Chapters 22, 23 and 28 of the Pensions Manual have been updated to reflect the abolition of the Approved Minimum Retirement Fund requirement in Finance Act 2021. For more information see eBrief 133/22.

Revenue has updated its Tax and Duty Manual on share schemes to include refreshed examples for unapproved share options, forfeitable shares and approved profit sharing schemes, and updated guidance in respect of the annual employer returns (RSS1 and ESA).

Revenue’s Tax and Duty Manual provides guidance in relation to an Irish resident investor who is required to submit a Notification of Investment to Revenue following Regulation (EU) 2021/557 of the European Parliament and of the Council of 31 March 2021 entering into force on 9 April 2021. The Regulation provides that an investor in a Securitisation Special Purpose Entity ("SSPE"), established after 9 April 2021, in a jurisdiction listed in Annex II of the Council of the European Union's list of non-cooperative jurisdictions for the reason of operating a harmful tax regime, must notify the tax authority in the Member State in which the investor is tax resident.

A new version of the Form IREF is now available on Revenue’s website in the Related Forms panel. Irish Real Estate Funds (IREFs) with accounting periods ending between 1 July 2021 and 31 December 2021 are required to file this updated Form IREF on or before 30 July 2022, as provided by section 739R(2) TCA 1997. IREFs should ensure they use the correct version of the Form IREF. The new version of the form requires disclosure of further details regarding certain holdings and unitholders and has a number of formatting updates to its layout. Further detail is available in eBrief 138/22.

The HMRC services dashboard for agents and taxpayers that we told you about recently, which was previously only available to agents when signed in to the Agent Online Forum, is now publicly available on GOV.UK following lobbying from this Institute and the other professional bodies to make this widely available. HMRC has also published a new iteration of its Where’s my reply? tool and is also requesting feedback from agents on print and post forms via a short survey. Services dashboard According to HMRC, the services dashboard “gives accurate and clear information on HMRC’s service performance and shows whether a service is operating within the service level agreement or if there’s a delayed service”. The information on the dashboard will be updated weekly. Agents and taxpayers can provide feedback using the links therein. The dashboard also contains a link to HMRC’s quarterly performance updates and monthly performance reports. The current dashboard shows ongoing delays across various HMRC services, including self-assessment refunds, which this Institute recently raised with HMRC. According to the dashboard, HMRC is processing self-assessment refund requests received on 5 May 2022 and “aims to return to normal service of 15 working days by the end of October 2022. This date is an estimate and may change. We are sorry for the delay.” As reported recently, the Institute regularly discusses HMRC service levels and performance at various HMRC forum meetings. Please therefore continue to share your feedback with leontia.doran@charteredaccountants.ie and also ensure you provide feedback via the links within the services dashboard and through the agent online forum, where appropriate. Print and post forms – survey HMRC is currently working on improvements to print and post forms. The team responsible for this has put together a brief survey for agents which should not take more than 10 minutes to complete. HMRC would also be keen to speak to agents further about their experiences with print and post forms. If you would be prepared to contribute, please contact leontia.doran@charteredaccountants.ie.

Do you complete expenses and benefits returns? Or do you complete online filing for employment related securities? If so, you have an important role to play in ensuring returns are submitted later this week by the 2021/22 filing deadline of Wednesday 6 July 2022 and payments are made on time later this month. You are also reminded that HMRC has decommissioned the non-digital end of year expenses and benefits service for small businesses. However, businesses can use HMRC’s PAYE online service for this year’s returns. This service allows submissions for up to 500 employees and can be accessed using the same government gateway details. Here’s a reminder of the key deadlines this month:- 6 July 2022 - deadline for submitting all 2021/22 P11D(b) and P11D forms - and the employee must receive their copy of the P11D; 6 July 2022 – deadline for online reporting of the 2021/22 annual return in respect of employment related securities; 19 July 2022 - deadline for non-electronic payment of Class 1A National Insurance Contributions (NIC) for 2021/22; and 22 July 2022 - deadline for electronic payment of Class 1A NIC for 2021/22. Employees with electric cars provided by their employer which are also available for private use are advised to check their tax code to ensure HMRC has correctly processed the relevant benefit in kind as we are aware of errors when these vehicles are reported via HMRC’s online returns. To save on administration, don’t forget to consider PAYE Settlement Agreements, where relevant. For 2021/22 these must be agreed by tomorrow, Tuesday 5 July 2022, with payments due by 22 October 2022 (19 October 2022 if paying by post). From 6 July 2022, the Primary Threshold (“PT”) for NIC and the Lower Profits Limit (“LPL”) for Class 4 NIC both increase to £12,570 from £9,880. A new calculator has recently been published to estimate how the NIC changes will affect employees.  Because self-employed Class 4 NIC is calculated on an annual basis, the increase in the LPL applies from the start of 2022/23 but with an annualised threshold, so that the effect is equivalent across the tax year to those who are employed and paid on a weekly or monthly basis. This means the LPL is £11,908 for 2022/23 tax year which is equivalent to 13 weeks of the threshold at £9,880 and 39 weeks at £12,570, reflecting the position for employees.

In its response to HM Treasury’s policy paper on potential reforms to the UK’s capital allowances regime, the Institute’s Northern Ireland Tax Committee sets out the need for any reforms to have longevity in order to  provide certainty for businesses when considering their future capital investment plans. The Committee made the following key recommendations in its response:- The Government should fix the level of the annual investment allowance limit (which provides 100 percent relief for qualifying expenditure) at its current level of £1,000,000 until at least 2030; Any new First Year Allowance introduced should be in the form of a permanent additional relief at a rate higher than 100 percent; In reforming the UK capital allowances regime, the Government should avoid introducing temporary incentives for capital allowances and focus instead on longer-term incentives designed to drive consistent investment in capital which should also minimise, where possible, the complexity of the rules. The Government should consider how the capital allowances regime can be used to target specific types of investment behaviour; Full expensing should only be considered when the UK economy is on more stable ground; The Government should permanently re-introduce the 100 percent enhanced capital allowances regime, including the payable tax credit, for products on a refreshed and annually updated energy technology list; and The rate of writing down allowances for assets in the Special Rate Pool should be increased from 6 percent to 10 percent.

The Office of Tax Simplification (“OTS”) has been made aware of people receiving correspondence using the OTS logo and signatures to request payment of ‘tax’. The OTS is not a tax collection agency, and the correspondence is not legitimate and is a scam. If you receive any demand for payment of any kind claiming to be from the OTS, report it to the National Cyber Security Centre by forwarding the email to report@phishing.gov.uk. More guidance is available on GOV.UK at Avoid and report internet scams and phishing: Report internet scams and phishing.

In this week’s EU exit corner, we bring you the latest guidance updates, news and publications relevant to EU exit. See also HMRC’s recent email about moving to the Customs Declarations Service (“CDS”) by the end of September when all import declarations move from CHIEF to the CDS. We also update you on developments in relation to the Northern Ireland Protocol Bill and bring you news of a new consultation on the Single Trade Window. Northern Ireland Protocol Bill update Second reading of the Northern Ireland Protocol Bill took place last week on Monday 27 June which was the first opportunity MPs had to debate the draft legislation. The reading and debate took almost six hours and was followed by a vote circa 10pm by which the Bill was passed by 295 votes to 221. The House of Commons Library has also published a briefing on the Bill, which examines  what it does, questions over whether it breaks international law, why the Government is introducing the Bill, and the reaction to it including from the EU and political parties in Northern Ireland. A briefing has also been published on the EU’s legal action against the UK, following the Government’s publication of the Bill. Last week, the House of Commons Northern Ireland Affairs Committee questioned experts on international law experts on the legality of the Bill. The Hansard Society has also published a briefing on the delegated powers in the Bill Single Trade Window Public Consultation Update Following the ‘UK Single Trade Window – Policy discussion paper’ published by the Government in December 2021, which posed a number of key policy and design choices for the UK Single Trade Window (“STW”), the Government is planning to issue a further consultation on the operation of the STW which will be launched over the Summer. This consultation will cover key legislative changes the Government sees necessary to deliver the STW, a key component of the UK Border 2025 strategy. The STW consultation is aimed at stakeholders involved in the importing and exporting of goods, including those who provide services to businesses who import and/or export goods, such as intermediaries, logistics firms, and Community System Providers. STWs aim to simplify traders’ interactions with the border. The World Customs Organisation (“WCO”) defines such Single Windows as ‘a facility that allows parties involved in trade and transport to lodge standardised information and documents with a single entry point to fulfil all import, export, and transit related regulatory requirements’. A STW, at its core, ensures a single entry point for border data, which results in reduced duplication for users. The WCO sets out a number of key principles and features regarding data in a STW:- A STW allows the trader or intermediary to submit all border data needed in a standardised format. This would mean submitting only once to border authorities through a single portal; and A STW puts the onus on government to facilitate data sharing amongst border authorities and agencies to then receive the information they need. This therefore eliminates the need for the user to submit the same data to different border authorities or agencies, via multiple different portals. Miscellaneous updated guidance etc. The latest guidance updates, news and publications relevant to EU exit are as follows:- Check simplified procedure value rates for fresh fruit and vegetables; Customs declaration completion requirements for Great Britain; Customs Declaration Service error codes; Attending an inland border facility; CHIEF: customs procedure codes; Letters to businesses about importing and exporting goods between Great Britain and the EU; 220,000 businesses urged to move onto new single customs platform; Using the UKCA marking; Placing manufactured goods on the market in Great Britain; and Construction Products Regulation in Great Britain.

When you calculate how much UK Corporation Tax a company or group has to pay, it’s important to bear in mind that there is a Corporate Interest Restriction (“CIR”) which applies to individual groups of companies that have net interest and financing costs of over £2 million in a 12-month period. This limits the amount of tax relief available in relation to net interest and other financing costs. Further information about the CIR legislation is available on GOV.UK. HMRC is aware of various technical issues with the CIR legislation and is in the process of setting up a working group to consider these issues and how we can help resolve them. HMRC is keen to hear your views. If you would like to join the CIR working group, please contact Jackie Phillips by email: jackie.phillips@hmrc.gov.uk.

We have compiled the latest updates to various HMRC VAT publications, briefs and guidance. Readers should note that there are also numerous updates to VAT guidance and rules due to the end of the EU transition period.  

SMEs hit hard by Brexit, the pandemic and the Ukraine invasion now face a spate of steep interest rates hikes as central banks grapple with rising inflation. Neil Hughes offers his advice on how small businesses can weather the storm. The past two years will be remembered as among the most challenging trading periods in living memory, but the story of the personal challenges ordinary business owners have faced and overcome during this time has yet to be written. And, just as the hardworking SME owner had perhaps hoped they might be out of the woods, interest rates are soaring after fourteen years of record low rates. On the face of it, it might seem counter-intuitive that Central Banks should react to the current commodity and food crisis by hiking interest rates. It’s true that, historically, their default response to high inflation has been to ramp up interest rates to reduce the money circulating in the economy by dampening demand—but the current rise in inflation isn’t down to excess demand. It’s down to the supply issues brought on by the war in Ukraine, and labour shortages prompted by the sudden upswing in post-pandemic business activity. Such external factors will prove stubbornly hard to change through interest rates hikes, and their impact on businesses in the second half of 2022 will be significant and two-fold. Firstly, business costs will rise when many can least afford it, taking more funds out of the working capital that is sorely needed to repay arrears that arose during the pandemic. The second impact may be even more hard-hitting. SMEs across many sectors depend on consumer confidence to reach their monthly revenue targets. When confidence falls in response to external factors, such as rising inflation—and, in particular, mortgage costs—discretionary spending tends to fall and SMEs reliant on consumer spending bear the brunt. So, how can they respond to this new threat? First, the agility and flexibility many business owners developed during the pandemic will continue to be essential in the day-to-day running of their business as costs rise. Shopping around has never been more critical. Second, for business owners that cannot see a way out, there are options. My advice is to look into the Small Company Administration Rescue Process (SCARP). Since its implementation, SCARP has seen schemes with creditors – including Revenue – supporting nominal dividends of around 2.5 percent, with the balance of warehoused arrears being written off in full. This is an unprecedented and very welcome show of support from Revenue towards fundamentally sound, viable businesses – who can continue to sustain employment, thereby saving jobs. After enduring a torrid two years, business owners need all the help they can get. For many, the SCARP process could be the lifeline they need if rising interest rate prove to be the last straw. Neil Hughes is the Managing Partner of Baker Tilly and author of A Practical Guide to Examinership.

Marketing has always been fast-paced, but over the last few years, it has gone into overdrive. Anna Stella outlines seven key marketing trends you should follow to stay ahead of the curve.                   Marketing is in a continual state of progression, escalating rapidly through the post-pandemic era. Thriving in the business landscape of today calls for a new approach and a shift in understanding client needs underpinned by a more accomplished customer experience.  Here are seven marketing trends you need to be aware of to ensure your practice stays ahead of the curve in the fast-paced world of marketing.           1. Digitise your services While e-commerce has been around for decades, it is now becoming more relevant to business services due partly to the pandemic and a shift to virtual and hybrid working models. Accounting practices can and should consider creatively digitising their services, reinventing new online services that can tap into unchartered geographies and sectors of their market. 2. Outsource your marketing Recent years have seen unmistakable demand for multi-channel activities and tailor-made service marketing growing in complexity. As a result, marketing strategies and activities have become more diverse as part of the complicated process of winning new clients.  Small accounting firms lacking in-house expertise and resources are increasingly outsourcing their marketing to boost efficiently and productivity.  3. Automate your marketing Automation does not require an advocate – it makes its own case – yet small firms can sometimes fall behind here. Automated technologies streamline marketing efforts by using a single platform for multiple channels— e.g. social media marketing, managing adverts, and reducing time spent on repetitive tasks. According to Nucleus Research, a Boston-based research institute, marketing automation can deliver a 14.5 percent increase in sales productivity and a 12.2 percent reduction in marketing overhead overall. 4. Customer-driven engagement While winning new clients is essential, most businesses make the majority of their revenue from existing clients and recurring contracts. Customer engagement is all about building a solid relationship with your customers, fostering loyalty and winning referrals. Strategies for busy practices include building and sharing your brand voice, using relationship marketing, personalising your customer experience, and creating content based on your customer history.  5. Content marketing Content is not just words strung along in a row – there must be a purpose. Your content must represent your firm's values of credibility, knowledge, trust, and integrity, encouraging confidence in your abilities.  Successful content requires the 'right stuff' – writing according to the client's needs and within the right time frame. It must be fresh, relevant, appropriate, and brief. Trending content marketing formats for accounting firms include industry and tax updates, thought leadership, and case studies. 6. Digital communication Another area impacted by the global pandemic has been the way we socialise and communicate. With in-person gatherings and meetings severely limited under social distancing measures, we went from face-to-face interactions to digital communication.  This opened up a myriad of opportunities in digital communication for accounting firms. To really reap the benefits here, you must think strategically. Marketing must focus on the strengths of digitalisation to better reach new clients and potentially upsell to existing ones. In a recent study by McKinsey, business-to-business clients were shown to have a minimum of six interactions across various marketing channels before committing to a purchase. Before a client gives you a call, they might Google your business, read through your social accounts or visit your website. Your digital footprint must be pristine, therefore, and your marketing targeted appropriately.           7. Social responsibility – a paramount priority Sustainability is one way an accounting firm can be recognised as a different kind of organisation. If you demonstrate fervent and genuine public support of sustainable practices in business, clients can be influenced to discover their own green footprint. Aiding in the race to meet climate goals, your firm's sustainability legacy will stand alongside eco-influencers and content creators in raising awareness of the need for change for the next generation. Anna Stella is CEO of BBSA, a marketing outsourcing agency.

2022 is the year of the long-awaited overseas holiday for many. But how do you switch off before you go, and how do you switch on once you’re back? Moira Dunne has the answers. For the first time in two years, many of us are finally able to take that much longed-for holiday overseas. We will soak up the sun or visit a city we haven’t seen in a while, and it will be a tremendous relief after two years of caution. The days leading up to holiday are often the busiest of the year, however. We become super-productive as we crack through our to-do list in an attempt to clear everything before we leave. We want to ensure that we have communicated with everyone, turned on the out-of-office message and tied up any loose ends. We become super-focused, less likely to get distracted and intent on making the most of our time. In contrast, our focus is usually low during the first few days back at work. After switching off during our break, it can be hard to get back into it. My advice for getting around this is to capitalise on the high-focus period before your break to plan ahead and make your return to work a little easier. Here are some more tips to help you be productive before and after a holiday. Capture everything before you go Before you finish up for your holiday, take note of what needs to be completed. This is a great time to make your ultimate to-do list – a central place for all those tasks, ideas and plans. A good to-do list will allow you to switch off quickly once you finish work and not worry about your tasks while you’re away. When you return to work refreshed, this list will also help you get back up to speed more quickly. Plan for the first week back Think ahead to how your first couple of days back at work are likely to pan out before you finish up. Some people like to ease into it with a low-key schedule, while others prefer the opposite approach. I recommend arranging a couple of key meetings to kick-start you into productivity mode more quickly. The first morning back at work can be especially challenging, but by the end of the day, you can be proud of your productivity and feel confident that you’re back into the swing of things. Resume your routine It can take some time to get back into productive habits when you return to work. The most important thing you can do is try to resume your daily routine on the first day back. Set your alarm for your normal wake-up time, follow your typical morning get-ready schedule, and catch your regular train or bus to the office. Help yourself return to healthy eating habits with a visit to the supermarket to stock up on lunches and snacks for the work week. And why not motivate yourself to return to good routines by arranging a treat at the end of the week? This will give you something to look forward to as the post-holiday blues take hold. So, have a great holiday and enjoy it, safe in the knowledge that you’ll be on top of everything once you’re back. Moira Dunne is Founder of beproductive.ie. Productivity and personal effectiveness have never been more important as people try to manage their workload between work and home. Moira provides one-to-one coaching programmes and now has a self-paced productivity masterclass.

Welcome to this week’s Technical Roundup.  In developments this week, the FRC has published its response to the International Sustainability Standards Boards (ISSB) first two Exposure Drafts, IAASA has published the first video in a series designed to provide information on the Quality Management Standards in Ireland and both IAASA and the ODCE have recently published their 2021 Annual Reports. Read more on these and other developments that may be of interest to members below. Financial Reporting EFRAG are hosting a number of outreach events in the coming weeks in relation to the ongoing public consultation on the first set of European Sustainability Reporting Standards. The FRC has published its response to the International Sustainability Standards Boards (ISSB) first two Exposure Drafts, IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures. The FRC strongly supports the development of high-quality global standards for sustainability reporting and welcomes the opportunity to provide comments on the ISSB's first Exposure Drafts. The IASB has issued it’s June 2022 update and updated work plan. Financial Reporting Lab newsletter: June 2022 The Lab has released its second quarterly newsletter for 2022.   This issue reflects on the Lab's focus for the year provides an update on upcoming and ongoing projects, and information on how you can get involved. https://frc.org.uk/news/june-2022-(1)/financial-reporting-lab-newsletter-june-2022 Auditing IAASA has published the first video in a series designed to provide information on the Quality Management Standards in Ireland. This first video provides an overview of the Quality Management Standards and the relationship between ISQM 1, ISQM 2 and ISA 220. Further videos in the series, which will be published on IAASA’s YouTube channel over the coming weeks, will provide greater detail on the individual standards. Anti-Money Laundering Click here to access a presentation delivered recently by Elizabeth McCaul, Member of the Supervisory Board of the ECB, on the ECB’s Banking Supervision’s role in AML/CFT. The Financial Action Task Force (FATF) is conducting a review of its recommendation on the transparency and beneficial ownership (BO) of legal arrangements. Click to access the white paper for public consultation. FATF’s states that its work in this area is ongoing, and will benefit from hearing views from stakeholders, including trustees, financial institutions, designated non-financial businesses and professions (DNFBPs), and non-profit organisations. A response can be sent by 1 August 2022 and details of where to send are contained within the white paper. In other FATF news the outcomes of the FATF plenary held recently can be read on their website which includes a statement on the Russian federation, some strategic initiatives and priorities under the Singapore presidency. Other areas of interest  IAASA has published its 2021 Annual Report, providing a summary of IAASA’s activities during 2021.  The Report includes an overview of IAASA’s work across its principal statutory functions, including significant developments during 2021, strategies employed, and the outcomes associated with those strategies.  The ODCE recently published its annual report for 2021.The Director’s statement gives an overview of 2021 and looks to the year ahead and gives details of the ODCE’s activities including compliance and enforcement activities. The Charities Regulator has recently published its summer newsletter where you will find information on charity matters including how to register for a lunch time webinar on 6 July on how to ensure your charity is up-to-date and proposed changes to charity law in a recent draft bill. The Central Bank Director of Financial Regulation Policy and Risk recently gave a wide-ranging speech on the new Individual and Senior Executive Accountability framework which will come into effect next year. He considered some key aspects of the new framework including the Central Bank’s approach to the regulations and guidelines that will implement the primary legislation. Further details of his speech can be read here. The Irish Department of Finance issued a recent press release giving details of the European Investment Bank’s plans to strengthen support for climate, connectivity, renewables, education and innovation across Ireland following the meeting of the Ireland-EIB Financing Group held at the Department of Finance recently. Further details of the announcement can be read here. The Department of Finance also recently published the 2021 progress report of the Ireland for Finance Strategy. Achievements in the 2021 progress report of the Ireland for Finance strategy, noted in the press release include developing and launching a national Sustainable Finance Roadmap and launching Ireland’s Women in Finance Charter. For further technical information and updates please visit the Technical Hub  on the Institute website. 

In Irish tax developments, the CCAB-I represented it members at the recent meeting of TALC Collections and addressed members issues regarding delays in response times at a meeting of TALC MyEnquiries.  On the UK front, the rate of interest for late payment of taxes is increasing again and read about what to expect now that HMRC’s light touch approach to compliance with the IR35 off-payroll working rules has come to an end. In International news, the OECD publishes its annual report on global tax administrations. Ireland At a recent meeting of TALC Collections the Institute, under the auspices of CCAB-I, made representations on behalf of its members, including issues filing non-compliant non-resident landlord tax returns. Where members experience delays in response times, Revenue recommend agents make contact using the “exceptional contacts” facility, following representations made by the Institute, under the auspices of CCAB-I, at a recent meeting of TALC MyEnquiries UK     3. HMRC’s interest rate for late payments of tax increases following the Bank of England interest rate rise.     4. HMRC’s IR35 light touch compliance approach has ended but system must be operated effectively and fairly says PAC. International       5. The OECD recently published its annual report, “Tax Administration 2022”, comparing trends across tax administrations in 58                   advanced and emerging economies. Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter. Subscribe to the Tax News by updating your preferences in MyAccount.

On 3 June 2022 the European Commission announced its sixth package of sanctions against Russia. Further details are now available  on the Institute’s webpage on sanctions. One of the measures is that the provision directly or indirectly of certain business-relevant services such as accounting, auditing including statutory audit, bookkeeping and tax consulting services, business and management consulting, and public relations services to the Russian government, as well as to legal persons, entities or bodies established in Russia are now prohibited. The relevant legal acts, a Decision 2022/884 and a Regulation 2022/879 have been published in the Official Journal. The recitals to Regulation 2022/879 provide a little more detail of the services which fall within the sanctions. They state that “......accounting, auditing, bookkeeping and tax consultancy services cover the recording of commercial transactions for businesses and others; examination services of accounting records and financial statements; business tax planning and consulting; and the preparation of tax documents….” Exemptions to the EU sanction are provided. There is an exemption for provision of services that are strictly necessary for the termination by 5 July 2022 of contracts which are not compliant with the Article (i.e now prohibited by the sanction) which were concluded before 4 June 2022 or of ancillary contracts necessary for the execution of such contracts. Exemption is also given for services that are strictly necessary for the exercise of the right of defence in judicial proceedings and the right to an effective legal remedy. An exemption is given for services for the exclusive use of entities established in Russia but owned, solely controlled, or jointly controlled, by an entity in an EU Member State. Derogations (which would have to be sought) are provided for services necessary for humanitarian purposes. The provisions are somewhat vague. For example, the wording on the applicable date is not entirely clear though it seems that the services are banned with a deadline for cessation of activities ,the provision of services that are strictly necessary, of 5 July 2022. Strictly necessary services are not defined either. On 24 June 2022 the EU Commission updated its FAQs to include an FAQ document on prohibition of certain business relevant services. You can click here to read the FAQs on sanctions on certain business relevant services. In the UK a ban on professional services exports to Russia was announced by the UK government  on May 4th.Legislation has now been passed implementing that ban (as of July 21 2022 ).Please click here to read an article with more information on that UK ban. Please see links below for some recent news items on this issue: European Commission press release on Sixth package of sanctions Arthur Cox, solicitors Linklaters Responses to the Russia/Ukraine Crisis – Sanctions Update No.3 Reed Smith This news item is provided as resources and information only and nothing in the news item  purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the news item. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of the news item we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in the news item. Chartered Accountants Ireland can accept no responsibility for the content on any site that is linked to/from the Institute website. Links are provided in good faith for the potential support of members and students.

The Institute, under the auspices of CCAB-I, made representations on behalf of members at last week’s meeting of TALC MyEnquiries. Revenue provided updates including reply timeframe analysis, contact issues, technical issues and future system developments and enhancements. Where members experience delays in response times Revenue recommend agents make contact using the “exceptional contacts” facility.

The Institute, under the auspices of CCAB-I, made representations on behalf of members at last week’s meeting of TALC Collections.  Amongst the issues discussed, Revenue provided updates on debt warehousing, non-resident landlords and agent access to Customs & Excise printouts, and asked members to remind taxpayers to update their bank details on ROS if moving accounts from Ulster Bank or KBC. Debt Warehousing Scheme Revenue reminded the forum that it is vital that taxpayers availing of debt warehousing file all returns, even Nil returns, and pay current taxes as they fall due, otherwise the benefits of debt warehousing will be revoked. Revenue confirmed that while non-filing of VAT RTDs and other informational returns does not revoke the benefits of debt warehousing, if other returns are also outstanding, informational returns will be included in correspondence notifying taxpayers of their obligations. Revenue will not be writing to taxpayers who submitted their outstanding returns by 30 April 2022 to confirm their warehoused debt as the ROS screens should provide all the relevant information. In October, Revenue intends to contact taxpayers if their Period 2 ends on 31 December 2022  advising them of the end of that phase and asking them to provide a payment schedule. Revenue reiterated that taxpayers must engage with Revenue before Period 2 ends to outline their plans to pay the warehoused debt. Should a Phased Payment Arrangement (PPA) be required it must be applied for through the normal online channels, with caseworker approval. It is also possible to pay off the debt early. In terms of PPAs, Revenue confirmed that both warehoused and non-warehoused debt can now be consolidated within the same PPA and also clarified that the requirement to pay a down payment of 25 percent or 40 percent (depending on tax clearance status) applies to warehoused debt. Revenue wished to remind taxpayers that they would take a flexible and pragmatic approach depending on the case.  Non-resident landlords – strict legislative approach for 2021 Following representations by CCAB-I and other bodies last year, Revenue provided a work-around to enable the submission of the ROS Form 11 for the 2020 tax year for non-resident landlords who had not appointed a collection agent and where the tenant had not withheld tax.  At the time, despite the legislative position, Revenue agreed to provide a workaround given the difficulties being experienced in filing returns.   However last week, Revenue re-iterated its position that a concessionary measure similar to that permitted for filing 2020 ROS Form 11 returns will not be in place for the 2021 tax year. It is Revenue’s opinion that taxpayers should have had sufficient time to arrange their affairs to ensure the appropriate measures were in place for 2021. Revenue advised that if issues arise whereby non-resident landlords have neither appointed a collection agent nor arranged for the tenant to deduct tax at source for 2021, such cases should contact Revenue, and they will be dealt with on a case-by-case basis. Revenue stated that they would ensure that internal manuals advising case workers on how to deal with such cases would be reviewed and updated if necessary. Revenue acknowledged practitioners’ concerns that chargeable persons are not being permitted to file income tax returns and accepted the difficulties and arduous administrative requirements applicable to such landlords under the legislation but stated that it is its duty to implement the legislation. We will keep members updated via Chartered Accountants Tax News. Update bank details on ROS Revenue has asked us to remind readers to update their bank details for both online payments and repayments where they have changed banks as a result of Ulster Bank and KBC exiting the market. Revenue noted that there may be a need to update the details under more than one tax head and across several platforms. Revenue will also include a reminder in the June ROS Pay & File bulk issue. Customs & Excise Agent Access Following a request by the Institute, under the auspices of the CCAB-I, Revenue confirmed that agents should be able to access clients’ Customs & Excise weekly print outs for imports on ROS by the third quarter of 2022. Agent RTSO Payments access In light of representations made to Revenue, and its increased focus on employee share scheme compliance, Revenue acknowledged the need to improve the facility for agents to set up payment of Relevant Tax on Share Options (RTSO) on ROS. It intends to implement the required IT improvements in 2023.

Revenue’s Tax and Duty Manual on the Code of Practice in Determining Employment Status has been updated to insert a link to the revised code published in 2021.