Today we bring you our latest news to keep you and your business up-to-date on all things financial
PROMOTIONS AND RECRUITMENT
Ava Mahony of our Tax Department was recently promoted to the position of Assistant Manager.
Ava joined Keogh Ryan Tierney in 2016 having completed a Masters in Taxation in the University of Limerick. Ava has become a key member of our Taxation Department during her time with us, and we look forward to Ava working with our clients in her energetic, dynamic and problem solving way.
Janice Morrissey has recently joined the Keogh Ryan Tierney Tax Department as a Tax Senior, and will focus mainly on Income Tax and Corporation Tax compliance work with us.
Janice and Ava working on our client budget communication recently.
ELECTRIC CARS – TAX ADVANTAGES BUT ARE THEY PRACTICAL?
The recent budget announced the extension of the BIK (Benefit in Kind) exemption on electric cars for three further years up to and including 2021.
However, the exemption is limited where the original market value of the car exceeds €50,000. We have seen some interest and take up in the scheme, but it is quite limited to date. Range anxiety still appears to be the major restriction, and while the range of the newer electric vehicles is greater, the traditional petrol or diesel vehicles give much more flexibility with the infrastructure that is currently in place.
However, some of the newer electric vehicles are capable of a range which may suit the medium or long distance commuter, so it remains to be seen if a more significant take up arises. It may be that they will suit two-car families, where there is another non-electric car available should the occasional longer trip arise.
We do expect an increase in the take up of electric cars for employees entitled to a company car, but it will be very much on a case by case basis.
PAYE Modernisation will be introduced with effect from 1 January 2019.
The new system will involve real time reporting, as opposed to filing information after the end of the tax year via Form P35. Accordingly, it is vital that payroll is run accurately on a timely basis – more now than ever.
Revenue have been in contact with all employers directly to advise them of the changes that are due to take place with the running of your payroll from 1st January 2019.
Please check out the attached link on the Revenue web site giving you a detailed breakdown of these PAYE Modernisation changes.
The most important thing to have done by 31st October 2018 is to have sent Revenue a List of Employees. If you run your payroll on a software package it should have a facility to create this file for you to upload on ROS. If you are running a manual payroll you will need to fill in a CSV file and enter all your employees and upload this to Revenue. You will find a sample CSV template in the attached link under the ‘Producing the file for upload section’
If you require any assistance with payroll, Pauline Lowe our payroll expert is available to assist.
Ava Mahony – Assistant Tax Manager– firstname.lastname@example.org
Janice Morrissey – Tax Consultant – Janice.email@example.com
Pauline Lowe – Payroll – firstname.lastname@example.org