Over the past number of months, we have been informing Tax News readers that employers will be required to report details of small benefits, travel and subsistence and remote working allowances paid to employees and directors from 1 January 2024. This new requirement was introduced in Finance Act 2022 and is set out in Section 897C TCA 1997. Last week, Revenue updated its website to set out information on the new reporting requirements for employers.
As previously reported, in Tax News, representatives from the Institute, under the auspices of the CCAB-I, attended the first meeting of the Tax Administration Liaison Committee (TALC) Enhanced Reporting Requirements Subgroup earlier this month to discuss the implementation of enhanced reporting requirements. At the subgroup meeting, and previously at Main TALC, our representatives raised their concerns around the practicality of real-time reporting as well as concerns with the additional costs for businesses associated with the new measures.
The CCAB-I has suggested to Revenue that an annual return frequency is a more reasonable reporting time-frame given it would meet Revenue’s needs in terms of reporting non-taxable reimbursements but would place less burden on employers to comply. While it is accepted that employers already maintain records of the reportable benefits, feedback has informed us that integrating these records with a real-time filing requirement is a complex task.
Earlier this month comments from Cróna Clohisey, Tax & Public Policy Lead, on the new Enhanced Reporting Requirements for Employers were covered in the Sunday Independent Business. The current edition of Accountancy Ireland’s Briefly newsletter explores the practical challenges employers need to address and outlines four key actions to prepare for this new initiative.
CCAB-I will continue to liaise with Revenue on these requirements and will inform members via Tax News.
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