We face every single day an overwhelming number of decisions that burden us.

We delay to avoid making poor decisions.  We suffer from paralysis by analysis.

But there is a quick way to make decisions.

Simply flip a coin.

Making decisions involves a trade-off between speed and accuracy .

We are concerned about speed so we want to spend less time on making a decision.

We are also concerned about accuracy so we want to spend more time on making a decision.

For minor decisions do you really care about accuracy?  Do you really care whether it is strawberry or raspberry ice cream?

For major decisions do you really care about speed? Buying a new house might justify a decision after months of consideration!

With the in between decisions that are really 50/50 just flip a coin to avoid delaying.

This will immediately eliminate paralysis by analysis, prevents second guessing and minimises regret.

If you want to look into this further, Yangjie Gu of the London Business School has published a paper on this decision making idea in the Journal of Consumer Research.

If you cannot make up your mind whether you want to read the paper or not, just flip a coin.

The post Just a Coin Flip! appeared first on Parfrey Murphy.

Invaluable finance and tax information on the go…

The Parfrey Murphy app offers 12 specialised calculators to help you with your financial needs, including:

• Income Tax
• Payslip
• Increase Profit
• Corporation Tax
• Loan
• Mortgage
• Savings
• Inflation
• APR
• VAT
• Inheritance Tax
• Stamp Duty

The App also provides frequently updated tax tables as well as details of key financial dates. These are great if you’re wondering how certain taxes will affect you. Or to remind yourself when your tax return is due and when your tax needs to be paid.

You can also get access to our blog and website from within the App so you can stay up-to-date and informed with practical tips and suggestions that will help you grow your business.

Where can I get it?

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From January 2018, a business won’t need to provide a valid claim to register a .ie domain name. This means that anyone with a connection to Ireland can register any dot ie domain name they want.

This is a big change to how dot ie registrations work. The Registry currently check every dot ie domain registration to ensure that the applicant has a valid claim to the domain name and a connection to the island of Ireland. With this policy change it effectively means that any dot ie domain name is available on a first come, first served basis, to anybody with a connection to the island of Ireland.

What’s not changing?

.ie domains will still be:

• Reserved only for people and businesses with a connection to Ireland
• As safe as ever
• Checked to verify that the people registering them are who they say they are
• Checked to ensure that the people registering them have a connection to Ireland

A business still has a chance to register, and protect, any dot ie domains that they would not want to fall into a competitor’s hands. Some Irish businesses do not register the dot ie version of their business name, believing that the name cannot be registered by anyone else.  So protect your IP, brand, trade name and online presence.

Why is this being proposed?

To make it faster and easier for those with real Irish connections to get a dot ie.

To grow dot ie, especially with small businesses.

To remove the ‘claim’ requirement, as applicants can’t prove future ‘claims’  (e.g. new start-up businesses who want a web presence before setting up a physical presence).

To remove restrictions on domains that reflect a person’s name, nickname, pen name.

So that those with real Irish connections can get any available dot ie domain they want, without delay.

The post Protect Your IP, Brand, Trade Name and Online Presence appeared first on Parfrey Murphy.

So I slow down and review what I have done to make sure it looks right.

A quick test for you:

You have just five seconds to answer these simple questions:

1. What do cows drink?
2. What’s the opposite of ‘not in’?
3. How much dirt is in a hole measuring two metres squared, and three metres deep?
4. What weighs more – a ton of concrete or a ton of feathers?
5. How many of each animal did Moses take onto the Ark?

Time’s over.

And the answers:

1. Water, not milk
2. ‘In’, not ‘out’
3. None – it’s an empty hole
4. The same – they weigh a ton each
5. He didn’t. It was Noah.

How many did you get correct?

Not all I’d guess because you were rushing.

So slow down.

A final 10 second test to see if you have slowed down enough

How many letter Fs are in this sentence …  Fifty florins for a flagon of fluff Fred?

How many did you see? Five or Six?

There are ten.

So slow down more and get it right first time.

The post Slow Down and Stop Making Mistakes appeared first on Parfrey Murphy.

Shares are issued at a day one value. When a company reaches an agreed level of future growth (which is known as the “hurdle”) the shares will have an agreed value. This amount can be either variable (based on a percentage) or a fixed amount.

The shares are normally available for purchase at a nominal or small amount meaning only minimal outlay by the employees at the outset.

Flowering shares can deliver business growth. They can also help a company retain key talent as the shares only deliver if the employees stay with the company.

Any proceeds earned by the shareholders from the sale of the flowering shares will be taxed at CGT rates not at Income Tax rates.

Flowering shares should help align the employee’s interests with those of the owners of the company.

There is no limit to the amount of shares that can be issued under the flowering share plan.

Leaver provisions can be built into the rights attaching to the flowering shares. This will prevent ex-employees from retaining an interest in the company.

Flowering share plans are flexible and can be adopted to a variety of situations.

If you would like any advice or assistance in relation to the foregoing please do not hesitate to contact us.

The post Flowering Shares appeared first on Parfrey Murphy.

The creation of the EEIG is an effort to develop economic activity throughout the EU and to create a single market offering conditions similar to those of a national market. It is designed to minimise the legal and fiscal difficulties that natural persons, companies, firms and other bodies face in cooperating across borders.

EEIG’s are regulated under SI No. 191 of 1989 – European Communities (European Economic Interest Groupings) Regulations 1989, and SI No. 447 of 2010 European Communities (European Economic Interest Groupings) (Amendment) Regulations 2010.

The purpose of the grouping is to facilitate or develop the economic activities of its members by a pooling of resources, activities or skills. This is intended to produce better results than the members acting alone.

It is not intended that the grouping should make profits for itself. The profits of an EEIG will be deemed to be the profits of its members and will be apportioned either according to the relevant clause in the contract or, failing such a clause, in equal shares. The profits or losses of an EEIG will be taxable only in the hands of its members.

To balance the contractual freedom which is at the basis of the EEIG and the fact that members are not required to provide a minimum amount of capital, each member of the EEIG has unlimited joint liability for its debts.

An EEIG must be formed in accordance with the rules described below:

• An EEIG can be formed by companies, firms and other legal entities governed by public or private law which have been formed in accordance with the law of an EU country and which have their registered office in the EU. It can also be formed by individuals carrying on an industrial, commercial, craft or agricultural activity or providing professional or other services in the EU.
• An EEIG must have at least two members from different EU countries.
• Each member has one vote, although the contract for its formation may give certain members more than one vote provided that no one member holds a majority of the votes.

An EEIG must have:

• At least two members acting collectively and
• At least one manager who must be an individual

The manager(s) represent and bind an EEIG in its dealings with third parties even where their acts do not fall within the objects of the grouping.

• The contract for the formation of an EEIG must include its name, its official address and objects, the name, registration number and place of registration, if any, of each member of the grouping and the duration of the grouping, except where this is indefinite. The contract must be filed at the Registry designated by each EU country. In Ireland, this is the Companies Registration Office. Registration in this manner confers full legal capacity on the EEIG throughout the EU.
• An EEIG may not invite investment by the public.
• An EEIG does not necessarily have to be formed with capital. Members are free to use alternative means of financing.
• An EEIG cannot employ more than 500 persons.

The post European Economic Interest Groupings (EEIG) appeared first on Parfrey Murphy.

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 the company meets the criteria, it will then be:

• Exempt from the requirement to prepare a directors report
• Entitled to use the minimal disclosure form financial statements contained in the Act
• Exempt from the requirement to disclose the directors’ remuneration in the financial statements
• Exempt from some of the disclosures required by Sections 305 to 312 of the Act which deal with, for example, the obligation of directors to disclose information in relation to directors benefits such as loans, credit transactions and guarantees.

For some small companies, the administrative burdens associated with comprehensive financial reporting requirements are disproportionate when compared to other Small and Medium Size Enterprises. The creation of the micro-company will lessen their disclosure requirements.

If you would like any advice or assistance in relation to the foregoing please do not hesitate to contact us.

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As a regulation, it will not generally require transposition into Irish law (regulations have ‘direct effect’), so organisations involved in data processing of any sort need to be aware the regulation addresses them directly in terms of the obligations it imposes.

The GDPR emphasises transparency, security and accountability by data controllers and processors, while at the same time standardising and strengthening the right of European citizens to data privacy.

Over the course of 2017, the Data Protection Commissioner will be proactively undertaking a wide range of initiatives to build awareness of the GDPR, in particular providing guidance to help organisations prepare for the new law when it takes effect.

The DPC has prepared an introductory document to help in preparing for GDPR: “The GDPR and You”.

This document lists 12 steps which organisations should be taking to be GDPR ready by 25 May 2018.

Of course the guide is not an exhaustive list and organisations should ensure that their preparations take account of all actions required to bring them into compliance with the new law.

More on this later!

The post GENERAL DATA PROTECTION REGULATION appeared first on Parfrey Murphy.

IF YOU WANT ADVICE AND HELP CALL US ON 021 431 0266

Current Subsistence Rates (applying from 1 April 2017) are:

Call Now

Please call Una Beecher today on 021 431 0266 to ensure that you operate the tax-free mileage and subsistence schemes properly and avoid Revenue interest.

The post MILEAGE AND SUBSISTENCE RATES AT 1 APRIL 2017 appeared first on Parfrey Murphy.

In one study he asked his university students to write a report on how they had spent Christmas Eve no later than 48 hours after that day.

But he asked only half the students to write down just when and where they planned to work on the essay.

When he finished his study he found that of the students who didn’t write down when and where only 32% successfully delivered their essay.

The success rate of students who wrote it down?  75%. More than twice the other group!

Answering just two simple questions more than doubled the chances of achieving a goal.

This is because it taps into the power of the unconscious.

Deciding when and where we’ll complete a task is an implementation intention, a mental programming whereby our brain links up a situational cue — in this case a particular time and location — with the behaviour we wish to perform. The behaviour is then automatically triggered when the time comes.

Implementation intentions provide no guarantee that our goals  will be achieved— but many similar studies show it dramatically improves our chances of succeeding.

And all it takes is a few minutes to think about our implementation goals and record them in writing.

And you will increase your productivity dramatically.

Try it now.

The post Increase your Productivity in Minutes appeared first on Parfrey Murphy.