- Changes to Company Size Criteria and Abridgement Exemptions June 19, 2024 - On 24th December 2023, the EU Delegated Directive (2023/2775/EU) came into force which increased the total balance sheet and turnover thresholds for micro, small, medium and large companies, including groups, as set out in the Companies Act 2014 by approximately 25% to account for inflation. E.U. member states have until 24th December 2024 […]
- Determining the employment status of an individual – New Irish Revenue Guidance May 21, 2024 - On 20th October 2023, the Supreme Court delivered its unanimous decision in The Revenue Commissioners v Karshan (Midlands) Ltd. t/a Domino’s Pizza [2023] IESC 24 (the “Karshan Case.” It was held that delivery drivers of Domino’s Pizza should be treated as employees and not independent contractors. Today Revenue published their “Guidelines for Determining […]
- Increased Cost of Business Grant Scheme – Ireland May 15, 2024 - As part of Budget 2024, the government signed off on a package of €257 million for the Increased Cost of Business (ICOB). The main aim of this Grant is to support small and medium sized businesses by contributing towards their rising business related costs including energy, labour, rent, etc. To Qualify for […]
- UK Taxes – Furnished Holiday Lettings tax regime abolished from 6th April 2025 March 6, 2024 - The Chancellor of the Exchequer, Jeremy Hunt delivered his UK Spring Budget 2024 today. As you are aware, the Furnished Holiday Letting (FHL) regime provides tax relief for property owners letting out furnished properties as short term holiday accommodations. From 6th April 2025, however, the Chancellor is removing this tax incentive […]
- What you need to know about CAT loans from Close Relatives – Mandatory Tax Filing January 1, 2024 - With effect from today, a new mandatory Capital Acquisitions Tax filing obligation is imposed on the recipients of certain loans from close relatives. It applies to existing loans as well as new loans made since January 2024, irrespective of whether or not any tax is due. Until 31st December 2023, […]
- Taxes on Corporate Income – Pillar Two – Ireland December 31, 2023 - Ireland has legislated for the Pillar Two rules with effect from: 1st January 2024 for the Income Inclusion Rule and 1st January 2025 for the Under Taxed Profits Rule The Pillar Two rules provide that income of large groups is taxed at a minimum effective tax rate of 15% on a jurisdictional basis. […]
- New Angel Investor Relief – Finance (No. 2) Act 2023 – Capital Gains Tax December 18, 2023 - Finance (No. 2) Act 2023 introduced a new Capital Gains Tax relief – “Relief for Investment in Innovative Enterprises.” Its objective is to encourage investment in innovative small and medium start-up businesses entities. This new relief provides a 16% CGT rate where a qualifying investor makes a qualifying investment in a […]
- Share Option Changes – 2024 – Ireland November 1, 2023 - From 1st January 2024 employers will be required to report, collect and remit Income Tax, USC and PRSI, under the PAYE system, on any gains arising on the exercise, assignment or release of unapproved share options by employees and/or directors. From 1st January 2024, the tax collection method for share option gains will […]
- BUDGET 2024 – IRELAND October 10, 2023 - Today, 10th October 2023, the Minister for Finance, Michael McGrath and Minister for Public Expenditure, NDP Delivery and Reform, Paschal Donohoe presented the 2024 Budget. Budget 2024 tax measures feature a range of supports for individual and business taxpayers under the following headings: PERSONAL TAX All PRSI contribution rates […]
- Annual Return for Companies – Ireland June 15, 2023 - Filing an annual return is a legal obligation for every company registered in Ireland. This is a requirement even if the company hasn’t generated a profit or hasn’t started trading. There is an obligation on the company officers, being the Directors and Secretaries, to ensure that the annual return is correctly filed […]
- CRO mandatory requirement for company directors to provide PPSNs from 11th June 2023 May 15, 2023 - The Companies Registration Office (CRO), under Section 35 of The Companies Corporate Enforcement Act (2021), will require Company Directors to provide their personal public service numbers (PPSNs) when filing the following forms. This will be a mandatory requirement from Sunday, 11th June 2023: Form A1- Company incorporation, Form B1 – Annual return, Form B10 […]
- HMRC late payment interest rates increase May 11, 2023 - Today, HMRC announced an increase in its interest rates, due to another increase in the Bank of England base rate, from 4.25% to 4.5%. The new rates will take effect from Monday, 22nd May 2023, for quarterly instalment payments. The new rates will take effect from Wednesday, 31st May 2023, for […]
- ROS Pay & File Extension Date – 2023 April 5, 2023 - Today, the Revenue Commissioners announced that the extended ROS Pay & File deadline date for self assessed taxpayers is 15th November 2023. This extended deadline applies to: Certain self assessed Income Tax payers who both pay and file through ROS. Taxpayers liable to file Capital Acquisitions Tax Returns and payments, as […]
- UK Tax – Deadline extension for voluntary National Insurance contributions – 31st July 2023 March 7, 2023 - In 2016 the ‘New State Pension’ was introduced. As part of transitional arrangements to the new State Pension, taxpayers have been able to make voluntary contributions in relation to any incomplete years in their National Insurance record between April 2006 and April 2016. Anyone who is retiring on or after 6th April […]
- Revenue “Cancellation of Income Tax Registrations” Notice February 10, 2023 - From 10th February 2023 the Revenue Commissioners are posting out letters to taxpayers who are currently registered for Income Tax but who have not submitted Income Tax Returns for years of assessment up to and including 2021. The letters state: “Based on a review of your Income Tax records, you have […]
- SARP – 2023 Update December 29, 2022 - The Special Assignee Relief Programme (“SARP”) was introduced on 1st January 2012 to provide Income Tax Relief for eligible employees assigned to work in Ireland from abroad. It was due to expire for new entrants on 31st December 2022, however, Finance Act 2022 extended the relief for a further three years, up until […]
- VAT on Emergency accommodation and Ancillary Services November 21, 2022 - Today the Irish Revenue Commissioners published eBrief No. 197/22 in relation to emergency accommodation and ancillary services. For full information, please click: https://www.revenue.ie/en/tax-professionals/tdm/value-added-tax/part03-taxable-transactions-goods-ica-services/Services/services-emergency-accommodation-and-ancillary-services.pdf If you are providing Emergency Accommodation it is essential for you to consider the VAT implications. The most important points are as follows: The use of State […]
- Residential Zoned Land Tax – UPDATE November 2, 2022 - The publication of Draft Residential Zoned Land Tax Maps by local authorities was announced today by the Minister for Finance, Paschal Donohoe T.D. and the Minister for Housing, Local Government and Heritage, Darragh O’Brien T.D. Landowners have until 1st January 2023 to make a submission to the relevant local authority as to […]
- BUDGET 2023 – Ireland September 27, 2022 - Today, Minister for Finance, Paschal Donohoe T.D., and Minister for Public Expenditure and Reform, Michael McGrath T.D. presented Budget 2023. GLOBAL MOBILITY & EMPLOYMENT Minister Donohoe announced an extension to a number of existing personal tax reliefs including: Special Assignee Relief Programme (SARP) is to be extended to the end of […]
- Deduction for Digital Services Taxes August 5, 2022 - On 5th August 2022 the Irish Revenue Commissioners issued a new Tax and Duty Manual Part 04-06-03, which provides guidance on the tax deductibility of Digital Services Taxes (DSTs). For full information, please click: https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-04/04-06-03.pdf The guidance provides that certain Digital Services Taxes (DSTs) incurred wholly and exclusively for the purposes […]
