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Assessment of the application by Member States of European Union VAT provisions with particular relevance to the Mini One Stop Shop (MOSS)

Assessment of the application by Member States of European Union VAT provisions with particular relevance to the Mini One Stop Shop (MOSS). The information available in the attached report relates to the Mini One Shop Stop Scheme ("MOSS") that was introduced with effect from 1 January 2015 for businesses established both within and outside the European Union providing telecommunications, broadcasting or electronic services to private individuals (final consumers) located within the European Union.

Nov 3, 2015 [Taxation/Budget News]

Impact of BEPS for Ireland

The release of the OECD's Base Erosion and Profits Shifting (BEPS) reports are a significant milestone in the ongoing development of international tax policy. This project, which focusses on 15 different action areas, has been completed in a very tight two year time frame and has been put forward as the remedy to the problems in international taxation. Will the project achieve all of its lofty goals? Certainly not, however, the output from these reports will frame the international tax agenda for years to come.

Nov 3, 2015 [Taxation/Budget News]

Clarification of circumstances where CGT clearance certificate not required

Arising from a number of requests for clarification from tax practitioners and legal offices, the purpose of this eBrief is to set out particular circumstances in which the provisions of section 980 Taxes Consolidation Act 1997 (TCA) will not be applicable to disposals/sales of assets that are referred to in subsection (2) of that section. Disposals of assets by bodies which carry an exemption from capital gains tax (CGT)

Nov 3, 2015 [Taxation/Budget News]

Why do businesses not take their credit function more seriously?

Many businesses suffer from cash flow problems. You hear small business representatives talk about the lack of funding available for cash flow when the simple answer is that the answer to most problems lie in the effective collection of the money owed to the business. With proper training, education and support, your credit function can become the cash generating machine at the heart of your business. Never accept things as they are, always look to achieve perfection and never settle for anything less.

Nov 3, 2015 [In Business]

Travel and subsistence expenses for sole traders

An individual sole trader is entitled to claim a tax deduction for any expenses wholly and exclusively laid out or expended for the purposes of his or her trade or profession. Whether or not an expense is wholly and exclusively incurred for the purposes of a trade is a test best interpreted with the assistance of case law. Revenue has recently published two Tax and Duty Manuals examining when travel and subsistence expenses pass this test, and are therefore tax deductible.

Nov 3, 2015 [Taxation/Budget News]

Irish Property Prices Supported By Stronger Domestic Spending

Property prices rise strongly in September but annual inflation eases. Increase in prices outside Dublin becoming more pronounced.
Stronger spending power and supply shortfall underpinning price gains.

Nov 3, 2015 [Recession]

It Doesn’t Matter Where You Start to Improve Your KPIs

To make useful progress with KPIs, we have to get over our obsession with getting it right, doing it perfectly and waiting for all all the planets line up before we get started. We’d be waiting for ever. And one way to get over these types of procrastination is simply to start where the energy is. Performance measurement processes like PuMP are linear. They are a sequence of deliberate steps that choose, create and use performance measures that are more meaningful and engaging.

Nov 3, 2015 [In Business]

Budget 2016 Highlights - Crowe Horwath

With the fastest growing economy in Europe and an election in the coming months, the Minister has concentrated the significant tax changes in reductions to the Universal Social Charge. Finance Bill 2015 will be introduced on 22 October 2015. Our team will be closely monitoring the Bill and we will be issuing commentary on the main provisions as they arise. Any member of our team will be delighted to assist you with any taxation or business questions you may have.

Oct 14, 2015 [Taxation/Budget News]

Budget Report 2016 - Mazars

Budget 2016 is the first Budget in recent years where the focus is on supporting the economic recovery through some changes in USC for employees in the lower and middle income categories and increased Government spending across a number of areas.

Oct 14, 2015 [Taxation/Budget News]

Budget 2016 Highlights - BDO

Minister Noonan today delivered the final and most eagerly anticipated Budget of this government. This Budget is being presented in an environment of economic recovery with the Department of Finance forecasting economic growth in 2015 of 6.2% in 2015, and 4.3% for 2016 taking account of the measures announced today.

Oct 14, 2015 [Taxation/Budget News]

Getting the Balance Right? - Budget 2016 - PwC

The Irish economy is now in better shape than at any time since the beginning of the financial crisis. The Minister’s key challenge was to ensure that the resources available to him were used to underpin confidence in a strong economy, continue to facilitate the creation of sustainable employment and encourage entrepreneurship.

Oct 14, 2015 [Taxation/Budget News]

Gaining Momentum - Budget 2016 - Deloitte

Against a backdrop of a modestly slowing global economy and IMF warnings around global economic growth, but with continued, reasonable growth in Ireland’s main trading partners and Irish GDP growth of 6.2%, the Government have set the stage for their re-election campaign with an expansionary Budget.

Oct 14, 2015 [Taxation/Budget News]

Budget 2016 - Video & Analysis - KPMG

The Minister for Finance introduced the 2016 Budget (the Budget) on 13 October 2015. Further detailed measures will be included in the Finance Bill to be published on 22 October 2015. Budget 2016 is the first time that we see most Irish taxpayers reaping significant fruits from economic recovery. Following such an extraordinarily difficult financial crisis this is very much to be welcomed and it is to be hoped that this will be the first of many Budgets where relief can be afforded to Irish taxpayers and where Ireland’s economic competitiveness can be enhanced.

Oct 14, 2015 [Taxation/Budget News]

Budget Tax Alert 2016 - EY

In last year’s Budget speech the Minister for Finance, Michael Noonan TD recalled the Robert Frost poem The Road Not Taken. He indicated that “the road ahead of us diverges and we have a choice to make. Do we take the road frequently trodden by Irish Governments in the past, a road whose signposts are tax and spend where one’s journey is through boom to bust? Or do we, like Frost, take the road ‘less travelled by’? A road whose milestones are prudence and caution.”

Oct 14, 2015 [Taxation/Budget News]

Budget Highlights 2016

The Minister for Finance, Mr. Michael Noonan and the Minister for Public Expenditure and Reform, Mr. Brendan Howlin presented their fifth Budget speech on Tuesday 13th October 2015.
The attached changes have been announced and are due to take effect from 1st January 2016, unless otherwise stated.

Should you have any queries in relation to anything contained within, please contact Nicola Foster or Niall Grant at nfoster@annebrady.ie or ngrant@annebrady.ie .

Oct 14, 2015 [Taxation/Budget News]

Budget 2016 - Making Work Pay - Russell Brennan Keane

Commenting on the tax changes in the Budget, Ronan McGivern, Tax Partner, Russell Brennan Keane said that "the Minister has picked up where he left off in the previous budget with a budget firmly focused on boosting employment, ensuring that work pays and encouraging entrepreneurship. The Minister has identified the provision of jobs and ensuring there are no disincentives to work as central to his stated commitment to “keep the recovery going””.

Oct 14, 2015 [Taxation/Budget News]

Budget 2016: No Pain and Some Modest Gains - KBC

With a general election looming, it is understandable that there are concerns that a pressing political timetable would completely override economic considerations in the framing of Budget 2016. Reflecting this there has been a significant amount of commentary focussed on the merits or otherwise of adding to spending power in an Irish economy that is now growing rapidly. It is inevitable that political considerations figured prominently in the shape and scale of measures announced in Budget 2016. However, we don’t think this influence necessarily conflicted with the balance of economic arguments.

Oct 14, 2015 [Taxation/Budget News]

Planning for Success - Sunday Business Post

Business planning is not just a desirable option for a business, it is an absolute necessity. Sometimes people are so busy working in their businesses that they forget to plan and this inevitably leads to problems. Without a plan you don’t know what your business ought to be doing, action without a plan is not sensible, but having a plan without implementing it is unforgivable. Many mid-sized businesses don’t devote enough time to planning, the management does not stand back and take a look at where they want to go and how they are going to get there. They are storing up problems for themselves in the future.

Sep 22, 2015 [In Practice ]

Use of section 615 TCA 1997 to Avoid CGT on Ultimate Disposal of Assets

It has come to the attention of Revenue that section 615, Taxes Consolidation Act (TCA) 1997, which provides relief from Capital Gains Tax (CGT) on a transfer of assets under a scheme of reconstruction or amalgamation of companies, is being used, in conjunction with the use of section 617 TCA 1997, which provides relief from CGT on a transfer of assets within a group, as part of a scheme to avoid CGT liabilities on the ultimate disposal of those assets.

Sep 22, 2015 [Taxation/Budget News]

ECJ rules that workers without fixed office are entitled to count time spent travelling from home to First Meeting as Work

European Court of Justice rules that workers who do not have a fixed office are entitled to count time spent travelling from home to their first meeting of the day as work. The European Court of Justice (ECJ) ruling on Friday 11th September 2015 that workers who do not have a fixed office are entitled to count time spent travelling from home to their first meeting of the day as work. “The ECJ recently released a judgement in a case involving technicians employed by a Spanish company whose jobs required them to call to client sites. The point at issue in the case was whether the journeys which the workers made from their home to the first call of the day, and from the client site to their home at the end of the day, should be regarded as part of their working time.

Sep 22, 2015 [In Business]

Reasons you Struggle with Motivation

Books, theories and articles about what motivates us and demotivates us are ubiquitous; but is it really that complex to diagnose and heal our own individual motivational aliments? Goals and goal setting have clearly dominated the field of motivation for several decades, both from an academic research perspective and from an organisational performance management perspective. Additionally, goals are understood to be the solution to progressing many of our focus areas outside of our careers.

Sep 22, 2015 [In Practice ]

92% of Ireland's CEOs Confirm their Investment in Ireland is a Success

An overwhelming majority (92%) of multinational CEOs confirmed that their investment in Ireland is a success. This is supported by fact that nearly half (49%) of these CEOs plan to increase this investment, up from over a third (37%) last year. This is according to PwC's 2015 CEO Pulse Survey results. Given our successful track record, our highly skilled workforce, our ease of doing business and our competitive tax regime, Ireland continues to offer huge opportunities for US investment. The American Chamber of Commerce recently revealed that Ireland is the number one destination for US foreign direct investment. Ireland is also perfectly located to act as a 'hub' and a gateway to Europe and Asia. Exports from US firms based in Ireland are four times higher than American firms in China (American Chamber of Commerce, March 2015).

Sep 22, 2015 [In Business]

Implementing a Performance Management System

You thought having a Performance Management System was the end of the exercise and all would be well after that! We are all interested in creating better performing companies, increased productivity, competitiveness, value and your organisation reputation in the community. Having a performance system can be the start of a long, but very rewarding, path to improve your company’s performance. There are several elements which are not mentioned in a Performance Management System, but which have an important bearing on the performance of your company. I will highlight these issues, which are as important in any company’s Performance Management System: -

Sep 22, 2015 [In Business]

Irish Family Businesses Confident About Growth Prospects

A new survey by KPMG has found that Irish family businesses are significantly more confident than their European counterparts about the economic outlook for their businesses for the next six months. The results are published in KPMG’s Family Business Survey for 2015, which compares the views of Irish family businesses with their European equivalents, and shows that 89% of Irish businesses are confident about future growth prospects versus 74% of other Europeans.

Sep 22, 2015 [In Business]

Voting is now open for ACCA’s AGM.

Two Irish Accountants have been nominated for election to ACCA Council at the 110th AGM of the Association of Chartered Certified Accountants to be held in London on 17 September 2015. This year, there are nine positions on Council to fill and 28 candidates. Anthony Harbison – ACCA President, past President ACCA Ireland, past Chairman and serving member of Ulster Network. Orla Collins – serving Council member, past President ACCA Ireland, past Chairman Financial Services Network.

Aug 25, 2015 [In Practice ]

Inbound Marketing – The Future for Marketing an Accounting Practice

Inbound marketing has become the gold standard for marketing an accounting practice. The idea is simple – define your dream customer and then create content specifically designed to attract and delight your dream customer. The tactics are tougher than traditional direct response marketing (aka – outbound marketing) and take more time to create a head of steam but after it’s done properly, it’s so much easier to generate leads and sustain your marketing.

Aug 25, 2015 [In Practice ]

The Credit Decision to Extend Additional Funds to Greece

So, what lessons could a humble credit manager teach the heads of the ECB who have decided to extend additional funding to Greece? The whole basis of Credit Management is trust. When you extend credit, you are providing goods or services now and you trust your customer will pay you as agreed in the future. No matter how complex your risk assessment tools get, the simple answer is can I trust them to deliver. How do you think Greece rates on this scale?

Aug 25, 2015 [In Business]

Increased flexibility helps to support non-EU business migration to Ireland

A new report published today (Wednesday, 22nd July 2015) by the ESRI explores the measures in place to attract immigrant investors and entrepreneurs from non-EU countries to Ireland. Business Migration to Ireland, by Egle Gusciute, Emma Quinn and Alan Barrett, finds that the Irish immigration system has become increasingly business-friendly in recent years.

Aug 25, 2015 [Recession]

7 Essential Project Performance Measures

When we think about measuring the performance of a project, it’s not really the same as measuring the performance of a team or a process. So we need to think a little differently about the kinds of measures that will tell us what we really need to know.
When we measure the performance of the business process or team, we’re interested in how a particular business result produced by that process or team is changing as time goes by. When we’re measuring the performance of a project we are interested in the impact the project has at a point in time, or over a fixed timeframe.

Aug 25, 2015 [In Business]

FRC Annual Report and Accounts 2014 / 2015

2015 marks the FRC’s 25th anniversary. Originally established in 1990 to be responsible for setting and monitoring UK accounting standards, the organisation has evolved significantly since then. We have taken on an increasing range of responsibilities, which now also cover corporate governance and investor stewardship, audit and assurance, actuarial work and oversight of the accounting and actuarial professions, and have grown as a result.

Aug 25, 2015 [Financial Reporting]

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