April tax news: Form CT1, Form 46G and Form 11
Form CT1 now available
The Form CT1 for accounting periods ending in 2015 and a new version of the form for accounting periods ending in 2014 were released by Revenue last month. The “Extracts from Accounts” section of the form is changed to include fields for iXBRL filing requirements.
2014 income tax return and guide
If you are preparing 2014 income tax returns you may be interested in Revenue’s guide to the 2014 Form 11 tax return published recently. If you or a client are subject to mandatory e-Filing you must use ROS to pay and file.
Guidance on DIRT refunds for First Time Buyers
Guidance was published by Revenue on the relief available for first-time buyers who purchase a property to live in as their home or who self-build a home to live in between 14 October 2014 and 31 December 2017. To claim the relief the property must be registered for LPT and the homeowner must use the LPT online system to submit their claim.
Form 46G for accounting periods ending in 2015
The ROS online and ROS offline Form 46G (Company) are available. An updated version of the 46G Return Tool (spreadsheet), which can be used as an alternative to the ROS form, is expected shortly. In the meantime the existing spreadsheet can be used. The spreadsheet and instructions may be requested from firstname.lastname@example.org.
Qualifying avoidance disclosures
Your clients may be interested in the facility to make a “qualifying avoidance disclosure” to Revenue and avail of reduced sanctions if any arrangement is subject to the General Anti Avoidance Rule. The deadline is 30th June.
The qualifying avoidance disclosure form, Form QAD1, and the continuation Form QAD2, if required, should be submitted to the Revenue’s Qualifying Avoidance Disclosure Unit together with payment of any relevant tax and interest due.
Tax clearance certificates
Revenue published an updated list of contact details in the Revenue Districts for tax clearance certificates.
A new electronic Tax Clearance (eTC) is expected to be introduced from 1 January 2016 and therefore Tax Clearance Certificates which issued from the 1 April 2015 will have an expiry date of the 31 December 2015.
Mandatory iXBRL filing
Revenue have implemented transitional arrangements in respect of the phase 2 “Balance Sheet Total” criterion for mandatory iXBRL filing.
The iXBRL filing requirements for companies in Liquidation is also clarified – an iXBRL return need not be filed in such cases and the extracts from accounts should be fully completed instead. However, Revenue may request that an iXBRL return is filed in specific cases.
MOSS on YouTube
If you want to learn about the VAT Mini One Stop Shop, Revenue has released videos on their YouTube channel.
Spring Economic Statement
The Government Spring Economic Statement is due next Tuesday 28 April at 2pm. There may be some tax announcements in advance of Budget 2016 worthy of note.