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Asset management Asset management of the futureIn today’s global asset management landscape, there is an almost constant onslaught of change and complexity. To combat such complex change, asset managers need a consolidated approach. Read our publication and find out more about what you can achieve by choosing to work with us.
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Internal Audit Maintaining Compliance with New EU Pension Directive IORP IIOn 28 April 2021, the Irish Government transposed IORP II (Institution for Occupational Retirement Provision), an EU directive on the activities and supervision of pension schemes, into law.
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Risk, Compliance and Professional Standards FRED 82 – Periodic Updates to FRS 100 – 105The concept of a new suite of standards for the UK and Ireland, aligning with international financial reporting standards, was first conceived in 2002
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Audit and Assurance Auditor transition: how to achieve a smooth changeoverAppointing new auditors may seem like a daunting task that will be disruptive to your business and a drain on the finance function. Nevertheless, there are a multitude of reasons to consider a change, including simply seeking a ‘fresh look’ at the business.
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The Employment Wage Subsidy Scheme (EWSS) provides income support to eligible employers, with respect to employees on their payroll, where the business activities have been negatively impacted by the COVID-19 pandemic. The EWSS is scheduled to continue in operation until 31 March 2021. Under the Government’s ‘Resilience and Recovery 2021 – the Path Ahead (23 February 2021)’ the scheme is extended until 30 June 2021. Two key updates to the EWSS have been introduced for 2021.
1. New eligibility criteria to claim EWSS from 1 January 2021
An employer’s eligibility to make an EWSS claim from 1 January 2021 will be based on demonstrating that due to COVID-19, at least a 30% reduction in their business turnover / customer orders will occur in the period from 1 January 2021 to 30 June 2021 by reference to the period from 1 January 2019 to 30 June 2019. [Note: Childcare businesses registered in accordance with Section 58C of the Child Care Act 1991, are not required to meet the reduction in turnover or customer orders test].
Where the business did not exist for the first six months of 2019, the benchmarked periods to determine eligibility depend on when the business operations began:
- Where the business began on or before 1 May 2019
The 30% decline in turnover or customer orders, due to COVID-19, must be determined in 2021 by reference to the same period in 2019 in which the business was operating.
For example, if the business started on 1 March 2019, then the business must be able to show that there has been a 30% decline in the period from 1 March 2021 to 30 June 2021 when compared to 1 March 2019 to 30 June 2019, due to COVID-19.
- Where the business began after 1 May 2019
The employer must analyse projected/actual turnover or customer orders from 1 January 2021 to 30 June 2021 and compare this to the projected turnover for the same period (i.e. January to June 2021) on the basis COVID-19 had not occurred.
Employers are still required to undertake a review on the last day of every month to ensure they continue to meet the eligibility criteria.
2 Extension of existing EWSS subsidy rates until 31 March 2021
The Minister for Finance, Paschal Donohoe, confirmed that the existing Employment Wage Subsidy Scheme (EWSS) rates will be extended until 31 March 2021. The EWSS subsidy rates which will prevail until 31 March 2021 are:
Under the Government’s ‘Resilience and Recovery 2021 – the Path Ahead (23 February 2021)’ the scheme is extended until 30 June 2021.
Contact
Please contact your Grant Thornton adviser should you wish to discuss the above or any aspect of the Employment Wage Subsidy Scheme.