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Phased tax payments

The Collector General may grant taxpayers who have an overall debt not exceeding €5,000 a once off concession of phased payment without entering into a formal instalment arrangement.  Revenue’s Guidelines for Phased Payment/Instalment Arrangements is updated to include a new paragra.....


Income tax exemption for payments made under employment law

Certain payments made under employment law, generally in relation to breaches of employee rights are exempt from income tax under section 192A of the Taxes Consolidation Act 1997.  This section was updated by Finance Act 2015 to include the Workplace Relations Commission as a 'relevant authori.....


Corporation tax start up relief

Tax relief for start-up companies under section 486C of the Taxes Consolidation Act 1997 was extended by Finance Act 2015 to companies which commence a qualifying trade in 2016, 2017 or 2018.   Revenue’s Tax and Duty Manual is updated to incorporate this change.  TaxSource, the onli.....


Tax receipts continue to grow in 2016

Tax receipts have grown by 7.3 per cent in January when compared to the same period last year.  Nearly €4.5 billion in tax was collected in the month of January. January is the key month for VAT, as receipts in this month represent the Christmas trading period, typically the strongest per.....


Place of supply of services connected with immoveable property

The European Commission has published explanatory notes on the place of supply rules of services connected with immoveable property which are due to come into force in 2017. These explanatory notes provide background information on place of supply rules for services connected with immovable propert.....


Senegal signs up to OECD’s tax information exchange agreements

Last week Senegal signed an agreement to join the OECD’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Senegal is the 11th African country to sign the Convention and the 93rd jurisdiction to join the Multilateral Convention on Mutual Administrative Assistance in Tax Ma.....


Stamp Duty Land Tax in Northern Ireland

The Northern Ireland Tax Committee has provided a response to the consultation “Higher rates of stamp duty land tax (SDLT) on purchases of additional residential properties”. The Committee recommended the introduction of a disadvantage areas relief in that response.  Other key poin.....


Next Talking Points event

Details of the next event are outlined below.  Friday 19th February 2016 14:00 – 14:45  Subject: Complaints - covering HMRC’s approach to handling complaints and putting things right. This will include an explanation of HMRC’s complaints process, focus on resolving matte.....


It’s not all the Private Sector’s fault

Brian Keegan, Director of Taxation, writes on the need for reform of the Irish PRSI system and the current consultation on self-employment arrangements and the kind of structures used when taking on work contracts, in his column for the Sunday Business Post.  In the Irish Examiner today Brian .....


Double tax convention/agreements update

Recent developments in this area are outlined.    In an exchange of letters, the 1952 Double Taxation Arrangement with Guernsey is being further amended The Double Taxation agreement with Jersey is also being similarly amended. Details of tax treaties between the two countries are also av.....


This week’s UK tax tidbits

Developments of interest this week are outlined below.    The draft Land and Buildings Transaction Tax (Amendment) (Scotland) Bill has been published The Employment Allowance (Increase of Maximum Amount) Regulations 2016 have now been issued. These increase the amount of th.....


Accountancy bodies issue call for EU Reform in London

                CCAB, the forum for accountancy bodies in the UK and Ireland, has called for reform in the structures of the European Union that will create a more efficient and productive relationship between the UK and EU. The call came at the official laun.....


Planting a seed: Institute talks showcase Chartered Accountancy to 270 students

  Chartered Accountants Ireland was delighted to welcome more than 270 second-level students and teachers from 18 schools across Leinster to our Dublin HQ for a series of talks on what a career as a Chartered Accountant has to offer. The event was aimed at Transition Year, 5th and 6th yea.....


This week’s tax tidbits

Developments of interest this week are outlined.       Ireland A consultation on the tax and PRSI impact of personal services companies and other self-employment arrangements was launched by the Minister for Finance and Minister for Social Protection and submissions are invited by 31.....


Pensions Authority objectives and pension reform plans

At a recent Pensions Authority seminar the Pensions Regulator, Brendan Kennedy set out the objectives of the Authority for the next five years and plans for 2016. The seminar was attended by over 300 people representing trustees, registered administrators, providers and advisors from the pensions s.....


Central Bank highlights key priorities for 2016

The Central Bank’s Consumer Protection Outlook Report sets out the consumer protection priorities it will be focussing on over the next year as well as highlighting a number of key risks facing consumers of financial services for all regulated firms to fully consider.  These risks includ.....


EFRAG Feedback Statement

EFRAG has published a feedback statement following the publication of its final comment letter on the IASB 2015 Agenda Consultation.  It published its final comment letter in response to the Request for Views of August 2015 IASB Agenda Consultation discussing the main priorities for the IASB's.....


European young accountancy professionals, let your voice be heard!

FEE is looking for European young accountancy professionals to give their views on ethical behaviour. Take 15 minutes to tell us what you think about ethical behaviour and your relevant competencies by taking the Ethics for Young Accountancy Professionals Survey.....


And the winners are....

We're right in the middle of awards season so it's a good time to acknowledge our own award winners for the class of 2015's Chartered Tax Consultant. The group were issued their final results of a challenging and rewarding year just last week, and we are delighted to note that 80% of the group pass.....


Commission launches Anti-Tax Avoidance Package

The European Commission launched its Anti-Tax Avoidance Package last Thursday 28 January. The package contains measures including proposals for two directives, described as having the aim of preventing aggressive tax planning, boosting tax transparency and creating a level playing field for all bus.....


Ireland agrees to automatic exchange of Country-by-Country reports with 30 other States

The OECD held a signing ceremony last Wednesday for the 31 states who have agreed to automatically exchange information gathered by their respective tax authorities in Country by Country reports.  Ireland and the UK are among the 31 signatories. The Multilateral Competent Authority Agreement (.....


Consultation on personal service companies and self-employment arrangements

A consultation on the tax and PRSI impact of personal services companies and other self-employment arrangements is now underway.  The consultation was launched by the Minister for Finance and Minister for Social Protection and submissions are invited by 31 March. The purpose of the consultatio.....


Mileage and subsistence rates

Current links to the most recent versions of Revenue’s information leaflets on civil service mileage and subsistence rates are - Employees' Motoring/Bicycle Expenses - IT51 and Employees' Subsistence Expenses - IT54. .....


Notice for Employers on PAYE

A PAYE notice from Revenue may be of interest to employers and payroll providers preparing the annual P35 return for the 2015 tax year.  Among the main items covered in the notice include; the treatment of medical insurance, how to deal with P35 refunds, and local property tax deductions. .....


Local Property Tax Manual

The Local Property Tax Manual – Exemption for properties damaged by pyrite - has been updated to reflect changes made by the Finance (Local Property Tax) (Amendment) Act 2015. The changes extend the existing exemption for properties certified with significant pyrite damage to include properti.....


Closure of the FATCA on line filing facility

Agents and Reporting Financial Institutions are advised that the Foreign Account Tax Compliance Act or “FATCA” filing option is unavailable on ROS until early April.  According to a notice on the Revenue website the closure of the filing facility is to allow for enhancement work to.....


The UK matters most

Brian Keegan, Director of Taxation, writes on EU tax proposals and how the UK’s approach towards EU tax directives, large multinationals and small businesses matters the most, in his column for the Sunday Business Post.  .....


Chartered Tax Consultant 2015 exam results released with highest ever pass rate

With year six of Chartered Tax Consultant having just started, we hope that the 2015 group’s fabulous achievements will inspire our new starters. Last week, final exam results for the year were released and we are delighted that the group have achieved a fantastic 80% pass rate. This is a cha.....


Self-assessment - how was it for you?

As HMRC pore over the millions of returns submitted before yesterday’s deadline, we’d like to know how it was for you. Now that the big 31 January deadline is not quite a distant memory, the Institute is asking you how it went, what worked well, and areas for improvement, particularly i.....


Making tax digital – Belfast event

During the early part of this month, HMRC is holding a series of events on the “simpler payment” part of Making Tax Digital. It is keen to speak with members in practice and their business clients about the project and to hear their views. Details of the Belfast event are below. Publish.....


VAT MOSS simplifications

HMRC have released Brief 4 of 2016 setting out simplifications for micro businesses supplying digital services to customers in other Member States. This brief outlines the simplifications available to businesses trading below the UK’s VAT registration threshold (currently £82,000) that .....


Review of VAT grouping

Brief 3 of 2016 announces the Government’s intention to launch a consultation on VAT grouping provisions and highlights the planned approach. The Brief notes that in the CJEU Larentia and Minerva decisions, Member States may only restrict VAT grouping to legal persons, whe.....


This week’s UK tax tidbits

Developments of interest this week are outlined below.    The Government is carrying out a survey to gather views from employers on how they would like to be able to access funds from the Apprenticeship Levy and pay these over to training providers. The survey, which should take no more t.....


Family Business book coverRecommended Reading
Family Business - A Survival Guide
By Kieran McCarthy

Family businesses can be found in every sector of the economy, in all shapes and sizes. Regardless of size, however, running a successful family business brings unique challenges which can affect its chances of survival and the transition to the next generation.

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