What the Experts Said

Churchill

Personally I am always ready to learn, although I do not always like the thought. Winston Churchill. The best executive is the one who has sense enough to pick good men to do what he wants done, and self-restraint enough to keep from meddling with them while they do it. Theodore Roosevelt. Whoever desires constant success must change his conduct with the times. Niccolo Machiavelli. Nothing stops an organisation faster than people who believe that the way they worked yesterday is the best way to work tomorrow. To succeed, not only do your people have to […]

Subsistence Rates 2015

Subsistence Rates 2015

Overnight Allowance Day Allowance Normal Rate Reduced Rate Detention Rate 10 hours or more 5 hours but less than 10 hours €125.00 €112.50 €62.50 €33.61 €14.01   Previously allowances were divided into class A and Class B, this has now been discontinued with effect from 1 July 2015. An overnight allowance covers a period of up to 24 hours from the time of departure, as well as any further period not exceeding 5 hours, which is necessarily spent overnight at least 100km away from the employee’s home and normal place of work. A day allowance applies […]

Capital Acquisitions Tax (CAT) Update 2016

inheritancetax

Capital Acquisitions Tax (CAT) comprises an Inheritance tax charged on taxable inheritances taken and a gift tax charged on taxable gifts taken. Very simply an inheritance is a gratuitous benefit taken on a death and a gift is a gratuitous benefit taken otherwise than on a death. The tax is currently charged at 33% on the taxable value of the gift or inheritance above the appropriate threshold. The taxable value is arrived at by calculating the market value of the gift or inheritance and then deducting any specific allowable amounts and any consideration paid by the […]

Sick Leave

sickleave

The Government in 2014 approved amendments to Sections 19, 20 and 23 of the Organisation of Working Time Act 1997 to bring the Act into line with rulings of the Court of Justice of the European Union in relation to the accrual of annual leave entitlement during sick leave. The amendments to the 1997 Act have now been made by section 86(1) of the Workplace Relations Act 2015 which was enacted on 20 May 2015.   These provisions of the Workplace Relations Act have commenced as of August 1, 2015. The amendments to the 1997 Act […]

Are You Getting Your VAT Right on Distance Selling?

vat

If you sell goods to a person living overseas and is in the EU and who is not VAT registered, then Revenue class this as distance selling. Whether the sales happen through mail order or from a telephone call or a sale made on your website the distance selling rules will apply. What do the distance selling rules mean? Basically you’re liable to account for Irish VAT on distance sales until the total value of sales to all customers within a particular country reaches the threshold that applies in that country. When that threshold is met […]

3 Things You Need To Think About If You’re Buying A Business

buybusiness

One way to achieve growth for your business is to buy another business. Or perhaps you’re thinking of starting up a business and buying an existing business seems like a better option than starting from scratch. A big mistake that many in this position make is to look for opportunities at the lowest price. But price is only one of a number of factors that must be carefully considered. Failing to consider all these factors is likely to make it much more difficult for you to be successful in your purchase. Here are 3 such factors […]

Is Pricing Low A Good Idea?

lowprice

Especially when starting up a business the perceived wisdom can be that you should price low. If you price low you can win more customers. More customers mean more sales and that’s the key to success……or is it? The tendency is to think I’m new, I’m small, I can do it cheaper. But in fact there are four problems with this thinking. One of the most common mistakes made by business owners is to underestimate their costs. Small businesses generally don’t have the right attributes to be able to get significant cost reductions in comparison with […]

The Keys To Understanding Your Balance Sheet

balancesheet

Right from when you get your first set of management or annual accounts you’ll probably notice that one of the reports is a balance sheet. Especially for new business owners you might wonder what exactly it is and what it has to do with balancing. The balance sheet is a vital financial document for your business so learning what it means and how you can read it can make a big difference. What is a balance sheet? A balance sheet tells you something about the financial strength of a business on a particular day – usually […]

4 Tried and Tested Ways To Ensure You Get Your Pricing Right

pricing

There’s no doubt that applying the right pricing to your business can help you make more profit. In fact, McKinsey, the global consulting firm, suggest that pricing has a bigger impact on a company’s profit than anything else. How can you make sure you’re making the right pricing decisions that make you the most profit? Read on to gain insight into pricing anchors and then 4 tried and tested ways for you to successfully apply them to your business. Pricing Anchors… Anchoring is profoundly important to pricing for profit. Here’s why… A product is never really […]

Using Guarantees Wins Sales

guarantee

A concern that most of your prospective buyers will have is: What if this isn’t right for me? What if I change my mind? What if I don’t like it or I don’t want it? If you can eliminate this concern and reassure your buyer you’re more likely to be able to convert the sale. Eliminate those concerns by using a guarantee This reassures the customer that buying the item isn’t the end. Their interests will still be protected post-sale. You could think about having a guarantee along the lines of: “If you’re not completely satisfied […]

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