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iXBRL Mandatory Phase 2

In one month’s time, on 1 October, corporate taxpayers will be subject to phase 2 of mandatory iXBRL filing.  This means that taxpayers filing corporation tax returns on or after 1 October 2014 in respect of accounting periods ending on or after 31 December 2013 must also file iXBRL fina.....


Revenue & Customs Brief 29/14

This Brief explains changes to the VAT Regulations for online filing of VAT returns as covered recently by Chartered Accountants Tax News. The brief is relevant to VAT registered businesses who are unable to file their VAT returns online for reasons of age, disability or remoteness of location. Fol.....


High Income Earners Restriction

Guidance on the application of the High Income Earners restriction, with worked examples, is published by Revenue in their Operational Manual. Revenue has also published a technical note on their website on the application and calculation of the restriction.  This guidance material may be.....


HMRC update VAT Appeals Update page

HMRC have updated the above page. Whilst some of the information is already known via court information, it does provide some useful insights on which cases HMRC are or are not appealing. Cases included on this list are cases where: • HMRC has lost at the First-tier Tribunal and which HMRC con.....


Update on the work of the Office of Tax Simplification (OTS)

The work of the OTS continues apace. Following the recent exchange of letters between the Exchequer Secretary and the OTS, the Terms of Reference for projects on employment status and tax penalties are now agreed and publically available. The Government has commissioned the OTS to examine the divid.....


Guidance on Amending Tax Returns

Revenue has published guidance on the procedures for amending a tax return which has already been filed. The guidance also covers claims for repayment of tax arising out of an error or mistake in a tax return and the time limits for self-correction without penalty. .....


Clarification on Double Taxation Relief for High Earners

Revenue has also published an eBrief on Double Taxation Relief in situations where the High Income Earners Restriction applies.  Finance (No.2) Act 2013 amended the way in which double taxation relief is granted, this change is retrospective and applies to claims to relief submitted on or afte.....


Updated Anti Money Laundering Guidance for Money Service Businesses

HM Treasury has approved HMRC's updated anti money laundering guidance. The updated guidance gives clear standards to enable businesses to meet their obligations under the Money Laundering Regulations 2007.....


Revenue Online Service – Unavailability

Readers are advised that certain services on the Revenue Online Service (ROS) will be unavailable this evening, Monday 1 September, between 6pm and 7pm.  Details are available on the Revenue website.....


Remittance Basis - withdrawal of concessional treatment for commercial loan arrangements

HMRC have published guidance on the withdrawal of the concessional treatment for commercial loan arrangements in the context of the remittance basis. Under the rules in Chapter A1 of Part 14 of ITA 2007 there is a remittance of foreign income or chargeable gains if: money or other property is broug.....


Do it

Our colleagues in Chartered Accountants Australia and New Zealand have asked us to mention an offshore compliance initiative being promoted in Australia.  The Australian Taxation Office (ATO) has announced 'Project DO IT', described as a 'last chance' for taxpayers to disclose offshore income .....


Collection of Debt: coding out

HMRC have announced that the new graduated scale for coding out of debts will apply for the 2015-16 tax year. Debtors will be notified in advance of the amounts which will be deducted from their income from April 2015 onwards. The over-riding limit that will prevent employers from deducting more th.....


IFRS 9 Impairment Transition Resource Group

The International Accounting Standards Board (IASB) recently announced the membership of an Impairment Transition resource Group (ITG) to support stakeholders on implementation issues that may arise as a result of the new impairment requirements of IFRS 9 Financial Instruments, which was .....


FEE publishes briefing papers on EU audit reform

In the context of the publication of the European Directive on Statutory Audits of Annual and Consolidated Accounts and Regulation on Statutory Audit of Public Interest Entities published in the Official Journal (OJ) on 27 May 2014, FEE has prepared the following Briefing Papers on topics directly .....


IPSASB 2013-2014 Update, 'Leading through Change'

The International Public Sector Accounting Standards Board (IPSASB) has released its 2013-2014 Update,Leading through Change. In addition to containing reports from the Chair and Technical Director, it highlights the IPSASB’s work in completing the Public Sector Conceptual Framework and develo.....


July/August IFRS for SMEs Update published

The IASB has published the July/August 2014 edition of its regular bulletin on developments with regard to the IFRS for SMEs standard. This edition, along with previous editions of the bulletin, can be downloaded by clicking here.....


Consultation on the impact of IFRS in the EU

The European Commission has launched a public consultation on the impact of International Financial Reporting Standards (IFRS) in the European Union, with a particular interest in to what extent the adoption of IFRS has improved the efficiency of EU capital markets by increasing the transparency an.....


Financial Reporting Accountant - CAVAN

Financial Reporting Accountant - 9 month Contract - CAVANJob Summary The Financial Reporting Accountant will be responsible for the preparation of financial reporting including regulatory reporting, board packs, financial statements and other reporting requirements.Key TasksPreparation of year-end .....


September


Deadline for Form 11 Paper Return – This Sunday 31 August

For those taxpayers filing a paper Form 11 2013 tax return, and who file their return by this Sunday 31 August, Revenue will issue a tax assessment notice for the 2013 tax year. Otherwise, taxpayers who file their paper Form 11 return after 31 August must self-assess their tax liability. Under the .....


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