August tax news: Revenue calculation of 2014 tax liability

Revenue’s calculation of tax liability for 2014
You may have received a letter from Revenue recently to remind you that Revenue will calculate the tax liabilities due if the paper Form 11 for 2014 is filed on or before 31 August.
If you or your clients are an early filer, that is file your paper Form 11 on or before 31 August, Revenue will complete the self-assessment panel of the Form 11. If you file after this date you must complete the self-assessment panel and file by 31 October. The extended filing and payment date of 12 November 2015 applies if you file and make payment of the relevant tax using Revenue Online Service (ROS).

PAYE taxpayers
Revenue has released revised PAYE mandates which are important for any of your PAYE clients.  The revised PAYE mandates and the Revenue Tax & Duty Manual include details on;
  • Requirements for the retention of documents,
  • The provision of a client’s personal e-mail address when using PAYE Anytime,
  • The use of electronic signatures, and
  • The nature of supporting documentation required to verify taxable sources of income.
New conditions for agricultural relief
New FAQs dealing with the changes to Capital Acquisitions Tax (CAT) Agricultural Relief by Finance Act 2014 have been published by Revenue. The FAQS cover several practical queries raised on the changes such as;
  • What constitutes 50% normal working time
  • If the individual has off farm working employment do they satisfy the normal working time test
  • Records Revenue are likely to seek in the case of an audit
  • Factors relevant for claiming relief in respect of forestry land
  • Will it be necessary to monitor the use of the land by a lessee
  • Clawback of the relief where the lease is terminated
For more on the changes to the relief and an overview of the Revenue guidance read Mark’s recently published article in Chartered Accountants Ireland tax.point journal.
Are you using MyEnquiries?
The MyEnquiries facility, which replaced secure email, now allows Revenue to initiate contact with registered users.  Also, you can export all interactions relating to a particular enquiry thread into a PDF document and save this document to your computer.  Further developments are scheduled for September and it is expected that the facility will be accessible via ROS and for PAYE taxpayers via MyAccount.
Online tax clearance certs
If you are making an application for tax clearance from 1 January 2016, you will have to use the new electronic Tax Clearance facility (eTC).  A transitional period to 31 March 2016will apply for tax clearances issued in the third quarter of this year.
Finance (Tax Appeals) Bill 2015
The Finance (Tax Appeals) Bill 2015 provides for the establishment of a new body called the Tax Appeals Commission and reform of the appeals process.  The Bill and explanatory notes are available on the Oireachtas website.

Scam emails
Another round of scam emails issued in recent weeks.  You may have received such an email which appears to come from Revenue and seeks personal information in connection with a tax refund or seeking credit/debit card details.  If so, you should delete this email.

Revenue documents
The above mentioned guidelines and documents are available on the Revenue website.
Succession planning 
Mark spoke at the ACCA Athlone Network breakfast briefing last month on updates to tax reliefs for succession planning. If you would like a copy of the presentation please contact us.
New conditions for agricultural relief 
Mark wrote in the Chartered Accountants Ireland monthly tax journal tax.point on the changes made to agricultural relief and recent Revenue guidance on this relief.  Read Mark’s article.