Jennifer Kelly attends Premier International Associates Conference, Barcelona
On Friday 26 October, Jennifer Kelly, Partner and Head of Outsourcing, EisnerAmper Ireland, travelled to Barcelona, Spain to attend the Premier International Associates Conference. Subjects discussed included digital strategy for accountants, IFRS & US GAAP convergence, succession planning for accountants and other trends across the finance landscape.
EisnerAmper Ireland is a member of Premier International Associates, a global network of accounting, tax, legal and business consulting firms. The bi-annual conference presents members with the opportunity to build relationships with member firms and to gain in-depth insights into technical updates through attending the presentations, Q&A sessions, group discussions and workshops offered by members.
At EisnerAmper, we design business & compliance solutions to make trade happen.
EisnerAmper Ireland’s International Business team assists clients to do business in Europe, using Ireland as a base, everyday. For more information, click here or contact Jennifer Kelly.
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Latest News →PAYE Modernisation
What is PAYE modernisation?
PAYE modernisation is a fundamental change to the current system of reporting PAYE deductions to Revenue and represents the most significant update to the PAYE system since its inception in 1960. The new regime is designed to meet the demands of today’s workforce by utilising modern communication technologies to enable “real time” reporting of employee’s payroll data. Traditional payroll returns, such as the P30, P46 and P35 will become obsolete, as will paper forms of P45 and P60.
The objective of PAYE modernisation
“The objective of PAYE Modernisation is that Revenue, employers and employees will have the most accurate, up to date information relating to pay and tax deductions. This will ensure that the right tax deduction is made at the right time from the right employees, and that employers pay over the correct tax deduction and contribution for every employee. This will improve the accuracy, ease of understanding, and transparency of the PAYE system for all stakeholders.”
(Source: Revenue.ie – PAYE Modernisation – Report on Public Consultation Process.)
The benefits of PAYE modernisation
For employers, reporting pay, tax and other deductions in real time (i.e. when the payroll is being processed) will alleviate the administrative burden associated with the processing of a payroll year-end. Changes to employee’s tax credits and rate bands will be automated which will eliminate the possibility of deducting an incorrect amount of tax.
Employees will benefit from the ability to view accurate, up-to-date information relating to their PAYE deductions anytime via their online Revenue myAccount. Real-time data will assist Revenue in ensuring that employees get the full benefit of their entitlements during the year, particularly where an individual has a number of employments.
How employers & payroll personnel can prepare for PAYE modernisation
Employers, and those responsible for the provision of payroll services, should review their current practices in readiness for the upcoming changes. As with all largescale changes, stakeholder engagement is key to ensuring that all those affected are aware of their evolving obligations. Payroll processes will need to be streamlined and a greater focus placed on quality, as the submission of payroll data must be made on, or before, the employee’s pay date.
New requirements arising from PAYE modernisation
The main requirements to ensure a frictionless transition include:
- Payroll software must be compliant with the new system;
- Employees will need to register for a Revenue myAccount to manage their tax affairs; and
- An accurate list of employees must be uploaded to Revenue via ROS.
How EisnerAmper Ireland can help
At EisnerAmper Ireland, our dedicated team of outsourced payroll professionals possess the tools and the expertise to process your payroll accurately and efficiently. We utilise market leading software to ensure compliance and our staff are highly trained and fully prepared to meet the challenges that PAYE modernisation may bring.
Learn more about our outsourced payroll services here.
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Latest News →Roisin Jordan presents at Allinial Global International Tax Conference in Berlin
Roisin Jordan, Senior Manager and Head of Indirect Taxes at EisnerAmper Ireland spoke at the Allinial Global International Tax Conference in Berlin, Germany.
The conference was held from 21 – 23 October 2018. Roisin presented on behalf of their Indirect Tax Working group, outlining their expertise and the specialist services that they can provide to both Allinial Global member firms and their clients.
Allinial Global is an accounting firm association of legally independent accounting and consulting firms with offices in North America and throughout the world through international members and partnerships. Allinial present over 200 associate member events per year including conferences, training, leadership development and more. Read more about Allinial Global here.
At EisnerAmper, we design business & compliance solutions to make trade happen.
EisnerAmper Ireland’s Indirect Tax team provides advisory & compliance services to property investment companies, section 110 special purpose vehicles, financial services entities and international and Irish based corporates. To find out more about our Indirect Tax services, contact Roisin Jordan.
Contact Roisin Jordan
Latest News →EisnerAmper Ireland sponsors Irish Funds USA Seminars in Boston, Greenwich and New York 2018
EisnerAmper Ireland is an official event sponsor for the Irish Funds USA Seminars 2018. Irish Funds hosted three seminars across major Funds & Asset Management hubs in the United States.
From 23-26 October 2018, Irish Funds hosted three events across Boston, New York and Greenwich. Details of the events can be found below:
- Boston Seminar, Ritz-Carlton, Boston – Tuesday, 23 October 2018
- Greenwich Seminar, Indian Harbour Yacht Club, 24 October 2018
- New York Seminar, WellSaid, 26 October 2018
The events were attended by EisnerAmper Ireland’s Ray Kelly, Partner, Head of Funds and Gavin Lee, Head of International Trade and many members of the Irish-American funds communities. The seminars included thought-provoking and informative updates and panel discussions from respected industry experts on trends in global fund distribution, regulatory updates, Brexit, FinTech and much more.
At EisnerAmper, we design business & compliance solutions to make your regulated business model better.
We help Alternative Investment & Private Equity Fund Managers and Fund Administrators meet their assurance and reporting requirements. If you or your business need assistance in this regard, please contact Ray Kelly.
Contact Ray Kelly
Latest News →EisnerAmper Named “Best North American Accounting Firm” by Hedgeweek for Second Consecutive Year
Hedgeweek, one of the hedge fund industry’s leading publications in the United States, announced that EisnerAmper LLP, the US member of EisnerAmper Global, was voted the “Best North American Accounting Firm,” jointly with another firm, at its 2018 Hedgeweek USA Awards gala in New York City on September 20. The winners were decided by Hedgeweek readers, who include investors, managers and other leading industry professionals.
Peter J. Cogan, Co-Chair of EisnerAmper’s US Financial Services Group said “We’re honoured to be named by Hedgeweek as the ‘Best North American Accounting Firm’ two years running. This award is for all of those financial service professionals at our firm who strive for client service excellence day in and day out.”
At EisnerAmper, we design business & compliance solutions to make your regulated business model better.
We help Alternative Investment & Private Equity Fund Managers and Fund Administrators meet their assurance and reporting requirements. If you or your business need assistance in this regard, please contact Ray Kelly.
Contact Ray Kelly
Latest News →SARP for Employers
What is SARP relief?
SARP (Special Assignee Relief Programme) is an Income Tax relief available to certain individuals who have been assigned by a relevant employer to work in Ireland, either for that employer or an associated company of that employer. The relief can be claimed for five consecutive tax years and is currently available to qualifying employees arriving in the years up to, and including, 2020. The aim of SARP relief is to encourage multinational employers to redeploy talented employees into key positions within Ireland.
SARP conditions of qualification – what employers need to know
SARP can be claimed by employees who meet the following criteria:
- The employee must have worked for their relevant employer outside of Ireland for the six months immediately prior to being employed here;
- They must be contracted to work in Ireland for a minimum period of 12 months from the date they are first assigned here;
- They must not have been tax resident in Ireland for the five years immediately prior to being assigned here;
- They must be tax resident in Ireland for all of the years in which they claim SARP relief; and
- Their basic salary must be a minimum of €75,000 per year.
It is important to note that employees who avail of SARP cannot claim any of the following:
- Foreign Earnings Deduction;
- Cross Border Relief; and
- Research & Development Relief.
SARP for employers – how to calculate SARP
Under SARP relief, 30% of all income* over a threshold of €75,000 is exempt from income tax. For example; an employee who is paid €175,000 will not pay income tax on €30,000 of that income (€175,000 – €75,000 x 30%). The marginal rate of income tax is 40%, so the value of the relief in this instance would be €12,000.
- The exemption can be spread proportionately across the year, so the threshold for a monthly paid employee is €6,250 per month.
- Expense reimbursements and any amounts contributed into pension schemes cannot be included in the calculations for SARP.
- The exemption is limited to income tax only, so USC and PRSI should be deducted as normal.
The cost of one return trip for the employee and his or her family to their home country can be claimed tax free from their employer, as well as up to €5,000 per child for Irish school fees.
SARP application – how to claim SARP
The employer must apply for SARP relief by completing a Form SARP 1A and submitting it to Revenue within 90 days of the employee’s arrival in the country. If more than one employee is claiming SARP, the employer must submit a separate Form SARP 1A for each employee.
Employer / employee SARP reporting
Employers are obliged to file a SARP Employer Return, containing the pay and tax details for each SARP employee, to Revenue by 23 February following the year end in which SARP was claimed.
SARP employees are considered ‘chargeable persons for self-assessment’ by Revenue, which means they must file a Form 11 (Income Tax Return) to Revenue by 31 October following the year in which SARP was claimed.
How EisnerAmper Ireland can help
At EisnerAmper Ireland, our dedicated team of outsourced payroll professionals possess the knowledge and experience required to assist employers claiming SARP relief for their staff. From the initial application process and the monthly calculations, right through to the filing of the employer return, we can provide expert advice and insight every step of the way.
Our income tax specialists are also on hand should your employees require any advice and assistance with their income tax filing obligations. Learn more about our outsourced payroll services here.
Request a Quote
Request a payroll quote or request a callback from our specialists now.
* From 1 January 2019 the government plan to introduce a ceiling of €1 million on eligible income.
Latest News →Budget 2019 Payroll Considerations
With Budget 2019 announced, EisnerAmper Ireland examines its effect on take home pay and employer costs from 1 January 2019.
Income Tax
The most eye-catching of the measures introduced in Budget 2019, from an employee’s perspective, is the €750 increase in the 20% income tax rate ceiling (€1,500 for dual income households). This represents a potential increase in take home pay of €150 (€300 for dual income households). Other changes to income tax include a €300 increase in the home carer tax credit, and a €200 increase in the earned income tax credit – which will benefit proprietary directors.
Universal Social Charge (USC)
Other changes which will impact positively on most employees are in relation to USC. The 2% rate ceiling has been increased (see below), and rate band 3 (currently 4.75%) will be reduced to 4.5%. Overall the changes in USC rates could be worth up to €139 per year for those with higher incomes.
National Minimum Wage
An increase in the national minimum wage, from €9.55 per hour to €9.80 per hour, in and of itself should not affect the income of higher earners, however, to prevent full-time minimum wage earners from moving into a higher USC rate band the Minister for Finance and Public Expenditure & Reform, Paschal Donohoe TD, announced an increase in the 2% rate ceiling. This will benefit all employees with an annual income of over €19,372.
For employers, the national minimum wage increase has necessitated an increase in the employer PRSI higher rate threshold, which is a positive measure, although, an 0.1% increase in employer PRSI at both the lower and higher rates will have a negative impact on employer costs. It was also announced that there will be a further 0.1% increase in employer PRSI from 1 January 2020, which will see the higher rate at 11.05%.
For more information on Budget 2019 read our Budget 2019 Tax Considerations here.
Learn more about our outsourced payroll services here.
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Request a payroll quote or request a callback from our specialists now.
Payroll Insights →Payroll Insights Series – Welcome
Welcome to EisnerAmper Ireland’s Payroll Insights Series. Here, our payroll specialists will provide insights into upcoming industry developments along with tips and resources to help you ensure your payroll compliance and maximise the business and employee value of your payroll function.
Stay up to date with our Payroll Insights Series
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Learn more about our outsourced payroll services here.
Request a Quote
Request a payroll quote or request a callback from our specialists now.
Payroll Insights →EisnerAmper London hosts official launch event
EisnerAmper hosted its London Office Inauguration event at The Conduit in Mayfair, London on Tuesday 9 October, 2018. Over 200 financial services executives and key professionals within the asset management industry attended the event.
It was an exciting evening that featured guest speaker, Mark Littlewood, Director General of the Institute of Economic Affairs. EisnerAmper US CEO Charles Weinstein and the head of EisnerAmper’s London office Robert Mirsky also spoke at the event.
Robert Mirksy addressing the crowd at EisnerAmper’s London launch
Mark Littlewood speaking at EisnerAmper’s London launch event
Charles Weinstein at EisnerAmper’s London launch
At EisnerAmper, we design business & compliance solutions to make your regulated business model better.
We help Alternative Investment & Private Equity Fund Managers and Fund Administrators meet their assurance and reporting requirements. For UK fund queries, please contact Robert Mirsky. For Irish fund queries, contact Ray Kelly.
Contact Robert Mirsky
Contact Ray Kelly
Latest News →Tax Insights Series – Welcome
Welcome to EisnerAmper Ireland’s Tax Insights Series. Here, our tax specialists will provide insights into upcoming industry developments along with tax tips and resources to help you ensure that your company is compliant with appropriate tax obligations.
Stay up to date with our Tax Insights Series
To keep up to date with our Tax Insights Series follow us on LinkedIn now.
Learn more about our Tax Services here.
Tax Insights →Budget 2019 Tax Considerations
With Budget 2019 announced yesterday, EisnerAmper Ireland examines its effect on Irish-based businesses across the following four areas:
- Corporation Tax
- Indirect Tax
- Employment Tax
- Personal Tax
1. Corporation Tax
Relief from corporation tax for certain start-up companies
The Minister for Finance and Public Expenditure & Reform, Paschal Donohoe TD, announced that the relief is to be extended for a further three years. The relief will, therefore, be available to companies which commence qualifying trades in the period up to 31 December 2021, where relevant conditions are met.
As this relief is linked to the amount of employer’s Pay Related Social Insurance (PRSI) paid by a company in each accounting period, it continues to support job creation in the start-up sector. A company can benefit from a maximum tax credit of €40,000 per annum in its first 3 years of trading.
Accelerated Capital Allowances for Employer-Provided Fitness and Childcare Facilities
This measure, introduced in Finance Act 2017, is being amended and will commence with effect from 1 January 2019. Its purpose is to incentivise employers to provide fitness and/or childcare facilities for the use of their employees, by providing an accelerated deduction for the capital investment costs incurred.
Exit Tax
In line with European Union Anti-Tax Avoidance Directive (ATAD), the Minister announced changes to the existing Irish Exit Tax regime. These changes are in effect from 10 October 2018.
Under ATAD, EU member states are required to introduce or update existing rules to ensure they are in line with EU provisions by 1 January 2020. These rules seek to tax unrealised gains where assets are migrated from Ireland, and as a result, are removed from the scope of Irish tax. Any gains falling under this provision will be subject to tax at 12.5%, rather than the existing Capital Gains Tax (CGT) rate of 33%. There are specific anti-avoidance rules which prevent transfers/migrations benefitting from the 12.5% rate if the main purpose of the transaction is to benefit from the lower tax rate on unrealised gains.
There are no longer exemptions from exit tax for certain companies which are foreign-owned.
Controlled Foreign Company (CFC) Rules
The Minister announced that CFC rules will be introduced for accounting periods commencing on/after 1 January 2019. The CFC rules will be included in the Finance Bill 2018, to be published on 18 October 2018.
Transfer Pricing (TP)
The Minister noted that a review of Ireland’s TP regime would be conducted in 2019, including a public consultation. It was previously confirmed that updated TP legislatiocn will be included in Finance Bill 2019. These updates will also include the formal adoption of the OECD’s 2017 TP Guidelines into Irish domestic legislation.
2. Indirect Tax
VAT increases
The VAT rate for the tourism and hospitality sectors will increase to 13.5% with effect from 1 January 2019. This VAT rate had been reduced to 9% in 2011 as part of a stimulus measure and Budget 2019 has returned to the pre-recession rate for these sectors.
The increased VAT rate will apply to restaurant and catering services, hotel and holiday accommodation, shows, exhibitions and cultural facilities. In addition, disposal of waste material, repair and maintenance services, hairdressing services and the supply of live horses and greyhounds will return to the pre-2011 rate. Such an increase will result in an additional €466 million for the Exchequer but has been heavily criticised by the industry.
Other Indirect Tax considerations
The 9% VAT rate will continue to apply to printed newspapers and sporting facilities.
The VAT rate on electronically supplied publications will be reduced from 23% to 9% with effect from 1 January 2019 following recent EU developments in this area.
There is no increase in the excise rate for diesel, however, any new diesel engine passenger vehicles registered from 1 January 2019 will be subject to a 1% Vehicle Registration Tax.
3. Employment Tax
Key Employee Engagement Programme (KEEP)
Amendments were announced to the KEEP scheme which was introduced in 2018. The ceiling on the maximum annual market value of share options that may be granted by an SME will increase from 50% to 100% of the annual salary. The overall value of the share options also increased from €250,000 to €300,000. However, the three-year limit has now been replaced to a lifetime limit. The maximum value of options that can be granted in a year remains at €100,000.
Benefit in Kind (BIK)
The 0% BIK rate for employers providing electric cars or vans has been extended to 31 December 2021. A cap of €50,000 on the original market value (OMV) of the car or van that is exempt from BIK is applied from 1 January 2019 and any amount in excess of €50,000 is taxable in the normal manner.
Employer’s PRSI
Weekly income threshold for the higher rate of employer’s PRSI will increase from 1 January 2019 from €376 to €386. The rate of employer’s PRSI will also increase to 10.95%.
Hourly minimum wage
The hourly minimum wage will increase from 1 January 2019 to €9.80. This has been introduced following a recommendation from the Low Pay Commission.
4. Personal Tax
Income tax and Universal Social Charge (USC)
The Minister announced an increase in the income tax standard rate band of €750 for single and married individuals (one earner) and €1,500 for married individuals (dual earners). Therefore, the 20% tax band has been widened and it will mean that individuals will reach the higher rate of tax (40%) at €35,300. USC band for the 2% rate has increased by €502 to €19,874 and the 4.75% rate has reduced to 4.5%. These changes in USC will benefit all taxpayers.
Tax credits
The earned income credit has been increased by €200 to €1,350 in order to minimise the differential in taxes payable by self-employed individuals and employees under the PAYE system.
Capital Acquisitions Tax (CAT)
The tax-free Group A threshold for gifts or inheritances from a parent to child has increased by €10,000 to €320,000. This is expected to rise further in upcoming budgets.
At EisnerAmper Ireland, we design business & compliance solutions to make trade happen. This is what we do everyday.
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.
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Latest News →EisnerAmper Ireland attends Graduate Fairs across Ireland 2018
Throughout September and October 2018, EisnerAmper Ireland staff have been busy attending various graduate fairs across Ireland including:
- The UCD Business, Finance & Management Career Fair;
- CIT Graduate Fair;
- NUIG Career Fair;
- UL Career Fair;
- Maynooth Career Fair; and
- DCU Career Fair.
Laura Cowman, Kinga Houlding and Jennifer Higgins from EAI’s Human Resources team, as well as a number of interns and graduates from EAI’s Financial Services, International Business and Tax departments, attended the graduate fairs.
In addition to attending career fairs, EAI’s HR team also conducted mock interviews with Business, Accounting & Finance students in the National College of Ireland (NCI) in Dublin’s International Financial Services Centre (IFSC) as part of their ‘Getting into Accounting & Finance’ event.
Below is a selection of photographs from the events:
Jack Carey, Ketri Kivi and Dagan Morris at UCD’s Business, Finance & Management Career Fair, 2018.
Jennifer Higgins, Michéal Ó Cualáin and Ketri Kivi at NUI Galway
Employer-led mock-interviews as part of NCI’s ‘Getting into Accounting & Finance’ event. Photo courtesy of the National College of Ireland.
We care about business and we care about the people we work with in business.
Our trainees are involved in all elements of practice management from day one. From the outset, trainees work closely with partners and senior management to deliver services to our key markets. This approach facilitates our trainees getting hands-on experience while also developing the core awareness, knowledge, skills and confidence to succeed in their careers. To learn more about our trainee programme, click here.
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