June tax news: 2014 tax return filing deadline
2014 Tax Return Filing Deadline
The Revenue Online Service “ROS” filing deadline for 2014 income tax returns is Thursday 12 November 2015. If you are filing 2014 tax returns on behalf of clients, or your own tax return, you can avail of the extended deadline if you file the return and make the appropriate payment through ROS for preliminary tax for 2015, and balance of income tax due for 2014.
If you or your client received gifts or inheritances with valuation dates in the year ended 31 August 2015 and make a CAT return and the appropriate payment through ROS, the due date is also extended to Thursday, 12 November 2015.
It is important to note that you must both pay and file through ROS to qualify for the extended deadline; otherwise the deadline is 31 October 2015.
For taxpayers not subject to mandatory eFiling, if you wish for Revenue to complete the self-assessment panel, the paper tax return is due before 31 August.
New Irish GAAP — Transitional Measures and Arrangements
A new Tax and Duty Manual which outlines the changes by Finance Act 2014, which amended the definition of “relevant accounting standards” in Schedule 17A TCA 1997, was published by Revenue recently. Schedule 17A provides transitional rules for tax purposes which apply when a company moves from one accounting standard to another. The amended definition of “relevant accounting standards” is relevant for companies that are transitioning to “New Irish GAAP” — Financial Reporting Standard FRS 101, 102 and 103.
‘MyEnquiries’ to replace secure email facility
Revenue issued emails in the last few weeks to advise that their secure email facility is being replaced by a new facility called ‘MyEnquiries. The secure email facility will move to MyEnquiries on 15 June. The existing secure email facility will cease on 13 June. If you are an existing user of secure email Revenue says that you will be transferred to the new MyEnquiries and can access the facility with your same username and password. Any new users will be directed to register for MyEnquiries. If you need to retain any Revenue replies received via secure email, the advice from Revenue is to save these emails to another location. Revenue state that they will allow users access these historic emails for a limited period after the changeover to MyEnquiries.
Personal Fund Threshold applications
The closing date for making Personal Fund Threshold (PFT) applications is 2 July 2015. PFT applications must be made electronically via ROS or PAYE anytime. The electronic system will not be available after 2 July 2015.
Living City Initiative is now live
The Living City Initiative was launched last month. The incentive focuses on the regeneration of the historic centres of six cities, Cork, Dublin, Galway, Kilkenny, Limerick and Waterford.
The scheme provides for tax relief for qualifying expenditure incurred on both residential and certain commercial refurbishment and conversion work carried out during the qualifying period, 5 years from the commencement of the initiative.
Revenue has published an information leaflet on the scheme which may be helpful if you are advising clients or considering applying for tax relief under the scheme.