Budget 2018

Income tax

The standard rate income tax band for all earners is increasing by €750. This means, for example, an increase from €33,800 to €34,550 for single individuals and from €42,800 to €43,550 for married one earner couples.

The Home Carer Tax Credit will increase from €1,100 to €1,200.

The Earned Income Credit will increase from €950 to €1,150. This is relevant for taxpayers earning self-employed trading or professional income in certain cases and for business owner/managers who are ineligible for a PAYE credit on their salary income.

Mortgage interest relief is being extended for remaining recipients (owner occupiers who took out qualifying mortgages between 2004 and 2012) on a tapered basis. 75% of the existing 2017 relief will be continued into 2018, 50% into 2019 and 25% into 2020. The relief will cease entirely from 2021.

Universal Social Charge (USC)

Incomes of €13,000 or less will continue to be exempt from USC in 2018. Once your income is over this limit, you will pay the relevant rate of USC on all of your income as follows:

  • €0 to €12,012 @ 0.5%
  • €12,012 to €19,372 @ 2%
  • €19,372 to €70,044 @ 4.75%
  • €70,044+ @ 8%

Medical card holders and individuals aged 70 years and older whose aggregate income does not exceed €60,000 will now pay a maximum USC rate of 2%.

Excise Duties

Tobacco Products Tax

The excise duty on a packet of 20 cigarettes is being increased by 50 cents (including VAT) with a pro-rata increase on the other tobacco products, and an additional 25c on roll your own tobacco. This will take effect from midnight on 10 October 2017.

Sugar Tax

A tax on sugar sweetened drinks is to be introduced on 1 April 2018. The tax will apply to sugar sweetened drinks with a sugar content between 5 grams and 8 grams per 100ml at a rate of 20c per litre. A second rate will apply for drinks with a sugar content of 8 grams or above at 30c per litre.

Benefit in Kind on Electric Vehicles

A 0% benefit-in-kind (BIK) rate is being introduced for electric vehicles for a period of 1 year. This will allow for a comprehensive review of benefit in kind on vehicles which will inform decisions for the next Budget. Electricity used in the workplace for charging vehicles will also be exempt from benefit-in-kind.

Key Employee Engagement Programme (KEEP)

An incentive is being introduced to facilitate the use of share-based remuneration by small and medium-sized enterprises (SMEs) to attract key employees. Gains arising to employees on the exercise of KEEP share options will be liable to Capital Gains Tax on disposal of the shares, in place of the current liability to income tax, Universal Social Charge (USC) and Pay Related Social Insurance (PRSI) on exercise. This incentive will be available for qualifying share options granted between 1 January 2018 and 31 December 2023.

Earned Income Tax Credit

The Earned Income Tax Credit will increase from €950 to €1,150. This is relevant for taxpayers earning self-employed trading or professional income in certain cases and for business owner/managers who are ineligible for a Pay As You Earn (PAYE) credit on their salary income.

Stamp Duty

The rate of Stamp Duty on non-residential property increased from 2% to 6% from midnight on 10 October 2017.

A new scheme is being introduced to refund stamp duty on property transactions in respect of commercial land bought for the development of housing. To avail of the refund scheme, developers will have to start the relevant development within 30 months of buying the land.

Consanguinity stamp duty relief for family farm transfers is being maintained at 1% for a further 3 years.

The exemption for young trained farmers from stamp duty on agricultural land transactions continues.

Home Renovation Incentive – for Landlords

Home Renovation Incentive (HRI) Scheme, which will run from 25 October 2013 to 31 December 2016 for Homeowners and from 15 October 2014 to 31 December 2016 for Landlords, provides for tax relief by way of an Income Tax credit at 13.5% of qualifying expenditure on repair, renovation or improvement works carried out on a main home or rental property by qualifying Contractors.

Qualifying expenditure is expenditure subject to the 13.5% VAT rate.

The works must cost a minimum of €4,405 (before VAT) per property, which will attract a credit of €595 per property. Where the cost of the works exceeds €30,000 (before VAT) per property, a maximum credit of €4,050 per property will apply.

The credit is payable over the two years following the year in which the work is carried out and paid for. The first year for HRI tax credits is 2015 for Homeowners and 2016 for Landlords

For more information contact OMB, Chartered Accountants.

Consolidated Solicitors Accounts Regulations

Consolidated solicitors accounts regulations came into force on 1 December 2014. There are no fundamental changes to the existing regulations.

On 7 November 2014 the Council of the Law Society approved the Solicitors Accounts Regulations 2014. The regulations come into operation on the 1 December 2014. Previously, regulations relating to solicitors’ accounting records were set out in the following five statutory instruments:

  • Solicitors Accounts Regulations 2001
  • Solicitors (Interest on Clients’ Moneys) Regulations 2004
  • Solicitor Accounts (Amendment) Regulations 2005
  • Solicitors Accounts (Amendment) Regulations 2006
  • Solicitors Accounts (Amendment) Regulations 2013

The Law Society has introduced one statutory instrument to deal with all the solicitors’ accounts regulations. There are no fundamental changes to provisions of the existing solicitor’s accounts regulations.

    • Definitions – Some additional definitions and amendments to existing definitions have been introduced to include the definition of “matter”,” client ledger account”, “controlled trust ledger account”, “deposit account”, “non-controlled trust ledger account”, “insolvency arrangement ledger account”, “office account” and “office side of the client ledger account”.

    • Personal Insolvency Act 2012 – Where there is a conflict in the terms of the provisions of the Personal Insolvency Act and the Solicitors Accounts Regulations, the Personal Insolvency Act 2012 takes precedence.

    • Interest on client moneys – The regulations on interest on client moneys are now contained as one regulation within the Solicitors Accounts Regulations 2014. The regulation has been re-drafted. There is no change to solicitors’ obligations in relation to interest on client moneys.

    • Balancing statements – The regulations have been changed to require solicitors to include information in relation to control trusts and insolvency arrangement accounts in the balancing statements that they are required to prepare.

    • Controlled & Non-Controlled trusts – It is a breach of the regulations for a debit balance to arise on a controlled trust ledger account and for a solicitor to discharge personal or office expenditure from a controlled trust account.

    • Insolvency arrangements – It is a breach of the regulations for a debit balance to arise on an insolvency arrangement ledger account and for a solicitor to discharge personal or office expenditure from an insolvency arrangement account.
      • Solicitors are specifically required to maintain a record of lodgements to insolvency arrangement accounts. The bank account register must include a record of all insolvency arrangement accounts. Solicitors are also required to obtain returned paid cheques and copies of bank drafts in relation to insolvency arrangement accounts.

    • Reporting accountants – All reporting accountants must be approved by the Law Society.
      • The reporting accountant is required to check the extraction of balances on controlled trust ledger accounts and insolvency arrangement ledger accounts.
      • The layout of the reporting accountant’s report has been amended to specifically require information in relation to controlled trusts and insolvency arrangements.
      • With regard to interest on client moneys, a provision under the Solicitors (Interest on Clients’ Moneys) Regulations 2004 under which the reporting accountants were not required to carry out examinations as to whether a solicitor had complied with those regulations is excluded.
      • The reporting accountant is not required to extend his or her examination to enquiries concerning the solicitor’s compliance with the provisions of the Personal Insolvency Act 2012 and the Personal Insolvency Act 2012 (Accounts and Related Matters) Regulations 2013.

    • Transitional arrangements – The Solicitors Accounts Regulations 2001 to 2013 remain in full force in respect of any accounting period that has commenced before 1 December 2014 until such time as the solicitor has duly complied with those regulations as regards the furnishing to the Law Society of a reporting accountant’s report for such accounting period.

OMB, Chartered Accountants specialise in assisting Solicitor practices in implementing practical steps and adhering to structured checklists to ensure compliance with all aspects of the Solicitors Accounts Regulations 2014. This can be done on a continuing basis for existing clients or as a one off assignment for non-clients.

Employees’ Subsistence Expenses

Introduction

In practice, two scenarios will generally arise –

  1. the employer does not reimburse an employee in respect of the cost of the business journey; or
  2. the employer reimburses an employee in respect of the cost of the business journey.

As regards (a), an employee may claim a tax deduction in respect of travel expenses necessarily incurred in performing the duties of his/her employment by submitting a claim to his/her Revenue office. Claims for these expenses should be made after the 31st of December of the year in which they were incurred. Please contact CAG Chartered Accountants for further details.

As regards (b), this leaflet sets out the circumstances under which such reimbursement may be made free of tax.

Normal place of work

The “normal place of work” is the place where the employee normally performs the duties of his/her employment. In most cases, this should not give rise to difficulty.

The employer’s business premises will be regarded as the normal place of work for an employee where:

  • travel is an integral part of the job involving daily appointments with customers; or
  • the duties of the employment are performed at the various premises of the employer’s customers but substantive duties are also performed at the employer’s business premises.

An employee’s home would not be regarded as the normal place of work unless there is an objective requirement that the duties of the office or employment must be performed at home. It is not sufficient for an employee merely to carry out some of the duties at home.

Usually, the employer will provide the facilities necessary for the work to be performed at the business premises. Even where an employee has to do some work at home or to keep some equipment at home, the place where he/she resides is a matter of personal choice and it would not be regarded as a place of work.

Business Journeys

A business journey is one in which an employee travels from one place of work to another place of work in the performance of the duties of his/her employment but will generally involve a temporary absence from the normal place of work.

Journeys between an employee’s home and place of work (and vice versa) are not business journeys and any reimbursement of motoring expenses (including taxi fares) in respect of the cost of such journeys is taxable.

Travel between Ireland and Overseas

Where an individual employed in the State is obliged to travel to a foreign location to temporarily perform the duties of his/her employment there, both the outward and the return journey home may be regarded as a business journey.

Business Travel involving travel directly to/from home

Where an employee proceeds on a business journey directly from home to a temporary place of work (rather than commencing that business journey from his/her normal place of work) or returns home directly, the business kilometres should be calculated by reference to the lesser of –

  • the distance between home and the temporary place of work; or
  • the distance between the normal place of work and the temporary place of work.

Reimbursement of travel expenses

Where employees use their private cars, motorcycles or bicycles for business purposes, and the employees incur the total cost of such usage (e.g. insurance, tax, running costs, etc.), then the reimbursement in respect of the cost of business use can be made free of tax by the employer by reference to either –

  • flat-rate kilometric allowances (see A below); or
  • actual costs incurred (see B below).

(A) Reimbursement by way of Flat-Rate kilometric allowances

Kilometric allowances are calculated using a standard costs system to determine the motoring/bicycle expenses which may be paid free of tax by employers in respect of travel expenses incurred by employees on allowable business journeys. The system applies where the car, motorcycle or bicycle is owned by the employee and all motoring/bicycle expenses are met by the employee.

There are two types of flat-rate allowance schemes which are acceptable for tax purposes. In both cases, a satisfactory recording and internal control system must be operated by the employer – see paragraph headed “Records to be kept – Audit of Records”.

Scheme 1

  • Where the employee bears the cost of the relevant travelling expenses, this Scheme provides that the reimbursement of such expenses in accordance with the prevailing schedule of Civil Service kilometric rates may be made free of tax.
    The schedule of rates based on the current relevant Civil Service kilometric rates are set out hereunder.

Scheme 2

  • Where the employee bears the cost of the relevant travelling expenses, this Scheme provides that the reimbursement of such expenses in accordance with the schedule of rates, which do not exceed the prevailing schedule of Civil Service rates, may be made free of tax.

Either reimbursement Scheme may be applied without specific Revenue approval.

(B) Reimbursement by reference to actual costs incurred

Where motoring / bicycle expenses are reimbursed by employers to employees on the basis of actual costs incurred, then the amount so reimbursed will generally not exceed the amount which would be payable in respect of the allowable business trips under the prevailing schedule of Civil Service rates.

Where an employee’s actual motoring/bicycle expenses are reimbursed free of tax by an employer, the question of an income tax claim by the employee in respect of those expenses does not arise.

Records to be kept – Audit of Records

As regards the reimbursement of expenses based on an acceptable flat rate allowance the employer must retain a record of all of the following-

  • the name and address of the employee;
  • the date of the journey;
  • the reason for the journey;
  • the distance (km) involved;
  • the starting point, destination and finishing point of the journey; and
  • the basis for the reimbursement of the travel expenses (e.g. temporary absence from an individual’s normal place of work).

As regards the reimbursement of actual expenses vouched by receipts, the employer must retain such receipts, together with details of the travel and subsistence.

The period of retention of records is 6 years after the end of the tax year to which the records refer.

If an employer has doubts about the adequacy of records maintained, the local Revenue office can be consulted.

The Civil Service rates

The Civil Service kilometric rates for cars, motorcycles and bicycles for individuals who are obliged to use their car, motorcycle or bicycle in the performance of the duties of their employment, are as follows:

Rates for Motor cars

Motor cars effective from 5 March 2009
Official Motor Travel in a calendar year Engine Capacity: Up to 1,200 cc Engine Capacity: 1,201 cc to 1,500 cc Engine Capacity: 1,501 cc and over
Up to 6,437km 39.12 cent 46.25 cent 59.07 cent
6,438km and over 21.22 cent 23.62 cent 28.46 cent
Motor cars effective from 1 July 2008 to 4 March 2009
Official Motor Travel in a calendar year Engine Capacity: Up to 1,200 cc Engine Capacity: 1,201 cc to 1,500 cc Engine Capacity: 1,501 cc and over
Up to 6,437km 52.16 cent 61.67 cent 78.76 cent
6,438km and over 28.29 cent 31.49 cent 37.94 cent

Rates for Motorcycles

Motorcycles effective from 5 March 2009
Official Motor Travel in a calendar year Engine Capacity: Up to 150 cc Engine Capacity: 151 cc to 250 cc Engine Capacity: 251 cc to 600 cc 601cc and over
Up to 6,437km 14.48 cent 20.10 cent 23.72 cent 28.59 cent
6,438km and over 9.37 cent 13.31 cent 15.29 cent 17.60 cent
Motorcycles effective from 1 July 2008 to 4 March 2009
Official Motor Travel in a calendar year Engine Capacity: Up to 150 cc Engine Capacity: 151 cc to 250 cc Engine Capacity: 251 cc to 600 cc 601cc and over
Up to 6,437km 19.30 cent 26.80 cent 31.62 cent 38.12 cent
6,438km and over 12.49 cent 17.75 cent 20.39 cent 23.46 cent

Rates for Bicycles

Kilometric Rates for Bicycles
Operative Date Rate per Kilometre
From February 1st 2007 8 cent
Prior to 1st February 2007 4 cent

Rates per Kilometre (1 mile = 1.609 kilometres)

For any more information on this topic, contact OMB, Chartered Accountants

Living City Initiative

Minister for Finance Commences Living City Initiative

We have provided below a quick tax synopsis of the Living Citing Initiative.

The Minister for Finance Michael Noonan T.D, accompanied by the Minister for the Environment, Community and Local Government launched the Living City Initiative on the 05th of May 2015. It applies to “special regeneration areas” (SRAs) in the cities of Cork, Dublin, Galway, Kilkenny, Limerick and Waterford. Details of these SRAs are available on the websites of the respective local authorities.

The purpose of the Living City incentive is to create life back into the center of these cities by providing tax relief for qualifying expenditure incurred on the refurbishment or conversion of certain buildings where conditions are satisfied. The scheme applies to expenditure incurred within 5 years from the date the scheme comes into effect, so the final cut-off date is 4 May 2020.

There are two components to the tax relief namely Residential and Commercial.

Tax relief for residential properties

Owners of buildings built prior to 1915 within the Special Regeneration Areas can claim 100% tax relief on their refurbishment over ten years if they make it their private home. In essence, if the person lives in the property for 10 years, he/she is then entitled to a 10% reduction in their taxable income each year for ten years.

Tax relief for commercial properties

Renovations on buildings within the Special Regeneration Areas for retail and commercial use are also entitled to 100% relief over seven years. The benefit applies by way of capital allowances available as to 15% in years 1 to 6 and 10% in year 7 although there is an overall limit of €200,000. These buildings are not restricted to pre-1915.

The City Council for the above areas will provide assistance to those who wish to make an application under the scheme.

The above is a general commentary on the Living City Initiative.  The tax implications of specific cases will depend on individual circumstances. If you think the above might be relevant for you, specialist advice should be obtained.

OMB, Chartered Accountants has considerable experience in this area and we would be happy to discuss the various issues with you.

Startup Relief for Entrepreneurs (SURE)

Startup Refunds for Entrepreneurs (SURE) is a tax relief incentive scheme.

If you are interested in starting your own company, you may be entitled to an income tax refund of up to 41% of the capital that you invest under SURE. Depending on the size of your investment you may be entitled to a refund of income tax paid over the 6 years prior to year in which you invest.

The following is a basic example of how refunds under SURE are calculated.

John makes a SURE investment of €100,000 in 2015.

The €100,000 investment made by John can be used to reduce his taxable income in one or more of the previous six tax years.

 

John’s Earnings & Tax Paid for the last 6 years [2009 to 2014], per his Forms P60, and current year, per his Form P45, are as follows:
2009 2010 2011 2012 2013 2014 2015
Earnings 80,000 80,000 100,000 75,000 60,000 30,000 30,000
Tax Paid 21,496 21,496 29,532 20,562 14,412 2,700 2,700

 

John opts to utilise his SURE investment of €100,000 in 2011. This reduces John’s taxable income and tax payable for 2011 to Nil and results in a SURE refund of €29,532 calculated as follows:

  • 2011 Earnings: €100,000
  • SURE Investment: €100,000
  • Taxable Income: €Nil

As John paid tax of €29,532 in the 2011 tax year, and has previously not received a full or partial refund of tax paid in the 2011 tax year, he will receive a SURE refund of the full amount of the tax he paid in the 2011 tax year of €29,532.

Retirement Relief – CGT (Capital Gains Tax)

We have provided below a quick synopsis of the recent changes to Retirement Relief in Finance Act 2014.

Capital Gains Tax retirement relief applies normally where a person over the age of 55 years transfers qualifying assets which are part of a trade or a business or held by a family company carrying on a trade or business. This is a substantial relief and depending on the circumstances, you could avoid any Capital Gains Tax liability.

This relief can also apply to farmers in respect of the disposal of land etc. – including land that has been let in certain situations.

This beneficial relief has been amended in Finance Act 2014 to ensure Retirement Relief applies when transferring land to active farmers. For disposals to a child on or after 01 January 2015, land that was previously farmed for a minimum of 10 years and is subsequently let for up to 25 years may now qualify for retirement relief.

 

Since Finance (No2) Act 2013, farmers who let their land for periods less than 5 consecutive years and who eventually dispose of their land to a third party (other than a “child” of the disponer) were not allowed retirement relief. However any disposals made on or after 1 January 2015 by these categories of farmers now have a chance to benefit from CGT retirement relief, provided they fulfill the other conditions of the relief in S598 TCA 1997 and they either:

 

          dispose of their land on or before 31 December 2016, or

          lease their land on or before 31 December 2016 for minimum periods of 5 years (up to a maximum of 25 years) and ultimately dispose of the land.

 

The above is a general commentary on the changes in Finance Act 2014 to the rules of CGT Retirement Relief.  The tax implications of specific cases will depend on individual circumstances. If you think the above might be relevant for you, specialist advice should be obtained.

 

OMB, Chartered Accountants has considerable experience in this area and we would be happy to discuss the various issues with you.

Capital Acquisitions Tax – Business Property Relief

We have provided below a quick synopsis of the recent changes in Finance Act 2014 to Business property Relief.

Under Chapter 2 (sections 90 to 102) of the Capital Acquisitions Tax Consolidation 2003, relief is available on gifts and inheritances of business property, subject to certain conditions, in order to encourage the inter-generational transfer of businesses. The relief reduces the taxable value of certain gifts or inheritances by 90% and this is a substantial benefit for the recipient.  

It is often commercially desirable for shareholders in private trading companies to personally own the land or buildings and other assets used in the business of their company rather than transferring those assets to the company. In these circumstances, business property relief can also apply if immediately before the gift or inheritance, these assets were used wholly or mainly for the purposes of a business carried on by a company controlled by the disponer or by a partnership of which the disponer was then a partner.

This generous relief has been amended in Finance Act 2014 to take account of some difficulties in practice when assets are owned personally but used by a trading company.

In family-run trading companies, spouses or civil partners can each hold 50% of the share capital in the trading company. Without a modification to the existing legislation, business property relief might not apply to land, buildings, machinery or plant used by such a trading company, as neither spouse nor civil partner can control a majority of the votes and consequently neither of them controls the company.

Finance Act 2014 tackles this issue by permitting shareholdings held by spouses or civil partners to be aggregated in determining whether the disponer had control of the company. The above change takes effect from 23 October 2014.

The above is a general commentary on the recent changes in Finance Act 2014 to CAT Business Property Relief.  The tax implications of specific cases will depend on individual circumstances. If you think the above might be relevant for you, specialist advice should be obtained.

 

OMB, Chartered Accountants has considerable experience in this area and we would be happy to discuss the various issues with you.

Agricultural Relief – Do you qualify?

We have provided below a quick synopsis of the recent changes to Agricultural Relief but you can obtain more detailed information on the Irish tax office website.

 

Provided the recipient fulfils certain conditions below for Agricultural relief, any gift or inheritance of agricultural property is valued at only 10% of the market value of the property for capital acquisitions tax purposes which is a significant benefit for the recipient.  

 

This relief has been amended in Finance Act 2014 to take account of recommendations of the Agri-Taxation Review, designed to ensure productive use of agricultural property.

 

The new rules apply where both the gift/inheritance and the valuation date occur on or after 1 January 2015. To qualify for the relief:

 

1          The beneficiary qualifies as a ‘farmer’ if on the valuation date the beneficiary’s agricultural property comprises 80% of the beneficiary’s total property at the valuation date.

 

In addition, you must fulfil one of the following criteria.

 

2(a)      The beneficiary is the holder of any of the qualifications set out in Schedule 2, 2A or 2B to the Stamp Duties Consolidation Act 1999, or who achieves such a qualification within a period of 4 years commencing on the date of the gift or inheritance, and who for a period of not less than 6 years commencing on the valuation date of the gift or inheritance farms agricultural property (including the agricultural property comprised in the gift or inheritance) on a commercial basis and with a view to the realisation of profits from that agricultural property, or

 

2(b)      For a period of not less than 6 years commencing on the valuation date of the gift or inheritance spends not less than 50 per cent of that individual’s normal working time farming agricultural property (including the agricultural property comprised in the gift or inheritance) on a commercial basis and with a view to the realisation of profits from that agricultural property, or

 

2(c)      Leases the whole or substantially the whole of the agricultural property, comprised in the gift or inheritance for a period of not less than 6 years commencing on the valuation date of the gift or inheritance, to an individual who satisfies the conditions in paragraph 2(a) or 2(b).”

 

Agricultural relief could be clawed back where the above conditions cease to be satisfied within 6 years.

 

The above is a general commentary on the rules of CAT Agricultural Property Relief.  The tax implications of specific cases will depend on individual circumstances. If you think the above might be relevant for you, specialist advice should be obtained. OMB, Chartered Accountants has considerable experience in this area and we would be happy to discuss the various issues with you.

Businesses providing Electronic Services – VAT Consequences

We have provided below a quick synopsis of the recent changes to VAT for telecommunications, broadcasting and electronically supplied services but you can obtain more detailed information on the Irish tax office website.

 

Since the 01 January 2015, supplies of telecommunications, broadcasting and electronically supplied services made by EU suppliers to private, non-taxable individuals and non-business customers will be liable to VAT in the customer’s Member State.

 

Suppliers of such services will need to determine where their customers are established or where they usually reside.  They will need to account for VAT at the rate applicable in that Member State.  This is a requirement regardless of the E.U. state in which the Supplier is established or is VAT registered.

 

Consequently, suppliers may need to register for VAT in every EU Member States in which they have customers. As there are no minimum thresholds for VAT registration, making supplies to a single customer in one Member State will require VAT registration in that Member state.

 

In order to avoid suppliers having to VAT register in each of those countries, the supplier can choose to use the “Mini One Stop Shop” (“MOSS”) simplification system. Some of key features about “MOSS” are:

 

  • Under Moss, the supplier would submit returns and pay the relevant VAT due to each member state through the electronic web portal of one member state e.g. ROS in Ireland.
  • The Member State in which the MOSS registration is made is known as the Member State of Identification or “MSI”. This means the supplier is designating the MSI to be its single contact point for VAT identification, submitting VAT returns and paying the VAT due in all Member States for the supply of services following under MOSS. A business opting to use the scheme will register for MOSS in the MSI and will submit a quarterly return and the related VAT payment to the MSI. The MSI will then distribute the VAT due to the various Member States in accordance with the information on the return.
  • As already outlined, the MOSS returns are filed on a quarterly basis. Where a business opts to use MOSS, the business must retain records for 10 years from the end of the year in which the B2C transaction was made, regardless of whether the business subsequently stops using the MOSS scheme.

 

The above is a general commentary on the modifications to VAT for telecommunications, broadcasting and electronically supplied services.  If you think the above might be relevant for you, specialist advice should be obtained. OMB, Chartered Accountants has considerable experience in this area and we would be happy to discuss the various issues with you.