Chartered Accountants Ireland

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ISSUE DATE: 4 December 2017

TAX NEWS

Ireland

Tax refund deadline

Don’t forget the four-year time limit for claiming tax back on expenses such as doctors’ fees, prescription costs, nursing home fees and tuition fees. You have until 31 December 2017 to go back and claim for expenses incurred in 2013. Read more >>>

Non-compliance with Return of Trading Details obligations to impact RCT rates of subcontractors

At a recent TALC meeting, Revenue stated that non-compliance with obligations to file VAT Return of Trading Details may impact a contractor’s entitlement to the zero-rate for Relevant Contracts Tax purposes. Read more >>>

Finance Bill 2017

Finance Bill 2017 was debated in the Seanad last week. During the debate, Senator Kieran O’Donnell raised the amendment relating to the tax treatment of certain share disposals involving two companies, and noted the potential impact of this “amendment intended as an anti-avoidance measure” for bona fide MBOs. Minister Michael D’Arcy responded that “bona fide management buy-out transactions will not be affected but there is a tax avoidance scheme in operation and we want to deal with that”. Read more >>>

iXBRL: DPL taxonomy

We have confirmed with Revenue that there is currently a technical difficulty with the format of their new DPL Taxonomy on the Revenue website and this means that there is no direct access to the new schema necessary to adopt the DPL. We expect a solution from Revenue shortly. Read more >>>

Are you ready to become a Chartered Tax Consultant? Book now, start Jan 2018

If you are considering it, why not watch this short video of our most recent Chartered Tax Consultants describing the benefits to them of completing this elite tax qualification in just one year. In just under 12 months, they covered all the tax heads applied to real world scenarios under the guidance of industry experts. We are taking bookings until 21 December 2017 so don’t delay – start your future now. Contact Amy today for more information.

Merry Taxmas

This month’s early Christmas present for tax enthusiasts was published last week on 1 December – the third Finance Bill of 2017, officially titled Finance (No. 2) Bill 2017-19. The Bill reflects draft legislation on many measures announced last month as part of the 2017 Autumn Budget. Explanatory notes have also been published. Read more >>>

UK Autumn Budget 2017 – old habits die hard

Some of the usual suspects were hit with duty increases on Budget day though fuel duty remains frozen for an eighth year in 2018-19 and duty rates on beer, (most) ciders, wine and spirits are to be frozen. And the soft drinks levy (better known as the sugar tax) kicks in from 1 April 2018. The legislation for this was contained in Finance Act 2017. Read more >>>

UK Autumn Budget 2017 – avoidance and evasion

The usual suspects of evasion and avoidance measures also featured in the Autumn Budget announcements. The further steps announced in the Budget are forecast to raise £4.8 billion between now and 2022-23. Read more >>>

UK Autumn Budget 2017 – miscellanea and tidbits

We finish off our coverage of Autumn Budget 2017 with a round-up of various other measures announced.
Read more >>>

Talking Points upcoming sessions – take a look now

Take a look at forthcoming online HMRC events and book onto any events of interest. HMRC ask that you register at least five minutes before a digital meeting is due to start. Read more >>>

This week’s UK tax tidbits, 4 December 2017

Recent HMRC performance stats, guidance on electronic VAT payments and news about changes to how employers can settle outstanding PAYE penalties feature. Read more >>>

International

OECD issue more guidance on Country-by-Country reporting

The Inclusive Framework on BEPS has released additional guidance to give certainty to tax administrations and MNE Groups alike on the implementation of Country-by-Country (CbC) Reporting (BEPS Action 13). Read more >>>

European Commission proposes new laws to combat VAT fraud

The European Commission published proposals which aim to make the EU's Value Added Tax (VAT) system more fraud-proof and close loopholes which can lead to large-scale VAT fraud. Read more >>>

OECD to assist Kazakhstan apply international tax standards under BEPS

The OECD recently launched an initiative to assist Kazakhstan in the implementation of the measures to tackle Base Erosion and Profit Shifting (BEPS). Kazakhstan is an active member of the Inclusive Framework on BEPS, which brings together 108 countries and jurisdictions to tackle international tax avoidance. Read more >>>

Brexit

Brexit Bites

Today the UK Prime Minister Theresa May meets European Commission President Jean-Claude Juncker in Brussels where she is likely to present the UK’s proposals on the divorce bill, citizens’ rights and the border on the island of Ireland. While there are unconfirmed reports that some form of proposal has been reached, it seems that the Irish border is proving to be a real sticking point with Ireland seeking written assurances from the UK that a hard border will be avoided. The EU says it is united in this position and the “Irish request is the EU’s request”. Read more >>>

CPD

Tax Conference - Annual tax tune up, 7 December, Dublin
Hot tax topics in wealth growth and management, 12 December, Dublin

Nationwide CPD blitz continues

Do you need a taxation refresher or finance bill update? It’s not too late to book a place at next week’s CPD blitz events in Limerick, Cork or Waterford.