TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Accounts Menus and Facsimile Returns

ICAI has been in discussions with Revenue regarding the removal of the €20m turnover threshold for accounts menus and the withdrawal of facsimile returns usage. We now understand that Revenue is to introduce some helpful extensions and phasing in measures for the new filing regime, including a seven month extension to its introduction.

Accounts Menus

Removal of €20m turnover threshold is to apply for accounting periods ending after 31 July 2007. Previously Revenue had announced that the menus would be mandatory for accounting periods ending on or after 1 January 2007. This extension will allow extra time for accountants and clients to deal with systems issues.

For companies with a turnover of greater than €20m, it will only be mandatory to complete five items in the accounts menus (six, if business activity is in the construction industry) – previously the accounts menus would have to have been completed in their entirety.

  • Sales/Receipts/Turnover
  • Gross Trading Profit
  • Profit/Loss on Ordinary Activities Before Tax
  • Shareholders Funds
  • Wages/Salaries
  • Subcontractors (Construction Industry)

These required items will not change from year to year without prior consultation taking place.

Facsimile Returns

Similarly, we gather that facsimile returns may remain acceptable for accounting periods ending on or before 31 July 2007 where there is good reason for so doing – previously their use was to be completely eliminated for accounting periods ending on or after 1 January 2007. Discussions with Revenue are ongoing on agreeing a facsimile recognition process for filings; perhaps that facsimile returns agreed for 2006 period ends could still be used for 2007 period ends up to 31 July.

We hope that these outcomes from our discussions with Revenue will ease the transition process for ICAI members. We welcome that Revenue have recognised the difficulties involved in the transition.