Client Story A STRONG HOLD ON GROWTH Originating from a formula first used on teak in Indonesia, news about an adhesive with incredible strength spread fast and two decades later, demand for Gorilla Glue products continues to accelerate. With the help of UHY member firms across Europe the business’s new ambitions are flourishing. “We had always planned to expand into Europe from the UK, but Brexit brought challenges that none of us were equipped to deal with,” says Richard Allen, head of European Accounting, Gorilla Glue Europe Ltd. “This was unfamiliar territory for all British businesses in our situation and we needed specific help to facilitate our growth, firstly into the Netherlands and later into Germany. I had worked with UHY in previous companies, so for me it was the only network I wanted to support us. I was sure from the outset that UHY had all the resources to steer us through this critical period.” “From the beginning I have been impressed by the effortless way member firms communicate. There is never any need to repeat instructions and I have absolute confidence that everything necessary is always being done to get us where we need to be.” Staying Close As each new member firm was instructed by Richard, Michelle Dale, VAT director, UHY Hacker Young, Manchester, UK, coordinated communications between Niall Donnelly, head of corporate tax, UHY Farrelly Dawe White Ltd., Dundalk, Ireland ; Martin Kuijpers, VAT specialist, Govers Accountants/ Consultants, Eindhoven, Netherlands and his colleague, Lomme Van Dam, international business tax advisor, also from Govers Accountants/Consultants. “Together, these people from different parts of the world in the UHY network, used their collective expertise to help us become legal entities and deal with rigorous compliance issues in the Netherlands and Germany. They got us established quickly and continue to help us to build up the entity structure. On top of this, their detailed advice and day-to-day support with matters such as VAT returns and payroll are second to none,” says Richard. Ensure you are subscribed to our mailing list to keep up to date on all the latest technical and industry news. Contact our team if you would like to discuss the expansion of your business, or if you have any other service queries. #UHYGlobal #2024 #LatestTopics #Brexit #TAX

Facing Facts – How AI is Shaping Accountancy’s Future The 17th edition of UHY Global magazine is now available to read online . UHY Global draws on current analysis and commentary, including input from UHY’s member firm experts across the international network, to provide insight for today’s global business community. This thought-provoking, upbeat and engaging read explores the issues and challenges of international business, themes you may well be grappling with in today’s uncertain world. Topics explored in the new issue include the promise and pitfalls of AI, how to navigate ESG, the future of oil states and the economic future. Some client case studies are featured in this issue, including Gorilla Glue Europe Ltd, where a number of UHY network firms, including UHY FDW, supported the client in their European expansion. Other content includes a round-up of global news and a celebration of people and firms across our network. You will also find valuable information on the UHY network itself including service and contact listings. Read it now Contact our team with any queries you may have T: +353 42 933 9955 E: info@fdw.ie #2023 #UHY #UHYGlobal #UHYGlobalIssue

Pathways to Better Business Strategies – Planning for Success Effective change is integral to business success, but change is not always easy. Businesses that attempt to evolve without following a well-planned and communicated strategy will lack resilience and be more vulnerable when things go wrong. They may be perceived as having poor leadership which affects reputation and confidence. Organisations often develop an overall strategy for growth which in turn requires fundamental change in other areas. For example, your growth strategy might demand that you keep hold of more of your experienced employees who create the most value. That in itself requires a strategy. It might demand digital transformation to create efficiency, and that also requires a strategic approach to change. In other words, businesses thrive or fail by the strategies they follow. So how do you make sure your own business strategies are properly planned and implemented? Here are five steps to follow. Define your goals (and how you will reach them) Your overall goal might be growth, but your HR goal is to reduce employee churn and your IT goal is to create a more effective technology stack. Each requires you to define specific, realistic and measurable goals (15% revenue growth in 2024, 25% reduction in recruitment costs and so on), and outline the paths you will follow to reach them. For example, if you want to boost employee retention, you might poll your workforce on what it likes and dislikes about working for your organisation. You might analyse what competitors in your industry do to retain staff. After all that, you might decide that the best way to maintain employee morale is to invest in a wellbeing programme or develop more flexible ways of working. Focus on resourcing Whatever it is, your strategy needs to be realistic. For example, you might not have the financial or human resources to implement new digital accounting processes without severe disruption. If that is the case, there may be other options. You could outsource more basic accounting functions to a global network like UHY, freeing up internal employees for higher value work. Whatever you decide to do, you need the resources to match your ambitions, or you need to find another way to reach your goals. There is no point reaching for the sky if you are never going to get there, and employees will soon work out if a strategy is unrealistic. On the other hand, colleagues will quickly adopt and advocate for a well-considered strategy with clear and realistic paths to success. Do not be afraid to stretch Having said that, realism should not be a cover for a lack of ambition. A strategy for change can and should stretch your organisation. It should demand creativity, collaboration and everyone bringing their talent and passion to the table. To get the balance right, you need to understand your own teams and also the wider market. Does the market have capacity for your growth plans? Are there underserved areas of the customer base that are crying out for better solutions? What do your competitors do better than you and where are you ahead? When you can answer these questions, you can mould a strategy that suits your particular circumstances, and has more chance of success. Set the anticipation for change People in your organisation need to know about any upcoming change and how it will impact their work. They need to make sure they are prepared and have the resources that will facilitate change. They need to know what to expect when the strategy is being implemented. Introduce your plans early and often, in ways that will filter through to the business as a whole. Use in-person meetings, internal newsletters and presentations to set anticipation and give everyone the time and information to prepare for change. Implement your plans effectively When you are ready to implement your strategy, do it methodically and carefully, based on a detailed plan of action. Establish periodic objectives that adhere to the SMART principle – Specific, Measurable, Achievable, Realistic and Time-bound. Talk and listen to your team throughout the change process so you know that they understand what is going on and are comfortable with their role in driving progress. When each step of the strategy is complete, review the process and the results that have been achieved so far. If you follow these steps, tailored to your own unique business circumstances, your strategy is more likely to lead to a successful outcome. In business, change cannot be piecemeal. It needs to be meticulously planned and carefully implemented, feeding into your organisation’s wider strategic objectives. If you feel you would like support with your strategy or with implementing change, UHY member firms around the world offer specialist business advisory services, helping clients align business strategy with internal resources and market requirements. Drop me a note and I and my team will put you in contact with a UHY office near you. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie #LatestTopics #ThoughtLeadership #UHY

The introduction in Finance Act 2022 of Section 897C of the TCA 1997 will require employers to report to the Irish Revenue Commissioners (Revenue) details of certain payments made to employees and/or directors. The requirement to provide this information will commence on 1 January 2024. What is Enhanced Reporting Requirement (ERR)? From 1st January 2024 , all employers are required to submit to Revenue details of non-taxable payments paid to employees. The submission must be sent on or before date of payment. What information do you need to report? Small benefit exemption You can give employees up to two small benefits, tax free, each year. These benefits must not be in cash and the combined value of the two benefits cannot exceed €1,000. You must submit to Revenue details of the value of the benefit and the date paid. Remote working daily allowance The Remote Working daily allowance can be paid to employees up to a rate of €3.20 per day, tax free.  You must report the following to the Revenue on or before each payment: Total number of days Amount paid Date paid Travel and subsistence You must submit the following travel and subsistence items, including the date paid and amount of each payment for: Travel vouched and unvouched. Subsistence vouched and unvouched. When an employee (including directors) is required to travel on business journeys, the employer may reimburse the employee or director for their travel and subsistence costs. Travel costs may include covering the cost of flights, taxis, tolls or public transport.  Employers may also repay employees mileage for the use of their private cars, motorcycles, or bicycles, when used for business journeys. Subsistence expenses may cover costs associated when an employee/director is working away from their normal place of work for example, accommodation costs and food expenses. Site-based employees (including “Country money”) – Travel and subsistence costs payable (if qualifying) must not exceed €181.68 per week; The location must be more than 32km from the employer’s base.  This does not apply if the employer provides transportation, board, and lodgings or if the employer is recruited to work on one site only. Emergency travel – No more than 60 emergency travel payments per employee, per tax year and the situation requires urgent attention. Eating on site allowance – this is payable if you do not provide facilities to make tea, coffee or other refreshments, your employee does not receive any other form of tax-free subsistence payment and your employee works on a site at least 1.5 hours before and 1.5 hours after their normal lunch break.  You pay a maximum allowance of €5 per day. Other Notes Any reimbursement or payment of non-taxable payments under the Enhanced reporting requirements, must be reported to Revenue on or before date of payment. Only incurred expenses will be reported. The use of company credit cards or prepaid cards are not currently in the scope of ERR as it does not involve a reimbursed payment regarding Travel & Subsistence to the employee/director by their employer. Fuel cards, toll tags, car insurance and motor tax if paid directly by the employer for company vehicles provided to employees, are not within the scope of reporting as no payment has been made to the employee/director. How will you submit ERR payment details to Revenue? The above non-taxable expenses can be reported directly on ROS or by 3rd party software. ROS will be updated shortly to allow the reporting of ERR. Reporting must be done on or before date of payment How UHY FDW can help UHY FDW are here to help you to submit your non-taxable payments to Revenue if you require our assistance to do so. If you would like our assistance in this area, please complete the form below as soon as possible. We will keep you up to date on these enhanced reporting requirements as the information becomes available from Revenue. In the meantime, if you would like to speak to once of our payroll specialists please contract us at info@fdw.ie with your contact details and we can arrange a consultation. Ensure you are subscribed to our mailing list to keep up to date on all developments in relation to this and other technical and industry news. For more information visit Revenue.ie Update February 2024: Revenue are holding a series of webinars to give an overview of Enhanced Reporting. Revenue issued notices to employers and agents via ROS to register their interest in attending these webinars. You can register your attendance for these webinars directly with Eventbrite. Visit Revenue.ie for more information #LatestTopics #2023 #Payroll #TAX #Tax2023

How to achieve effective internal communication – and why it is essential to do so Successful organisations prioritise effective internal communications as much as the interactions they have with customers and clients. Without that focus, companies can struggle to innovate, collaborate and grow. How do you run a successful business when one department doesn’t know what another is thinking or planning to do? When office-based companies are at the start-up stage, internal communications can be almost entirely face to face. It might be five people working from a single room. But as they grow, disseminating company information to employees becomes more complex, and requires an internal communications strategy alongside relevant tools. This has become even more true since the pandemic. Remote and hybrid working models can create challenging communications environments, leading to employees feeling disconnected from the business. With the wealth of tech now available to allow team members to communicate and collaborate in real time, working on different sites makes effective internal communications increasingly important. Smooth Flow of Information What is internal communication? Essentially, the term is a catch-all for the flows of information that take place within organisations. That can mean the messaging that flows from managers through to the rest of the organisation, with feedback and ideas that flow the other way. It can mean horizontal messaging as information is passed between departments. It can be emails and instant messages employees use to work effectively together, and it can be face-to-face meetings. These information flows are essential to the smooth running of any business, amplifying the company vision, so that everybody buys in. They make relevant people and departments aware of a change to a system or process, as well as feedback from clients. They celebrate success and – if something does not go to plan – ensure everyone knows what has been implemented to put it right. In addition, internal communications are often used to help create a sense of community and a shared vision, even in large and dispersed organisations. If you get these messages right, they can be highly motivational, driving businesses forward by promoting inclusivity, teamwork and the power of collaboration. In the UHY global network, we encourage communications between firms in different jurisdictions through everything from UHY’s intranet to a calendar of popular in-person events. UHY’s recent annual conference in Buenos Aires, Argentina, was an opportunity for member firms in the network to discuss challenges and developments in global accountancy as well as to network and collaborate on client business. Right Tools at the Right Time So how do you promote effective internal communications? Technology plays its part. You need to give everyone in your organisation the means to communicate smoothly and seamlessly. What this entails will depend to some extent on the culture of the organisation, but it usually includes a combination of calls, video calls and conferencing, email and instant messaging. This ‘omnichannel’ approach lets employees communicate in the way that they want, and in a way that suits the information they want to send or gather at any given moment. Channels such as business messaging apps that connect people to the information they need are increasingly popular as they can streamline the flow of information and promote inclusion. These are not the only ways organisations communicate, however. Larger businesses may have an intranet or a company newsletter. Formal and informal presentations (in person or online) from senior members of staff are part of many companies’ annual calendar of top down communications. Some CEOs encourage employees to email them directly. Transparency and Clarity When it comes to communications from senior management to the wider company, technology is only one part of the story. The other is tone, purpose and language. In short, your communications should be transparent and clear, with a defined and straightforward aim. Do not mix messages or combine separate, important announcements in the same email. Always make them friendly, conversational and inspiring. Remember, you can send a company-wide email, but you cannot force people to read it. To get the message read as widely as possible, get to the point quickly and succinctly. When busy people see pages of text, they often click away. Make sure everyone who needs to see a communication is included. Often, that might be everyone in the business. Even if an announcement does not directly affect the entire workforce, the reason for the change may say something positive about the way you want the business to operate, and that is something a lot of people will want to hear. Maintain a consistent style and tone across communications, and provide opportunities for feedback. What does the business feel about a new innovation or ambition? Do employees on the frontline feel it will help or hinder their work, and in what ways? This is all hugely useful information. Finally, measure and improve. Analyse employee engagement metrics (how often they read, share or interact with content, including sending feedback) and use the information to refine your internal communications strategy. It is important that you do. Internal communications is the oil that lubricates the cogs of your corporate machine. The better they are, the more smoothly the machine will run. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie #LatestTopics #ThoughtLeadership #UHY

The new 2023 UHY Global Transfer Pricing Guide is now available as a downloadable PDF The Guide offers invaluable expertise from our international UHY member firms in the form of a country by country summary of key transfer pricing requirements (covering more than 70 countries), including pricing methods, documentation requirements and penalties. Not only does the guide assist clients with cross border tax planning and compliance, it also reinforces UHY’s position as a global top 20 accountancy network offering the latest information and essential guidance on cross border operations. If there are any items you wish to discuss with our team, just give us a call on +353 42 933 9955 or email info@fdw.ie Global Transfer Pricing Guide Contact our Tax Team Today Call Us +353 42 933 9955 Email Us info@fdw.ie #BusinessinIreland #UHY #2023 #GlobalTransferPricing #TAX

Teamwork and Collaboration – Why They Need to be Nurtured Teamwork and collaboration are essential to the smooth running of organisations. That may be stating the obvious, but it is remarkable how many businesses lose the collaboration instinct over time. Teamwork should always be considered a work in progress. It requires constant tending to truly flourish. The benefits of teamwork are well known. Put simply, one brain might solve a problem one way. Ten brains working together might come up with a better way – or several – and in much less time. When people collaborate, good things tend to happen. They approach issues from different angles, identifying different challenges and opportunities. Each individual brings their own knowledge and experience to the task in hand, allowing them to see things that others might not. In professional services, collaboration between provider and client is crucial to a successful relationship. All of these benefits are important for business, so why do some organisations end up collaborating less over time? There are several possible reasons: Siloed thinking. Teams and departments focus on their own results, not those of the business. That makes them less likely to work with others. The loudest voice wins. Within teams, the most forthright or demonstrative members often hold sway. The voices of less confident members are drowned out. Some measure of competition is fine, but an overly competitive environment – between teams or individuals – stifles collaborative instincts. If organisational leaders don’t value collaboration, they don’t encourage it and don’t invest in the systems and processes that nurture it. Dispersed teams. Hybrid working models, if not managed well, can limit the opportunities for teams to collaborate. There are others, but the results are the same. When teams fail, businesses suffer. The Centre for Corporate and Professional Development at Kent State University in Ohio, US, perhaps puts it best – “The failure of a team can start for a number of reasons, but the consequences are the same: factions are formed, battle lines are drawn, communication stops and suspicion rises. Productivity and efficiency drop off sharply.”* How to Keep Collaborating How do business leaders stop this from happening? How do they embed teamwork and collaboration into the DNA of their organisations? Most importantly, they should emphasise common goals. That means commercial goals, but also the firm’s ambitions in other areas. For example, solid Environmental, Social and Governance (ESG) and inclusivity policies can help to create a collaborative environment. Leaders should lead by example. Be open to ideas and opinions. Speak and listen to staff individually or, if the organisation is large, survey them regularly and acknowledge their contributions. Smooth channels of communication are essential for successful teamwork. Create feedback loops that staff can use to communicate ideas, challenges and opportunities to managers. If necessary, invest in technology – project management and teamwork apps, for instance – that allows team members to communicate easily with each other even if they are not in the same building. Encourage team leaders to listen to the thoughts and ideas of even their most reticent team members. You never know where the next great idea will come from. A typical roundtable full team meeting might not be the right platform for everyone. If that’s the case, consider smaller, more informal group chats where everyone has the chance to contribute. In addition, demolish silo walls. Implement systems and processes across the organisation that encourage knowledge sharing between departments. All Ideas Are Valid All this should go hand in hand with a no blame culture. Employees will not come forward with thoughts and ideas if they think it will cost them, in terms of reputation or progression. Emphasise that all ideas are valid, and that a continual flow of idea sharing is essential for business and their clients’ success. This is true for teams and offices, and also across organisations. UHY is a large global network, and we encourage collaboration between firms through a calendar of regional and international events, subject-specific Special Interest Groups, and the promotion of cross-border secondments and other, more informal, inter-firm links. We understand that collaboration across borders is as essential to our success, and that of our clients, as the teamwork within member firms. Successful businesses need a shared vision, a continual flow of thoughts and ideas to which everyone is comfortable contributing, and mutual trust. These things do not always come naturally, but there is much that business leaders can do to nurture the collaborative instinct. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie * Centre for Corporate and Professional Development at Kent State University in Ohio, US https://www.kent.edu/yourtrainingpartner/what-do-you-lose-when-teamwork-fails #LatestTopics #ThoughtLeadership #UHY

Budget 2024 was announced yesterday Tuesday 10 October, by the Minister for Finance, Michael McGrath and Minister for Public Expenditure and Reform, Pascal Donohoe. Budget 2024 is a Budget focused on helping with the cost of living, with better public services, and with providing more children with a better start in life. There were a number of changes and new measures announced, some with immediate effect. Check out our in-depth Budget Summary to find out how Budget 2024 will affect you and your business. If there are any items you wish to discuss with our team, just give us a call on +353 42 933 9955 or email info@fdw.ie Budget 2024 Highlights Contact our team with any queries you have Contact our Tax Team Today Call Us +353 42 933 9955 Email Us info@fdw.ie #Budget #BusinessinIreland #Budget2024 #2023 #TAX

Purposeful Business – A Driving Force For Positive Change We are all in business for a purpose. Businesses exist to create and sell products or services and, by doing so, to make profit. A business that does not make money will not be a business for very long. But having a profit motive is not the same as being a purposeful business. Certainly, purposeful businesses exist to make money, but they also have a wider motivation that informs everything they do. Put simply, purposeful businesses do not put profits before everything else. They operate with positive social, environmental or corporate goals in mind (and often all three). Solving Problems – Not Creating Them Purposeful businesses make money from solving problems and never from creating them. They identify a challenge and focus their efforts on doing something to help customers overcome it. They work to minimise any negative impact those efforts may have on wider society and the planet. In short, they see their products or services, and also their behaviour as corporate citizens, as a means for positive change. Some brands, alongside their products or services, might position themselves as ambassadors of environmental or social change. Other simply offer solutions to the everyday needs that people face. Purposeful businesses aim to be good corporate citizens. That might mean minimising the environmental impact of supply chains, or putting employee wellbeing at the heart of their human resources strategies. It also means abiding by local and international regulations at all times. Guiding Principles of Purposeful Business The British Academy1 has produced a set of guiding principles by which purposeful businesses should operate. It states: “Measurement should recognise impacts and investment by companies in their workers, societies and natural assets both within and outside the firm. Performance should be measured against fulfilment of corporate purposes and profits measured net of the costs of achieving them.” This sounds a little like an ESG strategy, and meeting ESG criteria can certainly be one of the goals of purposeful business. But a company that integrates these principles ‘will organise itself on all levels according to its purpose’. That will involve areas like corporate governance, shareholder obligations, financing and investment too. A network for positive change In the UHY network, our member firms aim to make informed decisions for the benefit of their own business and to support their clients. As well as core accountancy skills, our members offer consultancy and business advisory services that not only help to make organisations compliant with regulatory standards, but also help them to become fitter and more efficient. Many of our members offer specific services around ESG, technology adoption and corporate social responsibility. In short, our member firms seek to add value to client businesses. By working together and sharing expertise across borders, they also help multinational companies expand more seamlessly into new territories. By sharing knowledge, ideas and innovations across our network, UHY professionals are able to offer clients the most up to date support on technical, regulatory and organisational issues and standards. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie 1 British Academy  https://www.thebritishacademy.ac.uk/publications/future-of-the-corporation-principles-for-purposeful-business/ #LatestTopics #ThoughtLeadership #UHY

Sharing Knowledge & Knowhow – A Valuable Route to Business Success How do you ensure that people in every part of your organisation have the knowledge they need to do their jobs well? The short answer is, with difficulty. A lot of information is documented. It is written down and stored in files and folders, on paper and digitally. In this case, sharing knowledge is a management challenge. Is it easy to find? Do the people who need it know it is there and have access to it? Can it be easily revised and updated over time? Where does the responsibility lie and who has ownership for updating these documents? There need to be formalised processes in place to make sure all this happens, or the risk is, that it will not. Often, there are legal requirements around storing and sharing certain types of information. The Value of Experience Sharing knowledge is not easy because knowledge is, by its nature, diverse, fragmented, always changing and often inaccessible. For example, if a nugget of relevant information about a great promotional opportunity is hidden away in your lead partner’s mind, what happens when they retire? These informal, undocumented and often highly valuable tips and tricks evolve organically and in response to real business challenges. They are the value of experience, tested by time and proven to be effective. What kind of knowledge do I mean? It might be knowing the time of day when a major client is most receptive to a phone call. It might be an effective exercise for promoting remote team engagement. It might be insight into the nuances of business culture in a cross-border market. This is the kind of information that lubricates the cogs and wheels of business and is easily lost when employees leave or retire. Even if they stay, too often organisations do not have processes in place to share this kind of applicable insight across departments or teams. That limits its effectiveness. It may be highly valuable, but if it is siloed it cannot be put to wider use. As a global network, we understand the complexities of sharing knowledge across an organisation, and we know its benefits. We distribute more formal information, such as the kind of technical knowledge a professional services network must continually share and develop, in the usual ways, for example through a comprehensive digital archive available on our intranet. We also organise a calendar of national, regional and global meetings at which expert speakers from inside and outside the network share specialist knowledge. We run a yearly timetable of educational webinars and internal newsletters. Continual Communication It is fundamental to UHY that our member firms share insight across borders, allowing them to serve international clients more effectively. We use mentoring to disseminate the knowhow that is accumulated by experience. We encourage secondments across the network so that individuals get to try new ways of working, experience business culture in other countries and bring that knowledge back to their firms. We work to promote continual communication, within and between the member firms in our network. Regional and international events create a collaborative environment. Special interest groups bring together colleagues with similar specialisms. We hope and expect that conversations which begin when colleagues come together, continue, in other forms, when they return to their firms. Sharing knowledge and knowhow can be complex, and requires different channels for different kinds of information. Do it in the way that best suits your circumstances – whether through digital knowledge centres, informal chats, training sessions, secondments or anything else – but do it. The continual communication of knowledge is the key to success. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie #LatestTopics #ThoughtLeadership #UHY

From 1 September 2023, the reduced rate for hospitality in ROI will revert to the usual 13.5% rate The Irish Government is reverting the VAT rate which applies to certain goods and services in the tourism and hospitality sector from the second reduced rate of 9% back to the reduced rate of 13.5% with effect from 1 September 2023. In response to the challenges faced by the food and beverage industry, attractions, accommodation providers, and hairdressing services due to the COVID-19 pandemic, the temporary 9% VAT rate was introduced on 1 November 2020. This measure aimed to provide some relief and support to these sectors during these difficult times. However, the government has recently announced that the expiry date for this reduced rate will not be extended beyond 31 August 2023. This means that supplies of certain food and beverages in restaurants, take-aways, and catering establishments, admissions to attractions like cinemas, museums, and exhibitions, hotel and guesthouse accommodation, and hairdressing services will be affected by the VAT increase. It is worth noting that certain printed matter such as magazines and periodicals, as well as the provision of sporting facilities by profit-making bodies, will still qualify for the 9% rate and will not be impacted by this change. Steps to Take To ensure compliance and commercial protection, you need to take steps now to reflect the new 13.5% VAT rate. Your Systems Businesses must update their systems to reflect the new 13.5% VAT rate. This may involve some adjustments to tax codes and tax determination logic in customer-facing point of sale systems and back-end finance and ERP systems. Credit notes may need to be issued for invoices issued before the VAT rate change, requiring systems to still be capable of processing transactions at the 9% rate, so you should ensure your systems have this function enabled. Management Considerations Businesses should carefully consider the impact of the VAT rate change on their pricing strategies. As the VAT amount will be a net cost to many customers, pricing adjustments may be necessary. Existing contracts should be reviewed to determine whether the price was agreed on a VAT exclusive or VAT inclusive basis and if future transactions will be affected. Timing is also crucial, as businesses need to determine the VAT “tax point” for each supply. This may be straightforward for on-the-spot purchases but could be more complex for supplies involving deposits, pre-payments, or invoices issued before the VAT rate change. Furthermore, businesses offering mixed supplies that include goods and services subject to different VAT rates must calculate blended VAT rates accordingly. For businesses with outstanding VAT debts under the COVID-19 debt warehousing scheme, ensuring the correct VAT rate is applied is essential to meet the condition of paying current taxes as they fall due. If you would like to speak to once of our tax specialists to assist you with any queries you have, please contact us at info@fdw.ie with your contact details and we can arrange a consultation. Ensure you are subscribed to our mailing list to keep up to date on all developments in relation to this and other technical and industry news. #VAT #LatestTopics #2023 #TAX #Tax2023

The introduction in Finance Act 2022 of Section 897C of the TCA 1997 will require employers to report to the Irish Revenue Commissioners (Revenue) details of certain payments made to employees and/or directors. The requirement to provide this information will commence on 1 January 2024. Where an employer makes a payment under one or more of the categories detailed below, they are required to report details of these payments to Revenue using Revenue Online Service (ROS) on or before the date of payment. What information do you need to report? Phase one will apply to any payments you make to an employee and, or director under any of the following categories: Small benefit exemption You must submit details of the date paid and value of this benefit. Remote Working Daily Allowance When you are paying a Remote Working daily allowance, you must report the following: total number of days amount paid date paid Travel and subsistence You must submit the following travel and subsistence items, including the date paid and amount of each payment for: travel vouched travel unvouched subsistence vouched subsistence unvouched site-based employees (including “Country money”) emergency travel eating on site How will you submit payment details to Revenue? ROS will provide a means of manually submitting Enhanced Reporting Requirements details. This facility will be similar to that used currently for payroll reporting. There will be continuous engagement with stakeholders as this work continues during the year. This began in January 2023, with Revenue contacting all stakeholders seeking their engagement to implement this reporting requirement. Facilities for 3rd party software providers Revenue is currently engaging with 3rd party software providers to develop this service. A facility is available to enable software providers to test integrations with Revenue systems. Employers should ensure that their software provider is aware of this new reporting requirement and engage with Revenue in implementing it. Why is this information required? This information will: enhance Revenue’s Compliance Intervention Framework by directing resources away from compliant employers provide quality high level data in support of effective and informed policy decisions by the Department of Finance increase visibility and assurance for employees in relation to non-taxable payments What to do next In the coming weeks Revenue will begin providing information sessions on Enhanced Reporting. These sessions will give an overview of what will need to be reported to Revenue. Separately engagement with Software providers is taking place to ensure their systems integrate with Revenue systems. Ensure your payroll team is well informed on the enhanced requirements by attending these sessions. The presentations will cover: requesting Employer Reporting Notifications by file upload submitting expense/benefit details by file upload or by online form view expenses/benefits by submission type and employees view of submissions made by their employer in MyAccount. These sessions will commence in late August and will run until mid-November. A link to Eventbrite will issue to you where you can register your interest in attending one of these events. No fees will be charged for attendance at an event. We will keep you up to date on these enhanced reporting requirements as the information becomes available from Revenue. In the meantime, if you would like to speak to once of our payroll specialists please contract us at info@fdw.ie with your contact details and we can arrange a consultation. Ensure you are subscribed to our mailing list to keep up to date on all developments in relation to this and other technical and industry news. For more information visit Revenue.ie Source: Revenue.ie #LatestTopics #2023 #Payroll #TAX #Tax2023