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EisnerAmper Ireland | Latest News Archives - EisnerAmper Ireland Ireland

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Latest News Archives - EisnerAmper Ireland

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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19.6.2019

EisnerAmper Ireland hosts Quiz Night in aid of Temple Street

Quiz night | Techies4TempleStreet | CSR | Financial Services | EisnerAmper Ireland

EisnerAmper Ireland held a staff Quiz Night in its Dublin office, in aid of Techies4TempleStreet a fundraising campaign for Temple Street Children’s University Hospital.

The evening was a great success and an opportunity for our staff to enjoy a night of challenging quiz questions while raising money for a worthy cause. The evening also gave the attendees an opportunity to win plenty of fantastic prizes donated generously by some local businesses in Sandyford and in the wider Dublin area.

Quiz night | Techies4TempleStreet | CSR | Financial Services | EisnerAmper Ireland

The winning team.

EisnerAmper Ireland is taking part in a number of events this summer in aid of Temple Street Children’s Hospital, which cares for 150,000 children each year in Ireland. We will also be taking part in Techies4TempleStreet on 5 July. 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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14.6.2019

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

Ronan Murphy | Line Dine Connect | Structured Finance | Financial Services | EisnerAmper Ireland

On Thursday, 13 June 2019, EisnerAmper Ireland hosted the first in its two-part series of technical and industry updates for the structured finance community in Shanahan’s on the Green.  The event provided an opportunity to discuss the important challenges currently facing the Structured Finance industry, and also to look to the future and 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 and Advisory
  • Implementing Effective Organisational Arrangements
    Dave Montgomery, Partner, Head of Risk & Regulatory

Dave Montgomery | Line Dine Connect | Structured Finance | Financial Services | EisnerAmper Ireland

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

At EisnerAmper Ireland, we provide audit, accounting, 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.

Contact Us

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11.6.2019

Distance Sales – Key EU VAT Rules and Regulation Update

What Are Distance Sales?

Distance sales relate to goods sold from a business to a customer without a face to face interaction. For example, goods purchased by an individual either online, over the telephone or via mail order would be considered a distance sale.

"However digitised goods, that is goods for downloading by the customer via the internet are considered to be services within the meaning of Section 33(5)(k) of the VAT Consolidation Act 2010 for VAT purposes.” 
- Source: revenue.ie.

When a distance sales transaction occurs between a business in one EU Member State and a private individual customer in another EU Member State, specific VAT rules apply.

Distance Sales Of Goods – VAT Rules

For the distance sales of goods between Member States, VAT must be accounted for in the Member State of the supplier, unless the distance sales threshold in the Member State of the customer has been exceeded.  If the annual value of a supplier’s sales to customers in any Member State is in excess of that State’s threshold, the supplier must register for VAT in the customer’s Member State.  However, the supplier has the option of registering for VAT in the customer’s Member State regardless of whether the threshold in that State has been exceeded.

Distance Sales of Goods Thresholds

Distance sales of goods thresholds vary from State to State.  While there are a number of exceptions, the majority of EU Member States have a distance sales threshold of either €35,000 or €100,000.

The latest list of distance sales thresholds for each Member State can be found here.

Distance Sales Shopping Image | Tax Services Insights | EisnerAmper Ireland

Distance Sales Of Services

Prior to 2019, the distance sales of services, such as digital downloads, telecommunications and broadcasting services, were always subject to VAT in the Member State of the customer.

To prevent suppliers from having to register for VAT in multiple Member States, the EU introduced the MOSS (Mini One Stop Shop) scheme, which allows suppliers to report the VAT due in any Member State via a quarterly online declaration in their home State.  Additionally, the VAT invoicing rules for the supplier’s Member State apply when the supplier uses the MOSS system.

Since 1 January 2019, distance sales of services between a supplier and customers in different EU Member States that do not exceed €10,000 in a calendar year are now subject to VAT in the supplier’s Member State. However, the supplier has the option of registering for VAT in the customer’s Member State regardless of whether the €10,000 limit has been exceeded.

Distance Sales Reporting Obligations

Suppliers should report the value of their distance sales to and from Ireland using the relevant Intrastat box on their Irish VAT return.

VAT which is not reported under the MOSS system must be calculated, reported and paid to the tax authorities in the relevant Member States according to each State’s VAT regulations.

Distance Sales Regulation Update

From 1 January 2021, the MOSS system for reporting VAT due in a customer’s Member State will be extended (and renamed OSS) to include the distance sales of goods as well as services.  The €10,000 threshold for reporting VAT to a supplier’s Member State will apply, as will the supplier’s Member State invoicing rules.  This will significantly reduce the administrative burden associated with the distance sales of goods which should translate into real savings in terms of costs and time.

How EisnerAmper Ireland Can Help

At EisnerAmper Ireland our team of dedicated tax specialists are on hand to help you negotiate the evolving landscape of cross-border tax legislation.  Contact our Tax team for expert advice on these and other changes to the distance sales tax rules which may be of benefit to your organisation.

Contact Our Tax Team

Authors

The content above is provided for general information purposes only and is not intended to provide, nor does it constitute, legal 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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7.6.2019

EisnerAmper Ireland Clodagh Byrne’s Abseil for MS Ireland

Clodagh Byrne | Abseil for MS Ireland | CSR | Financial Services | EisnerAmper Ireland

On Saturday 1 June 2019, Clodagh Byrne, Assistant Manager in the Firm’s Risk & Regulatory department, with her mother, took part in a charity abseil in Croke Park to raise money for MS Ireland. Prior to the abseil, Clodagh raised over €1,200 in sponsorship, a portion of which was donated by the Partners and her colleagues in EisnerAmper Ireland.

MS Ireland is the only national organisation providing information, support and advocacy services to the MS community. MS Ireland works with people with multiple sclerosis, their families and carers and a range of key stakeholders including health professionals, students and others interested in or concerned about multiple sclerosis.

Clodagh Byrne | Abseil for MS Ireland | CSR | Financial Services | EisnerAmper Ireland

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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31.5.2019

EisnerAmper Ireland supports Temple Street Children’s Hospital

Techies4TempleStreet | Temple Street Children's Hospital | CSR | Financial Services | EisnerAmper Ireland

On Friday, July 5 2019, EisnerAmper Ireland will be taking part in the Techies4TempleStreet treasure trail in aid of Temple Street Children’s Hospital. EisnerAmper Ireland has entered three teams into the charity event and is taking part in a number of fundraisers this summer in aid of Temple Street Hospital which cares for 150,000 children in Ireland each year. The teams have initiated great fundraisers including a sponsored walk from our offices in Sandyford to Temple Street Children’s Hospital, a bake sale and an office quiz night to raise funds for such a worthy cause.

Techies4TempleStreet, now in its 5th year, sees over 1,600 members of the Irish business and tech communities taking to the streets of Dublin for a unique treasure trail, combining outdoor activities with digital media challenges whilst making an impact to the lives of sick children across Ireland. We are very excited to be taking part in these fundraisers and supporting such an excellent cause. To learn more about Techies4TempleStreet and how you can help, 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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24.5.2019

EisnerAmper Ireland attends the Irish Funds Annual Global Conference 2019

Gavin Lee | Ray Kelly | Irish Funds Global Conference | Financial Services | EisnerAmper Ireland

On Thursday 23 May, Ray Kelly, Audit Partner and Gavin Lee, Head of International Trade at EisnerAmper Ireland, attended the Irish Funds Annual Global Conference 2019 in the Convention Centre, Dublin. The event is a landmark in the international funds industry calendar and attracts a wide range of participants from across the international investment funds community. The conference brings together prominent industry speakers to discuss current issues and challenges facing the international investment funds industry.

Gavin Lee | Ray Kelly | Irish Funds Global Conference | Financial Services | EisnerAmper Ireland

The theme of the conference was “The Future of Funds – Evolution or Revolution?” and subjects discussed included the future of regulation, cybersecurity and the future of work.

How EisnerAmper Ireland Can Help

EisnerAmper Ireland’s multi-disciplinary financial services team has a broad range of skill-sets and experience with backgrounds in the areas of banking, industry and accounting. Through our team’s understanding and experience of the financial services sector we provide audit, tax, risk & regulatory, outsourcing and advisory services to clients doing business, raising capital and investing in Ireland and Europe.

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16.5.2019

Alan Garry appointed as Audit & Advisory Partner at EisnerAmper Ireland

Alan Garry New Partner Appointment Image | Financial Accounting Advisory Services | EisnerAmper Ireland

We are delighted to announce the appointment of Alan Garry as Audit & Advisory Partner.  Alan’s appointment represents a further strengthening of our teams advising the International Trade, Financial Services and Government sectors while adding significant experience, expertise, ideas and perspectives to our now 12 Partners and 120 staff.

Alan leads the provision of Financial Accounting Advisory Services to the Firm’s domestic and international clients.  Alan helps clients balance their business and commercial needs with the challenges arising from an increasingly complex financial reporting and regulatory environment.

Alan provides accounting advice relating to business combinations and group re-organisations, GAAP conversions, revenue recognition, financial instruments, share-based payment plans and distributable reserves.

Alan also provides Audit & Assurance services to a wide variety of clients from leading Irish corporates to international companies doing business in and through Ireland.

At EisnerAmper Ireland, we design and deliver business and compliance solutions to make trade happen – providing audit, internal audit, tax, risk & regulatory, outsourcing and advisory services.  If you have any queries or if we can assist you in any way, please do not hesitate to contact Alan Garry.

Contact Alan Garry

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9.5.2019

EisnerAmper Ireland hosts CPR training with the Irish Heart Foundation

CPR Training | EIsnerAmper Ireland | Financial Services | CSR |

On Thursday 9 May 2019, EisnerAmper Ireland hosted a CPR training session with the Irish Heart Foundation. We were delighted to be able to offer such important training to our staff members. Staff were given instructor and video led training in an hour long session and were able to practice their CPR skills on manikins provided.

Every year, 5,000 people in Ireland die from sudden cardiac arrest and by starting CPR on someone, their chance of survival can be doubled making CPR an essential life skill to have.

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

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8.5.2019

EisnerAmper Ireland’s US Tax Tour

EisnerAmper Ireland | US Tax Tour | Financial Services | EALLP

Last week Cormac Doyle, Partner and Head of Tax, and Zoe Maloney, Tax Supervisor, travelled to New York and San Francisco to visit clients, contacts, and our EisnerAmper colleagues in the US. Cormac and Zoe also met up with Eisnerper Ireland’s Secondee group currently seconded to work in EisnerAmper’s New York office.

To read our Secondee blog posts click here.

EisnerAmper Ireland | US Tax Tour | Financial Services | Client and Contacts |

Pictured above from left to right: Joseph Halligan, EAI Secondee, Shaun Boyle EAI Secondee, Ruairi Feehan, EAI Secondee, Cormac Doyle, EAI Partner, Zoe Maloney, EAI Tax Supervisor and Aidan Lundy, EAI Secondee.

Cormac and Zoe hosted a drinks reception in New York on Friday evening for clients, contacts such as the IDA, our EisnerAmper US colleagues and clients.  The trip was a great success and builds on our existing relationship with our many US based clients.

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

Our Tax team is focused on Making Trade Happen by providing tax solutions, options and structures for clients seeking advice and compliance services to support their operations in Ireland and Europe. We are one of the leading niche tax practices in Ireland providing these services and solutions.

Contact our Tax Team

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