A MICRO COMPANY

The Companies (Accounting) Act 2017 which was commenced on 9 June 2017 introduced a new “micro” category of company and can be applied to financial years beginning 1st January 2015. As micro-companies are in most instances owner-managed, statutory financial statements are not required to facilitate communication between the shareholders and the directors in the company. In order to be categorised as a micro company, a company must satisfy at least two of the following conditions: Turnover must be less than €700,000 Balance Sheet must be less than €300,000 There must be less than 10 employees If […]

MILEAGE AND SUBSISTENCE RATES AT 1 APRIL 2017

If you want to avoid difficulties with the Revenue Commissioners regarding mileage and subsistence claims you will find further information here. Motor Travel Rates per kilometre Distance Bands Engine Capacity up to 1200cc Engine Capacity 1201cc to 1500cc Engine Capacity 1501cc and over Band 1 0 – 1,500km 37.95 cent 39.86 cent 44.79 cent Band 2 1,501 – 5,500 km 70.00 cent 73.21 cent 83.53 cent Band 3 5,501 – 25,000 km 27.55 cent 29.03 cent 32.21 cent Band 4 25,001 km and over 21.36 cent 22.23 cent 25.85 cent   Reduced Motor Travel Rates per kilometre […]

Stay Positive

I vow to stay positive in the face of negativity; When I am surrounded by pessimism, I will choose optimism; When I feel fear, I will choose faith; When I want to hate, I will choose love; When I want to be bitter, I will choose to get better; When I experience a challenge, I will look for an opportunity to learn and grow; When I experience a setback, I will be resilient; When I meet failure, I will fail forward, toward future success; With vision, hope, and faith, I will never give up and will always move […]

How To Approach Business Meetings

It can be difficult to get the most out of business meetings. When you are busy they can feel like an additional time pressure you could do without and at other times they can be frustrating and leave you feeling like nothing has been accomplished. Below is a list of ways to ensure your meeting is efficient and productive: Start and finish on time – if needs be appoint someone to keep an eye on the time. A lot of business meeting can run a lot longer due to time wasted simply waiting around for the meeting […]

Congratulations to Everest Team!

In yesterday’s Irish Independent Nick Bramhill paid tribute to two Irish climbers Derek Mahon and Noel Hanna who have reached the top of Everest. On Saturday morning at 7 am they battled strong winds and snow to make it to the top (8,850m) peak. The pair (led by Hanna) was part of seven man team that began their gruelling expedition through the Tibetan route.  The pair’s families and friends were last night saying prayers for their safe descent of the peak. The same descent that has claimed countless lives. More than 150 bodies have never been […]

Irish Rail – Wage Reductions/Strike Action

According to Anne Marie Walsh of the Irish Independent it appears that strike action may be looming within Irish Rail. In the last few months price fares have risen. National Bus and Railworks Union representing 550 staff are to vote against a recommendation (this would impact a wage reduction which ranges from 1.7% to 6.1% (3.1% being for higher wages)) to the Labour Court on Wednesday  Irish Rail Chief Executive (David Franks) has urged staff members to accept the pay cuts and talks as it could be “end of the road”.  This will affect more than […]

Travelling to Work by Bus or Rail?

Can or do you commute by rail or bus to work? If the answer is yes why not reduce the tax on your salary and your carbon footprint at the same time? Ianrod Eireann and Bus Eireann through their Taxsaver.ie service offer monthly or annual tickets for sale which , effectively, are “tax deductible”. Your employer has to pay for such a ticket but you would make what’s called a “salary sacrfice” by reducing you salary by an equal amount (thus re-imbursing your employer). However, you can potentially reduce the amount of PAYE, PRSI and USC normally deducted form your salary…by between a total of 31% and […]

Introduction

Welcome to the new Parfrey Murphy blog for owners/managers of businesses in Ireland. There is a vast amount of information online to the point that it can lead to information overload. Our aim is to provide concise, practical accounting and tax information to new startups and existing businesses and to help them stay compliant, avoid some of the pitfalls and reduce their tax liabilities. For more information about us, see www.parfreymurphy.ie. PDF