2011 and 2012 Now Available

Monday, January 16, 2012

Revenue have updated their Information Leaflet IT1 which sets out the income tax credits, reliefs and rates applicable for the 2011 and 2012 tax years.  .....


Share Scheme Forms Published by Revenue

Monday, January 16, 2012

Revenue have made available on their website a number of share scheme return forms for the 2011 tax year.    The following return forms now available for 2011: Form RSS1 - Return of Share Awards, Share Options and other rights and Other Securities for the year 2011 Form SRSO1- Income Tax .....


Compliance costs set to increase under new Mandatory eFiling regime

Monday, January 16, 2012

Revenue have launched a consultation on the proposed introduction of an additional electronic compliance requirement.  Mandatory from September 2013, larger business taxpayers will have to file financial statements to Revenue in iXBRL (inline eXtensible and Business Reporting Language) file fo.....


Joint Tax Agent Strategy Steering Group (JTASSG) minutes published

Monday, January 16, 2012

Minutes of the JTASSG meeting on 18 November 2011, of which this Institute is a member, have now been published. JTASSG is a joint Committee with HMRC and the representative bodies in the UK established to provide strategic leadership, insight, direction and decision-making and focused on collectiv.....


Government acts on anti-avoidance scheme involving post-cessation trade relief

Monday, January 16, 2012

As part of its policy to close down avoidance schemes as and when HMRC become aware of them, last week the Government announced that it will introduce new legislation to counter tax avoidance relying on post-cessation trade relief. As is tradition, this will apply from the date of the Written Minis.....


Employers: do you know about the new penalties for PAYE paid late?

Monday, January 16, 2012

To avoid paying the tough new penalties for late payment of PAYE and NIC, HMRC must have cleared funds by the due date. The new penalty regime was one of the matters on the agenda when Chartered Accountants Ireland met with HMRC recently. HMRC’s view is that employers must take responsibility for t.....


Corporation Tax on chargeable gains - Indexation Allowance

Monday, January 16, 2012

Tables showing the Indexation Allowance for assets disposed of in November 2011 together with historical data have now been published and are available here.  .....


What’s happening in the world of tax enquiries?

Monday, January 16, 2012

HMRC are continually reviewing their enquiry process and have made a number of changes recently that practitioners should be aware of. The ongoing trial of the Alternative Dispute Resolution (ADR) process has been further extended. The ADR trial provides Small and Medium Enterprise customers with a.....


Are your clients informed? The new late filing regime is here

Monday, January 16, 2012

Every practice has its fair share of clients who arrive in that last week of January to have their tax return completed and for many reasons it’s inevitable that some of those returns will not be submitted on time. But do these clients know about the new late filing regime? Last January 1.4 million.....


CCAB-I submission to FRC on reform proposals

Friday, January 13, 2012

The Consultative Committee of Accountancy Bodies - Ireland (CCAB-I) submitted a response this week to the UK Financial Reporting Council (FRC) on propsoals for the reform of the FRC.  The submission notes that while most of the the reform proposals relate to the regulatory and disciplinary ope.....


Review of ODCE activity in 2011

Friday, January 13, 2012

The Director of Corporate Enforcement has recently published a review of ODCE activity in 2011. To access the press relase and accompanying review, please click here.....


Commission Threatens Excessive Deficit Procedures against Hungary

Friday, January 13, 2012

Olli Rehn, EU Commissioner for Economic and Monetary affairs, has announced that Hungary’s forecast budget deficits for 2012 and 2013 exceeded the EU’s 3% threshold.  As a result, Hungary could face a suspension of EU funding from January 2013 onwards.  Hungary was among five countries in.....


IAASA publishes observations on selected year end financial reporting issues

Friday, January 13, 2012

IAASA has recently published its observations on selected year end financial reporting issues affecting entities whose securities are listed on a regulated market and whose home Member State is Ireland.   To access the observations document, please click here.....


The new late filing regime – are your clients informed?

Friday, January 13, 2012

Every practice has its fair share of clients who arrive in that last week of January to have their tax return completed and for many reasons it’s inevitable that some of those returns will not be submitted on time. But do these clients know about the new late filing regime? Last January 1.4 million.....


January is the cruellest month

Friday, January 13, 2012

In 2010, the annual tax furore was about credit union interest reporting. Last year, January's tax debate was about whether or not a Finance Bill could be pushed through before the dissolution of the Dail. This year's tsunami of outrage was provoked by the issue of less than gentle reminders that p.....


IAASB: "Economic Conditions Continue to Challenge Preparers and Auditors Alike; Focus Must Include Going Concern Assumption and Adequacy of Disclosures"

Friday, January 13, 2012

In a recent press release by the International Auditing and Assurance Standards Board (IAASB), the Board highlighted various gloabl eonomic difficulties, such as volatility in capital markets and measurement and disclosure of exposures to the sovereign debt of distressed countries, which "pres.....


Trustees announce revised membership of IFRS Advisory Council

Friday, January 13, 2012

The Trustees of the International Financial Reporting Standards (IFRS) Foundation, responsible for the governance and oversight of the International Accounting Standards Board (IASB), have this week announced the appointments and reappointments to the IFRS Advisory Council following the expiration .....


IAASB Disclosures Feedback Statement; Shares Global Insights to Support Essential Collaboration and Cooperation

Friday, January 13, 2012

The International Auditing and Assurance Standards Board (IAASB) has this week released a Feedback Statement on the responses to its January 2011 Discussion Paper, The Evolving Nature of Financial Reporting: Disclosure and Its Audit Implications. The Discussion Paper solici.....


Audit Committee Changes for Public Interest Entities in SI 685 of 2011

Friday, January 13, 2012

The Department of Jobs, Enterprise and Innovation has recently released Regulations, the European Communities (Statutory Audits) (Directive 2006/43/EC) (Amendment) Regulations 2011, SI No. 685 of 2011. These Regulations amend Regulation 91 of the European Communities (Statutory Audits) (Directive 2.....


Revenue & Customs Brief 47/11

Monday, January 09, 2012

This Brief clarifies the VAT liability of the construction and first sale of dwellings that are linked to a separate provision of care (extra care accommodation). It is targeted at those involved in the construction or development of such dwellings. For the purpose of the Brief extra care accommoda.....


Employment income provided through third parties

Monday, January 09, 2012

HMRC has published Frequently Asked Questions (FAQ) on employment income provided through third parties (known as 'disguised remuneration') and the National Insurance contributions implications of same. By way of reminder Finance Act 2011 made rules about employment income provided through third pa.....


Revenue & Customs Brief 44/11

Monday, January 09, 2012

The above Brief announces the Intrastat exemption and delivery terms thresholds will remain unchanged in 2012 from those set in 2011. Changes to reporting procedures that apply from 1 January 2012 are also outlined. The exemption threshold for dispatches remains at £250,000 whilst the exemption thr.....


January 2012 submission and payment deadlines – reminder

Monday, January 09, 2012

The traditional New Year tax rush is no doubt well under way for agents across the UK and NI with the 31 January deadline looming in a few weeks. By way of reminder, 31 January is the deadline for online submission of 2010-11 Self-assessment returns in addition to being the payment deadline for the.....


HMRC need your help

Monday, January 09, 2012

The recent consultations on HMRC/Agent Relationship have given impetus to HMRC providing online self-service facilities for tax practices.  What would you like to be able to do online? HMRC advise us that they will look in more detail at the practical steps needed to design online self-service.....


Rebalancing the Northern Ireland Economy

Monday, January 09, 2012

Late last month HM Treasury published a summary of responses received to the consultation “Rebalancing the Northern Ireland Economy” which was conducted in the first half of 2011. The main focus of this consultation was on a reduced rate of corporation tax for Northern Ireland. Over 700 responses w.....


More International Cooperation to be the Custom, but not yet!

Monday, January 09, 2012

The EU Commission have published more details of the FISCUS programme which is scheduled to launch in 2014.  FISCUS will support the cooperation between customs and tax authorities and other parties to counter evasion and fraud. FISCUS is the successor programme of both the Customs 2013 and Fi.....


Revenue Publish Updated Notes for Guidance for TCA 1997

Monday, January 09, 2012

The Notes for Guidance on the Taxes Consolidation Act 1997 (TCA 1997) as amended by all subsequent Finance and other Acts up to and including Finance (No. 3) Act 2011 have been published by Revenue. Members should note that these Notes are intended as Revenue guidance and do not purport to be a def.....


Reducing the Paperwork

Monday, January 09, 2012

Revenue’s eRegistration services were released live through ROS in March and November 2010 with some additional services released in April 2011.  Revenue have provided an update to Chartered Accountants Ireland on the eRegistration service which may help us in getting the best from the system......


Tax and USC Charge for Directors

Monday, January 09, 2012

A recent edition of Revenue’s Tax Briefing Issue 06 of 2011 insists that fees paid to directors of Irish Companies cannot be paid gross in any circumstances. Tax Briefing Issue 06 of 2011 restates the long established principle that the Schedule E charge applies in respect of remuneration derived f.....


Attachement Guidelines Updated to include Attachment of Wages/Salaries

Monday, January 09, 2012

Revenue have published updated Guidelines for Attachment reflecting the Finance Act 2011 extension to Revenue’s power of attachment to include wages/salaries. Finance Act 2011 amended Revenue’s power of attachment under section 1002 Taxes Consolidation Act 1997  by removing the prohibition on .....


Liability to USC and Income Levy for Employees in Non-Tax Treaty Countries

Monday, January 09, 2012

Revenue’s eBrief No. 82/11 differs from its companion reported on above, in that it sets out issues in relation to the USC where a Double Taxation Agreement does not exist.    eBrief No. 82/11 notes that a charge to Irish income tax does not generally arise where an individual is not resi.....


Charge to USC for Cross Border Workers

Monday, January 09, 2012

Revenue eBrief No. 81 sets out the niceties of the USC position for crossborder, “posted” and “frontier” workers and deals with issues arising from Double Taxation Agreements and from the holding of a medical card under Irish legislation.  An individuals’ entitlement to a full medical card det.....


January is the cruellest month

Monday, January 09, 2012

In 2010, the annual tax furore was about credit union interest reporting.  Last year, January's tax debate was about whether or not a Finance Bill could be pushed through before the dissolution of the Dail.  This year's tsunami of outrage was provoked by the issue of less than gentle remi.....


Publication of the SARs Annual Report 2011

Friday, January 06, 2012

The Serious Organsed Crime Agency (SOCA) in the UK issued, towards the end of last year, its annual report for 2011 on the SARSs regime.  The SARs Annual report 2011 details the SARs Regime Committee’s review of the operation and performance of the regime over the year from October 2010 to Sep.....


The Financial Reporting Review Panel announces priority sectors for 2012/13

Friday, January 06, 2012

The Financial Reporting Review Panel (FRRP) announced towards the end of last year that its review activity in 2012/13 will focus on the following sectors: Commercial property Retail Support services For more details, please click here.....


FEE Policy Statement: Professional Accountants' Contribution in the Current Economic Difficulties: Enhancing Transparency and Confidence

Friday, January 06, 2012

In its Policy Statement, FEE emphasises challenges facing both private and public sector management, accountants preparing financial statements, as well as auditors, in these difficult economic circumstances. FEE believes that this Policy Statement will enable FEE Member Bodies to reach out to.....


IESBA proposes changes to Code of Ethics for Professional Accountants to address conflicts of interest

Friday, January 06, 2012

The International Ethics Standards Board for Accountants (IESBA) is proposing changes to its Code of Ethics for Professional Accountants (the IESBA Code) to provide additional guidance to professional accountants in business and in public practice concerning conflicts of interest, and to make revis.....


IAASB Focuses on Capital Markets; Issues New Assurance Standard on Pro Forma Financial Information

Friday, January 06, 2012

The International Auditing and Assurance Standards Board (IAASB) has recently released new International Standard on Assurance Engagements (ISAE) 3420, Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus.  This document is issued in re.....


New EFRAG TEG composition as of April 2012 announced

Friday, January 06, 2012

EFRAG’s Supervisory Board has recently appointed Joanna Frykowska from Ernst & Young Poland and Serge Pattyn from Emerio Belgium as new EFRAG TEG members, and reappointed Mike Ashley as EFRAG TEG Vice-Chairman and Nicklas Grip, Nicolas de Paillerets, Hans Schoen and Andrea Toselli as EFRAG TEG .....


Latest IASB work plan published - projected targets as at 20 December 2011

Friday, January 06, 2012

The IASB has recently published its updated work plan, dated 20 December 2011, which includes recently issued pronouncements and a revised timetable for its various projects.   The expected timing for some of the key projects are: Financial Instruments - Impairment: re-exposure expected i.....


More International Cooperation to be the Custom, but not yet!

Friday, January 06, 2012

The EU Commission have published more details of the FISCUS programme which is scheduled to launch in 2014.  FISCUS will support the cooperation between customs and tax authorities and other parties to counter evasion and fraud. FISCUS is the successor programme of both the Customs 2013 and Fi.....


HMRC need your help

Friday, January 06, 2012

The recent consultations on HMRC/Agent Relationship has given impetus to HMRC providing online self service facilities for tax practices.  What would you like to be able to do online? HMRC advise us that they will look in more detail at the practical steps needed to design online self service .....


Reducing the Paperwork

Friday, January 06, 2012

Revenue’s eRegistration services were released live through ROS in March and November 2010 with some additional services released in April 2011.  Revenue have provided an update to Chartered Accountants Ireland on the eRegistration service which may help us in getting the best from the system......


Going the Extra Mile - Institute launches Charity Day - Friday 20th April 2012

Friday, January 06, 2012

Chartered Accountants Ireland's inaugural Charity Day will take place on Friday 20th April 2012.  On this date all chartered accountants are encouraged to run, walk or cycle for charity, at locations across the island. The Charity initiative will officially launch next Tuesday 10th January, at.....


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A Practical Guide to Insolvency by Kavanagh Fennell now available on the iBookstore This easy-to-use guide to the complexities of insolvency in Ireland for business managers, accountants, and other professionals, previously published in paperback, is available for your iPad in the iBookstore and for your Kobo eReader from KoboBooks.

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