Budget 2021
With Budget 2021 announced earlier this week, EisnerAmper Ireland examines its effect on Irish-based businesses across the following four areas:
- Corporation Tax;
- Indirect Tax;
- Employment and Personal Tax; and
- Other Taxes.
1. Corporation Tax
– Corporation tax rate on trading profits
There has been no change to the 12.5% corporation tax rate applicable to the trading profits of a company.
The government has announced the extension to the accelerated capital allowances for energy savings plant and machinery to the end of 2023.
2. Indirect Tax
– VAT
The rate of VAT for the hospitality and tourism sector, currently 13.5%, will be reduced to 9% from 1 November 2020 until 31 December 2021.
The standard rate will revert from the current 21% to 23% from 1 March 2021 as outlined in the July Stimulus Plan.
The Flat rate of VAT for Farmers will increase from 5.4% to 5.6%.
– Other Indirect Tax considerations
The rate of carbon tax on fuel has increased from €26 to €33.50 per tonne of CO2. This has been applied to diesel and petrol as of midnight on 13 October 2020 which is approximately 2.5 cent a litre, with the increase to home heating oil being deferred until May 2021. This will increase by €7.50 per year until 2029 with a €6.50 increase in 2030 to bring the tax to €100 per tonne of CO2.
VRT reliefs for conventional and plug-in hybrid vehicles will finish at the end of 2020.
3. Employment and Personal Tax
– Income Tax, USC and PRSI
The Dependent Relative tax credit has increased by €175 to €245 and the Earned Income tax credit for Self Employed individuals has increased by €150 to €1,650 for 2021. The Sea-going Naval personnel Tax Credit has been extended until 31 December 2021 and increased from €1,270 to €1,500.
The reduced rate of USC for medical card holders and people aged 70 and above whose income is €60,000 or less has been extended for another year, until 31 December 2021.
Due to an increase in the National Minimum Wage from €10.10 to €10.20 per hour on 01 January 2021, the threshold for the 2% rate of USC has increased from €20,484 to €20,687. This is to prevent full-time workers on minimum wage from paying USC at the top rates.
The weekly threshold for the higher rate of Employer’s PRSI has been increased from €394 to €398. The higher rate, which was expected to increase, remains at 11.05% for 2021.
Employee’s PRSI is unchanged.
– Benefit in Kind (BIK)
There was no change to the 0% BIK rate for employers providing electric cars or vans, which is due to remain in place until 31 December 2022.
– Tax Debt Warehousing
The tax debt warehousing scheme has been expanded to include Temporary Wage Subsidy Scheme repayments for employers. For self-employed taxpayers it has been extended to include the 2019 and 2020 preliminary tax liabilities.
4. Other Taxes
– Capital Acquisitions Tax (CAT)
No change was made to CAT rates in the Budget.
– Stamp Duty (SD)
The consanguinity relief, which reduces the rate of stamp duty on land transfer to children, has been extended by 3 years.
The farm consolidation relief, which allows farmers to pay 1% stamp duty when buying and selling land within 24 months in a bid to consolidate land parcels, has been extended by 2 years.
How EisnerAmper Ireland Can Help
At EisnerAmper Ireland, we design and deliver business & compliance solutions to make trade happen. This is what we do every day.
EisnerAmper Ireland’s Tax Department provides support to the Firm’s Financial Services and International Business market groups. We advise corporates, their people and principals operating in the technology, life sciences, real estate, structured finance, aircraft leasing and investment funds industries. To find out more, visit our Tax Services page.
Tax Services
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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.
UK Resident Directors
Brexit – Implications for UK Resident Directors of Irish Companies
On 31 December 2020, the transition period between the UK and the EU will come to an end. If thereafter no agreement is in place, Irish companies which have UK resident directors may need to take action to ensure continued compliance with Section 137 of the Companies Act 2014. This is the requirement to have at least one EEA resident director. The EEA is the European Economic Area comprising all EU member states, in addition to Iceland, Liechtenstein and Norway.
In the event of a hard Brexit, an Irish company which currently has a UK resident director fulfilling this requirement should consider replacing the director or appointing an additional director who is resident in the EEA. In the event that a company does not have an EEA resident director, it can avail of one of two exemptions:
- Secure a Section 137 Non-EEA Resident Director Bond
A company can put in place a Section 137 Bond to the value of €25,000 to cover a failure by the company to pay a fine or penalty in respect of offences under the Companies Act 2014 and certain offences under the Taxes Consolidation Act 1997. The bond, which costs €1,750, needs to be put in place for a minimum two year-period.
- Apply for a Section 140 Certificate
A second option is for a company to apply to the Irish Revenue Commissioners and Companies Registration Office for a Section 140 Certificate confirming the company has a real and continuous link with one or more economic activities that are being carried on in the State.
Implications of EEA Resident Director Non-Compliance
Failure to meet the EEA Resident Director requirements is a criminal offence and could lead to a fine of up to €5,000. Additionally, under Section 725(1)(a) of the Companies Act 2014, the Companies Registration Office has the power to strike companies off the register if they believe them to be in breach of Section 137(1) of the Companies Act 2014.
How EisnerAmper Ireland can help
Although the deadline is fast approaching, there is still time to act. If your company is relying on a UK resident to fulfil the EEA resident director requirement and would like to discuss the options available, please contact Karen Moloney, Senior Manager, Accounting Tax & Compliance.
Authors
EisnerAmper hosts 80’s themed Musical Bingo
On Friday 2 October, EisnerAmper Ireland’s CSR Committee were delighted to host an 80’s themed Musical Bingo. The bingo session was hosted by Bingo with a Pep on Zoom for all staff and their family members to enjoy.
Classic songs from the 80’s were played by our host Keith Peppard and all staff were given bingo cards filled with the names of different songs from Keith’s playlists. While everyone danced and sang along, Keith played through his playlists and songs were marked off cards until we had a full line, the four corners and the full 25 squares completed. Spot prizes were given for each of the wins for staff to enjoy.
At 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.
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Latest News →EisnerAmper supports Insurance Ireland INED webinar forum
EisnerAmper Ireland, in conjunction with Insurance Ireland, was delighted to host an informative webinar this afternoon, focusing on the how both the equity and bond markets have been impacted by the Covid-19 pandemic. Frank Keane, Partner and Head of Client Internationalisation at EisnerAmper Ireland, moderated the event. We would like to thank Moyagh Murdock, CEO at Insurance Ireland for setting the scene, and thank our panellists for their insightful contributions:
- Peter Bentley – Deputy Head of Fixed Income and Head of Global Credit at Insight Investment; and
- Nicholas Hatherley – Consulting Actuary, Pensions and Investment at Aon.
Many thanks also to the participants who joined the webinar and who contributed to our Q&A session.
We deliver specialist Insurance Regulatory Compliance Services to help you meet your regulatory compliance and corporate governance requirements.
At EisnerAmper, we design and deliver specialist Services and Solutions for Business in the areas of Governance, Risk and Compliance. 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 →Meet our new team members!
Meet some of our new joiner Team! This month we welcomed our new joiners aboard the EisnerAmper Ireland team. Our new joiners will be working in our Audit, Accounting, Tax & Compliance departments.
Our new colleagues are in the processes of completing their virtual two week induction programme, covering various topics ranging from technical, on the job and soft skills training, delivered by our HR and Service Excellence Teams.
To learn more about EisnerAmper Ireland click here.
We care about business and we care about the people we work with in business.
Our multi-disciplinary teams bring fresh, candid and connected perspectives to how we work. We strive to nurture and leverage the talent and unique ability of each individual member of our team. To read more about Life in EisnerAmper and about our career opportunities click here.
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Latest News →EisnerAmper hosts wellness workshop with The Wellness Clinic
On Friday 11 September, EisnerAmper Ireland’s CSR Committee were delighted to host an online wellness workshop with Niamh O’Connell from The Wellness Clinic via Zoom for all employees.
Our Firm is focused on providing a positive, healthy and safe working environment, as well as boosting the sense of wellbeing and productivity among our employees. The Firm’s wellbeing initiatives endeavour to foster a culture where we can focus on optimising individual and team performance while offering the tools, resources and guidance to support our employees journey. The 45 minute session discussed managing stress, improving sleep, minding your mental health, tips on nutrition and touched on parenting while remote working. Following Niamh’s presentation there was time for an Q&A session to allow staff members to ask any questions they had regarding any of the topics.
To learn more about The Wellness Clinic, click here.
At 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
Latest News →EisnerAmper Summer Gift Boxes
EisnerAmper Ireland is delighted to have delivered gift boxes to all our staff members this week.
EisnerAmper wanted to thank our staff for all their efforts working together during these challenging times. The gift box from The Book Resort, comprised of all Irish made products, including Irish Belgian chocolate from ‘Chez-Emily’ in Dublin, bamboo socks-from “Polly & Andy” in Waterford, soap-from “The Soap Room” in Galway, a book of choice, face masks and hand sanitiser along with some other small Irish made gifts and a hand written card.
At 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
Latest News →EisnerAmper runs Children’s Art Competition
EisnerAmper Ireland is delighted to have run its first internal Children’s Art Competition.
With so many budding artists at home with some extra time to spare, we thought it would be the perfect time to put some artistic skills to use. The competition ran for staff members children and they could paint, draw, crayon or digitally create their artistic pieces. There were four different age categories with the winner of each age category receiving a small prize.
At 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
Latest News →EisnerAmper completes 100k in June fundraiser for LauraLynn
EisnerAmper Ireland is proud to have completed the 100k in June for LauraLynn charity challenge. EisnerAmper teamed up with LauraLynn to help raise €2,000 for the charity.
The charity initiative ran from 1st – 30th June and a number of our employees took on the challenge of completing 100km over the 30 days by either walking, jogging or running. Some of our staff members took on the challenge individually, while others teamed up with their friends or family members. All staff members participating managed to complete the 100k distance by the deadline of midnight last night, while also raising funds throughout the month of June to our charity fundraiser page for LauraLynn. We would like to thank our employees for their dedication in completing the 100k and for helping raise funds for such a worthy cause.
EisnerAmper Ireland partnered with LauraLynn Children’s Hospice earlier this year, helping them to support children with life-limiting conditions to live as fulfilling lives as possible and receive the very best care at the end of life. LauraLynn is Ireland’s only Children’s Hospice providing palliative care and support for children with life-limiting conditions and their families.
If you would like to make a donation to EisnerAmper’s fundraising page, please click here.
At 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
Latest News →EisnerAmper teams up with LauraLynn for 100k in June fundraiser
EisnerAmper Ireland’s CSR Committee are delighted to be raising funds by joining LauraLynn’s 100K in June charity challenge.
The charity initiative is running from 1st – 30th June and a group of our staff members have taken on the challenge of completing 100km over the 30 days by either walking or running. Our employees are taking the challenge on individually, with their family members and teaming up with people from the office from afar. Most of our team have passed the half way mark with one final push needed to complete the challenge as the end date approaches.
EisnerAmper Ireland partnered with LauraLynn Children’s Hospice earlier this year, helping them to support children with life-limiting conditions to live as fulfilling lives as possible and receive the very best care at the end of life. LauraLynn is Ireland’s only Children’s Hospice providing palliative care and support for children with life-limiting conditions and their families.
EisnerAmper has set up a fundraising page if you would like to donate here.
At 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
Latest News →EisnerAmper supports Insurance Ireland INED webinar
EisnerAmper Ireland, in conjunction with Insurance Ireland, was delighted to host an informative and timely webinar on Thursday 11 June, focusing on the impact of COVID-19 on the Boards of Insurers and Reinsurers from a financial, operational, regulatory and legal perspective. Dave Montgomery, Partner and Head of Risk & Regulatory at EisnerAmper, moderated the event. We would like to thank Moyagh Murdock, CEO Insurance Ireland for setting the scene, and thank our panellists for their insightful contributions:
- Eamonn Phelan, Partner, Milliman.
- Caitriona Somers, INED Council Member and Director.
- Niamh Freeman, PartnerRe.
- Eoin Caulfield, Partner, Insurance Division, William Fry.
Many thanks also to the participants who joined the webinar and who contributed to our Q&A session.
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 →EisnerAmper joins LauraLynn for 100k in June fundraiser
EisnerAmper Ireland’s CSR Committee are delighted to be joining LauraLynn’s 100K in June charity fundraiser.
Niamh Doyle from Lauralynn joined EisnerAmper staff on a Zoom call last week to discuss the fundraiser and how the funds being raised and donated can help LauraLynn. The charity initiative will run from 1st – 30th June and all our staff members are being set the task of completing 100km over the 30 days of June by either walking or running. Our employees are taking the challenge on individually, with their family members and teaming up with people from the office from afar.
EisnerAmper Ireland partnered with LauraLynn Children’s Hospice earlier this year, helping them to support children with life-limiting conditions to live as fulfilling lives as possible and receive the very best care at the end of life. LauraLynn is Ireland’s only Children’s Hospice providing palliative care and support for children with life-limiting conditions and their families.
EisnerAmper has set up a fundraising page if you would like to donate here.
At 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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