General


Beneficial Ownership: New regulations for Companies including Companies limited by Guarantee

In line with a number of changes which are coming down the pipeline for companies, from 26th June 2017 the CRO will likely be tasked with maintaining the Central Register of Beneficial Ownership of Corporate and Other Legal Entities, in the State.   This is a follow on from the requirement introduced on 15th November 2016 that requires companies, including those limited by guarantee, and certain other entities to create […]


2017 Changes to CRO Compliance for Directors

From 1 June 2017, a number of changes will be enforced by the CROs office in relation to mandatory return filing, financial statements and fees which will apply to all Irish companies.   Mandatory electronic filing The CRO will require mandatory electronic filing for the following documents in accordance with S.I. No. 458 of 2016 and Section 897, Companies Act 2014: B1 – Annual Return (including financial statements and electronic […]


Reimbursement of Civil Service Mileage Rates

It has been close to two decades since any changes in the reimbursement of civil service mileage rates were introduced. Owing to economic and environmental considerations, 1st April 2017 introduced the enforcement of significant changes to the dated system which will heavily impact the private sector. All businesses that reimburse their employees for business motoring expenses will begin to see the implications of the recent changes as following: An increase […]


Undisclosed off-shore assets and income: Revenue Clampdown

As you may be aware, Revenue are currently operating a “clampdown” on all undeclared off-shore assets. This means that after 30th April 2017, any individual found to have any undeclared foreign assets (i.e. any foreign income including pension income, gains, bank accounts and assets) may be subject to penalties, publication as a tax defaulter and heavy prosecution. If you have any undeclared foreign assets (i.e. any foreign income including pension […]


Offshore assets

Revenue are sending letters to 480,000 self-employed taxpayers, reminding them of an imminent deadline for disclosure of offshore assets. 30th April 2017 is the latest date by which a “qualifying disclosure” may be made by anyone who has undeclared income from foreign assets. By making such a disclosure anyone with undeclared income from abroad can avail of lower penalties and non-publication. Examples of such income would be rental income from […]


Year-end tax planning

Capital allowances for energy-efficient equipment and motor vehicles Older taxpayers will recall the rush to purchase equipment and other fixed assets prior to the end of the tax year, as 100% deduction was available through free depreciation in the year of purchase. Unfortunately, such 100% deductions are long gone, with the exception of expenditure on energy-efficient equipment and vehicles. Until 2017 the scheme applied only to purchases of such equipment […]


Finance Act 2016

The Finance Bill 2016 has now been enacted into law. This gives legal effect to the recent Budget. Most the changes have little impact. The help to buy scheme is probably the most significant new initiative, though it will benefit only first-time buyers of new houses. It takes the form of a rebate of tax paid over the previous four years and is capped at €20,000. Other changes include the […]


Company Law Update

Irish company law Irish company law as recently changed with the replacement of the 1963 to 2013 Companies Acts with the Companies Act 2014 (“The Act”). This Act runs to 1,300 pages and 1,440 sections. In this article we will set out a synopsis of some of the changes that may impact on our client companies and their directors. Most of the sections have recently commenced. The Act replaces the […]


Repayment of input VAT

The Finance Bill requires a business to repay VAT claimed on purchases where they have not paid the supplier within six months. Where payment is subsequently made, the VAT can be reclaimed in the period in which the payment is made. This comes into effect on 1st January 2014.


Proposal to make self-assessed taxpayers pay and file sooner has been dropped

the Department of Finance proposal that self-assessed taxpayers should pay and file either in June or September, rather than in November as is currently the case, has been dropped. this followed strong opposition from the taxation and accountancy bodies. In our experience, many self-employed taxpayers are already experiencing difficulty in paying preliminary tax in November, due to the continuing recession in the domestic economy and the lack of bank credit.