Revenue Compliance Interventions, Qualifying Disclosures, Tax Return filings, Irish Tax Compliance, High Wealth Individuals (HWIs)

New Revenue Guidance on Tax Compliance

The Revenue Commissioners have introduced guidance on the Enhanced Compliance Engagement (ECE) framework for high-wealth individuals (HWIs) within the High Wealth and Financial Services Division (HW&FSD), running as a pilot until 31^st December 2027.  It will be reviewed by Revenue in 2028. The framework, designed to foster collaboration and reduce enquiries, comprises a tax pack compliance review of submitted computations and a mechanism for obtaining opinions on significant transactions. Key benefits for HWIs include a dedicated case manager and the retention of rights to make unprompted qualifying disclosures during the Level 1 Revenue compliance intervention process.

You can review the full guidance in the new Revenue ebriefs:

https://www.revenue.ie/en/tax-professionals/ebrief/2026/no-1112026.aspx

https://www.revenue.ie/en/tax-professionals/ebrief/2026/no-1122026.aspx

Overview & Timeline

The Revenue Commissioners have launched the Enhanced Compliance Engagement (ECE) framework. It is managed by the High Wealth and Financial Services Division (HW&FSD).

Who is the Target Audience?

High Wealth Individual (HWI) taxpayers.

What is the Format?

It’s a voluntary pilot scheme.

What is the Duration?

Effective from Q2 2026 to 31 December 2027.

What is the Review Date?

Revenue will review the framework in 2028.

What level of Commitment is required?

No formal agreement is required to participate.

What level of Flexibility is offered?

Taxpayers can opt-in at any stage or for any single year.

Key Elements of the Revenue Compliance Framework

What is the process?

Taxpayers submit backup tax computations and supporting documentation after filing returns.

Who are they submitted to?

Documents should go directly to an assigned dedicated case manager.

What’s the purpose of this?

It helps Revenue understand the return filed, especially regarding exceptional matters which differ from submissions made in previous years.

How do Revenue classify this?

Handled as a Level 1 Revenue Compliance Intervention under the Compliance Intervention Framework.

What is the benefit to the Taxpayer?

Taxpayers retain the right to make an unprompted qualifying disclosure or penalty-free self-correction.

Benefits to HWI Taxpayers

It’s a Personalized Service

Assignment of a dedicated case manager to the account.

Risk Reduction 

Lowered exposure to interest charges and future tax penalties.

Real-Time Resolution

Deals with compliance matters quickly to lower compliance costs.

Certainty

Increased assurance regarding return accuracy and transaction tax implications.

Strategic Planning 

Opportunity for early pre-engagement on major financial transactions.

For all your tax advisory and compliance requirements including help preparing and filing your Tax Returns and Qualifying Disclosures, please contact us at info@accountsadvicecentre.ie

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.

UK Company Account requirements. Financial Accounts. No Abridged Accounts.

Following engagement with Stakeholders, the Economic Crime and Corporate Transparency Act 2023 reforms for company account filing are delayed to April 2028.  This includes mandatory iXBRL format, eliminated abridged accounts and strengthened audit exemptions.  The key changes include required profit and loss filing for small companies and micro-entities (with an opt-out for public disclosure), restricted accounting period changes and all component parts of the filed accounts and reports must be filed together

What’s the new Deadline?

Small businesses and micro-entities must file profit and loss (P&L) accounts starting April 2028.

Delayed Rollout:

The implementation date for the reforms has been moved from April 2027 to April 2028.  This timeline grants companies an additional year to prepare for the updated Companies House mandates.

What’s the Impact?

These changes will transform both the data companies must disclose and how they submit annual accounts.

What are the specific changes to accounts preparation and filing?

1. Digital Filing Only: Software filing becomes mandatory. Paper and manual web options close. Web services remain only for non-account filings.

2. No Abridged Accounts: Companies must provide full financial details.

3. Component parts of filed accounts and reports must be filed together: All financial accounts and reports must be uploaded together.

4. Strict Period Rules: Limits on shortening accounting reference periods.

5. Other Technical Changes:  A strengthened eligibility Statement is required by companies claiming audit exemption.

To review the news story “Companies House to bring in changes to accounts filing from April 2028,” please click: https://www.gov.uk/government/news/companies-house-to-bring-in-changes-to-accounts-filing-from-april-2028

As the implementation timetable has been moved, companies now have considerable time to prepare for the changes.

For all your UK tax advisory and compliance requirements including help preparing and filing your Tax Returns, please contact us at queries@accountsadvicecentre.ie

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.

Tax Advisors and Qualified Accountants, Dublin

Today, 28^th May 2026, the Revenue Commissioners issued a press release.  In it, important changes were announced in relation to Customs Rules for the importation of goods, valued at €150 or less, from outside the European Union.  This includes Great Britain.  This change will take effect in every EU member state from 1^st July 2026.   

What does this mean?

From 1^st July 2026, the EU will introduce changes to the customs clearance of low‑value e‑commerce packages arriving from countries outside the EU, effectively making them more expensive.  A €3 customs duty will apply to each item within a package.  This will not just increase the cost of online purchases but it will also impact the process for returning goods.

What are the current rules?

Currently, a customs duty relief threshold is in place.  This means that no customs duty is applicable on eCommerce packages entering the EU on goods, excluding delivery charges, with an intrinsic value not exceeding €150.  However, from 1^st July 2026, that will change.

Where will the €3 customs duty be applied?

It will be applied at the checkout or upon delivery.

Anything else to consider?

• The new €3 customs duty per item will apply, plus VAT.

• The VAT rate payable on the goods is the VAT rate that would be applicable if those same goods were purchased in Ireland.

• In general, the €3 duty is non-refundable.

• Couriers and An Post will require that Irish consumers pay the €3 duty per item before the goods can be delivered.

• Before you make an online purchase, you should check exactly where the business is based. While no Customs duty applies if the goods are based in Ireland or any other EU member state at such time as those goods are ordered, it’s very important to know exactly where the business is located before you buy. Goods may be shipped from outside the European Union, even where a website appears to show the business as Irish or EU‑  According to Revenue:

“For businesses who do not show Customs Duty on its website, it is vital to check the website’s “Terms and Conditions” and, or “About Us” page to confirm its physical business address and the location from where the goods will be shipped.”

For further information, please click:

https://www.revenue.ie/en/customs/individuals/relief-low-value-consignments/index.aspx

https://www.revenue.ie/en/corporate/press-office/press-releases/2026/pr-052826-customs-rules.aspx

For all your tax questions including help preparing and filing your Tax Returns, please contact us at queries@accountsadvicecentre.ie

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.

Revenue Audits, Compliance Interventions and Investigations. Prompted and Unprompted Qualifying Disclosures

On 15th May 2026, the Revenue Commissioners updated their website with the following: https://www.revenue.ie/en/self-assessment-and-self-employment/code-of-practice-and-compliance/index.aspx

If you have been selected for a Revenue Compliance Intervention, this 82 page Code of Practice for Revenue Compliance Interventions provides the relevant guidelines that Revenue, taxpayers and tax practitioners must follow.

A helpful video has also been provided and the following PowerPoint can now be downloaded.

If you have been selected for a Revenue Compliance Intervention, please contact us at info@accountsadvicecentre.ie

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.

Landlord’s Tax Relief Ireland, Residential Premises Rental Income Relief, RPRIR

Are you an individual landlord of rented residential property in Ireland?

If so, this nine page Revenue guidance material published today may be of interest to you, especially if you are a non-resident landlord.  In general, non-resident individuals are not entitled to any personal tax credits, reliefs and/or deductions. Section 1032 TCA 1997, however, provides that in certain circumstances, a portion of the credits, reliefs or deductions may be available, which is calculated by the ratio the Irish source income bears to the individual’s total income.

Are there any scenarios in which a clawback of the Relief may arise?

Section 4 of this Revenue guidance manual sets out the circumstances in which a clawback will arise:

The relief will be reclaimed in the following situations:

1. If the landlord ceases to be a landlord of a qualifying premises within four years of the first year in which relief is claimed. This may arise because the residential rental property is sold or gifted or because the landlord has removed it from the rental market

2. If the property is not rented to a tenant and is not actively listed for rent.

3. If the property’s use changes from a residential letting to say, a holiday home or a short-term letting.

4. If the property is rented to a connected person or a relative.

Important points to keep in mind:

• In circumstances where the landlord no longer qualifies for the RPRIR, a Revenue officer will amend the assessment for each year of assessment where the relief was claimed.

• The tax clawed back will not exceed the amount of relief actually claimed.

• The relief will not be clawed back in circumstances where the landlord dies during a year of assessment.

For further information, please click: https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-15/15-03-04.pdf

If you are a landlord of rented residential property in Ireland seeking comprehensive tax advice or looking to regularise your tax affairs, and wish to deal with a Property Taxes Specialist please contact us at queries@accountsadvicecentre.ie

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.

Help Filing Form 11 Tax Return. Income Tax. Personal Taxes

If you’re a newly self-employed business owner, you are now officially part of the self-assessment tax system. This means you will need to file a Form 11 tax return with Revenue, on an annual basis. This annual filing requirement also applies to you if you:

• operate outside the PAYE system as a self-employed individual, sole trader, or subcontractor

• are a proprietary Director

• generate non-PAYE earnings from freelance work, “nixers,” investments, or dividends which exceed €5,000 in a tax year.

• Your gross non-PAYE income exceeds €30,000

• generate rental income from residential or commercial properties

• receive foreign income

• hold offshore funds, ETFs or other investments on which you receive income or gains.

The Pay and File deadline for the 2025 Income Tax Return Form 11 is 31st October 2026.

There is an extension if you pay and file on the Revenue Online Service. This extended deadline is Wednesday 18th November 2026.

For further information, please click: https://www.revenue.ie/en/tax-professionals/ebrief/2026/no-0342026.aspx

For full and comprehensive tax advice and assistance completing your Tax Returns, please contact us at info@accountsadvicecentre.ie

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.

VAT Modernisation. EU VAT. Domestic and International VAT. Revenue Guidance.

On 8 October 2025, the Irish Revenue Commissioners published a roadmap, detailing the phased implementation of mandatory structured e-invoicing and real-time digital reporting for B2B transactions to align with EU VAT in the Digital Age (ViDA) requirements by 1st July 2030. Compliant invoices, adhering to the EN16931 standard via the PEPPOL network, will replace unstructured formats like PDFs to improve efficiency, while a three-phase approach allows businesses to prepare for these significant VAT modernization changes.  For the full report, please click: “VAT Modernisation: Implementation of e-invoicing in Ireland.”  

Today, 10th February 2026, Revenue confirmed that phase one of Ireland’s VAT modernisation regime will commence on 1st November 2028.  It mandates that all VAT-registered large companies issue structured e-invoices (such as XML formats complying with European Standard EN16931) for domestic business-to-business transactions and report a subset of relevant data. Furthermore, from this same date, all businesses operating in Ireland must possess the capability to receive these structured e-invoices.  Unstructured formats like PDFs or scanned paper documents will no longer meet the compliance requirements. For the purposes of this initial phase, a business is defined as a large corporate if its tax affairs are managed by Revenue’s Large Corporates Division (formerly Large Cases Division) and it is established or has a fixed establishment in Ireland. The Revenue Commissioners intend to write to these affected businesses in the coming weeks to formally confirm their inclusion in Phase 1.

For full information, please click the following links:

https://www.revenue.ie/en/vat/vida-vat-modernisation/large-corporates-vat-modernisation.aspx

https://www.revenue.ie/en/corporate/press-office/press-releases/2026/pr-021026-phase-one-vat-modernisation.aspx

For all your VAT and Revenue Compliance requirements, please contact us at info@accountsadvicecentre.ie

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.

Taxation of Income and Gains from Offshore Funds and Investment Undertakings

On 22nd January 2026, the Revenue Commissioners updated their guidance manuals on Offshore Funds and Investment Undertakings, to reflect Finance Act 2025 amendments. The tax rate for individuals has been reduced from 41% to 38% effective from 1st January 2026. This lower rate applies to income and gains from Irish domiciled investment funds as well as equivalent offshore investment funds located in other EU Member States, EEA States, and OECD countries holding a double taxation agreement with Ireland.

For Tax and Duty Manual Part 27-04-01 (Offshore Funds: Taxation of Income and Gains from EU, EEA and OECD Member States), please click: https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-27/27-04-01.pdf

For Tax and Duty Manual Part 27-01a-02 (Investment Undertakings) please click: https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-27/27-01a-02.pdf

For full and comprehensive tax advice on Offshore funds and Investment Undertakings, please contact us at info@accountsadvicecentre.ie

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.

U.S. Taxes, One, Big, Beautiful Bill, State and Federal Taxes

The One Big Beautiful Bill Act, which was passed on 4th July 2025, made sweeping updates to the U.S. tax code and will extend a number of provisions from the 2017 Tax Cuts and Jobs Act, that were due to expire. This legislation creates new reporting requirements and amends certain eligibility thresholds.  Up to $25,000 in tip income is now deductible.  Many of the provisions will bring change in 2026 and include:

• Taxpayers claiming the standard deduction will now be able to deduct up to $1,000 in charitable contributions in their annual tax return. This figure will rise to $2,000 for couples filing a joint tax return.  Therefore, the new charitable contribution deduction for non-itemizers for cash contributions is up to $1,000 for individuals and $2,000 for married couples who file their tax returns jointly.

• For taxpayers who itemize deductions rather than claiming the standard deduction, their 2026 charitable deduction will be limited to the amount that exceeds 0.5% of their 2026 adjusted gross income (AGI).

• The annual limit of certain K-12 expenses increases to $20,000. The definition has been expanded to include other expenses, for example, books, fees, tutoring, etc. Please be aware, however, that K-12 expenses do not qualify for state income tax purposes in certain U.S. states.

• There will be a new limit on itemized deductions for taxpayers in the 37% tax bracket. Effectively, this means that for every dollar of itemized deduction, the maximum tax benefit available will only be 35 cents. For 2026, the 37% bracket kicks in where the taxable income exceeds $640,600 for single filers and heads of households, $768,700 for married couples filing jointly and at $384,350 for married couples filing separately.

• For 2026, the state and local taxes (SALT) deduction is capped at $40,400. There is a slight increase in the phase-out range, which begins when the modified adjusted gross income (MAGI) is $505,000. Once MAGI surpasses $606,333, the deduction cap will be $10,000. Therefore, regardless of the MAGI, the SALT deduction will not fall under $10,000.

• Commencing 4th July 2026, it will be possible for employers to contribute up to $2,500 to the new Trump Accounts for Children. This amount will be excluded from the employee’s gross income.

• With regard to the Federal Estate & Gift Tax Exemption, the lifetime federal estate and gift tax exclusion amount has risen to $15 million per individual in 2026. For married couples, a combined amount of $30 million applies.

• Catch-up contributions allow those participants aged from 50 years to contribute additional money to their retirement accounts while those individuals, making additional contributions who are aged between 60 and 63 years come within the “super catch-up” definition. Higher-income participants in 401(k), 403(b) and 457(b) retirement plans are required to make any catch-up contributions as after-tax Roth contributions. This requirement applies to participants with 2025 FICA wages exceeding $150,000. In summary, from 1^st January 2026, catch-up and super catch-up contributions for certain high-paid participants must be made on an after-tax Roth basis instead of pre-tax basis.  This rule does not apply to SIMPLE IRAs or SEP IRAs.

Please be aware that 15^th April 2026 is the tax filing deadline for your individual federal income tax return.  It is also the deadline date for most of the state tax returns, however, there are some exceptions so please make sure you check this out.

For further information, please click: https://www.irs.gov/newsroom/one-big-beautiful-bill-provisions

If you are seeking comprehensive U.S. tax advice or looking to regularise your U.S. tax affairs, and wish to deal with a U.S. Tax Advisor, please contact us at queries@accountsadvicecentre.ie

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.

UK Autumn Budget 2025, Capital Gains Tax, Resident and Non resident individuals, CGT and Corporation Tax.

Today, Wednesday, 26^th November 2025. the Chancellor, Rachel Reeves, announced a number of changes to Capital Gains Tax (CGT), effective immediately.  The change, the majority of our clients have reacted to, is the reduction of the Capital Gains Tax Relief business owners/shareholders receive when they dispose of shares in their company to an employee ownership trust (“EOT”), from 100% to 50% of the gain on the shares being disposed of.

Before the UK Autumn Budget, provided certain criteria were met, the Capital Gains Tax Relief allowed business owners/shareholders full relief from any CGT arising on a disposal of their shares to an EOT.

From today, those individuals selling to an EOT will now be liable to CGT. It is important to note that it will not be possible to claim Business Asset Disposal Relief (“BADR”) or investors’ relief on the 50% of the gain that’s taxable.

For further information on Employee Ownership Trusts (EOT) please click: https://www.gov.uk/government/publications/capital-gains-tax-employee-ownership-trusts/capital-gains-tax-employee-ownership-trusts-relief-reduction

Incorporation Relief

Incorporation Relief allows sole traders or partners in a partnership to transfer their business, as a going concern, to a company, in exchange for shares, without triggering a Capital Gains Tax liability, provided certain conditions are met.  This Relief can reduce or eliminate the chargeable gain arising on disposal.

From 6th April 2026, Incorporation Relief will no longer apply automatically and in order to claim the Relief, the following must be provided to HMRC: (i) the type/nature of the business being transferred, (ii) full details of the transaction as well as (iii) supporting calculations and figures.  Previously, Incorporation relief was given automatically on the transfer of a business to company, wholly or mainly, in exchange for shares. This new measure will effect transfers of businesses made on/after 6^th April 2026.

For further information on Incorporation Relief, please click: https://www.gov.uk/government/publications/capital-gains-tax-incorporation-relief-claims/capital-gains-tax-incorporation-relief-claims-process

Anti avoidance – Share Exchanges and Reorganisations

From 26^th November 2025, the new legislation targets situations where an individual, company or trust enters into an arrangement, the main or one of the main purposes of which, is to secure a tax advantage, not otherwise available.  In other words, the focus of the amendments to the anti-avoidance measures, in relation to share exchanges and reorganisations, is on the purpose or the reason for the reorganisation and whether or not the main reason for the reorganisation was for the purposes of tax avoidance. The aim of this amendment is to make the scope of the relief more effective.  It should not adversely affect anyone who does not benefit from the arrangements.

For further information on the new anti-avoidance that applies to Share Exchanges and Company Reorganisations, where the main purposes is tax avoidance, please click: https://www.gov.uk/government/publications/capital-gains-tax-share-exchanges-and-reorganisations/capital-gains-tax-anti-avoidance-for-share-exchanges-and-reorganisations

Non-resident Capital Gains Tax

The rules around Non-Resident Capital Gains Tax are being tightened.  Loopholes for indirect disposals have been closed in relation to non-resident capital gains tax.  Non-UK residents are liable to UK Capital Gains Tax in relation to chargeable gains arising on the disposal of interests in UK land and holdings in “property rich” entities.  From 26^th November 2025, the definition of property-rich entities is to change in relation to Protected Cell Companies (PCC).

Protected Cell Companies are a type of company which is divided into a number of separate cells. The assets and liabilities of each cell are segregated and kept separate from each other cell.  From 26^th November 2026, when determining whether a company derives 75% of its value from UK land, each cell of a PCC must now be considered separately.  In other words, each individual PCC cell must be examined for “property richness” purposes as opposed to the entire PCC as was the case prior to 26^th November 2025.

This Budget change will apply to disposals made by PCCs on/after 26th November 2025.

For further information on Non-Resident Capital Gains Tax, please click: https://www.gov.uk/government/publications/capital-gains-tax-non-resident-capital-gains/non-resident-capital-gains

Final points:

• The annual Capital Gains Tax exempt amount will remain at £3,000 for the 2026/27 tax year.

• The rate for individuals claiming Business Asset Disposal Relief will increase to 18% for disposals made/after 6th April 2026.

For further information in the 2025 UK Autumn Budget, please click: https://www.gov.uk/government/publications/budget-2025-document/budget-2025-html

We provide a full and comprehensive UK tax service.  If you are looking for UK tax advisory or compliance services, and wish to deal with a U.K. Tax Specialist, please contact us at queries@accountsadvicecentre.ie

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.