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Finance Bill 2014 receives Royal Assent

Finance Bill 2014 reached its final stage last week on 17 July and is now Finance Act 2014. The Act contains some major changes to UK tax legislation which are now in play including the temporary uplift in the annual investment allowance to £500,000 until 31 December 2015, the new social inve.....


Excuses, excuses, excuses!

The latest publication of amusing and baffling excuses has been published by HMRC, this time focusing on reasons why people don’t meet the Tax Credit renewal deadline. But once again, the initially light hearted news release belies a more serious message and reminds claimants that the deadlin.....


Stamp Taxes: change to stock transfer process

HMRC are advising taxpayers to include a self-addressed envelope when sending their stock transfer forms to the HMRC Stamp Taxes Office. By way of reminder, when buying shares where the price paid is greater than £1,000, and the purchase is recorded on a stock transfer form, the form will nee.....


VAT: Notification of Vehicle arrivals (NOVA)

Updated guidance on the requirement to notify HMRC about vehicles brought into the UK and how to use the online NOVA service has been published. The guidance includes details of the spreadsheet enhancement which is intended to make it easier for VAT registered businesses to make bulk notifications......


Latest News for Charities

In the latest new relevant to the Charity sector, it has also been announced that following feedback on a HMRC discussion paper the Government has decided not to change the definition of charity for tax purposes. In addition, HMRC is developing and testing a new digital service for organisations ap.....


VAT changes: Supplying Broadcasting, Telecommunications and E-Services

As readers are no doubt aware by now, on 1 January 2015, changes are being made to the EU VAT place of supply of services rules for digital services. More detailed information is now available. The forthcoming changes have been covered on several occasions by Chartered Accountants Tax News, most re.....


PAYE Electronic Messages Updated

HMRC advise that they will shortly start alerting employers where their records show that they have not made their PAYE or CIS payments in full by their due date. HMRC carries out payment checks after each monthly (or quarterly) payment deadline is passed. Shortly after that, HMRC will issue a late.....


Local Property Tax (LPT) Update

Recently published LPT figures from Revenue tell us that 2014 LPT returns have been received for 1.83 million properties to date giving a compliance rate of just under 94%.  So far, €310 million has been collected for 2014; this includes over €20 million in Household Charge payments......


Base Erosion and Profit Shifting

The closing date for comments on this public consultation is tomorrow, 22 July.  The Institute submission has been made through CCAB-I. .....


Updated Revenue Complaint and Review Procedures

Revenue has updated their Complaints and Review Procedures to clarify when the procedures can be availed of by taxpayers.  Review requests in cases where a notification of a Revenue Investigation has issued are apparently to be excluded. The Complaints and Review Procedures are published in Le.....


Annual Tax Summaries

An overview of the new annual tax summaries has been published. By way of reminder, personalised tax summaries are due to be sent to around 24 million UK taxpayers from October 2014 onwards. The 2013-14 personal summary will advise someone’s: taxable income including any taxable benefits or p.....


Enterprise Zones

The Government has published maps showing the sites within Enterprise Zones that offer 100% first-year allowances until 31 March 2020 for companies investing in new plant or machinery. Readers are reminded that Budget 2014 announced the first enterprise zone for Northern Ireland will be located at .....


Self-Assessment System

 A list of Frequently Asked Questions has been published by Revenue on the self-assessment system.  Additional information, including an information video, can be found on the Full Self-Assessment page on the Revenue website.  As we reported in Chartered Accountants Tax News in April.....


OECD approves update to Model Tax Convention for 2014

The OECD has signed off on a number of amendments to the Model Tax Treaty.  The changes are by no means fundamental, the more significant possibly being those concerning the definition of “beneficial owner” and some modifications to exchange of information arrangements.  The r.....


Jobs and salary update - strong demand for recently-qualified Chartered Accountants

Update from Karin Lanigan, the Career Development and Recruitment Service Manager at Chartered Accountants Ireland. As we have now just passed the half- way point of 2014, it is a good time to review what has happened in the jobs market year to date and to provide you with some insights in ter.....


Response to Department of Finance Consultation on Base Erosion and Profit Shifting (BEPS)

Chartered Accountants Ireland, under CCAB-I, has responded to the Department of Finance consultation on BEPS.  This consultation was the next step in a BEPS process ongoing between the Irish authorities and business groups, which includes Chartered Accountants Ireland.  The use of Irish t.....


HMRC Publish Latest Performance Stats

HMRC has published its results and performance statistics for the quarter ended 31 March 2014. These statistics examine a number of business plan indicators across a range of areas including postal and phone performance. It should be noted that the figures published are initial management informati.....


tax.point July issue Now Available

The July issue of tax.point, the monthly tax journal from Chartered Accountants Ireland, is published now. TaxSource Total is also updated and includes content from the tax.point July issue.  In this month’s issue, Karen Carthy and Jon D’Arcy review the Revenue’s roll out of mandatory iXBRL fi.....


State Aid Investigation into Tax Exemptions for Dutch Public Companies

The European Commission opened an in-depth investigation to verify whether exemptions from corporate tax granted under Dutch law to public companies, including port operators, are in line with EU state aid rules. The Commission has concerns that exempting certain companies merely because they are p.....


The IFRS Foundation and ESMA have signed a joint Statement of Protocols

This week the IFRS Foundation and the European Securities and Markets Authority (ESMA) announced the signing of a joint Statement of Protocols to serve as the basis for future co-operation in areas of mutual interest.  For further details click here.  .....


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