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Roberts Nathan News

  Business Advice

RN Podcast: 2021 – What is in store for the Irish tax landscape in the year ahead

Vivian Nathan, Managing Partner, welcomes Brendan Murphy, Tax Partner, to Roberts Nathan. Brendan joined the firm at the beginning of 2021 to continue the firms expansion and our commitment to providing our clients with dedicated specialist within specific sectors. On this podcast, Viv and Brendan discuss the opportunities Brendan sees for businesses from a tax perspective in the year ahead and what will be the key areas of focus for tax advisors. They also look at the impact to date of Brexit and how this will continue to effect trading between Ireland and the UK. Finally they will look at the cost Covid-19 is having on the Irish economy and what the future Irish tax landscape may look like.
We hope you enjoy listening to our podcast and if you have any questions regarding any of the points raised please let us know.
 
April 19, 2021
  Brexit

Cash flow benefit for companies importing stock from outside the EU (including UK/EU trade).

As a result of Brexit and the UK becoming a third country, postponed accounting for VAT can now be applied to all non-EU imports of goods for resale since 1 January 2021.  This treatment is now available to all VAT registered traders and applies to imports from all non-EU countries and not just the UK. Trading businesses who historically have had to pay VAT at point of entry for stock arriving from outside the EU can now save the cash flow of the VAT that would have applied on the landing of this stock (23%). This scheme benefits all traders in that:
  • provides for postponed accounting for VAT on imports from non-EU countries
  • enables you to account for import VAT on your VAT return
  • allows you to reclaim VAT at the same time as it is declared in a return. This is subject to normal rules on deductibility.
The Revenue Commissioners may exclude traders who do not fulfil certain conditions and requirements from using this scheme which will include compliance with tax and customs law. A business may also be required to satisfy Revenue of the viability of their business operations and their capacity to pay their VAT liabilities. To use postponed accounting, an importer should enter a code on the import declaration. This code will allow the VAT on import liability to be accounted for by the importer in their VAT Return. The VAT Return will contain new boxes (fields) to capture this information. Talk to us on your requirements in this area and how we can assist your business. We have advised a number of clients who are now saving on their working capital funding requirements and in particular on trade in goods between UK and Ireland.
April 13, 2021
  Uncategorized

Aidan Scollard appointed as Chair of BITA

Congratulations to Aidan Scollard, Partner with Roberts Nathan on his appointment as Chair of the Dublin Chapter of the British and Irish Trading Alliance (BITA). The British and Irish Trading Alliance is an exciting non-profit networking organisation with a vibrant community of businesses that are invested in each other's success. BITA host networking, educational and social events online and in venues across all chapters in the UK and Ireland, and have a Global Forum which includes the USA and Australia. Their mission is to help more people and influence further; as a collective. Commenting on his appointment, Aidan Scollard said: “I am delighted to be involved in BITA at an especially important point in time in the UK / Ireland business relationship. As I have actively been involved in assisting Irish and UK companies expand in each other’s jurisdiction for a number of years I am pleased to be appointed and help to drive this continued interaction of business owners and to grow the alliance.
April 12, 2021
  Business Advice

UK Businesses – Do you have the correct Irish VAT number?

Check your VAT number VIES VAT number validation
No, invalid VAT number for cross border transactions within the EU
Since June 2019, companies registering for VAT have had to specify whether they wish for a “domestic only” or “intra-EU” VAT registration. The domestic only registration has helped speed up registration process for business seeking to register for VAT however, we have seen a number of instances where businesses are unaware of the need to include an intra-EU registration within their application. In particular we have noted many UK businesses applying for Irish VAT numbers on the basis of being a non-resident company with operations in Ireland and obtaining an IE VAT reg.  If the company is importing goods into Ireland for domestic only supply, then the domestic VAT registration is sufficient and they are charged Irish VAT at the point of importation of the goods into the EU.  Thus the domestic VAT registration applies only if the company is importing goods into Ireland, storing and distributing them here and not further distributing outside of Ireland. However if your company is looking to use Ireland as a new trading base in dealing with EU customers this will not be an effective VAT number for EU wide trading. So check your VAT number.  If you get the above message on the VIES system then it is only a domestic VAT registration. This will cause issues if you are bringing goods into Ireland and then intending to export them to another EU country as you will need to apply for an intra-EU VAT number.  It will be the exact same number but will need to be validated as otherwise your customers will get the above notice when the VAT number is checked for EU trading.  This causes an issue for your EU customers as you will not have issued a valid VAT invoice. We have helped a number of clients with this by amending their VAT registration and getting the option for intra-EU VAT registration. This requires additional information for Revenue which we can assist with. If you would like to explore further options around your business, please contact Brendan Murphy who would be very pleased to assist you. Brendan Murphy:
brendan.murphy@robertsnathan.com
March 31, 2021
  Business Advice

Revenue Update – Debt warehousing and Covid-19 supports

Last week Revenue began to write to taxpayers who are availing of debt warehousing and other Covid-19 supports. In relation to debt warehousing, Revenue are reiterating the need for all returns to be filed on time, even where warehousing is being availed of on payment. Any taxpayer availing of debt warehousing but does not have all tax filings up to date will be reminded to do so immediately or lose their entitlement to avail of the Debt Warehousing Scheme. Any returns outstanding will be brought to the taxpayers attention in the Revenue latest correspondence. For taxpayers availing of both Debt Warehousing and either the Employment Wage Subsidy Scheme or the Covid-19 Restrictions Support Scheme, they will be advised to bring any outstanding returns up to date within 21 days or their tax clearance will be rescinded and they will no longer be eligible for any of the support schemes. Revenue have also began a second stage of TWSS reconciliation, seeing employers who have availed of the scheme receiving a detailed reconciliation through ROS. Employers have until the end of June 2021 to review the information contained in the reconciliation by Revenue and accept, appeal or make any required adjustments to their claim by this date. It is also worth noting for taxpayers who are not availing of debt warehousing but do have tax liabilities outstanding that Revenue will seek to enforce debt collection of outstanding liabilities over the coming weeks as highlighted in a press release earlier this month. Finally, late filing surcharges for corporation tax returns had been suspended from March 2020, however Revenue have now confirmed that for corporation tax returns due between 23 March 2020 and 23 June 2021 (i.e. accounting periods ended between 30 June 2019 and 30 September 2020), will need to be filed by 30 June 2021. Corporation tax returns (including iXBRL financial statements if required) will be required to be filed on time from this period on to avoid late surcharges. If you would like to explore further options around your business, please contact Brendan Murphy who would be very pleased to assist you. Brendan Murphy: brendan.murphy@robertsnathan.com
March 30, 2021
  Uncategorized

Overcoming Brexit; Case Studies on Overcoming Difficulties

In recent months we have been delighted to continue to help a number of UK businesses across various industries who approached us to assist them in dealing with the harsh realities Brexit has brought them. Below are three separate case studies of how we have helped.   Brexit Case Study 1: UK Based Food Processing Business Supplying High-Quality Goods to High Street Retailers. We provided assistance, including commercial and tax planning advice to a UK food manufacturer, who recently established a subsidiary company in Ireland. This enabled that company to continue trading with its EU customers in a straight forward and frictionless way. The Irish subsidiary company now handles all of the EU export business which had previously been operated by the UK parent company prior to Brexit on the 31st December 2020. As of January 2021, the manufacturer of goods for export to the EU was transferred to an outsourced food production facility in Ireland. A significant increase in jobs is now anticipated at that food processing facility because of this. This restructuring of the trading activities of the British company has helped to ensure that their existing EU market was held intact. The company believes that the Irish-based subsidiary, as an EU business entity in its own right, will enable the continued growth of the group's EU market. They strongly contend that future sales growth in Europe will be easier to achieve in this way, rather than through its UK-based marketing activities alone. The advice and guidance we were able to provide our new client, played a significant role in helping this UK company to evolve in a manner that enabled it to avoid the difficulties presented by Brexit.   Brexit Case Study 2: UK Based Fashion Exporter Supplying High Street Fashion Retails In Ireland and in Europe Up to recently, a UK wholesaler of high-end fashion clothing sourced all of their clothing products from outside the EU. Following Brexit, a difficulty arose regarding import duties because the country of origin of the goods is China. On this basis, import duty is applied on the export of such fashion goods from the UK company to its existing EU customers. The company found itself in a very difficult situation as it would have been forced to absorb the additional duty as part of its costs, giving rise to a significant reduction in the profit margin of the EU sales. In order to overcome this issue, the UK company established a subsidiary company in Ireland which instead, from February 2021, imports the goods from China into Ireland and in turn exports them to the existing EU customer base. We were very pleased to provide assistance to this client in terms of the commercial and taxation issues relating to the restructuring of the UK company's activities following the negative impact of Brexit.   Brexit Case Study 3: UK-based Supplier of Machinery Parts and Equipment to Municipal Entities in Europe. A UK-based equipment and parts supply company derived a high proportion of its revenues from its European customer base.  The goods it supplied were all sourced from within the EU as well. Prior to Brexit, the company was in a position to avail of Triangulation for VAT purposes, this is a simplified VAT mechanism available to EU member states where all three EU businesses involved in a transaction are VAT registered. Following Brexit, the UK company failed to qualify for the benefits of triangulation, giving rise to significant VAT difficulties. We were very pleased to of been of assistance to the company by providing them advice that allowed them to circumvent the problems they were faced with.   If you would like to explore further options around your business, please contact Peter Roberts or Tomas O’Leary who would be very pleased to assist you. Peter Roberts: peter.roberts@robertsnathan.com or Tomas O’Leary: tomas.oleary@robertsnathan.com Tel: +353214217940
February 19, 2021
  Brexit

Is Brexit Having a Damaging Impact on your Profit Margin? – Solutions Considered

As an Irish based accountancy and business advisory firm, Roberts Nathan assists frustrated UK and Irish business owners who are confused, worried, and uncertain where to turn to in a bid to maintain their turnover and profitability following Brexit.   Main Challenges of Brexit Companies in the UK have been approaching us to help them find a way forward when they experience one or all of the following challenges:
  • Extra Brexit-related charges for exporting into the EU means your profit margins are eroded and now it’s far less viable to continue to trade in the EU.
  • Your customers in Europe are being asked by couriers to pay VAT upfront on the goods being shipped to them, resulting in those customers becoming disgruntled and ultimately sourcing the same product elsewhere.
  • Delays at ports which means your customers are not getting their goods on time when needed.
  • More forms and paperwork resulting in more admin and headaches. Many businesses had to hire more staff to handle the extra admin - meaning more costs.
  Options Available to Overcome the Challenges Faced with the above challenges, our UK clients are left with only three options:   1. Continue to export goods to the EU as before Brexit Bite the bullet and pay the VAT and other charges yourself - instead of your customer paying these. For many, this isn't financially viable as profit margins will be eroded significantly.   Or   2. Stop exporting to the EU altogether The majority of clients have told us that without ongoing access to the EU markets, as has been the case for many decades, their businesses will be compromised and face the risk of closure.   Or   3. There is a final option - a solution which we recommend to many of our UK clients. We can set up and register your business here in Ireland through a subsidiary company, wholly owned by its UK parent. In circumstances where products are imported from outside the EU, goods can be shipped from Ireland to your EU customers, helping you to avoid various Brexit related charges. Your customers will receive their goods on time. We can assist you in dealing with the VAT matters arising in Ireland. This solution will allow you to keep running your business at the required profit margin you need while avoiding the Brexit challenges faced above.   If you would like to explore this valuable solution further, please contact Peter Roberts or Tomas O’Leary, who would be very pleased to assist you in considering this worthwhile option.   Please contact:   Peter Roberts:
peter.roberts@robertsnathan.com Tel: +353214217940 Or Tomas O’Leary: tomas.oleary@robertsnathan.com Tel: +353214217940
February 2, 2021