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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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Employment Wage Subsidy Scheme (EWSS)
A reduction in the wage subsidy rates paid to eligible employers where their business activities have been negatively impacted by the COVID-19 pandemic was planned however, given the newly announced restrictions, the enhanced rates will continue to apply, as follows:
A reduced rate of employers’ PRSI (0.5%) will apply in respect of employees for whom a subsidy is payable up to 28 February 2022 and thereafter, the normal employer PRSI rates will apply.
Employer 2022 EWSS Re-Entry Criteria
Those employers who qualified for EWSS as at 31 December 2021 may continue to receive support up to 30 April 2022. It was intended that the scheme would close to new entrants from 31 December 2021 however, businesses that previously registered and received EWSS payments may re-enter the scheme where they meet the qualifying conditions i.e. as a result of a disruption to normal operations caused by Covid-19 they expect the following reduction in turnover:
To re-enter the scheme, the employer should complete the application template in Revenue Guidance on re-entry of certain employers and submit to Revenue via MyEnquiries before 15 January 2022. If re-entry is accepted, EWSS eligibility will be effective from 1 January 2022.
An eligibility review must then be undertaken by the employer as at 31 January 2022 to consider the impact of actual January 2022 results in the turnover reduction test.
Employer Review Form (ERF) - December 2021 Forecast Adjustments
Given the public health restrictions announced during December 2021, Revenue note that when preparing the ERF as at 30 November 2021 that the December 2021 turnover forecast may not reflect the effect of the new restrictions on the business' turnover. This may have rendered the business ineligible for EWSS supports with effect from 1 December 2021. Revenue are prepared to allow an adjustment to the submitted December 2021 turnover forecasts as at 30 November 2021 taking account of the restrictions, if relevant.
Where the adjustment then renders the employer eligible for EWSS for paydates after 1 December 2021, the December payroll submissions may be amended to include an EWSS claim.
The employer should contact Revenue via MyEnquiries before 15 January 2022 requesting an amendment of the submitted ERF in these circumstances.
Covid Restriction Support Scheme (CRSS)
CRSS provides an Advanced Credit for Trading Expenses (ACTE) to eligible business that have been significantly restricted from trading. Given the public health restrictions announced on Friday, 17 December 2021 which applies to the hospitality and indoor entertainment sector, CRSS supports will be made available to those eligible businesses.
Furthermore, the turnover reduction criteria will be increased from no more than 25% of 2019 turnover to 40% and new businesses established between 13 October 2020 and 26 July 2021, who were previously excluded, will be eligible to apply.
Debt Warehousing Scheme (DWH)
An extension of the Debt Warehousing scheme will also now facilitate those eligible for the scheme to warehouse or ‘park’ certain tax liabilities (e.g. PAYE, VAT) arising in in the period from 1 January to 31 March 2022 (previously the cut-off was 31 December 2021).
As a result, the interest free period will now run from 1 April 2022 to 31 March 2023.
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Please contact your Grant Thornton advisor should you wish to discuss the above.