The Irish Accounting & Tax Summit 2020 – Tax & Technical
Course Summary
16 hours online
€ 160
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The Irish Accounting & Tax Summit 2020 – Tax Stream
Course Details
Session 1: Financial Reporting Under COVID-19 – Post Balance Sheet Events & Consideration of Impairment
Covid-19 has presented many challenges to accountants in the area of financial reporting. This online CPD session will address two of the key areas impacted by accountants- post balance sheet events and impairment.
- Adjusting vs. non-adjusting post balance sheet events
- What areas should be considered when assessing the post balance sheet events.
- Examples & disclosures covering post balance sheet events
- Impairment of assets under FRS 102
- Consideration of fair value
- Value in use calculations
- How to consider fair value when there is no active market.
Speaker: Mike O’Halloran – OmniPro
Session 3: Entrepreneur Relief – Tips and Traps Including Anti-Avoidance
A review of the main shareholder reliefs on selling shares in a company including a review of live examples with practical considerations. The online CPD course will also include a practical review of the anti-avoidance provision on funding an exit under section 135(3A) TCA 1997.
- Overview of Relevant Tax Reliefs
- Review of relevant reliefs on an exit from a business
- Review of relevant conditions for relief
- Case Studies
- Four case studies looking at various issues arising on meeting relief conditions
- Tax trips and tips to qualify for relief
- Anti-avoidance on funding an exit
- Overview of Section 135 TCA
- Examples of transactions when Section 135(3A) may have application
Speaker: Amanda-Jayne Comyn – Doyle Keaney Tax Advisors
Session 3: Audit Exempt Engagements in a COVID-19 World
Covid-19 has presented many challenges to accountants and has impacted their work in relation to audit-exempt engagements. This session will revisit some of the main considerations in relation to audit-exempt engagements and will focus on Covid-19 issues impacting audit-exempt engagements.
Attendees will obtain an understanding of the issues arising and how Covid-19 has impacted their work. This will help them to ensure that their firms remain compliant with carrying out audit-exempt engagements.
- Audit-exempt criteria & who can claim audit-exemption;
- Audit-exempt files – the requirements;
- Audit-exempt financial statements;
- Covid-19 considerations for audit-exempt engagements;
- Monitoring visits – common issues
Speaker: Mike O’Halloran – OmniPro
Session 4: Employee Share Ownership Pools (“ESOPs”) – Tax & Commercial Considerations
Companies starting out with limited cash resources and keen to attract, motivate and retain key hires are increasingly offering remuneration in the form of shares in the company. With company valuations and cash reserves potentially at a low point, and more new businesses setting up post-COVID, the opportunity to tax efficiently pay employees with equity is of interest to employers.
This online CPD course will deal with the key tax, legal and practical issues associated with giving employees shares or share options in an employer company. We will cover the tax payment and reporting obligations of the employer company, along with key issues associated with valuing shares and options, which will be of particular concern for the accountant. The conditions of the KEEP share option scheme for SMEs was updated again in the most recent Finance Act, as an attempt to increase take up of the scheme. We will outline the new provisions and impact for SME clients.
The following topics will be covered
- This presentation sets out the key tax, legal, accounting and commercial considerations associated with giving employees remuneration in the form or shares or share options in the employer company
- We will cover various forms of share-related benefits and the tax treatment and reporting obligations for both the employer and employee
- We will set out reasons why one type of scheme would be chosen over the other
- We will outline the updated conditions of KEEP – the Key Employee Engagement Programme, which is a tax efficient share option scheme for SMEs
- We will discuss key issues to bear in mind when valuing shares issued to employees
Speaker: Laura Lynch – Laura Lynch & Associates
Session 5: The COVID-19 Insurance Implications
This session will cover Accountants Professional indemnity Pre and Post Covid-19:
- What is the current state of the PI Market pre and post lockdown
- Will there be Professional Indemnity claims following Covid-19
- Risk management Measures and steps to take in handling a professional indemnity claim
Other things to consider:
- Cyber security following remote working
- Cyber security claims against Accountants
- Return to work protocol
- Employers liability and responsibilities
Speaker: Martin Adams – Arachas
Session 6: Tax Planning in a Downturn
A topical reminder of some of the key tax opportunities available for you and your clients in an economic downturn. This online CPD course covers asset protection, maximisation of reduction in asset values, succession planning, how changing the FY end can avoid tax and much more.
- Tax savings from changing a company’s year end
- Profits falling out of assessment when changing a sole trade or partnership year end
- Maximising use of losses
- Cashflow management including Revenue procedures on tax deferrals
- Exiting the wage subsidy scheme
- Asset protection
- Succession planning
Speaker: Padraig Daly – Mazars
Session 7: Anti-Money Laundering for Accountants in 2020
This session will review some of the most topical tax appeal cases for SME accountants published in the last 6 to 12 months.
Topics covered will include:
- Review of the professional close company surcharge
- The impact of this determination on the accountancy profession
Speaker: Mike O’Halloran, OmniPro
Session 8: Top Tax Appeals in 2020
This online CPD course will review some of the most topical tax appeal cases for SME accountants published in the last 6 to 12 months.
Topics covered will include:
- Review of the professional close company surcharge
- The impact of this determination on the accountancy profession
Speaker: John Murphy & Yvonne O’Sullivan – OmniPro Tax & Legal
Session 9: Your Biggest GDPR Risks – IT or People?
“The solution to cybercrime in Accountancy does not rely on computer science, it will be solved by applying human science. People, your employees, are the key – and through education, awareness and knowledge you can dramatically reduce your cyber security risk.”
- Human Science & Cyber Crime
- The Human Firewall
- Social Engineering Triggers
- Trust is Vulnerability
- Heuristic vs Critical Thinking
- How your Employees can keep your practice Secure
Speaker: Richard Jackson – Pulse Cyber Security & Des O’Neill, OmniPro
Session 10: Brexit Complexities: Taxation of Foreign Short-Term Employees in Ireland
Accountants need to attend this session due to the extreme tax complexity of the PAYE system in Ireland when dealing with Non-Resident temporary foreign employees. This situation will become far more common place now as Brexit will be finalised and agreed upon.
Topics covered by this online CPD course will include:
- PAYE Exclusion orders
- Irish / UK Double Tax Agreement as it related o foreign employments
- Tax implications of Foreign Employees being present in Ireland for 60 days or less per annum.
- Tax implications of Foreign Employees being present in Ireland for more than 60 but less than 183 days per annum
Speaker: James Bradley
Session 11: Members’ Voluntary Liquidations
This session will review the process of placing the company into liquidation as required by Company law. Given the current crisis, some shareholders may see this as the right time to cease operations and extract the value given the extra effort required to bring the business back to pre-Covid times – an MVL may be an option.
The online course will also emphasise the importance of timing for entrepreneurial and retirement relief. It will include a step action plan to place the company into liquidation and a high-level checklist. Tidying it up in advance of liquidation.
- VAT and when possible to register, distributing property/investments in specie (and the implications on certain reliefs) and the paperwork involved. The need for the liquidator to be vigilant on all issues.
- The importance of AML and holding meetings to agree payment of fees and the arrangement for holding the books and records.
- The returns required to be filed by the liquidator.
Speaker: John Murphy – OmniPro
Session 12: Key VAT Issues Including COVID-19 Measures
During this online CPD course Gabrielle will review key topical VAT issues providing attendees with an understanding of the client issues they need to identify and be vigilant for.
Topics covered will include:
- Covid-19 Measures (Emergency accommodation, Zero-rating, Debt warehousing)
- Property (Surrenders of leases (new and legacy) and Options to Tax – issues)
- EU Update (Quick Fixes and E-commerce changes)
- VAT groups (Tax & Duty Manual update)
Speaker: Gabrielle Dillon – Twomey Moran
Session 13: KnowledgeHUB – Most Common Technical Queries of 2020
In this session, key members of the KnowledgeHUB Technical Team – John Murphy, Colm Owens & Mike O’Halloran – will answer some of the most problematic and pressing queries facing Irish accountants that have crossed the KnowledgeHUB technical help desk over recent months.
- A case study on winding down a company/companies in a group that is ceasing/has ceased trading and has inter-company trade balances – the Company law, tax and financial reporting implications/options to be considered to get to the best outcome
- Defective financial statements – correcting financial statement on the register – The new requirements of the CRO
- The impact of restatement of prior year accounts for the change in accounting policy where previously under FRS 102 – the undue cost and effort approach was taken to an investment property – what is to be considered from a tax perspective
- The importance of documentation for Companies with insolvency issues so that the directors protect themselves;
- What is a flowering/growth share and how may it incentivise key employees?
- CBI regulated companies – financial reporting, audit & auditor reporting requirements
- Directors loans – disclosure and report requirements
- I have recently taken on a new audit client. I wrote to the previous auditor for professional clearance several times but they have not replied. Can I accept appointment?
- I have a company who bought shares at say €100,000. These are valued at €30,000 at the year end and carried at same in the financial statements. Should I recognise a deferred tax asset?
- If I am auditing a set of financial statements where the prior year is unaudited are there any additional paragraphs to include in my audit report?
- I have a client who holds an asset which cannot be easily valued (sporting venue). COVID-19 has presented an impairment indicator and I am trying to carry out an impairment review. How can I assess “fair value” in
this instance?
Speaker: KnowledgeHUB Team & Des O’Neill, OmniPro
Session 14: Updates on Welfare Pension Changes
In these rapidly changing times your clients need your expertise and guidance to future-plan their qualification to the Welfare State Pension. This online CPD course will provide clarity on maintaining and/or enhancing the client’s title to the State Pension Contributory.
Topics covered will include:
- Requesting a copy of client’s Social Welfare records
- Identifying and correcting errors on the client’s Welfare records
- Options on filling previous gaps on the client record
- Explaining the use of foreign Social Security to qualify for an Irish pension
- Forecasting the client’s pension rate
- Advising on options to increase the client’s future pension rate
Speaker: Brendan Casey
Session 15: Charity Financial Reporting & Audits under COVID-19
Covid-19 has presented many challenges to accountants and auditors and has impacted significantly on their work in relation to charity audits. This session will revisit some of the main considerations in relation to financial reporting and audit for charities and will focus on Covid-19 issues impacting charities. Attendees will obtain an understanding of the issues arising and how Covid-19 has impacted their work.
Topics covered will include:
- Financial Reporting issues impacting charities;
- Audit issues impacting charities;
- Regulatory issues impacting charities;
- Covid-19 considerations for charity audits;
- Monitoring visits – common issues
- Covid-19 Measures (Emergency accommodation, Zero-rating, Debt warehousing)
- Property (Surrenders of leases (new and legacy) and Options to Tax – issues)
- EU Update (Quick Fixes and E-commerce changes)
- VAT groups (Tax & Duty Manual update)
Speaker: Colm Owens & Mike O’Halloran – OmniPro
Session 16: Farm Tax Issues – Critical Areas For Deliberation
The online CPD course will consist of a practical overview of farm tax issues and will be delivered by Declan McEvoy, head of tax in IFAC.
- Updates relevant to farming-land leasing/capital allowances/income averaging
- Vat on buildings as it affects the unregistered farmer not withstanding that he is not registered
- Farm structures and issues arising/to include popularity of companies and partnerships
- Capital tax issues affecting agricultural relief on dwelling houses/50% rule on solar
Speaker: Declan McEvoy – IFAC
CPD Course Facilitators
Mike O’Halloran: Practice Support Executive, OmniPro
Mike, a member of our Practice Support team, is a qualified Chartered Accountant and Chartered Tax Advisor. He is responsible for carrying out hot file reviews, cold file reviews, annual compliance reviews, in-house training & supporting firms on a day to day basis.
Formerly a quality reviewer with Chartered Accountants Ireland, this role saw him visiting firms of various sizes across Ireland conducting audit, non-audit and anti-money laundering visits. Prior to this he spent 12 years working in small and medium sized practices. In these roles, Mike has gained a comprehensive knowledge of the profession and has worked with a broad range of clients across many industries.
Colm Owens: Practice Support Executive, OmniPro
As a members of our Practice Support team, Colm’s focus is on helping practices achieve on-going best practice compliance, prepare for monitoring visits and assist with post-monitoring visits follow-ups.
Colm brings a unique insight into the whole area of monitoring and compliance having spent the last 6 years as a quality reviewer with Chartered Accountants Ireland. In that role he has visited firms of differing sizes all over the country which has given him an insight into how firms operate, the challenges facing firms and how firms are responding to current issues facing them and the profession. He has gained up-to-date knowledge of audit, accounting, money laundering and regulatory compliance issues relevant to the profession and knowledge of current audit methodologies.
Prior to his time with Chartered Accountants Ireland, Colm’s roles included Audit Manager with Anne Brady McQuillans and Brophy Gillespie, both in Dublin, where he worked with a range of clients from small owner-managed businesses through to larger audit clients.
Martin Adams – Arachas
Martin is Special Risks Director at Arachas. He is an Associate of the Insurance Institute of Ireland and Chartered Fellow of the Institute of Risk Managers
Martin has over 35 years insurance experience working in the London Insurance Market, the Middle East and 25 years’ experience in the Irish Insurance sector. Professional Indemnity, Management Liability, Cyber Risk and professional Risk Management is one of Martin’s specialisms.
Richard Jackson – Pulse Cyber Security
Richard is the Head of Operations at Pulse Cyber Security & is their Senior Info-Sec Consultant. With a wealth of experience working with accountancy practices of all sizes & demographics, Richard is ideally placed to support the accountancy sector with cyber security compliance.
Along with being a Certified EU GDPR Practitioner, Richard also holds the CISMP cyber security qualification. This ensures a strong balance of knowledge across both GDPR & information security.
Des O’Neill – Co-Founder and Managing Director, OmniPro
Having worked for a number of years in practice, Des O’Neill co-founded OmniPro to develop tools, techniques, products and services, empowering accountants to achieve their best. Over 15 years, he has grown the company to a multi-million-euro turnover business and established OmniPro as Ireland’s largest independent provider of CPD for accountants.
Des speaks regularly, at national and international fora, on practice development, auditing, accounting, company law and regulation. He is passionate about bringing innovation to the profession and empowering accountants to achieve what they want in their careers and practice.
John Murphy: Tax, Corporate Restructuring and Practice Support, OmniPro
As a lead member of our technical support team, John relishes problem-solving to help accountants develop innovative client solutions and sharing technical knowledge on tax, financial reporting and auditing.
A Chartered Tax Adviser, he advises clients in practice on a range of issues from income tax, tax planning, restructuring and exit planning to Revenue audits. In addition, he provides support on financial reporting, auditing and company law; conducts company valuations and advises on pre-sale restructuring.
John also plays a key role as a researcher and subject-matter expert in developing OmniPro information products such as the CompaniesAct2014.com and FRS102.com. As a speaker at OmniPro CPD events, he brings these industry-leading insights to accountants participating in our training programmes.
Yvonne O’Sullivan: Tax Executive, OmniPro
Yvonne is a key member of our technical support team, providing advice on all tax heads in response to queries submitted through our Knowledge Hub platform. In addition, she provides support within the tax department on tax planning, restructuring and exit planning solutions for a range of clients.
A Chartered Certified Accountant, Yvonne trained and worked in small practice for a number of years followed by working for over 2 years in an independent Dublin based firm Beechwood Partners. She has experience with a range of professionals, executives, entrepreneurs and family groups assisting them with their tax compliance across all areas. She worked closely with clients providing daily practical and operational assistance with the management of their personal and business finance administration as well as assisting with the ongoing analysis and production of investment portfolio reports.
Yvonne has recently completed her final IATI Chartered Tax Adviser Exams, and plays a key role as a researcher on developing subject matter and content for our Knowledge Hub tax product.
Amanda Jayne Comyn, Doyle Keaney Tax Advisors
Amanda works with Doyle Keaney Tax Advisors and is a Barrister-at-law and a Chartered Tax Advisor (CTA).
She has extensive experience in the field of tax having worked in leading legal firms and large accountancy practices, mostly recently as a tax partner with Philip Lee and prior to that as tax director with Grant Thornton.
Laura Lynch, Laura Lynch & Associates
Laura is an AITI Chartered Tax Advisor (CTA) and a Fellow of Chartered Accountants Ireland. Laura has forged strong links within the business community, building a client base across individual and corporate SMEs, professional services firms and business angel investors, with a particular interest in the MedTech sector, which is so strong in Galway.
Padraig Daly – Mazars
Padraig is a Partner with Mazars specialising in advising Irish and multinational clients on mergers and acquisitions, corporate reorganisations, personal tax planning and tax efficient financing.
In recent years, he has focused on property development and investment, during which he has advised on large residential and commercial developments, structuring investment into Ireland from abroad, public private partnerships and infrastructure projects.
Gabrielle Dillon – Twomey Moran
Gabrielle Dillon, a Chartered Tax Adviser (CTA), is a director of Twomey Moran a boutique taxation firm. She is a former director of VAT consultancy firm, Dermot O’Brien & Associates, which merged with Twomey Moran in March 2020.
She is the regular author of VAT Cases & VAT News in Irish Tax Review and is a member of the Irish Tax Review Editorial Board and she has lectured frequently in VAT for the Irish Tax Institute and other professional bodies. She is co-author of the Institute publication Value-Added Tax & VAT on Property.
Brendan Casey – PRSI Consultant
Brendan Casey has been practicing as a lecturer and a PRSI Consultant since retiring from the Department of Employment Affairs and Social Protection over 10 years ago.
Brendan advises on PRSI liability issues and is an expert on all of Welfare’s contributory benefit and pension schemes.
Declan McEvoy – IFAC
An AITI Chartered Tax Adviser (CTA) and Member of STEP-society of trust and estate practitioners , Declan McEvoy is Head of Tax for IFAC.
Declan has extensive experience and expertise in personal and corporate tax planning, estate and succession planning, tax based investment and financial structuring for family and farm businesses.
A leading authority on farm taxation, Declan was co-author of ‘Farming in a Limited Company – is it right for you?’
Declan is also an Irish Tax Institute Registered Tax Consultant and frequently speaks at national seminars and client workshops for professional bodies, farm organisations, banks, farm groups.