Latest News

Latest News

Auto Enrolment Pension Scheme

Auto Enrolment Pension Scheme In March of this year, the Cabinet approved the introduction of a plan to make it mandatory for employees between the ages of 23 and 60 to enrol in a pension scheme if earning more than €20,000 per year. It is expected that contributions will begin to be paid from January…

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Directors Compliance Statement

Directors Compliance Statement Under the Companies Act 2014, it became mandatory for directors of certain companies to include a compliance statement as part of the directors’ report issued with the financial statements. The companies which must include this statement are public limited companies and, private limited and limited by guarantee companies who’s turnover exceeds €25…

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Electric Vehicles – Changes in BIK rules on the way!

Electric Vehicles – Changes in BIK rules on the way! The exemption from BIK charged on the private use of electric vehicles was introduced by the Finance Act 2017. Originally, it allowed for new and used electric cars to be fully exempted for BIK purposes for the 2018 tax year.   In subsequent Finance Acts, the…

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Restricted Share Awards

What is a Restricted Share? Restricted shares are those acquired by an employee/director of a company, including shares acquired on the exercise of a stock/share option, where there is a “clog” or restriction on the disposal of those shares.     What are the attractions of a Restricted Share Award? The taxable value of the share…

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Gender Pay Gap Reporting

The Gender Pay Gap Information Act 2021 will require companies to report the difference between the average pay of men and women regardless of their level of seniority within the organisation. The Act applies equally to both the public sector and the private sector.    For the first 2 years, only employers with more than…

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Being a Director – Eoghan Hughes

  You have recently become a director of a company for the first time, what are the new responsibilities you have acting as a company director? It is the company directors’ responsibility to ensure that an annual return on behalf of the company is delivered to the CRO, whether the company is trading or not,…

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OMCs: Taxation

Corporation Tax   While Owners’ Management Companies (OMCs) do not trade for a gain they are required to register for corporation tax. A concession is available from Revenue and this concession will need to be applied for each year and confirmation received from Revenue. In some cases Revenue may provide the concession for several years…

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UK Property – Overseas Owners

UK Property – Overseas Owners The UK’s Economic Crime (Transparency and Enforcement) Act 2022 is being fast-tracked in March 2022 through Parliament.   The Bill will include the introduction of a new Register of the beneficial owners of overseas entities that own property in the UK.   The new “Register of Overseas Entities” (ROE) will…

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OMCs: Once-off levies

Once-off levies   Unfortunately, we are seeing more and more Owners’ Management Companies (OMCs) that are required to approve and charge out a once-off levy. This is where a large expense arises, and the OMC does not have an adequate sinking fund to cover the cost (refer to our previous post on sinking funds0.  …

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OMCs: Sinking (Building Investment) Funds

Sinking (Building Investment) Funds You may know it as Sinking Funds or Building Investment Funds but in essence, they are the same thing. The Multi-Unit Developments Act 2011 (MUD) refers to them as sinking funds so let us go with that. In simple terms, a sinking fund is a savings account put away for a…

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