Just a Coin Flip!

Decisions!  Decisions!  Decisions! 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 […]

Download Our Free App

So what’s in the App? 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 […]

Protect Your IP, Brand, Trade Name and Online Presence

Protect your Online IP

IE Domain Registry have proposed a policy change which will make dot ie domains easier and faster to register. 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. […]

Slow Down and Stop Making Mistakes

5 SME mistakes

Over the years I have found if I rush my work I am prone to making silly mistakes. 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: What do cows drink? What’s the opposite of ‘not in’? How much dirt is in a hole measuring two metres squared, and three metres deep? What weighs more – a ton of concrete or a ton of feathers? How many of each animal did Moses take onto […]

Flowering Shares

Flowering shares are a class of ordinary shares issued by a company which entitle the shareholder (employee in this case) to capital generated by the future growth of the business above its current value. 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 […]

European Economic Interest Groupings (EEIG)

An EEIG is a mechanism through which businesses within the EU can engage in cross-border commerce. 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 […]

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 […]

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