Entries by ecovis_adm1n_17

Navigating the Inheritance Tax Landscape

Inheritance tax is a topic many of us tend to overlook as none of us want to think of losing a loved one. Unfortunately, this oversight can lead to significant financial stress during an already painful and challenging time. In Ireland, inheritance tax, also known as Capital Acquisitions Tax (CAT), is something which affects everyone. […]

New changes to Capital Acquisitions Tax on loans between close relatives

As of January 1, 2024, significant changes have been introduced to the reporting requirements for Capital Acquisitions Tax (CAT) on loans between close relatives. These changes aim to enhance transparency in financial transactions and could impact many families. As always, we aim to ensure you are kept up to date, so here’s what you need […]

New €150M Government Support Package to Boost Irish SMEs

As we have stressed many times in the past, SMEs (small and medium-sized enterprises) form the backbone of the Irish working landscape, but often struggle to find the supports they need to stay on track. On May 15, 2024, the Government announced a new business support package worth up to €150 million, aimed at bolstering […]

Navigating Ireland’s Auto-Enrolment Pension Scheme

As Ireland gears up for a transformative shift in its retirement savings landscape with the introduction of Auto-Enrolment (AE), the implications ripple across employers, employees, and pension plans alike. Scheduled to commence in January 2025, AE marks a pivotal moment in Ireland’s pension provision history, aiming to bolster retirement savings by mandating participation for eligible […]

PRSA Tax efficient Payment options for Business Owners

The Finance Act 2022 was enacted on 15 December 2022. Amongst other changes to pensions, the Act confirmed that the Benefit in Kind for an employee, which was previously triggered by an employer contribution to a Personal Retirement Savings Account (PRSA), has been removed. This change has come into effect on 1 January 2023 and […]

How Share Schemes can Benefit your Business

In the dynamic world of small and medium enterprises (SMEs), fostering a sense of ownership among employees can be a game-changer. One powerful tool in achieving this is through share schemes. These schemes not only align the interests of employees with the company’s success but also offer tax benefits for both parties involved. Let’s look […]

New Tax Regulations Simplify Reporting for Share Options

Revenue has recently made updates to its share options webpage, reflecting changes introduced by the Finance (No.2) Act 2023, which came into effect on January 1, 2024. These changes significantly impact how individuals report their income tax related to share options, particularly for those under self-assessment. Here’s a breakdown of what you need to know: […]

Interest rate on Warehoused Tax Debt reduced to 0%

In keeping with the many changes to taxation incurred in recent years, The Minister for Finance has recently announced that the interest rate on Warehoused Tax Debt has been reduced to 0%. This comes on the heals of many businesses (particularly in the hospitality sector) closing their doors in recent months, citing exponential pressures as […]

Enhanced reporting requirement (ERR) from 1st Jan 2024

We have some important updates regarding the recent changes introduced by the Revenue Commissioners, impacting the way we report certain expenses and benefits to employees and directors. As of January 1, 2024, the Enhanced Reporting Requirement (ERR) is in effect, requiring employers to report specific details of payments through the ROS system, similar to the […]

Merry Christmas & Opening Dates!

Here at ECOVIS DCA, we would like to thank all our clients for partnering with us in 2023 and we look forward to sharing a successful year ahead. Wishing you all a very Happy Christmas & Wishing you and your business a prosperous 2024! We will be closing for business on Thursday the 21st of […]