Employment Tax Updates covering: Enhanced Reporting Requirements (ERR), Small Benefit Exemption, Shares Options – Revenue’s Compliance Focus and PAYE Revenue Audits
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Showing 16 of 71 content results
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3 min read
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13 Sep 2023
CORPORATE COMPLIANCE
Employer Reporting of Benefits: Enhanced Reporting Requirements (ERR)
Finance Act 2022 introduced the requirement for employers to notify Revenue of certain payments made to employees known as ‘reportable benefits’. The introduction of this reporting requirement is subject to a commencement order; however, the target implementation date is 1 January 2024.
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3 min read
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13 Sep 2023
CORPORATE COMPLIANCE
Share-Based Remuneration: Revenue’s Compliance Focus
During 2022, the Revenue Commissioners launched a share-based remuneration project. Revenue analysed employer annual share reporting forms (e.g. Form RSS1) against available data such as personal tax returns. They identified discrepancies such as employees under-declaring share option tax and underpaying Capital Gains Tax (CGT).
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2 min read
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11 Jul 2023
Irish employers can offer employees a variety of benefits as a part of their overall remuneration package. These benefits can take the form of a cash benefit—for example maternity leave pay—or a non-cash benefit, such as the cycle-to-work scheme.
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1 min read
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05 Jul 2023
Special Assignee Relief Programme (SARP)
Updates to Ireland’s Special Assignee Relief Programme (SARP)
The Revenue Commissioners (“Revenue”) first introduced the Special Assignee Relief Programme (SARP) in 2012 as a method for encouraging companies to relocate or assign their key employees to work in Ireland. Where certain conditions are satisfied, 30 percent of taxable employment income over €100,000 is disregarded for income tax purposes. This programme can result in significant tax savings for key employees.
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4 min read
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07 Jun 2023
With a significant number of employees now working in different locations, global mobility has become an area of focus for Ireland’s Revenue Commissioners. Revenue has increased their resources in this area and begun to issue detailed guidance that addresses employers and employees in these circumstances.
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2 min read
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15 May 2023
Employer Solutions
Share Based Remuneration
Employers can offer many different share schemes to their employees or directors, often as a way of rewarding employees and encouraging loyalty and participation in a tax efficient manner.
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1 min read
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21 Apr 2023
Company Secretarial
New mandatory identity verification requirement for directors
The Companies (Corporate Enforcement Authority) Act 2021 contains a provision, which requires the directors of Irish companies to provide their Personal Public Service (PPS) numbers on certain documents submitted to the Companies Registration Office (CRO) in order to allow for verification of a director’s identify.
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3 min read
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11 Apr 2023
Employer solutions
Further Changes to Benefit in Kind (BIK) on Company Vehicles
The Government announced (7 March 2023) temporary changes to the Benefit In Kind (BIK) calculations for company vehicles. This second round of changes to the BIK rules for company vehicles in 2023 is a temporary measure to apply from 1 January 2023 until 31 December 2023.
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3 min read
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08 Mar 2023
Tax
PAYE Risk Review
With an increasing focus by Revenue on the correct operation of the Pay-As-You-Earn (PAYE) system, now is the time for businesses to review payroll and employment related taxes. By performing required regular check-ups on processes and systems, businesses can ensure that any potential risks are identified before problems arise and a PAYE risk review can help with this.
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2 min read
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09 Feb 2023
Tax Incentives
Rent Tax Credit
A new rent tax credit was introduced in Budget 2023. This new tax credit is available for the tax years 2022 to 2025 inclusive – so take note, a back claim can be made for the year 2022! Key details pertaining to the new credit and how to claim as a PAYE employee are outlined in this article.
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02 Feb 2023
Employer Solutions
Special Assignee Relief Programme (SARP): Employer Year End Obligations
Businesses with employees who availed of SARP during 2022 are required to file their annual SARP Employer Return with Revenue by 23 February 2023. SARP was introduced as a way to encourage key employees within an organisation to relocate to Ireland. Where certain conditions are satisfied, 30% of taxable employment income in excess of €75,000 (€100,000 for the years 2023 to 2025) will be disregarded for Irish income tax purposes; however, such income is not exempt from the USC and PRSI.
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1 min read
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25 Jan 2023
Employer Solutions
Share Scheme Reporting: Deadline – 31 March 2023
Employers and trustees operating share schemes are required to file an annual return with Revenue by 31 March after the end of each tax year.
The return form to be filed is dependent on the type of share scheme operated. In some cases this includes the filing of a nil return where no reportable events have taken place during the year in question, but a filing is still required.
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2 min read
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13 Jan 2023
Corporate Compliance
Dealing with dormant companies
Dealing with companies can be a simple process. Finance directors need to focus on core businesses and have a straight forward group structure. Disposing of your dormant companies can reduce administrative and audit costs and facilitate greater understanding among finance professionals.
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6 min read
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21 Dec 2022
Finance Bill 2022 (the Bill) contains the legislative provisions to implement many of the Budget 2023 announcements as well as a number of other measures not already announced. In this article, we outline the key measures, which relate to employees and employers.
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5 min read
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26 Oct 2022
This correspondence, deemed a Level 1 Compliance Intervention, offers all eligible taxpayers the opportunity to self-review their tax returns for Period 1 (which ended on 31 December 2021 or 30 April 2022 where extension applied) and make an unprompted qualifying disclosure by 31 January 2023 in relation to any additional tax liabilities identified.
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3 min read
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17 Oct 2022