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This week’s tax tidbits

Developments of interest this week are outlined.  Ireland  Revenue eBrief No. 51/16 provides details on the interest deduction allowed for landlords who undertake to rent residential property for a period of three years to tenants in receipt of social housing supports. From 1 January 2016.....


Institute supports UK remaining in EU in Brexit referendum

Dear colleague, At last Friday's AGM, your Council announced its strong support for the UK to remain part of the European Union and for our members to contribute to an informed debate within their communities. We issued a press release over the weekend which included a statement from Council, .....


Amendments to FRS 103

FRC has issued amendments to FRS 103 to update it for changes in the regulatory framework for insurers The Financial Reporting Council (FRC) has issued Amendments to FRS 103 – Solvency II.  These limited amendments to FRS 103 Insurance Contracts update it for changes in the regulatory framewor.....


Growing older and wiser

The “right” time Have you ever seen a top cut off age for a course? Have you ever seen “maximum age: XXX” in a prospectus? I certainly haven’t. I have seen entry ages on courses for which an applicant should be, say, over-18, but never under a particular age. It seems we impose these limits ourselv.....


Imminent changes to the Market Abuse Regime

3 July 2016 will see the replacement of the current market abuse regime, which has been in place in Ireland since 2005, with a new regime. The New Market Abuse Regime - update as of 25 May 2016 The new Market Abuse Regime consists of; a Market Abuse Regulation (EU 596/2014 - ‘MAR’) and a Market Abu.....


FAQs on ESMA APM Guidelines

The Financial Reporting Council (FRC) has responded to some Frequently Asked Questions on the application of the European Securities and Markets Authority’s Guidelines on Alternative Performance Measures (‘the Guidelines’) which were issued in October 2015. Download the FAQs here.....


FRC Feedback statement on succession planning

The Financial Reporting Council (FRC) has issued a feedback statement on its discussion paper, UK Board Succession Planning, which sought views on issues surrounding board succession for both executives and non‑executives.An active nomination committee is key to promoting effective board succession.....


Extension to IXBRL filing deadline

Revenue has agreed to our request to extend the iXBRL filing deadline.  Currently, iXBRL returns are due within 21 days of the Form CT1 filing date.  This deadline is being extended and returns will fall due within three months of the Form CT1 filing date for all companies.  It is ex.....


Public Consultation Paper: Taxation of Share Based Remuneration

In light of the recent commitment by the Government to provide a mechanism for Small Medium Enterprises to reward employees in a more tax efficient way, the Department of Finance recently launched a public consultation on the tax treatment of share based remuneration in Ireland. This follows the de.....


Free Brexit Debate - book your spot, 25 May Belfast, 26 May Dublin

Should the United Kingdom remain a member of the European Union or leave the European Union? Chartered Accountants Ireland has called for the UK to remain within the EU and for its members to contribute to an informed debate within their communities.  Join us this week for a lively debate host.....


Interest deduction – Social Housing

Finance Act 2015 introduced a change to the interest deduction allowed for landlords who undertake to rent residential property for a period of three years to tenants in receipt of social housing supports, since 1 January 2016. In normal circumstances, the interest deduction against rental income i.....


Changes to the appeal system for the requirement for security bonds.

Section 960S Taxes Consolidation Act 1997 allows Revenue to seek a security bond from a business where there are concerns that the tax to be paid in future may not be forthcoming. The newly established Tax Appeals Commission (TAC) changes the process of appealing the requirement for a security.....


New Institute President

Liam Lynch FCA, a tax partner and Head of Insurance at KPMG Ireland, was elected President of Chartered Accountants Ireland at the Institute AGM on 20 May.  Liam is a former chairman of the CCAB-I Tax Committee and chaired Main TALC in 2011.....


If it moves, tax it

Brian Keegan, Director of Taxation, considers whether the tax reform proposals outlined recently in the Programme for Government are sustainable tax policies or the outcome of political expediency in his column in the Sunday Business Post.  Brian comments in the Irish Times (Saturday) on the D.....


ECOFIN agenda for Wednesday’s meeting

The Council of the European Union (Economic and Financial Affairs) are scheduled to meet this Wednesday, 25 May, and agenda items include the draft anti-tax avoidance directive and the Commission's VAT action plan. The Council will be called on to agree a general approach to the draft anti-tax avoi.....


Finance Bill 2016 stalled by purdah

The Finance Bill 2016 recently had its second reading in the House of Commons. At this point, the Bill has now been frozen given that the purdah has now commenced before the EU referendum next month. Also as a result of the purdah the expected consultations on Making Tax Digital will not be launche.....


Office of Tax Simplification future strategy

Earlier this month, the Office of Tax simplification (OTS) published an update on its current work in addition to a strategy consultation document. The latter document sets out and is seeking views on, how the OTS thinks it should develop and operate as a permanent statutory body once Finance Bill .....


This week’s UK tax tidbits

Developments of interest this week are outlined.     Brief 9 (2016) clarifies HMRC’s position on the VAT treatment of conversions of non-residential buildings following additional permitted development rights Taxonomies are updated periodically to reflect changes to legislation, acc.....


Institute elects new officer group at 128th AGM

                  Pictured left to right: President Liam Lynch, Past President Tony Nicholl, Deputy President Shauna Greely, and Vice President Feargal McCormack. At the 128th Annual General Meeting in Dublin on Friday, 20 May 2016, M.....


All-island accountancy body backs ‘stay’ Brexit vote

                  New President voices Chartered Accountants’ support for UK remaining in EU Ireland’s largest accountancy body has called for the UK to remain within the EU and for its members to contribute to an informed debate within their communities.....


Find your perfect study space with 9 easy tips

I will not claim to be a feng shui or interior design guru or expert but I do know that some things just feel wrong sometimes. Your study space at home is somewhere that should feel a motivating and pleasant place to be.You need to achieve a lot in here so it’s important to get it right.Studying in.....


TR 03/2016 Reporting Company Law Offences: Information for Statutory Auditors

This new Technical Release (TR 03/2016) addresses the obligation on a statutory auditor to report to the Director of Corporate Enforcement in accordance with section 393 of Companies Act 2014 (CA 2014).  This replaces Information Sheet IS 06/2009 ‘Reporting Company Law Offences; Inf.....


Complacent candidates

 “It’s a candidates  market”; “My  qualification will  get me in the  door” and “I’m a  shoo-in for the  role” – some of  the comments  from candidates  in the current  market place.   The job market is  continuing to  impro.....


Striking the right balance between work and life

As a recent career related survey conducted by the Career Development Service of Chartered Accountants Ireland revealed, Chartered Accountants can find it challenging to balance work and life commitments. When asked what their concerns were in relation to their career, work life balance was shown t.....


Data Analytics: What you need to know

Data is creating new roles and opportunities; will finance be the ones to benefit? The impact of data is being felt throughout finance and accountancy, right the way to the c-suite. While much has been written about the disruptive nature of this and the danger of obsolesce for many roles, there are.....


Case Study: Diploma in Strategic Finance and Analytics

Rose O’Sullivan studied the Diploma in Strategic Finance and Business Analytics in 2015. Here's her story. My Motivation: Having qualified as a Chartered Accountant in 2007 and working in  senior accounting roles since then,    I thought my days of study were      over.....


New Accounting Technician Apprenticeship gathers pace with growing employer list

Nearly 50 organisations ranging from large consultancy firms to smaller accountancy practice and SME’s have now committed to taking on Accounting Technician Apprentices for the first intake of the ‘earn as you learn’ accountancy programme in the Republic of Ireland. To date, a total of 78 apprentic.....


Extension to IXBRL filing deadline

Revenue has agreed to our request to extend the iXBRL filing deadline.  Currently, iXBRL returns are due within 21 days of the Form CT1 filing date.  This deadline is being extended and returns will fall due within three months of the Form CT1 filing date for all companies.  It is ex.....


This week’s tax tidbits

Developments of interest this week are outlined.  Ireland More than 39,000 individual properties nationwide and over 56,000 jobs with a total estimated value just under €890 million have been registered with the Home Renovation Incentive (HRI) since it was introduced in October 2013.  The.....


IASB confirms amendments to current insurance contracts standard

The International Accounting Standards Board (the Board) has this week confirmed it will amend the current insurance contracts Standard, IFRS 4. This is to address issues that may arise from implementing the new financial instruments Standard, IFRS 9, before implementing the new insurance contracts.....


FRC issues amendments to FRS 105

The Financial Reporting Council (FRC) has issued Amendments to FRS 105 – Limited Liability Partnerships and Qualifying Partnerships.  Following a change in legislation, which comes into force this week, limited liability partnerships (LLPs) and qualifying partnerships can apply the micro.....


CRO Newsletter

The Companies Registration Office have just issued their regular monthly e-zine which includes details on extension applications for filing of annual returns and conversions to new company types. The newsletter and previous issues can be viewed here.  .....


Bressie's five tips for mental wellbeing

There is a lot of talk about mindfulness these days: there are books, apps, websites, blogs and plenty more dedicated to the subject. Some fully embrace it, some totally dismiss it and some feel they’re not quite sure what it’s all about. I was one of these until last week. I did understand that it.....


CCAB-I responds to the European Commission’s consultation on Improving Double Taxation Dispute Resolution Mechanisms

The CCAB-I has responded to the European Commission’s consultation on Improving Double Taxation Dispute Resolution Mechanisms.  The CCAB-I favour alternative mechanisms to provide a number of avenues to the taxpayer to resolve double taxation disputes.   The consultation took the fo.....


Commission publishes report on how Member States apply provisions relating to the Mini One Stop Shop

The Commission has published a report setting out how the various Member States apply Mini One Stop Shop (MOSS) rules on use and enjoyment provisions, VAT rates applicable to telecommunications, broadcasting and electronic services and the obligation to issue invoices on supplies to private individ.....


Consultations aplenty

Several new tax related consultations have been launched recently; with most of these having a July response date in view of the upcoming purdah before the EU referendum in June.    Corporation contributions to grassroots sports – closes 15 June 2016 This consultation seeks to ident.....


Heads of tax administrations meet at OECD Forum on Tax Administration

At the tenth meeting of the OECD Forum on Tax Administration (FTA), participants from forty-nine delegations, including international and regional tax organisations met to discuss international co-operation to tackle offshore tax evasion and a more transparent international tax system.  Accord.....


Programme for a Partnership Government

The Government released its Programme for a Partnership Government last week which contained a number of tax proposals. A medium-term income tax reform plan will be published for consultation with the Oireachtas Committee on Finance by July and for approval in October. Among the proposals which aim.....


VAT unjust enrichment for sports clubs – refund position confirmed

Brief 10 (2016) confirms that HMRC will now accept certain claims for VAT refunds from sports clubs following the First Tier Tribunal (FTT) decision in Berkshire & Others in December 2015. Previous briefs dealing with this area (Brief 25 (2014) and 19 (2015)) are therefore withdrawn.  In t.....


Home Renovation Incentive – who has claimed what?

More than 39,000 individual properties nationwide and over 56,000 jobs with a total estimated value just under €890 million have been registered with the Home Renovation Incentive (HRI) since it was introduced in October 2013.   According to statistics published recently by Revenue, 35 pe.....


Approved buildings and gardens open to the public

Revenue has published details on the approved buildings/gardens open to the public under section 482 Taxes Consolidation Act 1997.  Tax relief is available for such buildings and gardens for expenditure incurred on the repair, maintenance or restoration of a building which is intrinsically of .....


tax.point May issue

In the May issue of tax.point, the monthly tax journal from Chartered Accountants Ireland, Eoin O’Shea provides an update on the activities and practical matters of the new Tax Appeals Commission. Peter Davis gives some guidance for large business on the publications of their tax strategies, in lig.....


It’s good to talk

HMRC’s “Talking Points” are online seminars providing opportunities for discussion on various tax matters. Details of upcoming events are outlined.        Thursday 9th June 2016: 11:00-11:45  Subject:  – Specialist Agent Manager (SAM) role:.....


Measuring out your life

Brian Keegan, Director of Taxation, considers the current tax interactions and reliefs between a parent and a child in his article Sunday Business Post.  Brian also writes in the Irish Examiner (Monday 16 May) on tax morale and tax compliance and taxpayers’ willingness to pay water charges. &n.....


Chartered Tax Consultants exams this week: some last minute tips

The first stage of CTC™ (Applied Tax) is wrapping up, so participants sit two four-hour papers this week…no mean feat! We wish them all very good luck in what are challenging papers. They have all worked really hard and been given plenty of advice on how best to approach these. For some, exams are .....


This week’s UK tax tidbits

Developments of interest this week are outlined.     Tables showing the indexation allowance for assets disposed of in March 2016 are now available together with historical data The following VAT notices have been updated:- VAT Notice 701/19: fuel and power and VAT Notice 7.....


CRO Gazette

The CRO (Companies Registration Office) has just issued their weekly Gazette which includes pdf lists of new companies, change of name, annual returns received/registered. The document and previous issues can be accessed here.  .....


Recent Sustainability Reporting Developments

The Climate Dis­clo­sure Standards Board (CDSB) and the CDP (pre­vi­ously the ' Carbon Dis­clo­sure Project') have commented on the Phase 1 report of the Task Force on Cli­mate-re­lated Financial Dis­clo­sures (TCFD) set up by the Financial Stability Board (F.....


FRC invites feedback on FRS 102

The Financial Reporting Council (FRC) is inviting comments from stakeholders on their experiences implementing the new UK and Ireland accounting standards, particularly FRS 102, in order to inform the first triennial review. Please click here for further details.....


This week’s tax tidbits

Developments of interest this week are outlined. Ireland Revenue has provided an update in relation to the VAT Return of Trader Details (RTD) form in light of functionality issues experienced by members. Enhancements to further integrate the RTD functionality in Revenue Online Service (ROS) were im.....


Some last minute exam tips

Anyone taking exams can be daunted by the challenges of remembering all the material and then dealing with the logistics of timing and preparation. Sometimes it's this rather than lack of knowledge which can trip us up. Student Services within Chartered Accountants Ireland are well-versed on tips a.....


What to do when you're not studying

So, we’ve had a look at what not to do while we’re studying. What about what to do when we’re not studying. Much more fun. Joking aside, the value of a break cannot be underestimated. Breaks are written into everything we do in a formal setting. In school, there was “little break” and “big break”. .....


Employer penalties for failing to pay local property tax

Revenue has updated its Tax and Duty Manual to include the imposition of a penalty in cases where an employer fails to make a return of Local Property Tax (LPT) deducted from their employees via payroll following an instruction from Revenue to do so.  The penalty for outstanding payments will .....


Taxation of flight crew members

Revenue has updated its operation manual on the tax treatment of employment income of flight crew members to include the rates of universal social charge (USC) chargeable for the years 2011 to 2016. Revenue eBrief 49/16 provides further details. .....


Revised tax treatment of royalty income

With effect from 1 January 2016, Article 12 of the Double Tax Treaty between Ireland and Estonia is revised to state that royalties are taxed only in the state of residence and that the definition of royalties excludes payments for the use of, or right to use, industrial, commercial or scientific e.....


Minister improves funding available to Ireland’s filmmakers

Minister for Finance, Michael Noonan announced in a recent press release that State Aid approval has been received for the increase in the cap on eligible expenditure per film projects that was announced in Budget 2016. Finance Act 2015 provided for an increase in the cap from €50 million to &.....


VAT Return of Trader Details

We have been in correspondence with Revenue in relation to the VAT Return of Trader Details (RTD) form in light of functionality issues experienced by members. Enhancements to further integrate the RTD functionality in Revenue Online Service (ROS) were implemented in April 2016. Revenue has advised.....


In the Media

Brian Keegan, Director of Taxation, writes in the Sunday Business Post on the reputational impact of falling foul of the taxman with a focus on recent cases involving sports clubs.  .....


Environmental taxes make up 6.3% of tax revenue in EU

Environmental taxes made up 6.3% of tax revenues in the EU in 2014 with taxes on energy contributing most in all Member States according to a recent Eurostat publication. In Ireland, environmental taxes generated over €4.5bn in 2014 while environmental taxes in the UK generated €55bn in 2014 accord.....


New HMRC login page

HMRC’s government gateway login page has being redesigned and moved to GOV.UK. The new login page is already active. From 31 May it will be the only way to login to HMRC’s online services.  Until then, agents and taxpayers can still access HMRC services using the existing.....


Joint statement on beneficial ownership information

Over 20 countries have joined the UK to automatically share ownership information for companies. For those taking part, their tax and law enforcement agencies will now exchange data on company beneficial ownership registers and new registers of trusts.  Various documents explaining the exchang.....


This week’s UK tax tidbits

Developments of interest this week are outlined.     Agent Update 53 is now available HMRC has published new guidance to help businesses and agencies apply the agency legislation and new employment intermediaries’ travel and subsistence measures. The Employment Status Manual wi.....


This week’s tax tidbits

Developments of interest this week are outlined. Ireland Some members have reported delays when seeking determinations for directors’ PRSI status from the Department of Social Protection PRSI Scope Section and have difficulty obtaining the Form INS1.  A questionnaire must also be complet.....


What not to do when you're studying

    We’re always being told things in the positive and what we should do, but it is often important to know what to try to avoid.  Taking on a course can be daunting and we want it to be positive and successful. There may be a few ways to make the road a bit smoother. Don’t try to be.....


PRA Regulatory Digest

The April issue of the Prudential Regulatory Authority Digest has just been published. The publication is for people interested in the UK financial services industry and highlights key regulatory news and publications in banking and insurance delivered for the month. The document can be read in ful.....


ECON report criticises current accounting standard-setting

The Committee on Economic and Monetary Affairs (ECON) of the European Par­lia­ment has initiated a report that is rather critical of the ac­tiv­i­ties of the IFRS Foun­da­tion, EFRAG and the PIOB. The report will not be legally binding but will possibly be voted on in a .....


IFRS for SMEs Update

The April issue of the IFRS for SMEs Update has been published. The Update includes information on selection process for membership of the SMEIG and global use of the IFRS for SMEs. Please click here to access the newsletter.  .....


Mandatory e-repayment regime

From today, Tuesday 3 May 2016, refunds or repayments that are due to taxpayers who are mandatory eFilers will be paid electronically to their bank accounts. Reflecting the upsurge in recent scams Revenue advise they will never ask taxpayers to send bank account details via standard email. To avoid.....


PRSI decisions

We understand that some members have experienced delays when seeking determinations for directors’ PRSI status from the Department of Social Protection PRSI Scope Section and have difficulty obtaining the Form INS1 – form required when seeking a determination.    A questionnai.....


Corporation Tax returns for 2015 and 2016, Forms 46G (Company)

The corporation tax for accounting periods ending in 2016 is now available for filing through Revenue Online Service (ROS). There are some new sections in the return (Form CT1) namely to incorporate the Knowledge Development Box, Petroleum Production Tax, and Relevant Contracts Tax pre-population. .....


Revenue phone lines

Revenue has recently introduced a centralised LoCall Number which is open for business 9.30am – 4:00pm for Income Tax, Corporation Tax, Capital Gains Tax, VAT, Capital Acquisitions Tax, Relevant Contracts Tax and tax registrations. Revenue has informed us that this streamlined approach was int.....


Termination of Property Reliefs – Capital Allowances Calculations

Revenue has issued a reminder on the termination of the carry-forward of certain unused property-based capital allowances where the “tax life” of the relevant building or structure has ended. This measure came into effect from 1 January 2015. When completing the Form 11 or CT1 for 2014,.....


High Income Individuals Restriction – Specified Reliefs

Revenue has advised that the list of specified reliefs in the relevant Tax Manual has been amended to include a deduction allowed for income earned in certain foreign states. Further information can be found in Revenue eBrief 40/1.....


Chartered Tax Consultant class of 2015 participants have their say

The 2015 Chartered Tax Consultant class have finished up and were very upbeat about their experiences. Upon being surveyed, they commented on being able to apply their new knowledge immediately, the format and delivery of the course, the integration of legal and commercial considerations beyond jus.....


Revenue Annual Report

In 2015, Revenue accounted for €47.79 billion in taxes, which represented an increase of 10.6 per cent on 2014. This tax take was the second highest figure ever for net receipts (only 2007 was better).  Corporation tax receipts were up 49 per cent, capital gains tax up 28 per cent and VAT.....


In the Media

Brian Keegan, Director of Taxation, writes in the Sunday Business Post on the possible sequence of trade negotiations if Britain votes to leave the EU. His Irish Examiner article in yesterday’s paper discusses how the effect of tax incentives should be measured not simply in financial terms bu.....


Agent Services update

HMRC have provided the below update on the Agent Online Self-Serve project which has now been renamed Agent Services (AS). The AS project aims to provide enhanced online services to agents.   “In April 2015 AS launched a PAYE liabilities and payment private beta service. This gave agents.....


It's good to talk

HMRC’s “Talking Points” are online seminars providing opportunities for discussion on various tax matters. Working Together meetings are also held online. Details of upcoming events are outlined.   Working Together – Wednesday 4th May 2016 13:00 – 14:00 .....


European Commission clashes with Germany over VAT rules for travel agents and cross border road passenger transport

The European Commission has referred Germany to the Court of Justice of the European Union over Germany’s domestic laws on the VAT scheme for travel agents.  The Commission has also formally requested Germany to amend its VAT rules on cross-border road passenger transport. The Commission sent .....


France’s tax treatment of dividends from non-resident subsidiaries comes under the scrutiny of the European Commission

The Commission has issued a reasoned opinion to France over its tax treatment of dividends from non-resident subsidiaries, which in the Commission’s view is too restrictive.   According to the Commission’s press release, it views the basis on which France allows refunds of tax paid by com.....


This week’s UK tax tidbits

Developments of interest this week are outlined.     The guidance about reports intermediaries may have to send HMRC for agency workers where they don't operate PAYE has been updated Use form Switzerland-Company to apply for relief at source from UK income tax and to claim repayment of UK.....


ECOFIN backs plans to deter advisors of tax evasion schemes and pilot project for automatic exchange of information on beneficial owners

At an informal meeting of ECOFIN held on 22 and 23 April, a pilot project for the automatic exchange of information on ultimate beneficial owners was agreed.  A mandate for the Commission to introduce measures to deter advisors of tax evasion schemes was also agreed.  According to Vice-Pr.....


leading with integrity book coverRecommended Reading
Leading with Integrity: A Practical Guide to Business Ethics
by Ros O'Shea
This book equips business leaders and managers with the understanding and tools to set the right ‘tone at the top’, embedding a culture of integrity and compliance with ethical and organisational values.

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