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Latest News

News

The biggest issue facing employers at the moment is the new “real-time” reporting regime, known as PAYE Modernisation, for PAYE that went live on 1 January 2019. From this date, you must make a submission to Revenue on or before making a payment to an employee. After the end of each calendar month, Revenue will issue a statement based on submissions received, which sets out the tax due for the period. The statement is deemed a statutory return by the 14th day after month end. Where errors are made, there is scope to amend the statement in advance of the 14th day of the following month. Payroll taxes are then remitted to Revenue by the 23rd day of the following month. The P35 filing will also no longer be required – the reporting process must be correct for each pay period, otherwise penalties may apply. If not already done so, employers should immediately review their payroll procedures to ensure that accurate information is provided on a timely basis. It is important to have all stakeholders involved so they understand the need for improved processes. How does this effect benefits-in-kind and notional payments? Revenue has advised that benefits-in-kind (BIK) and other notional payments should be reported by: a) The day the BIK or notional payment is made; or b) The earlier of the next pay day or 31 December in the year. A “best estimate” of the taxable value should be included in the next payroll submission after the benefit/notional payment is provided. When the actual value becomes known, an adjustment is to be processed in the following payroll submission. Revenue expect these items to be reviewed regularly – at least quarterly – with adjustments processed in the next payroll submission. Does this also apply to taxable expenses? Revenue has advised that a payroll submission is required on or before any taxable cash payment is made to employees. Many employers reimburse employees for items that, while allowable under the company expense policy, are taxable. To date, these items are generally picked up through retrospective reviews throughout the year and before the P35 is filed. This type of catch up exercise will no longer be possible. Employers should review internal processes to ensure taxable expenses can be identified in advance of reimbursing employees. Further complexities may arise where expenses are reimbursed by the Accounts Payable department or off-payroll-cycle as additional payroll submissions may be required. What about company credit cards? Revenue has confirmed that the use of company credit cards are considered notional payments with the benefit being provided at the date the credit card is used (and not when the credit card bill is settled). Such items should be included in a payroll submission and reported to Revenue by: a) The day the benefit is provided; or b) The earlier of the next pay day or 31 December in the year. This may create practical difficulties for employers in determining what items are reportable each period as you may not have oversight of the taxable expenses incurred until a later date when the employee submits expense details. What will happen if my organisation isn’t compliant? The current penalty regime provides for a €4,000 fixed penalty for each breach of the PAYE regulation. There is also provision for a €3,000 fixed penalty imposed on the company secretary for each breach. These penalties can be imposed on a per-item basis, so if you are even a mid-size level employer, these penalties can mount up. While Revenue have stated that the penalty and self-correction regimes are under review, it is hoped that penalties would only be enforced for significant breaches and only in situations displaying evidence of deliberate behaviour.  However, as things stand, they could be applied to any correction of, or omission from, a payroll submission. Colin Forbes is a Tax Partner of Global Employer Services in Deloitte.

Jan 14, 2019
Press release

The 2019 Chartered Accountants Ireland Annual Dinner took place in Croke Park last night, 7 February, attended by over- 550 business leaders from across the island of Ireland and beyond. In his address to the event, keynote speaker Pat Cox, former President of the EU Parliament, encouraged Chartered Accountants use their position as business leaders and advisers to rise to the challenge of climate change. “There is an accelerating institutional gearshift to mainstream the climate change imperative in which your profession of accountancy will be front and centre,” he said, noting that “…what counts has to be measured. What is measured has to be relevant. What is measured and relevant has to be validated. These are [Chartered Accountants’] professional strengths.’  Read his full speech here.. The dinner, supported by Brightwater Executive, Bank of Ireland, Confirmation and Dublin Airport, was MC’d by former Council member Eugene McCague. Attendees heard from Institute CEO Barry Dempsey along with Institute President Feargal McCormack FCA who said, “We must be prepared to push out the boundaries, to support our members to connect, change lives and embrace new and emerging technologies, with pace, in an environment that supports diversity and inclusion.” In recognition of her commitment to changing lives, recently-qualified member Deborah Somorin was presented with the inaugural Chartered Accountants Ireland Inspiration Award. This acknowledged her work in establishing www.empowerthefamilyireland.com, a charity that aims to change the trajectory of families from disadvantaged areas through education. Special Olympics Ireland, represented by CEO Matt English, was the chosen charity for the evening, with a prize draw, sponsored by Brightwater Executive, Bank of Ireland, Confirmation and Dublin Airport, to support Team Ireland in the imminent departure to the World Games in Abu Dhabi.  Further reading: Pat Cox’s speech in full here. Remarks of Institute President Feargal McCormack  here. Photographs from the 2019 Annual Dinner here. Interview with Pat Cox with Pat Kenny on Newstalk, about the dinner and the climate challenge for business here. Read more about the event, the musical programme and the history of the cups on display here. Reference: Claire Percy, Chartered Accountants Ireland T: 353 1 523 3949  E:  Claire.Percy@charteredaccountants.ie

Feb 08, 2019
Press release

Recent research results from accountancy bodies around the world show high levels of trust in Chartered Accountants. The research points to the need for institutes to lead on protecting data, promoting ethical behaviour and championing transparent business practices. On behalf of Chartered Accountants Worldwide (CAW), Edelman Intelligence surveyed over one thousand business leaders and key decision makers across the UK, Ireland, South Africa, Australia and New Zealand to measure their trust in Chartered Accountants, the accountancy sector and business as a whole. In an era where trust in businesses is being shaken to the core, the results of the survey show that three quarters (75%) of global business leaders and key decision makers trust the accountancy sector to do the right thing. This is ahead of other professions: legal services (69%); financial services (59%) and insurance (55%). Chartered Accountants specifically hold a trusted position amongst key decision makers, with more than three quarters (77%) saying they trust Chartered Accountants to do the right thing. Similarly, the majority (61%) believe Chartered Accountancy professional bodies are performing well in building trust in the profession. More than half (54%) of global business leaders and decision makers cited protection of clients’ data, ethical behaviour (50%) and transparency (47%) as key attributes for building trust in Chartered Accountants. The research also revealed that there is a misunderstanding about the regulation of ‘accountants’ in the market with 59% of respondents incorrectly believing that all accountants are automatically subject to regulation and a further 24% unsure. Respondents to the research expect professional accountancy bodies to ensure high standards are maintained (46%) and demonstrate and encourage industry best practice (27%). Barry Dempsey, Chief Executive of Chartered Accountants Ireland said: “As a founding member of Chartered Accountants Worldwide (CAW) and participant in this research, Chartered Accountants Ireland is committed to working with global partners to build trust in the profession and more broadly across the finance, accountancy and business sectors. The Irish results of the study show that Chartered Accountants hold a position of trust in Irish business, we will work to ensure that this is maintained and reinforced where possible. “It’s clear that a better understanding is needed of the extent of regulation in the accountancy profession, and the protections that such regulation provides. A majority of financial decision makers believe that all those calling themselves ‘accountants’ are in some way regulated – this is not the case. Chartered Accountants Ireland has been calling for legislation to ensure all those holding themselves out to the public are properly regulated, as we see this as a consumer protection issue. Too often we hear stories of businesses that find out too late that the person they had retained had no professional regulator to address complaints, no professional indemnity and no quality checks. This need not continue and today we call on Government to acknowledge this research and effect much-needed change.” Ends Notes to Editors: Chartered Accountants Worldwide (CAW) brings together the members of 12 leading institutes to create a network of over 1.8m Chartered Accountants and students in more than 185 countries. Research was conducted on behalf of Chartered Accountants Worldwide by Edelman Intelligence, an independent market research firm. In total, 1,019 business leaders and key decision makers were interviewed, with approximately 250 interviews each in Ireland, the UK & South Africa, and approximately 125 interviews in Australia and in New Zealand during September and October 2018. Chartered Accountants Ireland is Ireland’s largest and longest established professional body of accountants founded in 1888.  The Institute, which is an all-island body, currently represents over 27,000 members around the world. Reference: Brendan O’Hora, Director of Communications, Chartered Accountants Ireland,  M: 086 2432428, brendan.ohora@charteredaccountants.ie

Feb 04, 2019