Charities Act 2009

In January 2014, The Minister for Justice, Alan Shatter, indicated that an interim Charity Regulator will be appointed, ahead of the establishment of the Charities Regulatory Authority before Easter.  

The Minister stated that “the recent revelations about certain organisations in the charitable sector have understandably damaged public trust and confidence.

The commencement of the key measures in the Charities Act will provide the increased transparency and accountability that will allow this trust to be rebuilt.”

The Regulator will be tasked with immediately setting up a statutory Register of Charities

All organisations with a Revenue Commissioners CHY number will be on the Register of Charities.

Some organisations who have more than one CHY number will need to consider if their charitable activities require them to have multiple CHY numbers. Will they want multiple registrations on the Charities Register with the resulting reporting requirements?

Some organisations with multiple activities presently being undertaken under one CHY numbers may need to consider if it would be more appropriate to have some activities in separate charities for reporting purposes

Statement of Recommended Practice for Charities 2005 (SORP)

The Statement of Recommended Practice for Charities 2005 (SORP) is not mandatory in Ireland. It is regarded as best practice and many charities in Ireland prepare their annual accounts based on the SORP.

It is expected, (although not yet confirmed) that Charities will be required to file  accounts that have been prepared in accordance with the SORP.  The current SORP 2005 (available here) is being revised. The revised SORP is available as an Exposure Draft and is going through the final consultation process.

The revised SORP is expected to be issued by the end of June 2014 and, if it becomes mandatory, it will be applicable to accounting years commencing after 1st January 2015.

The revised SORP will contain some changes to the Trustees Annual Report, to the income and expenditure headings in the Statement of Financial Activities and the disclosures required in the notes.

O’Brien Harnett & Associates continue to assist our clients in preparing to meet their obligations under the Charities Act, preparing SORP compliant accounts and advising on CHY tax related issues.

If you want to discuss any of these matters we are happy to take your call.

We are happy to officially launch our iPhone and Android Tax app. The App can be downloaded from the Apple App and Google Play Stores.

The App allows you to:

• Perform Gross to Net PAYE calculations.
• Calculate Mortage repayments on Interest Only and Capital & Interest bases.
• Estimate Capital Gains Tax, Capital Aquisitions Tax, VAT and Corporation Tax Liabilities.

A list of Irish Tax Rates and Key Dates is also included.



While every effort has been made to ensure these Calculators are accurate they should only be used as a guide, Further advice should be sought before making any major decisions.

In response to a growing number of requests for assistance from clients we are pleased to announce the expansion of our Business Support Service.

We provide a full range of Accounting & Payroll Services, either on site or remotely. These include:

Bookeeping & Accounting

• Maintenance of accounting records on industry standard accounting system.
• Production of monthly or quarterly management accounts
• Monthly Bank, Debtor & Creditor Reconciliations
• Reviewing monthly outcomes
• Generating Monthly Aged Debtor and Creditor reports and Debtor Statements
• Preparation and Submission of VAT and PAYE Returns to Revenue

Payroll

• Processing of weekly, fortnightly, or monthly payroll.
• Processing Revenue Returns

We will maintain your accounts and payroll on tried and tested off the shelf packages, meaning you get timely and accurate reports on how your business is performing.  Should you be in a position to manage your accounts in house at some point in the future, we will happily arrange for the package to be installed in your offices, transfer all the data, and fully train you or your staff.

If you would like to discuss how we can help you please feel free to contact us