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 […]

GENERAL DATA PROTECTION REGULATION

The General Data Protection Regulation (GDPR) will come into force on the 25th May 2018, replacing the existing data protection framework under the EU Data Protection Directive. 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. […]

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 […]

Increase your Productivity in Minutes

Peter Gollwitzer, a New York University psychology professor, conducted  studies in the 1990’s to test implementation intentions. 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 […]

TAX TREATMENT OF TERMINATION PAYMENTS

Termination Payments Tax Treatments

Are you AN EMPLOYEE leaving your current employment? Are you in receipt of a lump sum from your employer? Or are you AN EMPLOYER making a termination payment to a staff member or a group of staff?  Do you know how to process these payments correctly through your payroll and avoid costly mistakes?  Are you aware of the appropriate tax treatment of same? The calculations of the exemptions and reliefs relating to termination payments can be complex and detailed.  We can guide you through the options and help you structure any termination payments in an efficient […]

What Burnout Really is

Eric Barker has just published “Barking up the Wrong Tree: The Surprising Science Behind Why Everything You Know About Success Is (Mostly) Wrong. “In this compulsively readable, brilliant kaleidoscope BARKING UP THE WRONG TREE, Barker is your rollicking guide through the science of success. You’ll discover what pirates and inmates can teach us about honesty and generosity, how to network like the world’s greatest mathematician, and much, much more. (Daniel H. Pink, #1 New York Times bestselling author of Drive and To Sell is Human) “Delightfully puckish, evidence-backed and full of insight, this book answers questions […]

Fraud Squad Warning for Limited Companies, Register of Beneficial Ownership and Potential Penalties

Register of Beneficial Ownership

Under the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2016 (the ‘Regulations’), all Irish companies are now required to set up and maintain a Register of Beneficial Owners. Failure to comply with the Regulations, by a relevant entity or the relevant individual is a criminal offence and can result in the imposition of a fine of €5,000 on summary conviction. There will be a three month period from 26 June 2017 to file the information with the Central Register without being in breach of the duty to file. After 26 September 2017, a […]

What Qualifiction does a Company Secretary Need?

Company Secretary Qualifications

The secretary of a private company is not required to have any formal qualifications. However, the directors must take all reasonable steps to ensure that the secretary has the skills necessary to discharge his/her statutory and other legal duties and such other duties as may be delegated to the secretary by the directors. Directors of a public limited company must take all reasonable steps to ensure that the secretary is a person who appears to them to have the requisite knowledge and experience to carry out the functions of secretary and who: for at least three […]

The 5 Biggest Accounting Mistakes Made by SME’s

5 SME mistakes

The following article (slightly edited by me) was recently published in the US by CPA Practice Advisor and is as relevant here as in Trumpland: “Small business owners face numerous everyday challenges, and they usually conquer them with their entrepreneurial strength. Unfortunately, keeping the books on their growing business is not a skill someone can simply persevere through and get it right. And the potential consequences of messing up on the accounting functions can have serious consequences when it comes to the success or failure of a business. The founders of the cloud accounting system Freshbooks […]

Details required to be displayed on a Limited Company’s Website

Every limited liability company which has a website is required to display the following: The name and legal form of the company The place of registration of the company and the number with which it is registered The address of the registered office of the company In the cast of a company exempt from the obligation to use the company type (Companies Limited by Guarantee/Designated Activity Companies) as part of its name, the fact that it is such a company In the case the company is being wound up, the fact that it is being wound […]

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