Five things you need to know about tax, 4 December 2020

Dec 03, 2020

Irish stories this week cover key points for accountants to consider for eliminating data breaches in their dealings with Revenue. The Tax and Duty Manual for surcharges on undistributed income for service companies has been updated also. In UK developments, applications are now open for the third self-employed income support scheme grant; however, new eligibility criteria, including a reduced profits test, must be met. While in international tax, Chile has ratified the MIL.   

    Ireland

  1. Revenue flagged key points for accountants to consider to prevent and eliminate data breaches in their dealings on behalf of clients with Revenue;
  2. Revenue updated the Tax and Duty Manual - Part 13-02-06 - Surcharge on undistributed income of service companies. The manual now clarifies that income should be considered on a client-by-client basis relative to the services provided for determining whether it is professional or non-professional income;

    UK

  3. Applications are now open for the third self-employed income support scheme grant; however, new eligibility criteria, including a reduced profits test, must be met;
  4. Read this week’s update on the job retention scheme; and  

    International

  5. Chile ratifies the MIL.