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The Impact Of New Legislation On UK Financial Statements

With effect on financial statements commencing the 1st January 2016 onwards, statutory instrument 2015/980 is changing the format of UK accounts.

Let’s look at the main changes for small companies:

  • Small company accounting sizes have raised substantially. This also applies to audit exemption levels.
  • Small Company accounts disclosure requirements are simplified significantly.
  • Abbreviated accounts are abolished although small companies will be able to prepare ‘abridged’ accounts for shareholders and for filing at Companies House. There is no change to the exemptions previously existing for filing accounts in Companies House.

The new size limits for small companies are as follows:

  • Turnover less than £10.2m
  • Gross balance sheet total less than £5.1m
  • Less than 50 employees

Details of some of the disclosure requirements removed Read more

Posted on June 20, 2017 by Cooney Carey


Irish Transfer Pricing Rules

Ireland has to a large extent, a light touch transfer pricing regime.

Irish legislation governing transfer pricing is to be found in Sections 835A to 835H Taxes Consolidated Act 1997.

Under Irish legislation the following is excluded from transfer pricing regulation:

  1. Small and medium enterprises with staff of less than 250 and either has turnover under €50 Million or assets under €43 Million,
  2. Grand fathering arrangements put in place before 1 July 2010 and not changed since
  3. Arrangements between non-associated persons
  4. Non-trading activities

The Irish Revenue do not propose to Read more

Posted on June 14, 2017 by Cooney Carey


Foreign Income and Assets Disclosure – Deadline 30th of April

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As and from the 1st of May a taxpayer, both individuals and corporates, will be unable to obtain the benefits of a qualifying disclosure in respect of offshore matters.

What are offshore matters?

Offshore matters relate to any asset outside the State and would include such items as;

  • Rental income arising from property situated outside the State.
  • Income earned from a foreign bank account held outside the State.
  • Foreign income such as foreign pensions, salaries, foreign trades and foreign dividend income.

What are the benefits of making a disclosure before the 1st of May?

If a qualifying disclosure is made before Read more

Posted on April 10, 2017 by Cooney Carey


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