Outstanding VAT RTD Causes Cash Flow Problems

Regulation 24(1) of the Value-Added Tax Regulations 2010 requires all VAT registered traders to submit a VAT Return of Trading Details (RTD) on an annual basis following the end of the respective accounting period. The RTD is a statistical form which provides a summary of supplies of goods and services, imports and purchases giving rise to deductible input VAT at the various VAT rates. The return includes all Irish, intra-EU and non-EU trade carried out by the Irish business. The VAT exclusive value of the supply of goods and services should be included. All turnover including turnover at […]

EORI Number for Importing and Exporting Goods

An EORI number is an Economic Operator Registration and Identification number. The EORI system was introduced on July 1, 2009 to replace the Traders Union Reference Number System which previously identified traders for customs declarations when importing or exporting cargo. It was established to implement the security measures introduced by Regulation (EEC) No 2913/92, as amended by Regulation (EC) No 648/2005 of the European Parliament and of the Council. It is also used for statistical purposes. If a business interacts with the customs authorities in any European Union (EU) country or trades with a non-European Union (EU) country it will need an EORI number. If you are moving goods within the […]

BREXIT: VAT Implications for Irish and UK businesses under a no deal scenario

If the UK does not agree to a formal withdrawal agreement by 29 March 2019 then its status under EU law would change from that of an EU Member State of the European Union to that of a third country. The consequences of this change would result in the UK being outside the Single Market and Customs Union and have no trade or cooperation agreements in place with the EU. There would be no transition period in which businesses can complete the necessary changes to accounting systems, compliance reporting and provide for the associated costs in […]

UK directors in Irish companies – No deal Brexit

The Companies Registration Office has advised that if the UK leaves the European Union without any deal in place on 29 March 2019, Irish companies which have only UK resident directors will be required to comply with Section 137 Companies Act 2014 to have an EEA-resident director. S137 BOND However, the requirement to have at least one EEA resident director from a Member State does not apply to any company which holds a bond, in the prescribed form, in force to the value of €25,000 and which provides that in the event of a failure by […]

Implementation of Branch Returns Filing with the CRO

On 9th June 2018, the type of external companies obliged to register with the CRO was broadened with the commencement of Section 80 of the Companies Accounting Act 2017. Previous to this, external companies with unlimited liability with a branch in Ireland were not required to register with the CRO. The Companies Accounting Act 2017 has now introduced the requirement that both EEA and non-EEA external, unlimited liability undertakings, which are a subsidiary of a limited liability company are to register with the CRO once they have a branch in Ireland. ALL branches registered with the […]

Universal Laws

If anything can go wrong, it will. Murphy’s Law If you play with anything long enough it will break. Murphy’s Law Is something is adjustable, sooner or later it will need adjusting. Max Frisch Anything you buy will be in the sale next week. Erma Bombeck If it’s good, they’ll stop making it. Herbert Block 90 per cent of anything is crap. Theodore Sturgeon When it comes to foreign food, the less authentic the better. Gerald Nachman When ripping an article from a newspaper, the tear is always into and never away from the required article. […]

How to Avoid Disciplinary Disasters and Grievance Catastrophes

HOW TO AVOID DISCIPLINARY DISASTERS AND GRIEVANCE CATASTROPHES

The Institute of Chartered Accountants in Ireland recently published advice on employee employment issues. Despite employers often times having sufficient grounds for dismissal, they invariably lose unfair dismissal cases because fair procedures and the rules of natural justice were not adhered to but there are procedures you can follow do to avoid this. It’s unfortunate when an unfair dismissal case is lost because advice from experienced professionals was not obtained before the dismissal procedure was put in place or, in a worst-case scenario, before the dismissal took effect. This is most often the case when it […]

EMPLOYEES ANNUAL TAX FREE €500 BONUS

Employers can reward employees under the Small Benefits Exemption Scheme with a non-cash bonus of up to €500 per year completely tax free. If guidelines are followed neither the employer nor the employee will pay PAYE, PRSI or USC with a potential saving of over €650. To qualify for the tax exemption, only one tax-free bonus may be paid to each employee in any one year. If more than one bonus is given in a year, it is only the first one that will qualify for tax-free status, even if this bonus is less than the […]

Income Tax refund 2014

As there is a four year limit on claiming Income Tax refunds, 31 December 2018 is the deadline date for filing your 2014 return if you are entitled to a refund. If you file your claim after that date you will not receive any refund. In 2017 Revenue stated that refunds on tax credits totalled €27.6m. The average refund is about €900/€1,100. It is opportune that you check your position for 2014 and subsequent years to ensure you receive your correct tax credits and allowances for items such as medical expenses, nursing home fees, tuition fees […]

Entrepreneur Relief

An individual only may claim relief from CGT in respect of a chargeable gain arising on the disposal of qualifying business assets. There is a lifetime limit of €1 million on the gains made on or after 1 January 2016 that you can claim relief on. If you can claim this relief, you will pay CGT at the rate of 10% on gains from the disposal of business assets. This is reduced from the normal rate of 33%. Up to 31 December 2016, gains from such disposals are charged at 20%. The qualifying business assets must have […]

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