Industry News

Taxation

PERSONAL FUND THRESHOLD APPLICATION – DEADLINE 1ST JULY 2015

The Standard Fund Threshold (SFT) is a cap on the total value of pension benefits that an individual becomes entitled to receive under Tax relieved pension arrangements. If the value of the pension benefits is above the Standard Fund threshold ( Currently €2 million ) then the excess may be subject to an immediate tax […] Click here to read more. 

Budget 2015

This felt like an old fashioned Budget. A political Budget with a bit of give and a bit of take unlike the last six Budgets which were all take, take and more take. While the detail won’t be game changing it is the message that a Budget, with something for nearly everyone, hopefully gives to the national economy. Austerity is over; we have done the time and now we need a consumer led recovery. Click here to read more.


Getting ready for iXBRL

XBRL (eXtensible Business Reporting Language) is a language that allows the presentation of financial information in a computer readable format by marking or tagging pieces of financial information about a business. iXBRL is a human readable version of XBRL presenting the financial data in a normal document format but with XBRL tag embedded in the soft copy document. Tagging enables the data to be analysed automatically by software. Click here to read more.


 

UK CGT changes for non-UK residents on residential property

In 2014, the UK Government published a consultation document on extending CGT to non-UK residents from 6 April 2015. The recent UK Finance Bill (No 2) 2015 legislates for this change. Click here to read more. 


Adjustment of VAT

Finance Act (No 2) 2013 inserted a new Section 62 A into the VAT Consolidation Act 2010, which provides for an adjustment of the VAT deductible amount where businesses that fail to pay their suppliers within six months (3 VAT periods). Click here to read more.


 Taxation of Maternity Benefit

Taxation of Maternity Benefit, Adoptive Benefit and Health & Safety Benefit with effect from 1st July 2013. Click here to read more.


 

Travel Tickets

The provision of monthly or annual bus or train passes by an employer to an employee or director is not a taxable BIK. This exemption applies not only to transport services provided by State companies but also to transport services provided by licenced private transport operators to include travel on commuter ferry services which operate within the State in respect of journeys which begin and end in the State. In order for this exemption to apply the employer must incur the expense of the bus/train or ferry pass. Click here to read more.


 

Audit and Accountancy

Audit Exemption

Audit exemption was introduced for Irish Companies initially by the Companies (Amendment) (No. 2) Act 1999 which was amended by Section 53 of the Companies (Auditing and Accounting) Act 2003. Under the terms of the Act companies that meet specific criteria can avail of the exemption. Click here to read more.


FRS 102: The new Financial Reporting Standard applicable in the Republic of Ireland and the UK from 1 January 2015

The Financial Reporting Council (FRC) in the UK published a new accounting standard in March 2013 (amended August 2014) known as FRS 102. This accounting standard will replace a raft of previous standards known as Generally Accepted Accounting Principles (GAAP) for many companies and entities for accounting periods commencing on or after 1 January 2015. Click here to read more.

The charities Bill became Law in 2009. Apart from some minor sections of the Act that became operative some time ago under Ministerial Order, nothing significant was activated until this year when the Minister for Justice established the Charities Regulatory Authority. It is hoped that the existence and operations of the Authority will successfully regulate the charity sector and enhance its reputation. Click here to read more.


 

Multi-Unit Developments Act and the implications for Property Management Companies

The Multi-Unit Developments Act 2011 came into effect on 1 April 2011. It regulates the ownership and management of the common areas of multi-unit developments, and provides for the setting up of owners’ management companies to manage such areas. Click here to read more.


 

Statutory Matters

Major feature of new Companies Act is the creation of LTD or DAC type companies

The new Act will introduce new company models and will affect every company on the Companies Registration Office (CRO) index in some form or other. Almost 90% of companies currently registered with the CRO are private companies limited by shares. However, the existing Companies Acts from 1963 to 2013 use public companies as their model company type. Click here to read more.


How new Companies Act 2014 affects Companies Limited by Guarantee, PLCs and Unlimited Companies

Companies Limited by Guarantee without a Share Capital (CLG)

These type of companies are mostly used by charities, sports and social clubs and management companies. They will have to change their name to include the words “Company Limited by Guarantee” or “C.L.G.” or “CLG” or indeed their Irish language equivalents at the end of their name. They must continue to have a minimum of two directors, and also continue to have a Memorandum and Articles of Association with a main objects clause. They can opt to have just one member instead of the current seven members, but they cannot dispense with holding an AGM if they have more than one member. They can avail of audit exemption if they meet the relevant criteria. Click here to read more.