Diesel Rebate Scheme

The Finance Act 2013 includes provisions for the Diesel Rebate Scheme where repayment of a portion of the Mineral Oil Tax on auto diesel used in certain qualifying motor vehicles will be repaid to qualifying road transport operators. The scheme will apply to purchases on or after 1st July 2013. The maximum amount repayable will be 7.5 cent per litre. The revenue is currently updating ROS to allow for the registration and filing of these returns and hope to have ROS compatible by the end of the year.  For more information see www.revenue.ie.       PDF

ELECTORAL AMENDMENT POLITICAL FUNDING ACT 2012

With effect from 7/11/2013, Companies, societies and trade unions making an annual return are required to disclose all political donations in excess of €200 in the aggregate. This has been severely reduced from the previous annual aggregate limit of €5,079.   See also:    Incorporating an Existing Business PDF

Croatia Joins the European Union

Croatia officially becomes the 28th Member state of the European Union Today (1st July 2013).  It is the first addition since 2007 when Bulgaria and Romania joined.  While it may not be the best time to join the European Union Croatia with an unemployment rate of 20% is hoping that membership will modernize the country and help ensure its economic survival. PDF

Encouraging Your Children to Save

Becoming parents is wonderful but it also teaches you the value of money with costly childcare and the cost of schooling etc.  Teaching your child to be a saver from a young age might help them on their journey into adulthood and their own financial independence. There are a few ways to encourage children to save – The first is to set the example – tell them that you are saving at the moment – maybe for a new car, an extension or the next summer holiday Make it a competition – encourage all of your […]

Cycle To Work Scheme

The purpose of the scheme is to encourage employees to cycle to and from work. Under the scheme an employer may provide an employee with a bicycle and safety equipment without an employee being liable for benefit in kind subject to a limit of €1,000. The scheme may be implemented under a salary sacrifice arrangement through the employee’s payroll. The full cost must be recovered within a period of twelve months or less. The employee can avail of this scheme once every five years. The bicycle and safety equipment are exempt from tax therefore the employee […]

JobPlus Scheme

With effect from 1 July 2013 the above scheme will replace the Revenue Job Assist  and Employer Job (PRSI) Exemption Scheme. The aim of the JobPlus Scheme is to encourage employers to employ long term unemployed individuals. The new incentive will be paid monthly in arrears over a 2 year period (by 24 monthly instalments) and is divided into two levels: (1)    Payment of €7,500 in respect of those who have been out of work for at least 12 months. (2)    Payment of €10,000 in respect of those who have been out of work for over […]

Submitting a Local Property Tax Return – Avoiding a Surcharge

If an individual has to submit a Local Property Tax (LPT) return and has not done so by their income tax return filing date i.e. 31 October 2013, he / she will liable to a surcharge on his / her income tax liability. This is in accordance with S38 of the Finance (Local Property Tax) Act 2012 which links the submission of a LPT return with an income tax return. The implication of this section is where a LPT return is due and the return and payment are outstanding, the individual’s income tax return is also […]

Importance of Internal Communication within the SME

In smaller businesses internal communication is an oft overlooked concept. Many businesses believe that the fewer the people the clearer the objectives. This however, is not always the case. Even within SMEs people can find themselves specialising or taking on specific roles, in the process losing sight of the big picture.   Janine Popick of verticalresponse.com offers the following advice to ensure effective communication:   Do not underestimate the value of internal meetings. Give each department within your business a chance to relay achievements or interesting developments in their area. Allow questions and participation. The more […]

€200 Annual Charge on Non Principal Private Residences

  The Local Government Act 2009 introduced a  €200 annual charge on non principal private residences, payable by owners to the local authority in which the property in question is situated.   Collection of the charge for 2013 commenced on 31 March 2013. The 2013 charge is based upon the ownership of the property on 31 March 2013.   The 2013 charge must be paid on or before 30 June 2013 to avoid late payment fees.   Late payment fees are significant and any accumulated late payment fees will form a charge on the property concerned. It […]

Introducing New Shareholders to a Limited Company – Transfer of Shares

As discussed in our blog of 22 May, new Shareholders can be introduced to a company in 2 main ways, the allotment of shares and the transfer of shares. In their basic form, allotment and transfers are a simple procedure, however it is important to understand the basic requirements as these are the important part of more complex transactions like Share for Share Exchanges and Share for Undertaking. Transfer of Shares Shareholders have the ability to transfer their shares to existing shareholders or third parties. This allows shareholders to sell their shares or for companies to […]

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