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Three ways to stay busy and active during retirement

Retirement doesn’t mean you have to scale back on how active you are. If anything, you can be busier than ever, thanks to the wealth of opportunities that are out there. Part-time jobs and volunteering are great for helping you stay busy if you’re retired. Not all retirees want to just put their feet up and relax. They don’t necessarily just want to spend their retirement pursuing their hobbies or pastimes either. There are many more activities out there to help keep them busy and give them more of a purpose. What’s more, not everybody who retires can afford to live off their savings and pensions. Part-time jobs are ideal for providing the additional income that’s needed to supplement savings and pensions. Believe it or not, there are numerous opportunities - paid and voluntary - available to retired people these days. In fact, some retirees even go on to start a brand new career! Retirement doesn’t have to be restrictive. Focus on how you want to spend it and what you need to do in order to achieve your goals within the next chapter of your life. Types of part-time work Self-employment If you’re considering working for yourself, but aren’t sure what to do, then start by considering your hobbies. Whether it’s needlework, knitting, furniture restoration, gardening, or DIY, lots of people set up small businesses and start new part-time or self-employed careers when they retire. Given the digital era in which we now live, the internet has opened up so many doors. This means that if you used to be a secretary, you could provide remote typing or bookkeeping services to companies who don’t have the resources to employ a full-time member of staff to carry out this work. Alternatively, you may enjoy car boot sales and have an eye for a bargain that you can easily resell online, making yourself some extra money in the process. The options, and opportunities, are endless! If you quite like the idea of working for yourself, make a list of all of your skills, personal qualities and interests. This will enable you to see if there’s a gap in the market you can tap into. The additional income you make will also help with your financial budgeting and retirement planning. Staff employment By law, older workers, who may have retired or be close to retirement, should not be categorised into doing certain types of work. Anti-discrimination legislation means that retired people, or those nearing retirement, can continue in the jobs they have done for most of their working life way beyond conventional retirement age. Because it’s unlawful to discriminate on the grounds of age, you should have the same chance of gaining employment as everybody else. What about ex-work colleagues? Networking provides you with possibly the best chance of finding work if you want to continue working part-time within your chosen field. Most people are familiar with the likes of B&Q and Tesco, who have long maintained a policy of actively encouraging retired people to work. However, all companies now need to also take a proactive approach to considering older applicants when it comes to their recruitment processes. Voluntary work Sometimes, people who have retired, simply want to give something back and help others, so get involved with voluntary work. They can do this by themselves or with their partner if they’re retired too. There are many benefits to volunteering for all involved. For retirees, it’s a chance to make new friends and learn new skills. It can also be incredibly rewarding, as well as provide you with some purpose and structure to your day. Taking part in voluntary work is both mentally and physically rewarding. It has been recognised for helping combat depression, boosting self-confidence, staying fit and healthy and cultivating happiness, among numerous other things. Many charities and volunteer groups actively encourage retirees to get involved due to their maturity; wealth of experience and enthusiasm for the cause: charity shops are always on the look-out for staff, or perhaps a voluntary organisation can make use of any administration skills you may have if you enjoy physical labour and working outdoors, there are countless voluntary projects related to conservation out there you may want to take on an active role within your local community, so you could become a local councillor if you’re a good communicator and ‘people person’, helping out with disadvantaged young people or providing telephone support via the Samaritans might be just the thing for you if you drive, you may be able to find work collecting the clothes bags that are left out for charities or by taking people to and from hospital Your local council, local newspaper and library are good places to start enquiring about voluntary work. There are also plenty of online resources too. Simply type into a search engine (e.g. Google) 'voluntary work' in your local region. Volunteering is an opportunity for you to be involved in something you really enjoy doing. Whether it’s a hobby or continuing your previous role or existing voluntary work. A final few words about staying busy during retirement… Retirement doesn’t have to mean staying in and having minimal interaction with people. There are numerous different avenues you can explore, from starting a self-employed business based on your hobbies and interests and taking part in voluntary work, to still working for an employer on a part-time or job share basis. The more you search for ways to spend your retirement, the more we guarantee you’ll find…. For advice, wellness coaching or counselling, contact the team by email at: thrive@charteredaccountants.ie or by phone: (+353) 86 0243294. Article reproduced with the kind permission of CABA, the organisation providing lifelong support to ICAEW members, ACA students and their close family around the world.

Oct 30, 2024
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Tax International
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Tobacco taxation reforms are needed to reduce tobacco use in Latin America and the Caribbean

Countries in Latin America and the Caribbean could reduce the widespread consumption of tobacco and its cost to society by better design and administration of tobacco taxes, according to a new OECD report.

Oct 29, 2024
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Tax International
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Administrative cooperation in taxation

The European Commission has adopted a new proposal (DAC9) to help companies with their filing obligations under the Pillar 2 Directive.

Oct 29, 2024
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Tax RoI
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Other Tax and Duty Manuals updated this month

Recognised Clearing Systems Securitisation Regulation: Notification of Investment

Oct 29, 2024
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Tax RoI
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Revenue arrangements for implementing exchange of information requirements in respect of tax rulings

Revenue has updated the Tax and Duty Manual which details Revenue’s arrangements for implementing EU and OECD exchange of information requirements In respect of tax rulings.  The guidance has been updated to: reflect the DAC8 changes that will bring individuals into scope (section 1.1), clarify spontaneous exchange of information for rulings (sections 3.1 and 4.1), and reflect amendments under DAC8, including updates to the allowable use of information in line with Article 16 DAC (section 3.8). The updated list of jurisdictions covered by the OECD framework with which Ireland has a legal basis to spontaneously exchange information with is contained in Annex 3.

Oct 29, 2024
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Tax RoI
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Write-out of uncollectable tax debts

Revenue has updated the Tax and Duty Manual which outlines guidelines for  the write-out of uncollectable tax debts. The preface now includes the Small Company Administrative Rescue Process among the likely types of scenarios where tax may be irrecoverable.

Oct 29, 2024
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Tax RoI
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Changes to stamp duty on residential property

Finance Bill 2024 was recently published and contains the legislative proposals to implement the changes to the stamp duty announced by the Minister for Finance in his recent Budget speech. The revised rates on conveyances of residential property which apply from 2 October 2024 are as follows: 1 percent on consideration up to €1 million, 2 percent on the next €500,000 of consideration, and 6 percent on the balance. Where the conveyance is in respect of three or more apartments in the same apartment block, the rates are 1 percent on the consideration up to €1 million and 2 percent on the on the balance. In addition, the higher rate of stamp duty that applies on certain bulk purchases of residential property (excluding apartments) has increased to 15 percent. Readers should note that transitional measures apply the rates that were in force prior to 2 October 2024 to instruments executed between 2 October 2024 and 1 January 2025 where: there was a contract in place before 2 October 2024 that was binding, and the instrument contains a certificate to this effect.

Oct 29, 2024
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2025 Local Property Tax

Next Friday 1 November 2024 is the liability date for 2025 Local Property Tax (LPT). The person liable for the property on 1 November 2024 must pay the LPT charge for 2025, even if they dispose of the property between 1 November 2024 and 31 October 2025. Property owners are reminded that where a residential property has been newly built or it has been refurbished and has become occupied/suitable for use as a dwelling between 2 November 2023 and 1 November 2024, the property is liable for LPT in 2025 by the above deadline. A taxpayer who owns a property which is newly liable for LPT is required to value their property as at 1 November 2021. Revenue’s website contains guidance on valuing newly liable properties, with further information on LPT available on Revenue’s dedicated LPT webpage. 

Oct 29, 2024
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Vacant Homes Tax deadline 7 November 2024

Readers are reminded that Thursday 7 November 2024 is the return filing date for Vacant Homes Tax (VHT). The VHT is due on residential properties that are liable to Local Property Tax and are occupied for less than 30 days in the year ending 31 October 2024. Further information is available on Revenue’s website.   VHT returns can be submitted via Revenue’s myAccount, ROS or the LPT Portal. The system will guide property owners through the three-step process to review their details, submit their return and make a payment if necessary.  

Oct 29, 2024
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Tax RoI
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Revenue updates forms for Employment Investment Incentive Scheme

Revenue has updated the Return of Qualifying Investments in a Qualifying Company (Form RICT) and Return of Information of an Investment Fund Return (Form IF) to reflect the changes made to the Employment Investment Incentive and related schemes in Finance (No.2) Act 2023. These changes were largely driven by amendments required under the EU General Block Exemption Regulation. The returns are now available in Revenue’s eBrief No. 262/24 in respect of investments made in 2024, with updated instructions and explanatory notes for each.

Oct 29, 2024
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Tax RoI
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Minister for Finance publishes the report of the Funds Sector 2030 review

The Minister for Finance, Jack Chambers TD has published the report of the Funds Sector 2030 review. The Institute, under the auspices of the CCAB-I, responded to the review in September 2023 and we now welcome the report of the review group. The Department of Finance commenced the review to understand the state of the Irish fund sector and the extent to which Ireland’s tax, legal and regulatory framework remains best-in-class. Given the many developments in recent years, the review aims to support the long-term growth in the sector in Ireland, including in the retail investment sector. Concluding that Ireland is well placed to grow in the funds and asset management sector while noting that “what has worked for Ireland in the past will not necessarily work into the future”, the review team has developed a set of recommendations to address the material issues identified in the review. As with any change in legislation and regulation, the Exchequer impact of those changes will need to be carefully considered. So, the phased introduction of these changes is recommended, beginning with changes to the Investment Undertaking Tax regime. One of the recommendations call for the reform of the taxation of Irish-domiciled funds to align with the treatment of equivalent products in EU, EEA and OECD territories. The following proposals are noted in the report: Remove the eight-year deemed disposal requirement, Align the tax rates for Investment Undertaking Tax and Life Assurance Exit Tax with the CGT rate (currently 33 percent), and Allow for a limited form of loss relief. Commenting on today’s publication Minister Chambers said: “The story of the funds industry over the last five years has been one of growth, with 22% growth in direct employment over the last five years, it’s important to recognise where we have been successful. However, it is even more important to understand where we need to move to, to be successful in the future, that was a key task for this Review. The regionalisation of the sector is a key feature of the funds industry here. There are people living in Donegal, Cork, Limerick, Kilkenny and Kerry working in the sector because of firms who have established their Irish operations there. People no longer have to move to Dublin or abroad to pursue a career in the funds sector. And for those who have worked in funds abroad, gaining experience and expertise, Ireland now offers them attractive careers to return to. The fact that the review was commissioned and undertaken is a sign of the importance we see in the funds and asset management sector. The review has had a positive impact, leading to a period of deeper thought, not just on today’s priorities, but the future outlook and how the sector interacts with Government, with regulators and with its customers. I would like to thank everyone who responded to the consultation, including many individual taxpayers, and those who engaged in further discussions with the Review Team subsequently. I would also like to that the Institute of Banking for producing a thorough and engaging history of the sector which I am pleased to publish alongside the Review today.”

Oct 29, 2024
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Tax UK
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Post EU exit corner – 29 October 2024

In this week’s post EU exit corner, we bring you the latest guidance updates and publications relevant in the post EU exit environment. The most recent Trader Support Service bulletin is also available as is the latest Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs Team. Miscellaneous guidance updates and publications Reference Document for The Customs Tariff (Establishment) (EU Exit) Regulations 2020, Customs, VAT and excise UK transition legislation from 1 January 2021, Appendix 1: DE 1/10: Requested and Previous Procedure Codes of the Customs Declaration Service (CDS), Data Element 2/3 Documents and Other Reference Codes (National) of the Customs Declaration Service (CDS), External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service, Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service, Safety and security requirements on imports and exports, Making an entry summary declaration, and Data Element 2/3: Document and Other Reference Codes: Licence Types — Imports and Exports of the Customs Declaration Service (CDS).

Oct 29, 2024
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