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Irish Accounts Blog

Revenue’s National Contractor Project

In 2012-2013 the Irish Revenue began to clamp down on what they perceived as excessive amounts of expenses claimed by limited companies against their taxable profits. Typical situations involve an individual setting up a limited company which then acts as an intermediary between themselves and a contractor. In this way, significant travel and subsistence expenses […]

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Surcharge arising where LPT Return not filed by Chargeable Persons

Amid much publicity and fanfare the Local Property Tax (LPT) was introduced into Ireland and the LPT return was due to be filed on 7 May 2013 and 7 November for subsequent years. For those people who have not filed their LPT return the following sanctions are imposed. Mandatory deduction from your employment income, occupational […]

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JobPlus Initiative- Department of Social Protection Announces a new scheme to recruit staff

What is the JobsPlus Incentive? JobsPlus Incentive is a new employer Incentive which encourages and rewards employers who offer employment opportunities to the long term unemployed. This Incentive will replace the Revenue Job Assist and Employer Job (PRSI) Exemption Scheme from 1st July 2013. Regular cash payments will be made to qualifying employers to offset […]

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VAT Invoicing – New Rules as from 1 January 2013

The European Union (Value-Added Tax) Regulations 2012 (S.I. 354 of 2012) and the Value-Added Tax (Amendment) Regulations 2012 (S.I. 458 of 2012) transpose into Irish law, Council Directive 2010/45/EU of 13 July 2010. The new legislation simplifies, modernises and harmonises the VAT invoicing rules and in particular eliminates the current barriers to e-invoicing. Paper and […]

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New service that Irish Accounts may offer to clients

New service that Irish Accounts may offer to clients In accordance with the Code of Conduct on Mortgage Arrears, MARP process,  banks offering certain mortgage forbearance arrangements to distressed mortgage holders are required to advise the borrower to seek independent advice on the banks proposals. The Minister for Social Protection have decided that this advice […]

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Changes in Company Law- Increase in Audit Exemption Limits and Smalll Company Thresholds

This August, legislation to increase the threshold for Audit Exemption and the size test relating to Small Companies has finally been enacted. Audit Exemption For Audit Exemption, on or after 7 August 2012 the Balance Sheet Total has been increased to €4,4million and the Turnover limit has also been increased to €8.8m. A company seeking […]

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Audit and audit exempt companies in Ireland

WHAT IS AN AUDIT An audit is an independent examination on the books and records of a company. It is an area that is highly regulated and subject to external review. For this reason, not all accountants are qualified or authorised to provide auditing services to the public. There is significantly more paper work required […]

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Changes to the operation of Relevant Contracts Tax (RCT)

1. New RCT system to be introduced in 2012 Work is well advanced on developing a new system, which is expected to be introduced on 1st January 2012. It will be subject to a commencement order to be signed by the Minister for Finance. From 1st January 2012, all relevant contracts, including those that are ongoing […]

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