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:
Before January 1, 2024:

If you exercised, assigned, or released a share option before January 1, 2024, any income tax due on these transactions was chargeable under self-assessment. This means your employer wouldn’t deduct tax through payroll, and you were responsible for reporting it yourself.
After January 1, 2024:

The landscape has now shifted. If you engage in any of the aforementioned activities on or after January 1, 2024, you won’t be considered a chargeable person. Instead, your employer will deduct any income tax due directly from your payroll. This simplifies the process for you, as you won’t need to file an income tax return regarding these share option transactions.
What This Means for You:
The most significant implication of these changes is the reduction in administrative burden for individuals who previously had to file Form 11s solely because of share options. Starting in 2024, if your only reason for filing Form 11s or RTSO returns was related to share options, you’re off the hook. The responsibility for compliance and filing now lies squarely on the employer, streamlining the process for everyone involved.
Why It Matters:
By updating its regulations, Revenue is aiming to simplify tax reporting for individuals involved in share option transactions. This move not only reduces the compliance burden on taxpayers but also ensures more accurate and efficient reporting through employer-managed payroll deductions.
Stay Informed:
It’s crucial to stay updated on these changes to ensure you remain compliant with tax regulations. Revenue’s revamped share options webpage provides detailed information and guidance to help navigate these new rules effectively.
In conclusion, the recent updates to Revenue’s share options regulations represent a positive shift towards simplifying tax reporting for individuals. With the burden of compliance now shifted to employers, taxpayers can expect a smoother, more streamlined process moving forward.

How to Choose Best Accountants for Your Firm?

Businesses often have to pour huge chunks of investments into their accounting functions.

Dublin is home to some of the top accounting firms in Ireland. When choosing from accountants in Dublin, the best accountants are ones that come with maximum benefits and are the most cost-effective. So which accounting firm in Dublin provides top-of-the-league accounting, book-keeping and taxation services? To know this, it is important to know what is it that the best tax consultants in Dublin offer that makes them stand out as the best accountants.

Services Offered by an Ideal Accounting Firm in Dublin

Certain business-critical services are best left in the hands of experts. Following are the crucial services offered by one of the top accounting firms in Ireland, specifically, Dublin:

1. Accounting and Bookkeeping

Provision of quick and precise services backed by the seasoned experience of more than 20 years, having worked with SMEs all over Ireland.

2. Audit and Assurance Services

Audit transfers that ensure a hassle-free changeover driven by the passion to deliver best-in-class assurance services, wherever you are in Ireland. Accountants who resolve the difficulties of clients with excellent, budget-friendly solutions always.

3. Restructuring and Insolvency

Solutions include transformation, functional and economic organization restructuring services as well as insolvency services. Best accountants always take on every circumstance with equal footing of acceptance and respect.

4. Taxation Services

Ace tax consultants in Dublin cater to:

  • Income Tax, Corporation Tax, VAT, PAYE, Tax return;
  • Capital Gains Tax, Relevant Contracts Tax, Capital Acquisitions Tax, and all taxation heads;
  • Tax Advisory Services on specific or general taxation queries;
  • Tax Planning Services for Ireland and the UK;
  • International Tax Planning Services;
  • Estate Tax Planning;
  • USA personal tax returns for US citizens living abroad.
  • Contractor Solutions
  • Company Secretarial Compliance
  • Business Planning and Fund Raising
  • Business Support and Advisory Services

What do the Best Tax Consultants in Dublin do for Your Business?

Hiring one of the top accounting firms in Ireland gives you a lot of spare time that you can utilize in doing what you do best; which is growing your business. Secondly, it also eliminates any risk that may face your business by leaving no chance of any tax, financial statements and compliance-related blunders.

An accountant can result in a very significant cost-saving in a large number of domains by making transactions more tax-efficient, enhancing the movement of cash and sourcing financing.

Moreover, one of the best accountants in Dublin excels in the provision of provide vital overall support by contributing broad-based business guidance, with respect to your plans and how viable they stand in the face of stress and adverse conditions.

Accountants deal with complicated challenges such as VAT

VAT returns are an agonizing affair for every business – besides being a time that involves payment of a huge amount of money. This is also a time when books of accounts need to go through a thorough audit to gather precise data on the flow of cash in and out of the business. If there is any error in this, it can result in excessive liabilities, fines, penalties or even worse – an enquiry from taxation authorities. A firm of highly qualified chartered accountants, business advisors and tax consultants with over 20 years of experience, such as ECOVIS DCA Limited, is equipped to take care of this accounting task and keep you safe from the related annoyances.

If you Own It Then You Need to Put Your Name On It (All The Beneficial Owners)

As of the 15th of November 2016, all Irish business owners or part-owners are required to create and maintain a list of the beneficial owners of the aforementioned business. This new order is in accordance with Statutory Instrument 560 of 2016. The new rule applies to all Irish companies, partnerships and all business entities whether publically listed or not.

A beneficial owner is defined as being a person who currently holds more than 25% of a business either directly or indirectly. This is a legal term wherein specific property rights belong to a person even when legal title of the property belongs to another person. Therefore even if you are not publically an owner of the business, if you hold more than 25% you will be required to be listed on this new document, the register of beneficial owners for the company.


The register of beneficial owners for the company must include for all parties:

  • Full Name
  • Date of Birth
  • Nationality
  • Residential Address
  • Nature and extent of interest and involvement with the company
  • Date entered into or removed from the register.


This new requirement will naturally take some time to implement accordingly, and we would advise all companies to ensure that this register is kept fully up to date with leaving and entering dates etc. to ensure that no issues arise in the future as a result of incomplete information.


It is also advised that the company issue letters to all those viewed as beneficial owners to inform them of this new register and to request the required information. It is essential to have a record of all endeavours to identify all beneficial owners and should they still be impossible to identify, the names of the directors and CEO must be entered on the Register.

The CRO will create a central register by the middle of 2017 so it is essential that all beneficial owners are reported to them before this time.

It is heavily advised that this be put in place as soon as possible as failure to comply can result in a fine of up to €5,000 being applicable to your business.


Should you have any concerns, queries or require further information on these or any other business and financial matters please don’t hesitate to contact us we are always available to help.


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TaxSaver TaxSaver, They Know how to Save you

There is no denying that we live in quite expensive times with the general cost of living continuing to increase steadily. As a result, both business owners and employees alike are as always looking to where costs can be cut or savings can be made. Travel and food are often the biggest savings downfalls for employees. When hoping to cut costs these are often the first avenues to be explored, which is often exploited by advertisers insisting on informing of us of the many varied other things we could do with the cost of our morning cappuccino.

For those of us who simply cannot function in the morning without that well needed caffeine fix and the knowing glance from our local barista, the good news is that there are many available ways to save without sacrificing the sacred morning routine. For both business owners and employees alike, the travel Taxsaver could be a fantastic solution which can save the company money whilst also ensuring a happy workforce by saving the employees money on their daily commute.

This scheme has proven its worth as over 3500 companies currently purchasing travel tickets for their employees. The system allows companies to save up to 10.75% in PRSI whilst employees can save between 31 and 52% in tax on the cost of their travel.

The taxsaver travel ticket is purchased through the company and can be paid for by the employee through salary sacrifice, in place of a bonus or as an additional perk as part to their salary. Companies can register to take part in this service via and can now order employee tickets via an online service to be delivered directly to the company saving time as well as money, which none of us will ever complain about these days.

Employees hoping to save up to 52% on their commute can contact taxsaver on 1850211777 to see if their company is registered or direct their employer to the website in order to register. Once organised the company will purchase the ticket on your behalf (payment method to be agreed upon) and this will be delivered direct to your workplace so you can start saving for those cappuccinos or rainy days.

Additionally, there is a choice of travel options available as you can choose bus, rail or a combination of the two depending on your most used mode of transport.

With such large savings at the fingertips of both employers and employees, it is no surprise that this has already proven to be a popular choice, and is sure to grow.

Should you have any concerns, queries or require further information on these or any other business and financial matters please don’t hesitate to contact us we are always available to help.


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Taking the Fear out of Arrears

Following on from the economic crisis and the subsequent increase in the cost of living and decrease in available work, many thousands of Irish people have been left in mortgage arrears which is a very stressful and uncertain position to be in. As the country begins to regain its financial footing there are of course increases in finance options, but up until this point many Irish householders may have found it quite difficult to avail of advice on these matters during what is of course a difficult financial time.

Recently, Tánaiste Frances Fitzgerald and Minister for Social Protection Leo Varadkar announced an awareness campaign to promote Abhaile, a free mortgage arrears support service which many of those struggling were unaware of.

This news follows a survey which found that many struggling with mortgage arrears are too embarrassed to tell their family and friends about their ongoing issues. This in itself is incredibly problematic as the weight of these issues alone can cause isolation, depression and other mental health difficulties. As such, it is essential that all homeowners who find themselves in arrears should have someone to speak to. That is the service that Abhaile hope to provide. Tánaiste Fitzgerald has stated that despite falling numbers, there are still approximately 34,500 people in this country in long-term arrears. These are the people they hope to reach with this new campaign as it also emerged that over two thirds of people did not know that there were any services available to them to discuss these issues. Minister Varadkar was quoted as saying:

“It’s our firm hope we’ll bring forward thousands more people who are now in need of similar help. The key message is to come forward and seek the help that you need. Don’t be afraid, help is available at no cost and we’re on your side.”

Whilst the fact that the number of repossession cases has halved in recent years is indeed positive news, it is also essential that those still struggling be aware of all of the assistance at their disposal to ensure that these rates continue to fall in the coming years so that we can see a significant reduction in people feeling alone in these issues. It was also revealed that those in long-term arrears are those least likely to seek advice or assistance as they may feel that their situation is hopeless.

Angela Black of the Citizens Information Board has said:

“What we’re doing is asking members of the public to go out there and take a look around at their family and friends and people who might look ok on the surface but who are struggling behind closed doors with mortgage arrears. They might not realise they have access to this free expert financial and legal advice. Family and friends can play a vital role in encouraging people to look for help”

The Abhaile service has assisted 4,500 people since it became fully operational last October.

The Abhaile scheme is administered by the Money Advice and Budgeting Service (MABS).

Its helpline, which is open Monday to Friday 9am to 8pm is 0761072000.


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Offshore Disclosure Notification

It can often be difficult to remain abreast of changes to procedures in the financial sector if your business is not operating within this sector. Unfortunately it is essential to be aware of any changes which may affect your business operations.

The Finance Bill 2016 introduced a number of changes relating to Qualifying Disclosures made to the Revenue Commissioners regarding existing offshore assets as well as offshore income and gains. In recent days the Revenue Commissioners have been issuing correspondence regarding these changes in order to keep businesses informed ahead of the changes being put into place, so it is important to read all information carefully to ensure you understand these changes.

These new changes will be in effect from May 1st 2017 and will relate to disclosure which includes any of the below outside of the Republic of Ireland.

  • Income or gains arising or accruing outside of the Republic of Ireland.
  • Relevant accounts – applies to both bank accounts and share accounts.
  • Relevant property.

These changes mean that any disclosures made to the Revenue Commissioners from May 1st 2017 onwards relating to offshore assets, income or gains will not be afforded any mitigation of penalties, meaning that the penalty will be 100% of the underpaid tax. Disclosures made before this date will benefit from the usual mitigation of penalties imposed by Revenue. This can often significantly reduce the amount payable. As such, waiting until after this date can result in a significantly higher payment being due and we would advise against waiting in order to reduce this risk.

Should you have any concerns, queries or require further information on these or any other business and financial matters please don’t hesitate to contact us we are always available to help.


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Voluntary Strike off VS Liquidation

Unfortunately, it is not always prudent or financially viable to keep your business going. To assist you if this is the case, we will today be discussing two ways in which your company can be formally closed down. We will be focusing on Voluntary Company Strike Off and Members Voluntary Liquidation – two very different processes which should not be confused. Rather than incurring the on-going costs of continuing to file annual returns, you can choose to either liquidate or strike the company off. It is inadvisable to simply abandon your company as this can incur ongoing costs as well as causing legal trouble down the line.

Voluntary Company Strike off is the process wherein a company is formally de-registered from the Register of Companies and the Revenue Commissioner. The liquidation process involves the appointment of a liquidator to collect and assign any existing assets.

Voluntary Strike Off is often seen as a quicker and more cost effective option than liquidation. This option is available to companies which have had little or no activity and have no more than €150 in assets or liabilities. Voluntary Strike Off leaves an option to restore the business open for a period of 20 years following the date of dissolution.

Members Voluntary Liquidation is the alternative option for companies which have had activity and remain solvent at the time of cessation. Members Voluntary Liquidation is often seen as the more correct way to dispose of a company as it is not possible to resurrect the company after liquidation.

Voluntary Strike Off is also a cheaper option than Members Voluntary Liquidation despite its inherent lack of finality,

If you require any further information on either Voluntary Strike Off or Members Voluntary Liquidation or indeed any business or financial matters please don’t hesitate to contact us. We are always happy to help.


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Kick Bills before Buckets

With Irish people now beginning to get a foothold on the property ladder later in life, we are also beginning to start families slightly later and as such, thoughts often turn to what provisions can be made for your family in the unfortunate event of your death. Whether sudden or prolonged the death of a loved one has devastating emotional consequences so it is advisable to think ahead and do all that you can to avoid there also being devastating financial consequences. It’s a fairly morbid thought to begin the year with but we are big believers in thinking ahead and there are dangers to be found in ignoring the inevitable.


It is advisable to think ahead and to have your affairs in order in so far as possible at all times and at the very least to know what would happen to your existing finances or your current payments in the event of your passing. We might all have hated those conversations our parents would begin about the event of their death, but they are wise to open these discourses to avoid burying our heads in the sand. Having your affairs in order could prevent causing additional pain to your loved ones at an already emotionally painful time.


Something which is often overlooked are bank accounts. Whilst many of your debts will pass away with you, bank accounts are not among these. Your bank account will continue to issue payments etc. as usual until informed of the death, so it is advisable to ensure that someone is aware of all of your accounts as they may then be liable to take over a debt they were unaware of, or the account could be left running into difficulty. By contrast, the advantage of a joint account means that all funds can pass directly to the named survivor on the account.


Credit Union accounts are another issue which surviving loved ones are often unaware of as your loved ones might be able to avail of a pay out from your credit union savings following your death due to a little known life insurance scheme which accompanies your credit union account as well as being able to avail of any savings you have made. Credit Union loans differ from most as they will typically be cleared upon the death of the account holder.


The most crucial manner in which people fail to keep their loved ones up to date on their financial matters is their debts and loans. Many debts or unpaid loans will simply pass to your estate and interest will continue to accumulate on these until paid in full, causing a further headache for your family in what is already a difficult time, debts can even be recovered from existing accounts leaving loved ones without access to these previously available funds, whilst your estate can be liable for any remaining balance.

Mortgages can be problematic, some banks allow a moratorium following a borrower’s death although interest may continue to accumulate so it is wise to check your options in advance so all parties are aware of the situation, and to ensure your mortgage protection is full and up to date.

Having a current up-to-date list of your accounts and investments and ensuring that someone has the information or access to this information to avoid further heartache at a difficult time. Though these issues may feel morbid to bring up, they are vital to ensure that your loved ones can live on as comfortably as possible.

Should you require any assistance or guidance on these or any other financial or business matters please do not hesitate to get in touch or arrange a meeting with us.


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Neither a borrower nor a lender be

January is often a time of financial uncertainty for many people as the spending sprees of December leave somewhat of a hole in the pockets and we begin to add to our savings once more. The January sales offers a slight boost to the retail sector during this slump, while for the rest of us they tend to have the opposite pocket-emptying effect. Business lending, however seems to be in full swing in 2017 already. As we discussed towards the end of last year, there was to be somewhat of a new focus on lending in the SME (Small and Medium Enterprise) sector, a sector that found itself sorely left behind and without many financing options available to them whether starting up their business or expanding into bigger and better things.

As predicted, lending to the SME sector has been steadily increasing in recent months, rising by over 5% when comparing the 2016 summer months to the same period in 2015. When comparing the summer months of 2015 with those of 2016, lending to SMEs in the manufacturing sector had increased by approx. 37% and the hotel and restaurant sector by approx. 25%. It has also been found that the rate of loan defaults in particular in the SME sector has dropped from 41% in 2013 to 24% in 2016.

As always it is wise to take these positive findings with a pinch of salt for anyone in the SME sector as there currently tends to always be a down side. In the case of the new availability of lending and the increase in same within the SME sector, the double edged sword of lending has also come with a higher cost of credit than most European countries, possibly due in part to the previous lack of availability. Similarly, with the new availability of lending options, rejection rates are also on the increase with the latest Central Bank loan data showing an increase in the rejection rate from 11% to 16%. Interest rates are also showing to be higher on smaller loans so it is advisable to take into account all of your available financing options before making a commitment to one to ensure that you are getting the best deal for your business and also signing up for a financing option which is sustainable for you.

Rachel McGovern of PIBA financial brokers has been quoted as stating that these findings point to an existing lack of competition in Ireland stating that

“More needs to be done to support Irish SME growth, and the state needs an urgent analysis of what is keeping competitive forces out of the Irish lending market.”

As always, we are big supporters of the SME sector and welcome any changes which will assist this sector to grow and flourish. Should you require any help, guidance or advice for your own newfound or burgeoning SME, please don’t hesitate to contact us and we will be delighted to be of assistance.


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Earning the respect of our colleagues can be a daunting task in any new role, but ultimately it is the respect of management which the majority of employees crave. With the usual ‘new year, new me’ ethos in mind, we will today focus on ways you can implement small changes to your working day in order to earn the much coveted respect of management. Whether you have taken on a new role for 2017 or are still working hard in your current role, there are small changes which can be made in order to get yourself noticed by management and earn their respect as an employee.

You have already started the New Year by turning up to work, on time no less so you have instantly earned our respect for what it’s worth! Recent studies show that one of the most vital things employees want from their managers is respect. Feeling respected in the workplace leads to happier and more efficient employees as employees feel as though their effort is valued. Here are some handy tips to get you started on this road to respect.


Communication is key in all relationships and this is evident in the workplace. We all have our shrinking violet moments but one can’t bemoan a lack of respect in the workplace if you daily goal is to remain invisible. Disagree and agree where appropriate and allow your voice to be heard. Another key component of communicating efficiently in the workplace is feedback. Giving and receiving feedback is vital in the establishing of work relationships. Requesting feedback is an ideal way to show your employer that you care about your place in the company.


This is possibly one of the most difficult skills to master in the workplace. We all want to impress our boss and do as much as we can, but when the boundaries between our roles and others become blurred we become less capable of doing our own roles to the best of our ability. Despite how long you have been in your role, it is wise to regularly clarify your role so that your focus will be accurate.


Building relationships with other employees may not seem like an important way to earn the respect of management, but these relationships show that you intend to be in the role long term and that this isn’t just a stop-gap role for you and shows you to be a trustworthy team-player. Offering support to others in the workplace will also show how vital you are within the team.


This is a difficult one for anyone who craves the respect of management. If you feel that there is a lack of respect or you are being overlooked, it might be time to raise the issue with management in order to ascertain if there is a solvable issue or if the issue is a miscommunication. This also gives the opportunity for both parties to explain the difficulties they are facing and get on the same page.

2017 is a new year with many opportunities for you to show your worth. As always, we are here to provide any help or guidance we can and together, we can conquer 2017.


Should you require any help, assistance or guidance on these or any other tax or business matters, please don’t hesitate to contact us.


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