The requirement that a company keep proper books of account is contained in section 282 of the Companies Act 2014. Section 282 provides that every company shall cause to be kept adequate accounting records, whether in the form of documents or otherwise that – correctly record and explain the transactions of the company, …
Read MoreAlthough in the pipeline since January 2020 when the EU Directive came into force, the Cabinet has recently approved a bill, the Criminal Justice (Money Laundering and Terrorist Financing) Amendment Bill 2020. to transpose the criminal justice elements of the Fifth EU Money Laundering Directive and strengthen existing legislation. Once this bill has been enacted it will bring Ireland in…
Read MoreRelevant Contracts Tax (RCT) is an area that can cause a great deal of confusion with businesses and unfortunately failure to operate the rules around RCT correctly can lead to significant tax penalties. For RCT to apply, a principal must engage a subcontractor to provide services in one of the following areas: Construction Operations Forestry Operations Meat Processing Operations Revenue…
Read MoreIn these Covid times formal Revenue audits have greatly reduced in number. However, aspect enquiries (where Revenue raise a specific enquiry) usually through the ROS (Revenue on line) system have increased in number. Revenue Audits during Covid The Revenue have indicated that generally Revenue audits will be conducted remotely while the Covid threat is with us and that the following approach will generally…
Read MoreFrom the 1st January 2019 the Revenue Commissioners introduced PAYE Modernisation, the objective of which was to improve the accuracy of the payroll information available to the Revenue, Employers and Employees, so that the right amounts of Income Tax, Pay-Related Social Insurance (PRSI), Universal Social Charge (USC) and Local Property Tax (LPT) were deducted at the right…
Read MoreThe UK left the European Union as of 31st January 2020 but transitionary provisions continue in place up until 31st December 2020. Over the course of this year, the UK’s trading relationship with the EU has remained the same. The UK has continued to follow EU rules, has remained under the jurisdiction of the European Court of Justice and has stayed…
Read MoreThe online income tax filing deadline for the year ended 31 December 2019 was recently extended to the 10th of December. Payments to cover the balance of income tax due for 2019 and preliminary tax for 2020 are also due to be lodged with Revenue by the 10th of December. Unfortunately, the most self-assessed tax payer will have seen their incomes eroded in…
Read MoreWhile the trade deal between the EU and UK is still far from clear as of November 2020, there is certainty around tax changes that are happening on 1 January 2021. On 31 January 2020 the UK left the EU and entered into an 11-month transition period. From 1 January 2021 the UK will no longer be in the EU customs union…
Read MoreAt Cooney Carey we have always known the value of our people and the importance of looking after each other. This has never been truer than during the current Covid-19 pandemic. To support our team during this time we are hosting an online event called “Moving Through Uncertainty”. Neil Kelders, an international mental health speaker…
Read MoreEmployment law exists to regulate the relationship between businesses and their employees. By complying with relevant legislation, both employers and their staff members can ensure that their hiring processes, dismissal processes, and their workplace as a whole, are fair for every individual. There are so many laws relating to HRM practices because they need to protect the rights of both employers and employees. Since…
Read More