There have been some recent updates to Capital Acquisitions Tax (“CAT”) reporting obligations in respect of certain loans between close relatives. The new rules, which came into effect from 1 January 2024, apply to both new and existing loans and apply irrespective of whether any tax is due or not. This new tax filing requirement does not create any new tax liabilities.

Widespread and rapid technological development has seen explosive growth in the deployment of Artificial Intelligence (AI) in markets across the globe. AI is becoming an instrumental part of human society, revolutionizing many aspects of life. With the many benefits AI provides, there is also a risk that the technology could produce unintended harms or be used in negative, or even unlawful ways.

Last Friday our payroll team attended the 2024 IPASS conefrence and it was a treasure trove of information for anyone involved in payroll, HR, or business management in Ireland and the UK. Below you will find the key takeaways from the conference to keep you up-to-date on the latest changes and trends.

Artificial intelligence (AI) dominated the recent AccountEx 2024 conference in London. From seminars to bustling exhibitor booths, AI was the talk of the event, attended by thousands of accounting and finance professionals. With so much on offer we’ve put together a list of some of our key takeaways from the event.

ExCeL London is officially buzzing! Yesterday marked the first day of Accountex 2024, and the energy is contagious. Neville, Alan and Vaidas are there navigating the largest accounting and finance expo in the world. There are 12 theatres of CPD-accredited seminars to choose from, plus exhibitor demos and stand theatres. 

The government has announced details of new legislation for the auto-enrolment pensions savings scheme. It’s designed to encourage workers to save for their retirement and make it more straightforward for businesses to offer a workplace pension option.

In times of significant global uncertainty that include geopolitical tensions and rapid technological changes, it's crucial for leaders to strategically plan for the long term. This is why I read with great interest Jamie Dimon’s letter to shareholders that was circulated in recent weeks.

As part of Budget 2024, the Government signed off on a package of €257m for the Increased Cost of Business (ICOB) Grant as a vital measure for small and medium businesses.

Businesses in the retail and hospitality sectors are in line for a top-up payment of up to €3,000 in the Energy Efficiency Grant. Businesses in these sectors, who employ up to 50 people, are already eligible for a capital grant of up to €5,000 and now they will be eligible to apply for up to €8,000 in capital grant assistance to improve their energy efficiency.

The Minister for Finance, Michael McGrath T.D., has announced that the interest rate applicable to warehoused debt will be reduced to 0%. Revenue has confirmed that it will operate the reduced interest rate on an administrative basis pending the legislative change.

New figures published recently by the Revenue show that over 472,000 PAYE Income Tax Returns have been processed for 2023, an increase of almost 30% on the previous year.

Revenue said a total of €203m has already been refunded to people's bank accounts as a result of the 2023 returns filed by PAYE taxpayers so far, while a further €480m may have been overpaid during the year.

One of the big money-saving measures announced in the most recent Budget was the mortgage interest relief initiative - temporary Mortgage Interest Tax Credit (MITC).

Although it was announced last year, it was only in the last few weeks that people could apply for the relief. Potentially it could see homeowners getting up to €1,250 back in their pockets.

In the evolving landscape of global trade, the escalating conflict in the Red Sea presents significant challenges and opportunities for Irish businesses. A geopolitical maelstrom with the power to disrupt the very currents of international commerce. This is not merely a distant skirmish but a clash that sends waves crashing onto the shores of Irish enterprise.

As we step into 2024, understanding the economic landscape becomes crucial for businesses and individuals alike. We look at the anticipated economic patterns affecting Ireland and the broader global market, based on insights from various expert analyses and forecast reports.

The Finance Act 2022 introduced mandatory real-time reporting of certain ‘reportable benefits’ provided to employees and directors. The introduction of this reporting requirement is subject to a commencement order but it is due to go live on 1 January 2024.

In the chessboard of global geopolitics, localized conflicts can have far-reaching economic impacts. The flare-up of hostilities between Israel and Hamas is no exception. As an observer of the unfolding events, it’s crucial to distil the complexities into a cogent analysis of potential economic repercussions, particularly for Europe’s economy.

You may not necessarily need an accountant to prepare your tax return– it really depends on the complexity of your business and your financial knowledge. But one way or the other, if you’re self-employed, you’re obliged to file a return. Here are 8 practical tips to make the process as smooth as possible.

In the world of economics and finance, interest rates are often viewed as the pulse that gauges the health of an economy. Their current structure and cost undoubtedly have a profound influence on economic growth. When we consider the landscape today, one can't help but ponder the long-term ramifications of persistent high interest rates, especially given the vast deficits that many nations carry on their ledgers.

The 10th of October marked the announcement of Budget 2024 with some significant changes coming into effect over the coming months. Download our budget summary below to read what changes may impact you and your business.

The Finance Act 2022 introduced mandatory real-time reporting of certain ‘reportable benefits’ provided to employees and directors. The introduction of this reporting requirement is subject to a commencement order but it is due to go live on 1 January 2024.