We have seen from previous articles that there are many reasons as to why a business maybe be under threat in these challenging times. Business continuity planning is the procedure involved in creating a system of prevention and recovery from potential threats, real or perceived to a company. The plan ensures that personnel and assets…
Read MoreDid you purchase a property anytime between 7 December 2011 and 31 December 2014? If so, now may be a tax efficient time to consider selling. The 7 Year CGT Exemption was originally introduced by way of Finance Act 2012 with the intention of boosting investment in Irish properties during the last recession. The scope…
Read MoreAn auditor will calculate a monetary value as the “materiality” level applicable to those financial statements he/she is auditing. The value will be based on the auditor’s professional judgement and their perception on the financial information needs of the users of the financial statements.
Read MoreStep 1 – give them loads of data e.g. 1 bankers box. Your accountant will be delighted as we love data and we generally put it into a big spreadsheet with loads of complicated formulae. Step 2 – ask them to review the data and give you their view, to empower you to make a…
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 More