Cormac Doyle speaks at Thanksgiving Business Briefing with Tully Rinckey
On Thursday, 22 November 2018, Cormac Doyle, Partner, Head of Tax at EisnerAmper Ireland spoke at Tully Rinckey Ireland’s Thanksgiving Business Briefing at the Trinity City Hotel in Dublin’s City Centre. The title of the event was “Established for Business – Strategically Locating Your Company”. The panel of speakers discussed the advantages & disadvantages of establishing & streamlining business operations in another jurisdiction.
Tully Rinckey PLLC is a law firm offering legal services to corporations, governments, small businesses and individuals across the globe, with locations in the United States and Ireland. Other speakers included Conor Robinson, Partner, Tully Rinckey Ireland; Fintan McGovern, Director and Co-Founder, Firmwave; Joanne McEnteggart, Managing Director, Corporate and Institutional, First Names Group; and Eamonn Sayers, Manager, Guiness Enterprise Centre.
To read more about the event, click “View Details” here.
At EisnerAmper Ireland, we deliver business & compliance solutions to make trade happen.
Tully Rinckey Ireland Thanksgiving Business Briefing with Barry Crushell, Partner and COO (Europe), Fintan McGovern of Firmwave, Joanne McEnteggart of First Names Group, Conor Robinson, Partner, Tully Rinckey and Cormac Doyle of EisnerAmper. Photograph courtesy of Tully Rinckey Ireland.
Our dedicated International Business team advises global technology and life sciences businesses, financial institutions and their advisors on internationalisation. The approach of our team is to look at the client through the prism of their business model and vision, and to provide them with the local knowledge, ideas and support necessary to facilitate their European international trade planning and execution. For more information contact Cormac Doyle.
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Latest News →EisnerAmper Ireland hosts The Academy 2018
The EisnerAmper Ireland Academy 2018, the Firm’s annual all-staff two-day residential training programme, was held for the seventh year running in Seafield Golf & Spa Hotel, Gorey, Co. Wexford, on 15 & 16 November 2018.
The residential programme is specifically designed for our professionals to accelerate their “on the job” learning and to facilitate EisnerAmper Ireland staff on the journey towards becoming not just great accountants but exceptional advisers and practitioners. Participants acquire the necessary core awareness, knowledge, skills and confidence to successfully further their careers in practice.
The theme of this year’s programme was ‘Delivering Quality Solutions’ and included workshops, technical training, team building and knowledge exercises reaffirming EisnerAmper Ireland’s commitment to achieving and maintaining consistent excellence in quality standards.
Speakers included Fergal Murray, former Guinness Brew Master; Joanne Powell, a Learning and Assessment Professional and Business School Accreditation Advisor with QED: The Accreditation Experts; and Peter Cogan, Partner with EisnerAmper US, Co-chair of the Firm’s Financial Services Group and Chairman of EisnerAmper Global.
Participants also enjoyed some downtime where they could avail of the award-winning facilities the hotel has to offer and also enjoyed a three-course meal in the Seafield Clubhouse restaurant.
Fergal Murray, Former Guinness Brew Master
Joanne Powell of QED Accreditation Advisors
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.
Latest News →Auto Enrolment – What Employers and Employees Can Expect
What Is Auto Enrolment?
Auto Enrolment is a retirement savings scheme which, if implemented, will be mandatory for all employees between the ages of 23 and 60, earning over €20,000 per annum who do not already contribute to a workplace pension. Launching in 2022 on a phased basis, it is expected that the government will incentivise the scheme by contributing €1 for every €3 saved by the employee.
Why Is “A New Automatic Enrolment Savings System” Being Explored?
According to the government only 35% of Irish private sector employees have a supplementary pension, which means that a significant percentage of the population will not have the adequate savings necessary to sustain their pre-retirement standard of living into old age. The concern is that the pension system in its current form is not sustainable and requires significant reform in order to meet the long-term demands of the working population. Auto Enrolment is one of the measures outlined in the Government’s “Roadmap for Pensions Reform” which sets out the actions required to overhaul the approach to providing for pension income in retirement.
Auto Enrolment – What Employers Can Expect
To minimise the potential increased administrative burden on employers when implementing Auto Enrolment, the Government has announced there will be supports available during the roll-out phase. Employers will be responsible for enrolling their employees into the scheme, and for remitting the pension contributions to a state-run ‘Central Processing Authority’ (CPA), although there are currently no plans to involve employers in the selection of their employees’ Registered Provider or savings fund option. Employers will have to match their employees’ contributions (up to 6% of pensionable pay, with a ceiling of €75,000) and their contributions will be deductible for corporation tax. According to the “Strawman Proposal”, penalties will be levied on employers who fail to implement the scheme, which could lead to prosecution for repeat offenders.
Auto Enrolment – What Employees Can Expect
Under the current proposal, employees can choose a preferred savings option from a range of Registered Providers, however, those who do not exercise this choice will be provided with a fund and provider by default. Although employees will be enrolled automatically, they will be permitted to opt-out at the end of a minimum period, which is currently proposed to be “during the 7th and 8th month of membership” (read the Strawman Proposal for more details). Importantly for employees, there will be a facility to transfer their account between employments.
Expected New Employer Tasks If/When Auto Enrolment Is Introduced
Based on the latest information, employers will be required to:
- Identify the employees eligible for enrolment;
- Arrange the deduction of employee contributions;
- Match the employee contributions; and
- Remit the payments to the CPA.
How EisnerAmper Ireland Can Help
At EisnerAmper Ireland, our dedicated outsourced payroll team combines in-depth knowledge of the Irish payroll landscape with market leading software to create solutions to meet our clients’ unique requirements. We leverage this expertise to support employers through all phases of Auto Enrolment, from initial implementation to the deduction and reporting of employee contributions.
Learn more about our outsourced payroll services here.
Request a payroll quote or request a callback from our specialists now.
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Latest News →EisnerAmper Ireland takes part in Run in the Dark 2018
On 7 November 2018, EisnerAmper Ireland joined thousands of runners to support ongoing research to find a cure for paralysis.
Team EisnerAmper was led by Brian Hillery, Partner, Advisory and also consisted of Barry Horan, Warren Bridge, Nina Zafra, Michéal Ó Cualáin, Matthew McCarthy, Stephen Murtagh, Dagan Morris, Zoe Moloney and Jonathon Squire. The Dublin event left from Custom House Quay at 8.00pm.
Run in the Dark is the main fundraiser for the Mark Pollock Trust, which believes we can cure paralysis in our lifetime. Unbroken by blindness in 1998, adventure athlete Mark Pollock was left paralysed in 2010. Now, with the team at the Mark Pollock Trust, he is exploring the intersection where humans and technology collide, catalysing collaborations that have never been done before and unlocking $ 1 billion to cure paralysis in our lifetime.
At EisnerAmper Ireland, we design 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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Latest News →
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.
Contact Jennifer Kelly
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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Request a payroll quote or request a callback from our specialists now.
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.
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* 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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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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