As we have discussed recently, the Revenue system has been undergoing massive amounts of welcome changes in recent years. As Revenue continues to invest in the future of their systems, how we do business daily is likely to shift along the way. Revenue have become increasingly advanced and sophisticated in their systems over the past […]
PAYE the Price for Digital Life… In recent years, Revenue have begun to modernise their systems across the board and move to a largely paperless mode of working, including a full revamp of the PAYE system. This revamp of outdated systems is ongoing. Most recently, Revenue issued new guidance and information in April of this […]
Yesterday went from bad to worse for the crypto bears and believers as they saw their favorite cryptocurrency Bitcoin crash almost 50% from its all-time high hit earlier this year. This also dragged down the values of other cryptos (‘alt coins’) making it a day to forget for all teams involved. We can’t tell you […]
There are a great many ways in which the Covid-19 emergency has affected the world we now live in. Our day-to-day lives have been irrevocably changed and everything from our daily habits to how we view and manage our mental wellbeing will likely be different going forward. Something which has been a concern for both […]
2020 payments received: Payments received in 2020 under the Pandemic Unemployment Payment (PUP) are subject to income tax and universal social charge. Individuals in receipt of PUP payments must complete an income tax return to receive their final statement of liability which will provide the final over or under payment for the year. Revenue confirmed in September […]
Payments received by employers : Payments received under the Covid Restrictions Support Scheme (CRSS) are revenue in nature and will be treated as a reduction of otherwise tax-deductible trading expenses for tax purposes. Similar to the accounting and tax treatment where the restart grant was used to defray revenue related expenditure, where the CRSS receipts […]
Subsidies received by employers: The TWSS subsidies received by employers from Revenue are revenue receipts by their nature and accordingly will be treated as a reduction in the wages / salaries related expenditure line item for the accounting period concerned. The subsidies received reduced the expenditure incurred by employers and therefore these subsidies will reduce the […]
Payments received by entities: The Minister for Finance confirmed that Revenue will treat the taxation of these grants differently depending on the purposes for which the grant was used. Where the grant is used to defray expenditure which is revenue in nature like utility bills or insurance costs then it will be taken into account […]
Since the beginning of the Covid-19 emergency, we have spoken many times about the various supports made available to both employers and employees to help weather the storm. Two of the main supports that was put in place by the government are the ongoing Temporary Wage Subsidy Scheme (TWSS) and Pandemic Unemployment Payment (PUP). The […]
The first week’s of 2021 may not have held all the solutions or change from 2020 that many had hoped, with many businesses once again closing after a brief opening for the Christmas period, so we wanted to take the time to remind you that we are here and happy to help with any business […]
