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Latest News Archives - EisnerAmper Ireland

15.8.2019

EisnerAmper Ireland’s Blood Donation with the Irish Blood Transfusion Service

Blood Donation | Irish Blood Transfusion Service | CSR | EisnerAmper Ireland

On Wednesday 14 August 2019, a number of EisnerAmper Ireland staff members visited the Irish Blood Transfusion Service in their Stillorgan clinic to donate blood. We were delighted to be able to donate and help such an important cause. Staff members were offered a ‘work ferry service‘ between our office and the clinic to attend their donation session, organised by the Stillorgan clinic.

It is vital to donate blood as 1 in 4 people will need a blood transfusion at some stage in their lives and only 3% of the eligible Irish population are currently giving blood. One donation is capable of saving up to three lives and you are able to donate every 3 months.

The shelf life of blood is only 35 days and 3,000 units of blood is needed each week so consider donating blood today, find out if you are eligible here.

EisnerAmper Ireland, we deliver solutions to support our community.

Corporate Social Responsibility (CSR) is integral to how we do business and manage interactions, not just with our employees and clients but also our wider community and society as a whole.  As a professional services firm, demonstrating ethical high performance in all aspects of our work and how we run our firm is fundamental to our success.  Learn more about our CSR policy here and our CSR initiatives here.

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12.8.2019

Tips and Gratuities – Payroll Considerations and Legislation Changes

Tips and Gratuities Payroll Considerations and Legislation Changes Image

What Are Tips And Gratuities?

Tips and gratuities have been defined as ‘money exchanged from customer to service provider which is not legally required by the agreement for purchase of the service’ (Casey, 1998, as cited in LPC NO. 10, 2018). Generally speaking, they are relatively low value payments given by customers to workers in the service and hospitality industries in excess of the fee due for the transaction which has taken place.  The frequency and value of such payments is entirely up to the customer.

Current Practices In Relation To Tips And Gratuities

Tips and gratuities are not specifically covered under the Payment of Wages Act 1991, however the Revenue Tax & Duty Manual Part 42-04-35A states that tips ‘paid to the employer and subsequently paid out to an employee should be included in pay for the income tax week or month in which they are paid out.’  This means that tips and gratuities paid to the employer and subsequently paid to the employee should be considered as pay for PAYE purposes and taxed accordingly, although the National Minimum Wage Act 2000 prevents employers from including these payments in the calculation of the National Minimum Wage.  A service charge included as part of the bill should also be taxed as pay if it is paid out to an employee, but unlike tips, these payments can be included in the calculation of minimum wage.

From a wider taxation point of view, it’s worth pointing out that a service charge which is shown on the bill is subject to VAT at the reduced rate of 13.5%, however, tips and gratuities offered voluntarily by the customer are outside of the scope of VAT.

Tips And GratuitiesCurrent Issues

Currently there is no legislation which obliges employers to pass on any tips received by them to their staff, therefore a customer has no way of knowing if the tip they left was actually given to the intended recipient(s) and the worker has no protection if their employer chooses to keep some or all of the tips left by customers.

Tips and Gratuity Payroll Image | Payroll Services Insights

Proposed New Measures In Relation To Tips And Gratuities

Proposed new measures announced by the Minister for Employment Affairs and Social Protection, Regina Doherty TD, aimed at ensuring employees receive the tips due to them and providing protections for low paid workers, are expected to include the following:

  • The Payment of Wages Act 1991 will be amended to ensure that tips and gratuities cannot be used to make up contractual rates of pay; and
  • Employers will be obliged to clearly display their policy on how tips, gratuities and service charges are distributed.

Source: welfare.ie.

When Will The New Tips And Gratuities Measures Be Implemented?

It is currently unclear as to how soon the proposed measures will be introduced, however there was an announcement on 8 July 2019 which stated that the Government has given approval on a draft Heads of a Bill to amend the Payment of Wages Act 1991, which allows the Minister’s Department to draft the required legislation.

How EisnerAmper Ireland Can Help

At EisnerAmper Ireland, our dedicated team of Tax professionals possess the knowledge and experience required to provide guidance and the intelligent solutions you need when either setting up, or running a business, in Ireland.  We tailor our offering to your needs, ensuring you receive the best advice at the appropriate time.

Request a Quote

Request a payroll quote or request a callback from our specialists now.

Authors

The content above is provided for general information purposes only and is not intended to provide, nor does it constitute, professional advice on any particular matter. If you would like more information or would like to discuss any of the topics raised above, please contact the author(s).

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9.8.2019

EisnerAmper Ireland hosts guests at the Dublin Horse Show 2019

Dublin Horse Show | Ladies Day | EisnerAmper Ireland | Financial Services

On Thursday, 8 August 2019,  EisnerAmper Ireland hosted a table at Ladies’ Day at the Dublin Horse Show in the RDS.

Jennifer Kelly, Partner and Head of Outsourcing, and Cormac Doyle, Partner and Head of Tax, were joined by clients and contacts of the Firm.

The day was centred around the national and international show jumping competitions and guests enjoyed lunch in the main arena with a super view of the festivities. The event was a great opportunity to enjoy a pleasant afternoon and meet colleagues from the industry.

Dublin Horse Show | Ladies Day | EisnerAmper Ireland | Financial Services

At EisnerAmper, we design business & compliance solutions to make trade happen.

Our dedicated International Business & Tax teams advise global technology and life sciences businesses, financial institutions and their advisors on internationalisation. Our approach is to look at the client through the prism of their business model and vision, and to provide them with the local knowledge, ideas and support necessary to facilitate their European international trade planning and execution. In this regard, if we can assist you or your business in any way, please contact Jennifer Kelly or Cormac Doyle.

Contact Jennifer Kelly

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30.7.2019

EisnerAmper Ireland Credit Union Head of Finance Certificate – 2019 Graduation

Credit Union Head of Finance Course graduation 2019 | Financial Services | EisnerAmper Ireland

On Thursday 18 July 2019, EisnerAmper Ireland held a graduation ceremony for its Credit Union Head of Finance course graduates.

Frank Keane, Partner and Head of EisnerAmper Ireland’s Training & Consulting team provided a course comprised of 6 x 3-hour sessions delivered over a 9-week period in March – May held in Chartered Accountants House. The course was tailored to the needs of Credit Union Head of Finance role holders in the current regulatory environment. As part of the Central Bank of Ireland’s increased focus on the strategic capabilities of Credit Unions (CU’s) and their management, the role of CU Head of Finance is now subject to more intensive regulatory supervision. Consequently, the CU Head of Finance is expected to have a high level of knowledge and skills to perform their tasks and demonstrate their development. This course has been specially designed to develop and consolidate the competencies of a Credit Union Head of Finance.

The aim of the course was not only to provide Heads of Finance with a comprehensive understanding of the current regulatory context within Credit Unions, but also to create a community for ongoing peer learning facilitated by EisnerAmper.

At EisnerAmper, we design business & compliance solutions to make trade happen.

We provide Training & Consulting services to clients including government departments, regulatory authorities, banks, asset management firms, insurance companies, credit unions, professional bodies, educational institutions and leading law firms. For more information, visit our Training & Consulting page or contact Frank Keane.

Contact Frank Keane

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19.7.2019

Management Development Programme – July 2019 Workshop

Management Development Programme - July 2019 Workshop

As part of our Management Development Programme, EisnerAmper Ireland welcomed James Muldowney, an experienced leader in international advisory services, commercial strategy, corporate development and M&A, who delivered a highly relevant and insightful workshop for our participants.

As a graduate of University College Dublin and Harvard Business School, James has 25 years’ international experience, holding leadership positions with McKinsey & Co Inc, General Electric, C&C Group PLC and Irelandia Aviation.

Over the course of the session, we learned about James’ approach to, and experience of, developing and implementing growth strategies for some of the world’s leading companies.

James focused primarily on two growth strategy frameworks – ‘Staircases for Growth’ and ‘Rolling Back the Years’ – models which he frequently uses when advising clients on the development and implementation of their corporate strategies.

We also got some invaluable insight into James’ experience of working with McKinsey and General Electric, which added some very interesting colour to the session.

We care about business and we care about the people we work with in business.

EisnerAmper Ireland has a world-class focus on personal growth and development. We recognise that our people and our skills are key to EisnerAmper Ireland achieving our vision of being recognised as Ireland’s leading professional services firm and our approach to education and training reflects this.

Learn more about our approach to personal and professional development and get current EisnerAmper Ireland job opportunities, here.

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12.7.2019

EisnerAmper Ireland hosts Alumni Reunion 2019

Alumni Reunion | Latest News | Financial Services | EisnerAmper Ireland

On Thursday 11 July, EisnerAmper Ireland hosted its annual Alumni Reunion in the glasshouse and garden of House Dublin. It was a most enjoyable reunion where both current and former team members enjoyed catching up over food and drinks in the heart of Dublin.

Alumni Reunion | Latest News | Financial Services | EisnerAmper Ireland

(L to R) Catherine Tooher, Alastair MacDonald, Sarabeth McGuire, Andrew Duignan and Emma Guilfoyle.

The evening was a great success and provided an opportunity to bring everyone up to speed on the firm’s progress over the last 12 months including Alan Garry’s appointment as Audit & Advisory Partner; Jennifer Kelly’s ‘Services to Accounting & Finance Award’ at the Irish Women’s Awards 2019; our ongoing investment in technology and solutions; and the continued growth of EisnerAmper Global.

Included below is a selection of photos from the evening.

Alumni Reunion | Latest News | Financial Services | EisnerAmper Ireland

(L to R) Niall Beggs, Angela Molloy, Jennifer Kelly, Teresa Flanagan and Alastair MacDonald – members of the original MKO team!

Alumni Reunion | Latest News | Financial Services | EisnerAmper Ireland

Alastair MacDonald presenting Kilian Doyle, our newest member of the Alumni, with his leaving portrait.

Alumni Reunion | Latest News | Financial Services | EisnerAmper Ireland

(L to R) Brian Brereton, Alastair MacDonald, Evan O’Quigley and Daniel Hartigan.

Alumni Reunion | Latest News | Financial Services | EisnerAmper Ireland

(L to R) Diarmaid O’Keeffe, Niall Beggs and Brian Hillery.

Alumni Reunion | Latest News | Financial Services | EisnerAmper Ireland

Claire Walsh with Niamh Hickey.

Alumni Reunion | Latest News | Financial Services | EisnerAmper Ireland

(L to R) Audrey Rigley-Smyth, Darragh Claffey , Aileen MacDonagh and Simon Hogan.

We care about business and we care about the people we work with in business.

At EisnerAmper Ireland, we assist companies doing business in Europe using Ireland as a base – providing Audit, Tax, Advisory, Outsourcing and Risk & Regulatory solutions. For more information on our services, click here.

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9.7.2019

EisnerAmper Ireland takes part in Techies4TempleStreet 2019 in aid of Temple Street Children’s Hospital

Techies4TempleStreet | Competition | CSR | Financial Services | EisnerAmper Ireland

EisnerAmper Ireland is proud to have been a participant in the 2019 Techies4TemplesStreet event, which took place on Friday 5 July. Techies4Templestreet is a unique charity event that brings together the technology and business communities to network and compete in an intellectually challenging treasure trail while making an impact on the lives of the children of Temple Street Children’s University Hospital. The three EAI teams were faced with questions, clues and different challenges that saw them venture across south Dublin, searching for clues from Herbert Park to Sandymount beach.

Techies4TempleStreet | Competition | CSR | Financial Services | EisnerAmper Ireland

The event attracted over 1,600 participants from Ireland’s tech and business communities, ranging from start-ups to MNCs.  It was a fantastic opportunity to compete in an intellectually challenging event while simultaneously helping to support a good cause. Read about our previous fundraising initiatives in aid of Temple Street Foundation with our ‘Sponsored Walk’,  ‘Quiz Night‘ and ‘Bake Sale‘. To learn more about the Temple Street Hospital Foundation and to donate, click here.

We care about business and we care about the people we work with in business.

Corporate Social Responsibility (CSR) is integral to how we do business and manage interactions, not just with our employees and clients but also our wider community and society as a whole.  As a professional services firm, demonstrating ethical high performance in all aspects of our work and how we run our firm is fundamental to our success.  Learn more about our CSR policy here and our CSR initiatives here.

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4.7.2019

EisnerAmper Ireland partakes in a sponsored walk to raise funds for Temple Street Children’s Hospital

Techies4TempleStreet | Sponsored Walk | CSR | Financial Services | EisnerAmper Ireland

As part of EisnerAmper Ireland’s 2019 summer charity initiative, staff members organised a sponsored walk in aid of Temple Street Children’s Hospital.

The Techies4TempleStreet team members walked from the EisnerAmper Ireland Sandyford offices to Temple Street Children’s University Hospital. The team walked the 12km route in two hours. EisnerAmper Ireland staff members and friends and family of the Techies team generously donated to the Temple Street Children’s University Hospital for the sponsored walk.

Techies4TempleStreet | Sponsored Walk | CSR | Financial Services | EisnerAmper Ireland

Techies4TempleStreet team members.

EisnerAmper Ireland is taking part in a number of events this summer in aid of Temple Street Hospital, which cares for 150,000 children each year in Ireland, and will be taking part in Techies4TempleStreet this summer on 5 July. Read about our previous ‘Quiz Night‘ event and our ‘Bake Sale‘ in aid of the Temple Street Foundation. To learn more about the Temple Street Hospital Foundation and to donate, click here.

We care about business and we care about the people we work with in business.

Corporate Social Responsibility (CSR) is integral to how we do business and manage interactions, not just with our employees and clients but also our wider community and society as a whole.  As a professional services firm, demonstrating ethical high performance in all aspects of our work and how we run our firm is fundamental to our success.  Learn more about our CSR policy here and our CSR initiatives here.

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28.6.2019

EisnerAmper Ireland’s bake sale raises funds for Temple Street Children’s Hospital

Bake Sale | Techies4TempleStreet | CSR | Financial Services | EisnerAmper Ireland

As part of EisnerAmper Ireland’s 2019 summer charity initiative, staff members organised a bake sale in aid of Temple Street Children’s Hospital.

The event was held in the canteen of the office with an abundance of  delicious cakes to choose from. Alongside homemade treats made by the EisnerAmper Ireland staff members, the Techies4TempleStreet team were generously donated cakes and donuts by local bakeries in the surrounding area to be used in the bake sale. The staff at EisnerAmper Ireland kindly donated to the Temple Street Children’s University Hospital during the cake sale.

Bake Sale | Techies4TempleStreet | CSR | Financial Services | EisnerAmper Ireland

EisnerAmper Ireland is taking part in a number of events this summer in aid of Temple Street Hospital, which cares for 150,000 children each year in Ireland, and will be taking part in Techies4TempleStreet this summer on 5 July. To read about our previous ‘Quiz Night’ event in aid of the Temple Street Foundation, click here. To learn more about the Temple Street Hospital Foundation and to donate, click here.

We care about business and we care about the people we work with in business.

Corporate Social Responsibility (CSR) is integral to how we do business and manage interactions, not just with our employees and clients but also our wider community and society as a whole.  As a professional services firm, demonstrating ethical high performance in all aspects of our work and how we run our firm is fundamental to our success.  Learn more about our CSR policy here and our CSR initiatives here.

Contact Us

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25.6.2019

Gavin Lee, Head of International Trade addresses Allinial Global Conference

Gavin Lee | Allinial Global Event | Financial Services | EisnerAmper Ireland

On 17 – 18 June, Gavin Lee, Head of International Trade at EisnerAmper Ireland, delivered a key note speech on The European Economic Outlook and the Challenge of Brexit at the Allinial Global EMEIA Regional Conference 2019, in Lisbon.

Gavin presented to an audience comprising of Allinial Members from across Europe, Africa, the Middle East and India. The presentation covered a range of topics including the history of Brexit, how we arrived at the current impasse, what solutions might be available to all parties, the economic impact of Brexit on Ireland, the UK and Europe and how as a group the Allinial members may be in a position to steer their clients and their firms through these uncertain times.

Gavin Lee | Allinial Global Event | Financial Services | EisnerAmper Ireland

Allinial Global is an international association of legally independent accounting and consulting firms who share education, marketing resources and technical knowledge across a wide range of markets. Allinial Global empowers independent accounting and consulting firms to provide the best of both worlds: the prompt, personal attention of a local firm combined with the knowledge and resources of an international association. To read more about Allinial Global, click here.

At EisnerAmper, we design and deliver business & compliance solutions to make trade happen.

At EisnerAmper Ireland, we assist companies doing business in Europe using Ireland as a base – providing Audit, Tax, Advisory, Outsourcing and Risk & Regulatory solutions. For more information on our International Trade offering, click here.

Contact Gavin

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24.6.2019

Benefit in Kind (BIK) – Employer Overview

BIK Benefit In Kind Employer Overview Image | Payroll Services Insights | Financial Services | EisnerAmper Ireland

What Is BIK?

As a general rule, any benefit or perquisite, other than cash, which an employer provides for an employee would be considered a BIK once it has monetary value.  It is the responsibility of the employer to calculate the value of the BIK and deduct the appropriate employment taxes via the PAYE system.  Benefits given to an employee’s spouse or family members would also be considered BIK.

Taxation Of BIK

Tax must be deducted on the actual value of the benefits provided, unless the actual value is not known.  In this case, tax must be deducted on the estimated value of the benefit.

The value of the benefit must be added to the employee’s pay as a notional pay element in the pay period in which the benefit was provided.  PAYE, PRSI and USC are then deducted from the total value of the employee’s pay plus the BIK.  This should then be reported to Revenue in a payroll submission either on or before the date the employee receives their net salary payment.

How Do You Calculate BIK?

Some BIKs have specific rules which must be followed in order to calculate the taxable value.

– Example 1: How To Calculate BIK On A Company Car

The taxable value (known as the cash equivalent) is based on a percentage of the Original Market Value (OMV) of the car, less any discount received when the car was purchased*.  The percentage is dependent upon the number of business kilometres driven by the employee each year, as shown in the following table:

Kilometres Driven(% of OMV)
24,000 and below30%
24,001 to 32,00024%
32,001 to 40,00018%
40,001 to 48,00012%
48,001 and over6%

(Source: revenue.ie)

Journeys to and from an employee’s normal place of work are not considered business travel.

Employees who work, on average, at least 20 hours per week, whose business kilometres are between 8,000 and 20,000 km per year and who spend at least 70% of their time away from their normal place of work can avail of a 20% reduction on their cash equivalent value.

– Example 2: How To Calculate BIK On Health Insurance

If you purchase health insurance on behalf of an employee this would be considered a taxable BIK.  Although the amount paid by the employer to the insurer is the net cost of the policy, the value of the BIK for the employee is based on the gross cost. The employee gets tax relief by submitting a claim for a Medical Insurance Relief tax credit via their Revenue account at the end of the tax year.

BIK Benefit in Kind Employer Overview Article Image | Financial Services | EisnerAmper Ireland

Recent BIK Updates

Before PAYE modernisation, corrections to estimated BIK values could be made at any point in the tax year up to the filing of the annual P35 return.  Since 1 January 2019, when the actual value of a benefit becomes known after BIK has been calculated on an estimated amount, the correction must be made in the next available pay period.

BIK vs Non-Taxable Benefits

Although in general all benefits are taxable, there are some exceptions to this rule.  The following non-exhaustive list showcases some of the items which can be provided tax-free, provided certain conditions are met:

  • Expenses – Expenses must be incurred wholly, exclusively, and necessarily in the performance of the employee’s duties and must be vouched with receipts.
  • Long Service Awards – The award must be a ‘Tangible Article’, i.e. not cash. The cost to the employer must be less than €50 per year of service and the period of service must be over 20 years. The employee must not have received a similar award within the previous 5 years.
  • Relocation Expenses – Only expenses which are a direct result of the change of residence can be repaid tax-free. More information on Relocation Expenses can be found here.
  • Travel Passes – The travel pass must be issued by a public or private operator who holds a valid licence.
  • Bicycles & Equipment – The cost cannot exceed €1,000 and goods must be purchased from a registered supplier.
  • Phones & Computers – Mobile phones, landlines, internet connections and computer equipment can be provided when primarily for business use.

The information above is for guidance purposes only.  Tax advice should always be sought before providing benefits and reimbursements to employees without deducting employment taxes.

How EisnerAmper Ireland Can Help

The taxation of employee benefits can be challenging, particularly for non-resident employers and new businesses, although with continuously evolving legislation all employers should review their practices regularly.

At EisnerAmper Ireland, our dedicated team of payroll professionals and tax advisors are on hand to offer accurate guidance and advice on the taxation of benefits, as well as providing support and payroll processing services to both new startups and established businesses.

Learn more about our Outsourced Payroll Services here.

Request a Quote

Request a payroll quote or request a callback from our specialists now.

*Discounts of more than 10% must be approved by Revenue.

Authors

The content above is provided for general information purposes only and is not intended to provide, nor does it constitute, professional advice on any particular matter. If you would like more information or would like to discuss any of the topics raised above, please contact the author(s).

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21.6.2019

EisnerAmper Ireland hosts Learn, Dine, Connect: Structured Finance Technical & Industry Update

Table Setting | Learn Dine Connect | Structured Finance | Technical Industry Updates | Financial Services | EisnerAmper Ireland

On Thursday, 20 June 2019, EisnerAmper Ireland hosted the second in its two-part series of technical and industry updates for the Structured Finance community in Shanahan’s on the Green.  The event covered various subjects including, challenges currently facing the Structured Finance industry, and also served as an opportunity to highlight any potential developments that may affect the industry going forward.  Topics discussed on the night were:

  • The Structured Finance Journey – and the Role of the Irish SPV’s
    Ronan Murphy, Partner, Head of Structured Finance
  • Current Compliance Challenges Facing Irish SPV’s
    Alan Garry, Partner, Audit & Advisory
  • Implementing Effective Organisational Arrangements
    Dave Montgomery, Partner, Head of Risk & Regulatory
Group Picture | | Line Dine Connect | Structured Finance | Technical Industry Updates | Financial Services | EisnerAmper Ireland

From left to Right: Gavin Lee, Ray Kelly, Ronan Murphy, Alan Garry and Paul MacCarthy.

At EisnerAmper, we design and deliver business & compliance solutions to make trade happen.

At EisnerAmper Ireland, we provide audit, accounting, risk & regulatory, advisory and secondment services to securitisation companies, special purpose vehicles, Section 110 companies, aircraft leasing companies, banking institutions and financial services entities. For more information on our services to the Structured Finance industry, click here.

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