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Latest News Archives - EisnerAmper Ireland

12.4.2019

Insurance Ireland INED Forum supported by EisnerAmper Ireland

Insurance Ireland | INED Forum | Financial Services | EisnerAmper Ireland

On Thursday, 11 April, Insurance Ireland, supported by EisnerAmper Ireland, hosted the latest in the INED Forum series in the St. Stephens Green Club, Dublin.  The event was a great success and we were delighted to have the opportunity for members of our team to connect with the Insurance & Reinsurance INED community.  The theme of this Forum was “Effective management & oversight of outsourced service providers – focus on demonstrable implementation from the INED perspective”.

Dave Montgomery, Partner and Head of Risk & Regulatory at EisnerAmper Ireland moderated the event. The keynote speakers were Ciaran McGettrick, Managing Director at Phoenix Group Ireland and Lisa O’Mahony, Head of Advisory & Inspections of Governance, Operational & Insurance Risk from the Central Bank of Ireland.

EisnerAmper Ireland is delighted to continue working with Insurance Ireland and their INED Council.  As the voice of insurance actively promoting the highest standards, Insurance Ireland represents 95% of the domestic market and more than 80% of Ireland’s international life insurance market.  The Insurance Ireland INED Council promotes best practice for insurance industry INEDs in addition to acting as a sounding board for entities, organising appropriate training and acting as a networking hub.

 

Insurance Ireland | INED Forum | Financial Services | EisnerAmper Ireland

We deliver specialist Insurance Regulatory Compliance Services to help you meet your regulatory compliance and corporate governance requirements.

EisnerAmper Ireland is a firm of specialist accountants with a niche focus on the Financial Services, International Trade and Government sectors.  As Head of Risk & Regulatory at EisnerAmper Ireland, Dave Montgomery leads a team in the provision of regulatory, risk management, audit and advisory solutions to Insurers and Reinsurers operating in or through Ireland.  As a former regulator with the Central Bank of Ireland, Dave supervised insurance and reinsurance firms and also worked on the development and implementation of the PRISMTM framework.  If we can assist you or your business in any way, please contact Dave Montgomery.

Contact Dave

Latest News
8.4.2019

Zero Hour Contracts – Employer Update

Zero Hour Contracts Employer Update Image | Payroll Services | Financial Services | EisnerAmper Ireland

What Is A Zero Hour Contract?

A Zero Hour contract is an employment contract that does not guarantee an employee a minimum number of working hours, whilst still requiring the employee to be available for work either for a certain number of hours or when required by the employer (or both).

Zero Hour Contracts vs If And When Contracts

Under a Zero Hour contract there is an obligation on the employer to offer work to the employee and an obligation on the employee to accept the offer of work.  If the employee is not offered hours during the time when they are expected to be available, the employer must compensate the employee.

Alternatively, if an employee and an employer agree a contract that does not oblige either party to provide work or be available for work, this is known as an If and When contract.  As there is no mutuality of obligation, anyone working under an If and When contract could be considered a contractor rather than an employee.

Zero Hour Contract Legislation Update For Employers

Under legislation that came into effect on 4 March 2019, the use of Zero Hour contracts is now restricted in most circumstances. Employers must now inform their staff of the number of hours they would be reasonably expected to work in a normal working day and a normal working week.

Exemptions

Zero Hour contracts can still be used in the following situations:

  • Where there is a casual nature to the employment;
  • During a period of emergency; and
  • When short-term cover for absences is a necessity.

Terms Of Employment

Employers are now obliged to provide workers with a written statement of the five core terms of their employment within five days of starting work.  The terms are:

  • The full names of the employer and employee;
  • The employer’s address;
  • The duration of the contract, including the end date for fixed-term contracts;
  • The rate of pay and method of calculation; and
  • The reasonably expected number of hours in a normal day and week.

Zero Hour Contracts Employer Update Image | Payroll Services | Financial Services | EisnerAmper Ireland

– Zero Hour Contract Minimum Payments

Key elements of the updated legislation relate to minimum payments.  For example, if an employee is not called into work, they are entitled to be paid for 25% of the hours they would have reasonably been expected to work, at a rate of 3 times the national minimum wage.  Therefore, an employee whose contract requires them to be available for 20 hours per week should be paid for a minimum of five hours in the event of not being offered work in any given week.

Banded Hours

Where an employee’s actual number of working hours over a 12 month period is in excess of the hours stated in their contract they can request to be given a Banded Hours contract. A Banded Hours contract guarantees an employee an average number of hours of work within one of the following bands:

Bands of weekly working hoursFromTo
Band A3 hours6 hours
Band B6 hours11 hours
Band C11 hours16 hours
Band D16 hours21 hours
Band E21 hours26 hours
Band F26 hours31 hours
Band G31 hours36 hours
Band H36 hours and over

Source: irishstatutebook.ie.

How EisnerAmper Ireland Can Help

Payroll administrators in Ireland operate in a heavily regulated space with legislative changes continually coming down the line which add new administrative requirements to existing work practices.

At EisnerAmper Ireland, our dedicated outsourced payroll professionals possess the knowledge and experience required to ensure you are fully compliant with current and future legislation, without impacting on the day to day running of your business.

Learn more about our Outsourced Payroll Services here.

Request a Quote

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

Authors

Payroll Insights
22.3.2019

EisnerAmper Ireland hosts coffee morning for Daffodil Day 2019

Daffodil Day 2019 Image | CSR | Financial Services | EisnerAmper Ireland

On Friday, 22 March 2019, EisnerAmper Ireland hosted a coffee morning in aid of the Irish Cancer Society for Daffodil Day 2019.  We were delighted to support such an excellent cause while enjoying some delicious cakes bought and made by our EisnerAmper Ireland team.

Every year Daffodil Day sees thousands of volunteers selling daffodil pins and flowers on streets, in businesses and homes across Ireland; or hosting a Daffodil Day Coffee Morning to raise funds for the Irish Cancer Society’s nationwide care services for those with, and affected by, cancer in Ireland. For more details or to make a donation, please see the Irish Cancer Society’s website here.

Daffodil Day 2019 | CSR | Financial Services | EisnerAmper Ireland

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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CSR
15.3.2019

What Is Permanent Establishment?

The Irish Revenue* defines permanent establishment as “a fixed place of business through which the business of an enterprise is wholly or partly carried on” and includes it as an article in double taxation treaties which follow the Organisation for Economic Co-operation and Development (OECD) model tax treaty.

As the text of individual double taxation treaties can vary, the relevant article of the appropriate treaty should always be consulted when making a permanent establishment determination.

What Are The Consequences Of Permanent Establishment?

If an enterprise from outside of Ireland is deemed to have permanent establishment in the state, then Irish Revenue has the right to tax the profits of that enterprise.

The taxes which can apply, depending on the circumstances, are:

  • Income Tax;
  • Corporation Tax; and
  • Capital Gains Tax.

Do I Have Permanent Establishment?

Determining permanent establishment is not always straightforward, although article 5 of the OECD model lists the following as indicators of permanent establishment:

  • A place of management;
  • A branch;
  • An office;
  • A factory;
  • A workshop; and
  • A mine, an oil or gas well, a quarry or any other place of extraction of natural resources.

This list is not exhaustive, and even without a physical presence such as those listed above, it is still possible for a business to have permanent establishment, particularly when the business has an agent in Ireland acting on its behalf to conclude contracts.

How EisnerAmper Ireland Can Help

To make a definitive determination we would recommend consulting EAI’s specialist Corporate Tax team for expert advice.

Contact our Tax Team

*Article 5 of Revenue’s Commentary on Irish tax treaties

Authors

Latest News
14.3.2019

EisnerAmper Ireland staff attend CASSD Gala Ball 2019

The Chartered Accountants Student Society of Dublin (CASSD) hosted their annual Ball on Saturday, 9 March in The Ballsbridge Hotel. Sarah Ryan, a member of EisnerAmper Ireland’s International Business team, is currently Treasurer of CASSD and played a key role in organising the event, which is one of the biggest in the student calendar each year.

CASSD plays a vital role in the student body, providing a link between students and the institute as well as organising numerous events throughout the year.

This year, CASSD chose ‘Empower the Family’ as their sponsored charity. ‘ETF’ supports disadvantaged families in Ireland through education, supporting young disadvantaged single parents in Ireland, with the determination and ability, to successfully complete university. EisnerAmper Ireland was delighted to sponsor staff tickets in addition to donating a spot prize for such a worthy cause.

The evening kicked off with a Prosecco reception, where attendees were greeted by a live saxophone player. The smooth jazz provided a welcoming and relaxed atmospheric back-drop as students took pictures next to a giant, illuminated flower wall. 

In the dining hall, students were met by an extravagant ballroom with a goody bag full of treats on each chair. A raffle took place during the dinner with Michéal O’Cualain, a member of EisnerAmper Ireland’s Tax Team winning a Leinster Rugby Jersey, signed by the entire Leinster team. With the band set up, everyone got dancing until late into the night. A great time was had by all.

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.

Contact Us

CSR
13.3.2019

EisnerAmper Ireland attends the Chartered Accountants Ireland Annual Rugby Luncheon 2019

On Friday 8 March 2019, EisnerAmper Ireland hosted a table at the Leinster Society of Chartered Accountants Ireland Annual Rugby Lunch in the Aviva Stadium, Lansdowne Rd, Dublin 4. Guests were welcomed with a drinks reception followed by lunch.

The lunch was well attended and the event was a great success. We were delighted to have the opportunity for members of our team to connect with so many clients and friends of our Firm.

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

In this regard, if we can assist you or your business in anyway, please contact a member of our team at +353 1 2933 400.

 

Contact Us

Latest News
7.3.2019

EisnerAmper Ireland Participate in the Saint John of God’s Community Service Scheme

We are delighted to announce that EisnerAmper Ireland is participating in Saint John of God’s Community Service Scheme. The Scheme was established in Ireland to provide services in the areas of intellectual disability, adult mental health and child and adolescent psychiatry.

Saint John of God is an international organisation providing a range of health and social care services for children and adults. They work in partnership with government departments, health and educational authorities and other statutory and voluntary agencies.

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.

Contact Us

CSR
6.3.2019

How To Set Up Payroll In Ireland – 5 Key Steps

If you employ staff in Ireland you are obliged to deduct employment taxes which must be reported and paid to Revenue under the PAYE system. Under Revenue’s programme of PAYE modernisation that came into effect 1 January 2019, payroll taxes must now be reported to Revenue on, or before, the date employees get paid. Essentially, having an effective payroll function set up and ready to go from day one is now more of a necessity for new employers in Ireland who wish to ensure compliance with current legislation.

The following are 5 key steps which must be taken ensure that your first pay run goes off without a hitch:

Step 1: Company Incorporation

In step 2 we look at the tax registration process, however, before you can register your company as an employer with Irish Revenue it must first be incorporated and registered with the Irish Companies Registration Office (CRO) by filing a Form A1. A full list of the documents which must be submitted along with the A1 can be found on the CRO website.

Get company incorporation support here.

Some non-resident entities who wish to employ staff members to carry out duties in the state may not be required to register with the CRO, see “Step 2” for more information.

Step 2: Employment Tax Registration

For most companies, registration for Employment Taxes (PREM) with Irish Revenue is carried out by completing a form TR2 which is returned to the regional Revenue Registration Unit relevant to your location.  Tax advisors can complete the registration process on your behalf using an online form which can significantly reduce the processing time.

Non-resident entities who have no physical presence in Ireland can also obtain a PREM registration by completing a form TR2 (FT). There are, however, other tax considerations for non-resident companies with employees in Ireland that should be considered, such as Permanent Establishment for Corporation Tax – for more information contact our Tax specialists.

Information about your obligations when you become registered as an employer can be found here.

Get payroll and employment tax support here.

Setting Up Payroll In Ireland Office Image | Payroll Services | EisnerAmper Ireland

Step 3: Become Familiar With Irish Employment Law

You can set up and run a payroll in Ireland without having any prior knowledge of Irish employment law, however, it is definitely beneficial to become familiar with your obligations as an employer along with the basic rights of your employees.  Some of the more common elements of employment law that will affect most, if not all, of your employees are as follows:

  • Minimum Wage
  • Maximum average working hours
  • Annual Leave
  • Maternity / Paternity Leave
  • Public Holidays

The Citizens Information website is a useful resource with further information – read “Employment rights and conditions” here.

Step 4: Choose In-House Or Outsourced Solution

For a new employer with previous experience of processing a payroll in Ireland, it may be helpful to review the latest legislation, purchase the relevant software and incur the associated administrative costs. Some companies, particularly larger operations, could opt to take on a payroll specialist in the first round of hires.  For everyone else, a sensible and cost-effective option is to engage the services of outsourced payroll specialists to provide accurate calculations, meet statutory obligations and effectively manage one of the most critical functions of a fledgling business.

Get specialist outsourced payroll partners – request a quote here.

Step 5: Assess The Suitability Of Your Bank Account

Once calculated, your employment tax liability must be reported to Revenue on, or before, the date you make the payments to your staff.  This liability is then due for payment to Revenue, in most instances by the 23rd day of the following month.  It is still possible to manually make these payments via wire transfer, BACS, EFT etc., however, this process can be automated if your business has a *SEPA compliant bank account.  The BIC and IBAN of your SEPA account is added to your Revenue On-line Service (ROS) profile to create a Debit Instruction which allows Revenue to deduct the funds on the appropriate date.

*Since 2010 every bank account opened in an EU member state is SEPA compliant.

How EisnerAmper Ireland Can Help

At EisnerAmper Ireland, our dedicated team of professionals possess the knowledge and experience required to provide guidance and the intelligent solutions you need when setting up business in Ireland.  As your business grows, we will tailor our offering to ensure your needs are met at every stage of your development.

Learn more about our Outsourced Payroll Services here and our Company Secretarial Services here.

Request a Payroll Quote

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

Authors

Payroll Insights
15.2.2019

EisnerAmper LLP is awarded Best Global Accounting Firm 2019

Robert Mirsky, Partner and Head of EisnerAmper LLP’s London office with Caitlin Cotter, Audit Manager, accepting the award for ‘Best Global Accounting Firm’ 2019.

We are delighted to announce that EisnerAmper LLP was named the ‘Best Global Accounting Firm’, for the third consecutive year, at the Hedgeweek Global Awards 2019.

The global service provider awards are among the hedge fund industry’s most prestigious and competitive awards. The annual awards recognise excellence among hedge fund managers and service providers around the world and are based on a rigorous peer review survey of Hedgeweek’s readers, which includes a global audience of investors, fund managers and industry service providers.

The high-profile awards ceremony took place in London on Thursday, 14 February 2019. Robert Mirsky, Partner and Head of EisnerAmper LLP’s London office and Caitlin Cotter, Audit Manager, accepted the award on behalf of the firm.

Charly Weinstein, EisnerAmper LLP CEO commented, “Thank you to Hedgeweek for again choosing EisnerAmper from among a global field of such distinguished accounting firms. Our dedicated financial professionals continue to work tirelessly to provide unmatched service and comprehensive alternative investment expertise that adds value for our clients and helps them grow their businesses.”

All winners of the Hedgeweek Global Awards 2019 can be found here.

To learn more about our Financial Services team’s offering, please click on the following link.

Latest News
13.2.2019

EisnerAmper hosts Secrets to Operational Due Diligence Breakfast Seminar with Eze Castle Integration

Due Diligence Seminar image | Latest News

From left to right, EisnerAmper Global members: Edo Pollack, Rob Mirsky, Natalie Wellans,  Zach Haas, Gavin Lee, Caitlin Cotter, David Carroll.

On Wednesday 13 February 2019, EisnerAmper Ireland’s Gavin Lee, Head of International Trade, and David Carroll, Director, attended the EisnerAmper / Eze Castle Integration; Secrets to Operational Due Diligence breakfast seminar in Prince Philip House in London.

The seminar shared secrets to operational excellence for Investment Management firms. The event was a great success and featured addresses from Dean Hill, Executive Director, Eze Castle Integration and Robert Mirsky, Partner and Head of EisnerAmper LLP’s London office.  We were delighted to have the opportunity for members of our international team to share their expertise and connect with members of Eze Castle Integration.

The breakfast seminar explored the topics of investor perception of outsourcing and counter party risk, ODD red flags that may lead to investment deferment, cyber security risk factors & IT best practices and specific due diligence deliverables to prepare for investors.

For more details on EisnerAmper Ireland’s international trade team and solutions click here.

Latest News
5.2.2019

EisnerAmper Ireland hosts pre-match get together for the Ireland v England Six Nations Rugby International

EisnerAmper Ireland was delighted to host a pre-match BBQ get together for the Ireland v England Six Nations Rugby International on Saturday, 2 February in Wanderers Rugby Club.  We were delighted to have the opportunity for members of our team to connect with so many members of our firm’s community.

Gerard O’Beirne, Tax Partner, EisnerAmper US, pictured with Brian Hillery, Advisory Partner, EisnerAmper Ireland

We would like to thank everyone for contributing to our charity raffle in aid oSpinal Injuries Ireland (SII).  SII is a fantastic charity which provides support to people who have sustained spinal cord injuries and their families.  Prizes included 2 pairs of tickets to the match on Saturday, a case of wine and a restaurant voucher.

We are delighted to have raised more than €1,000 for such a worthy cause.  Special thank you to our colleague, Gerard O’Beirne from EisnerAmper’s New York Office, who having won a raffle prize generously asked for the winning ticket to be re-drawn.

Alastair MacDonald, Managing Partner, EisnerAmper Ireland, welcoming  guests to the pre-match get together

Designing and delivering business and compliance solutions is what we do everyday – audit, tax, risk & regulatory, advisory and outsourcing. In this regard, if we can assist you or your business in any way, please do get in touch – we’d be delighted to help.

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Latest News
1.2.2019

Ireland & UK Employment Law Compared – 10 Key Considerations

Ireland UK employment law compared - 10 key differences

Employment law in Ireland is broadly similar to its UK equivalent, which is good news for employers operating in both jurisdictions, and is particularly attractive to UK businesses looking for a European base as part of their Brexit strategy. There are, however, numerous differences which prospective employers should consider before setting up their Irish operation.

1. Minimum Wage In Ireland vs The UK

The National Minimum Wage in Ireland, as of 1 January 2019, is €9.80 per hour for all employees aged 20 or over. For workers under the age of 20, their entitlement is based on a percentage of the National Minimum Wage – learn more about Irish National Minimum Wage rates here.

In the UK, from April 2019 the National Living Wage is £8.21 per hour for employees aged 25 and over. Under 25s must be paid either the Apprentice rate of £3.90 per hour, or the appropriate National Minimum Wage rate for their age bracket. Learn more about UK National Minimum Wage and National Living Wage rates here.

2. Irish And UK Public Holidays

Ireland has nine public holidays each year (often referred to as ‘Bank Holidays’), while England & Wales have eight. Scotland has nine, although the dates can vary from region to region, while in Northern Ireland there are 10 officially recognised public holidays per year.

3. Annual Leave Entitlements Compared

Under UK law, workers are entitled to 5.6 weeks of paid leave, which equals 28 days for someone who works a standard five-day week. Public holidays can be included in this calculation.

Under Irish legislation, employees have a basic annual leave entitlement of four weeks, which does not include public holidays.

In both countries, part-time workers are entitled to a pro-rata equivalent of the full-time rate.

4. Sick Pay Entitlements In Ireland vs UK

Under Irish employment law, there is no statutory entitlement to be paid by your employer while on sick leave. Instead, Illness Benefit can be claimed from the Department of Employment Affairs and Social Protection.

UK employers are obliged to pay their eligible staff Statutory Sick Pay (SSP) for a period of up to 28 weeks.

Annual leave is still accrued during periods of sick leave in both Ireland and the UK.

5. Differences Between Irish And UK Maternity And Paternity Leave

In Ireland, the maternity leave entitlement is 26 weeks of paid leave, with the option of claiming a further 16 weeks of unpaid leave. This is quite different to the UK, where maternity leave is 52 weeks with 39 weeks paid. Fathers in both countries are entitled to two weeks paid paternity leave.

As with SSP, maternity and paternity pay in the UK is paid by the employer, while Irish employees must claim the equivalent from the Department of Employment Affairs and Social Protection.

6. PAYE Systems

The UK introduced Real Time Information (RTI) for reporting payments and deductions made under the PAYE system in April 2014, with information being transmitted to Her Majesty’s Revenue and Customs (HMRC) each time an employee is paid.

Under the PAYE modernisation programme, the Irish Revenue Commissioners (“Revenue”) launched a similar system in January 2019. Irish workers can now view an up to the minute record of their year-to-date pay and tax information via an online Revenue account.

7. UK vs Ireland Employee Tax Considerations

Ireland UK employment law differences image

Company cars are taxed differently in the two countries, with tax in the UK calculated on ‘the value to you of the company car’. Once calculated, the employer must report this to HMRC using an online form P11D.

In Ireland employees pay Benefit in Kind (BIK) through payroll on a percentage of the Original Market Value (OMV) of their company car, with the percentage dependent on the number of business miles travelled.

Medical Insurance purchased by an employer is taxable through payroll as a BIK in Ireland, while this is also reported via the P11D system in the UK.

The amount of tax relief available to an employee in the UK is adjusted to capture the tax due on the benefits reported in the P11D for the previous tax year.

8. Pension Considerations For UK And Irish Payroll

Employers in the UK have to provide a workplace pension scheme and automatically enrol their staff into it. Employees do have the right to opt out, although they must be re-enrolled every three years. Currently in Ireland there is no obligation on employers to provide an occupational pension scheme, although they are obliged to offer staff access to a type of pension known as a PRSA. There are plans to introduce auto enrolment in Ireland along similar lines to the UK, with a proposed launch date of 2022.

9. Gender Pay Gap Reporting

UK employers with over 250 employees are obliged to submit an annual report to the government showing the difference between the average hourly wage of all men and women in their organisation.  This information is uploaded to the government via an online portal and must be published on the company’s website. The Irish government is planning to introduce similar legislation and has suggested that it will ultimately apply to all employers with over 50 staff. No implementation date has yet been set in Ireland for this. Learn more about gender pay gap reporting in Ireland here.

10. Useful Tax Relief Opportunities When Moving To Ireland

When setting up an Irish company it is sometimes necessary for an employer to redeploy experienced staff from other countries to Ireland, which can be costly.  To assist with this there are tax reliefs available for the employer and employee.

Relocation tax relief allows employers to cover the costs associated with the removal and relocation of inbound employees without incurring a tax liability, while Special Assignee Relief Programme (SARP) is a relief aimed at reducing the amount of PAYE payable by higher earners.

How EisnerAmper Ireland Can Help

At EisnerAmper Ireland, our dedicated team of outsourced payroll professionals possess the knowledge and experience required to provide guidance and advice to employers setting up in Ireland for the first time.  We also provide ongoing support and payroll processing services to organisations at every stage of their development.

Learn more about our outsourced payroll services here.

Request a Quote

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

Authors

Payroll Insights