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Working From Home Tax Relief

9/3/2023

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Refunds for incorrectly charged interest on Customs Debts

28/2/2023

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During the period July 2018 to April 2022, some businesses were incorrectly charged a £25 minimum interest amount for the late payment of customs duty. Such businesses may be able to claim a refund of the difference between the £25 minimum charge and the actual amount of interest that should have been applied.

In addition, between July 2018 and April 2022, HMRC also used an incorrect interest rate which was higher by 0.5% to calculate late payment interest on customs debts.

You must email your request to custdebtrr.customspolicy@hmrc.gov.uk before 31st March 2023.
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New Statutory Sick Pay Scheme

25/1/2023

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​On 20th July 2022 the Sick Leave Act was signed into law. The new scheme aims to bring Ireland in line with other European countries that have mandatory paid sick leave for workers in place. Under the legislation, employers will be obliged to provide a minimum number of paid sick days annually from 2022.

Currently, an employee whose employer does not provide paid sick leave can apply for Illness Benefit. However, the payment is a flat €203 per week and the worker must satisfy a minimum level of PRSI contributions. Under the new scheme, which will be rolled out in four phases, both full and part-time employees can avail of paid leave. They’ll be entitled to a rate of 70% of usual daily earnings up to €110 a day for three days.

​In 2024, this rises to five days of paid leave, before increasing again in 2025 (seven days) and 2026 (10 days). The eventual 10 days, or two working weeks, of sick pay per year will be in addition to other leave entitlements including annual leave, parental and maternity leave as well as public holidays.

The staggered roll-out has been designed to avoid placing an excessive financial burden on employers. It gives them time to plan and budget for the additional costs. As an employer, you must keep proper records for each employee. The records must be maintained for four years and include information in relation to each employee who availed of sick leave.

The following information must be included in the records:
  • The employee’s period of employment
  • The dates of statutory sick leave in respect of each employee
  • The rate of statutory sick leave payment in relation to each employee.

​An employer who fails to maintain accurate records may be convicted and subject to a fine of up to €2,500.
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CREDIT REVIEW - CREDIT WHERE IT’S DUE

20/1/2023

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Credit Review was set up in 2010 by the Minister for Finance and provides an independent appeals process for SMEs, sole traders and farmers who have had bank credit facilities refused, reduced or withdrawn, or who need to restructure debt. It also operates a helpline for business borrowers who are having difficulty getting credit. Credit Review sees at first hand the issues faced by SMEs and farm businesses seeking bank credit to grow and develop their businesses.

While 2022 started positively for Irish SME’s following the lifting of Covid restrictions, the war in Ukraine has set back recovery and a number of significant challenges remain for businesses. All of this means that SME’s may require additional bank finance, or need to restructure their existing debt, to make repayments more manageable in the current business environment.

If your business is experiencing any of the following, contact Credit Review:
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  • credit facilities refused, reduced or withdrawn
  • need to restructure existing debt
  • difficulty getting credit or loan facilities of up to €3 million
  • experienced an unfavourable change to existing credit terms and conditions.

The process is independent, easy to complete and covers applications for new loans or restructured credit facilities from participating banks (AIB, Bank of Ireland, PTSB and Ulster Bank).

Visit www.creditreview.ie to see if you’re eligible.
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NATIONAL LIVING WAGE – IRELAND

16/12/2022

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In principle, a living wage is intended to establish an hourly wage rate that should provide employees with sufficient income to achieve an agreed acceptable minimum standard of living. In that sense it is an income floor; representing a figure which allows employees afford the essentials of life.

Earnings below the living wage suggest employees are forced to do without certain essentials so they can make ends-meet. This living wage is the average gross salary which will enable full time employed adults (without dependents) across Ireland to afford a socially acceptable standard of living.

The difference between this and the National Minimum Wage is that the minimum wage rate is not based on the cost of living. The national living wage for Ireland is calculated to be €12.90 per hour.
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