Revenue will no longer add charges for payments via Credit Cards

Re-Charging your Wallet

The convenience that comes with our current modern lives of being able to pay for and receive items immediately digitally as well as dealing with many or our transactions in a virtual manner does of course have its downsides. Whilst modern life has us all connected to each other at all times via our phones this does cause a new innate lack of face to face conversation and whilst being able to pay online using our cards is convenient, there is also the downside of so many hidden charges being applied to our accounts that we may not have accounted for in our budgeting.

There was good news in this regard earlier this month as it was announced that as of April 5th 2018, Revenue would no longer be adding charges for payments via credit card, whether these cards are personal, business or international. This will bring Ireland in line with new EU Rules enforced early this year which banned any surcharges on payment of tax liability. This charge could add as much as 2% onto the tax bill of those paying online. Revenue’s previous 1.1% charge was as a result of service provider charges, which will now be abolished for these payments.

Revenue have stated that this is in line with their focus on making it easier and more convenient for customers to do business online, which can only be a positive step in our busy digital modern lives, and one which we think will be of great benefit to all. Revenue have already taken steps to make online transactions easier with the upgrading of their MyAccount online service which takes the headache out of a great many tax issues and allows people to do most of their transactions from the comfort of their homes or offices, so we welcome any further changes that will ensure our clients and friends have clearer minds and fuller pockets at the end of the day.

Should you require any help, advice or guidance on any financial or business matters, please don’t hesitate to get in touch with us here at EcovisDCA, where we will be happy to support you in getting your business to the next level.

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Revenue – New Changes To Be Aware of

We have spoken at length in the past about the many ways in which Revenue are striving to make it easier and more convenient for people to deal with their tax transactions online, from a revamping of the MyAccount system to a reduction in fees and a strong clamp down on evasion using all the digital tools at their disposal there has never been a better or simpler time to file or query your tax transactions.

Next year (2019) there is set to be an overhauling and modernisation process in place for PAYE. Throughout the month, employers are due to receive letters from Revenue detailing their plans for PAYE Modernisation. This modernisation will result in real time PAYE reporting and is due to be officially put into place in January 2019. The letters will be tailored to the company’s requirements utilising Revenue records as there will be different categories of letter issued to ensure that companies receive the information most relevant to their business. Companies using payroll software or smaller companies will receive different information than those who do not use software, or larger companies for example. Employers will be asked to submit employee lists and relevant details regarding their employees to Revenue later this year in order to set the wheels of PAYE modernisation in motion.

In addition to this major overhaul, there will be many other changes made, this month a new PPS number checker will be available via the online services allowing up to 10 PPS numbers to be verified at a time using names and the given PPS number, this will certainly be a vital new service. Later in the year a number of changes will be made to the Revenue Online Services (ROS) dashboard, giving a new look and increased functionality to the system. There will be a new service for “Employer Payroll Services” and a new “favourites” option allowing easier access to most used options.

It is hoped that these new changes will increase the ease with which employers and business owner can process their dealings with Revenue and that the increased functionality of the website itself will limit any confusion or issues making life easier for both the employer and Revenue as it should limit late filing issues etc.

Should you require any help, advice or guidance on any financial or business matters, please don’t hesitate to get in touch with us here at EcovisDCA, where we will be happy to support you in getting your business to the next level.

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Recent legislation allows smaller firms to seek Examinership in the Circuit Court, making it easier and more cost-effective for SMEs to restructure.

The Government doesn’t often give struggling small businesses a Christmas president, but new legislation signed by Michael D Higgins on Christmas Eve will come as a boon to many. After a lot of pressure from lobby groups, the Companies (Miscellaneous Provisions) Bill sets out a framework for a kind of ‘examinership light’, giving firms access to court protection from creditors without forcing them to go through the expensive High Court process.


What it Means

For many companies, Examinership provides the best way to negotiate with creditors, review contracts and devise a rescue plan that keeps the business running as a growing concern. Historically, however, the procedure has come with the rather large downside of legal fees: it is extremely difficult to go through a High Court Examinership for less than five figures, and processing a complicated case can end up costing nearly €1m. For a business that is already struggling, such a large cost will often make a bad situation irretrievable.

Moving the venue for smaller firms seeking Examinership to the circuit court has an instant impact: for one, the Government estimates that legal fees are at least 30% lower in the lower court. The change in venues will also lead to less pressure on the overworked high-court system, and hopefully lead to speedier processing times for both large and smaller cases.



There are, of course, certain conditions attached to the rules: a large firm can’t avail of the cheaper Examinership process. To be eligible for Circuit Court Examinership, a company needs to meet two of three conditions. These are a balance sheet of €4.4m or less, a turnover of €8.8m or less, and a workforce of 50 or under. These broad and flexible criteria should allow most struggling small businesses to seek court protection rather than proceeding straight to insolvency.


Other Benefits

Another provision of the bill will make a smaller impact, but should benefit just about every company. Under previous legislation, when filing accounts at the Companies Registration Office, both a director and the company secretary must sign a statement to verify that the accounts are a true copy. However, the new legislation allows type signed accounts to be electronically filed using the online CORE system. It’s not a huge cut in the volume of red tape faced by businesses, but every little helps!

Here at DCA, we have been advising our clients about the impact of the bill on their day-to-day business. We also help companies facing difficulties to determine their best course forward, whether this is through restructuring or insolvency. To set up an initial, no-obligation meeting to discuss your situation and your options, simply contact us.


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