Tax
VAT eCommerce Rules Changes
Significant changes have been made to the VAT Directive to simplify VAT obligations as regards eCommerce activities. To come into effect from 01 July 2021. Amendments will change the way VAT operates for cross-border business-to-consumer (B2C) e-commerce activities in the EU. We recommend businesses affected by these changes to prepare for their impact as soon as possible.
VAT Rate Reverts to 23% March 1st
On 01 September 2020, the standard rate of VAT changed temporarily from 23% to 21%. The rate is now due to revert back to 23% with effect from 01 March 2021.
Benefit-in-Kind (BIK) Measures Retained
On account of the current Level 5 public health restrictions, Revenue confirmed that a number of benefit-in-kind short-term concessionary measures will remain in place for the time being.
Tax liability for TWSS and PUP Payments
Workers who received the PUP or TWSS will get a tax bill from Revenue this week. For those who are surprised to receive this, do not panic. Revenue has stated that the tax liability will not fall due this year. Taxpayers can clear the total amount if they wish, however you are NOT expected to make a lump sum payment.
Capital Gains Tax Deadline – 15 December 2020
If you sold, gifted or transferred an asset between 1 January and 30 November 2020, or received capital payments from such assets, the deadline for payment of any Capital Gains Tax due is next Tuesday 15 December 2020.
End of Year Checklist
Jamie O'Hanlon, Avid Partners, on points to consider in an end of year business review to ensure that your company is in good shape and ready for all the challenges and opportunities that 2021 may bring.
TWSS: Employers Paying Employees’ 2020 tax liability
Revenue will facilitate employers who wish to pay employees' 2020 tax liabilities - Income Tax (IT) and Universal Social Charge (USC) - due to the TWSS.
Budget 2021: Changes to Intellectual Property Tax Rules
Following budget 2021, a change was announced overnight to Ireland’s taxation scheme for intellectual property (IP)
Self-employed – How The Budget Affects You
Good news for the self-employed in Budget 2021 as Government recognised that the self-employed may struggle to pay preliminary tax payments based on this year's income and need to keep the show on the road.
Pay & File Checklist: All You Need to Know
The pay & file deadline is fast approaching. Revenue has given some flexibility to taxpayers in respect of the forthcoming tax deadline however, we would still recommend that you get organised as early as possible.
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"A breath of fresh air. Your firm demonstrated enormous commercial understanding in turning around negotiations with a potential target vendor. I admire your style and ability to drive the deal forward. Many thanks." -
"I would like to say I'm very happy with your service, especially the audit team, your staff are always friendly, helpful and a pleasure to deal with." -
"Your business approach to clients is very impressive. I have always found that when explaining the types of service on offer, it is always concise and straight forward. The level of trust that clients place in your company and its staff speaks volumes." -
"I would like to take this opportunity to say how much we are impressed with your company's professionalism, it has been a pleasure working with you all and we look forward to working with you in the future." -
"Avid Partners - Accountants & Business Advisors are an excellent firm of accountants, their quality ethos is outstanding." -
"I have dealt with Jamie O' Hanlon, of Avid Partners - Accountants & Business Advisors Chartered Certified Accountants, for a number of years as he is auditor to one of my clients. I have always found him to be professional and responsive in his approach." -
"Service is second to none; there is always someone at the end of the phone for any business advice. The staff are very easy to get along with, very approachable and know exactly what they are talking about" -
We at Fitzies Bar have worked with Avid Partners - Business & Financial Advisers for over five years. We find that the advice and support offered to us in addition to all of our book-keeping requirements to include payroll, VAT, etc. is invaluable and has helped to contribute to our continued growth especially in these challenging times. I would have no hesitation in recommending Avid Partners. -
Jamie and his staff are a pleasure to work with. They respond promptly to any queries we have and are critical to our financial planning and the future needs of our business. I would highly recommend them to anyone interested in accounting services. -
We at Stillorgan Cycles have used Jamie and his Team at Avid Partners – Accountants and Business Advisers for over five years. We have found that the retail advice and support offered to us is second to none and has helped to contribute to our continued growth especially in these challenging times. I would have no hesitation in recommending Avid Partners. -
I met Avid Partners through a local business networking group. We had been using the same accountants for years and found that in these harsh economic times that we were not getting good enough value or service. We were very impressed by the company's professionalism and enthusiasm and genuine interest in helping us get the most out of our business. As a result we are now clients of Avid Partners and are thrilled with our decision. -
After meeting Avid Partners with a view to changing our accountants, we came away with a better deal financially and a feeling that we were in capable hands. We feel that Avid Partners has a personal interest in the welfare of our business. Avid Partners have given us great advice, help and support and respond to our day to day queries with speed and efficiency. We feel it was a great move for us to change to Avid Partners.
