Budget 2021

The Ministers for Finance and Public Expenditure & Reform delivered their Budget speeches on Tuesday 13th October 2020. The changes announced are due to take effect from 1st January 2021, unless otherwise stated.  The following link is to the Government of Ireland Budget 2021 website: http://budget.gov.ie/Budgets/2021/2021.aspx


On 12/3/2020 the World Health Organisation formally declared COVID-19 a pandemic, and the European Centre for Disease Prevention and Control (ECDC) updated its advice. Taoiseach Leo Varadkar announced that measures are being introduced, effective until 29 March, in order to protect the safety of the general public. These measures include the closure of all schools, colleges and childcare facilities. The Irish government has also advised that individuals, where possible, work from home.

Our priority is to try and reduce the risk to our staff, our clients and our business. We will undertake client meetings virtually rather than in-person. Our staff will, where possible, work remotely. We will continue to follow the advice of the Irish government and the Irish Health Service Executive (HSE).

If, at any time, you need to speak with someone in Keveny Monahan, please contact us as you normally would.

PAYE Employees - Changes to end of year P60

As part of PAYE modernisation, P45s and P60s have been abolished and replaced with an online system. Since 1 January 2019, employers have to report details of their employees' pay, income tax, PRSI and USC to Revenue every time they pay their employees. Employers must also give details of any employees leaving their job.

Your 2018 P60 is the last P60 that you will get from your employer. From 2019, an end of year statement will be available to you through Revenue’s myAccount service. An end of year statement includes details of all your pay and deductions from all employments for that tax year.

Your end of year statement will be available for 2019 after 31 December 2019 using Revenue's myAccount service. This contains details of your pay as well as the income tax, PRSI and Universal Social Charge (USC) that has been deducted by your employer and paid to Revenue. It is an important statement, as it is a record of your PRSI contributions. You can request a paper version of the statement by contacting your local tax office.

You will no longer get a P45 if you leave your job. Instead, your employer will enter your leaving date and details of your final pay and deductions into Revenue’s online system and you can access these details through Revenue’s myAccount service.

For more information please vist the Revenue Website - https://revenue.ie/en/jobs-and-pensions/end-of-year-process/index.aspx

Budget 2020

Click on the link below for information on the Budget 2020 which was announced on the 8th of October 2019.

Click here for more information >>


PAYE Modernisation for employees

From 1 January 2019, employers will be obliged to report their employees’ pay and deductions to Revenue when or before they pay them. These new reporting obligations involve the most significant changes to the Pay As You Earn (PAYE) system since its introduction in the 1960s.

Click here to find out more >>

PAYE Modernisation Project - Revenue Guidance

The PAYE Modernisation Project will involve the most significant reform of the PAYE system since its introduction in 1960. Employers will need to calculate and report their employees’ pay and deductions as they are being paid. The new real time reporting regime will be operational for all employee payments being made from 1 January 2019. Employers, agents and payroll providers will need to review their business processes and practices so they meet the new requirements.

Click here to find out more >>

Office Closing times Christmas 2018

genericsantaOur office closes on Friday 21st December 2018 and re-opens on Wednesday 2nd January 2019.

We would like to wish everyone a Merry Christmas and Happy New Year!

Revenue extends Pay and File deadline.

Revenue is very aware of the difficulties that affected many households and businesses as a result of the recent storms and is conscious that these may have impacted on preparations to meet the upcoming online Pay and File deadline.

In order to assist customers and practitioners impacted by power outages, Revenue has today advised that the deadline to Pay and File online has been extended to midnight on Thursday 16 November 2017.

The ROS and Payment Support helpdesks will be open until 8pm on the nights leading up to the new deadline, and will remain open until midnight on 16 November, to assist with filing returns and making payments right up to the deadline.

The deadline for paper filers is 31 October 2017 and this remains unchanged.

IT 34 Foreign Earnings Deduction

For the tax years 2012 to 2017 inclusive, relief from taxation may be claimed on a proportion of income earned by individuals who are resident in the State but who spend significant amounts of time working in a “relevant state”. The relief applies for the years of assessment 2012 to 2017 and does not apply to Universal Social Charge or PRSI.

Read more: IT 34 Foreign Earnings Deduction

Change of Responsibility for e-Tax Clearance from 1st April 2016

The Collector-General’s office will assume responsibility for tax clearance with effect from 1 April 2016.
The vast majority of taxpayers now apply for tax clearance via the new on-line facility (e-Tax Clearance), without any need to contact Revenue.

Read more: Change of Responsibility for e-Tax Clearance from 1st April 2016

Christmas 2015

The KMCA office will close on Christmas Eve and re-open on 4th January, 2016. We would like to thank all our clients for their support in 2015 and we wish all our clients, colleagues and associates a very Merry Christmas and a Happy New Year!

Exam Success

Congratulations to our trainees on their recent exam successes; we wish them every success in the new year as they progress through their accountancy exams.




Closing Date For Making Personal Fund Threshold (PFT) Applications

The closing date for making Personal Fund Threshold (PFT) applications is 2 July 2015 with no provision for late applications. The system will not be available after 2 July 2015.

For Defined Benefit Schemes, the statements must show the actual calculation of the accrued benefit at 1 January 2014, calculated in accordance with the legislation, and not the prospective benefit that the individual that the individual will be entitled to at a future retirement date.  For Defined Contribution Schemes, the statement should show the value of the fund at the relevant date (no other date is acceptable for PFT purposes).

Summer Budget

In the UK, the Chancellor of the Exchequer George Osborne has announced that there will be a summer Budget on Wednesday, 8 July 2015.

Income Tax Credits, Reliefs and Bands for 2015

Revenue have updated their information on income tax credits, reliefs and rates applicable for the 2014 and 2015 tax years.

Click here to view >>

Exam Success

We're delighted to announce recent exam success for KMCA employees Martin Rooney, Dolores Ann Galbraith and Amie McDonagh!                                

Following Martin Rooney's recent FAE success, congratulations are also due to two more KMCA employees! Dolores Ann Galbraith has passed her CAP 2 exams with Chartered Accountants Ireland and now progresses to FAE stage; congratulations also to Amie McDonagh who passed her CAP 1 exams with Chartered Accountants Ireland and now progresses to CAP 2 stage. Well done all concerned!

FRC Quarterly e-Newsletter

Check out the latest edition of the Financial Reporting Council’s (FRC) quarterly e-Newsletter which has just been issued: it details many recent developments in financial reporting particularly in connection with the implementation of the EU Accounting Directive.

Click here to view PDF >>

Bi-monthly Round Up

The bi-monthly round up of the latest developments in tax, HMRC service and consultations for accountants and tax professionals.
Click here to view PDF >>

Budget 2015 - Facts and Figures

The Minister for Finance announced the Irish budget for 2015 in the Dáil on 14th October 2015.  We attach our summary of the key facts and figures announced.
Click here to view PDF >>

New Office Location

We have moved offices to 18 Pembroke Road, Dublin 4. The move arose out of the redevelopment of Earlsfort Terrace / Hatch Street area. We apologise for any inconvenience during the move and aim to keep disruption to a minimum. We look forward to welcoming our clients to our new offices.

Budget 2014 - A Summary

A Summary of the Budget 2014, Tax Facts and Figures.

Click here for PDF >>

ROS Pay & File Deadline

Practitioners are reminded that the Pay & File deadline for ROS Customers is 14th November 2013. To avail of this deadline, customers must file the 2012 Form 11 return and make the appropriate payment through ROS for:

  • Preliminary Tax for 2013,
  • Income Tax balance due for 2012.
Read more: ROS Pay & File Deadline

Budget 2014 – 5 Oct. 2013

The government will publish its 2014 budget on 15 October 2013. This will be the third budget published by this government. The adjustments to government spending that is required has been widely commented upon in the press however we cannot be certain at this point in time about the scale of both fiscal and spending adjustments.

Read more: Budget 2014 – 5 Oct. 2013

Personal Insolvency Act

The new Personal Insolvency Act 2012 came in to law last December and it radically changes the way that personal debt is dealt with in Ireland. Individuals in debt with arrears will now have 3 options to deal with debt and creditors going forward. The options available depend if you debt is secured or unsecured:

Read more: Personal Insolvency Act

FRS 102 Seminar

FRS 102 is the Financial Reporting Standard (FRS) applicable in the UK and Republic of Ireland (known as new UK and Irish GAAP), including the reduced disclosures available for ‘qualifying entities’ reporting under this FRS. This FRS is based upon the IASB’s IFRS for SME’s but has been significantly amended.

Read more: FRS 102 Seminar