My top 6 most used websites

Anyone who knows me will tell you that my second home is on the internet. So besides Twitter and Facebook, the following are the websites I used most often, in no particular order: 1. Revenue Online Services – ROS (access through www.revenue.ie)  I log on to ROS a few times a day to get details of which returns are due for my clients, details of taxes that have been paid and most importantly to file returns. Practically all our client tax returns are filed online now. As well as being convenient (no need for stamps and […]

Employer Job (PRSI) Incentive Scheme

If an employer hires a new employee during 2010 and that employee meets the qualifying criteria, then the employer will not have to pay employers PRSI in respect of that employee for one year. The rate of employers PRSI is either 8.5% or 10.75% of the employee’s gross pay. The scheme can cover employees already hired since the start of 2010 as well as any hired before the end of 2010. The main criteria are that the job must be a new position of at least 30 hours work per week, that the new employee must […]

Closing Down a Company

If you are one of the many directors in the unfortunate position of having to close down your company, you may be wondering how you go about it. In general there are there are two ways a company can be dissolved – by strike-off and by liquidation – with strike-off being more straightforward and relatively cheaper. This blogpost covers the technical aspects of removing your company from the Register of Companies and with the Revenue Commissioners only. There will obviously be other considerations when closing down a business, including HR issues, which are outside the scope […]

Tax Savings for SMEs

Despite the difficult economic environment, there are still some tax reliefs to be found. The following are a selection of tax reliefs and exemptions for companies which have been introduced to stimulate the economy and encourage a greener environment, as well as some existing reliefs for trading losses. Research & Development The R&D tax credit is available for companies carrying on R&D activities in the European Economic Area (EEA) in a relevant period. From 1 January 2009 the R&D tax credit has increased from 20% to 25% of the qualifying R&D expenditure spend. The definition of […]

CRO filings: Companies Experiencing Trading Difficulties

For companies experiencing trading difficulties, the obligation to file an annual return can fall down the list of priorities. Failing to file an annual return on time leads to filing penalties and the loss of audit exemption which can lead to further financial loss for the company. The CRO have informed us that it is not in a position to waive these sanctions even if a company is in financial distress. So, what can be done in this situation? Firstly the directors should always be aware of their company’s annual return date (ARD). A company’s annual […]

New CAT pay and file dates

The 2010 Finance Act has introduced a fixed pay and file date for CAT (gift tax and inheritance tax) of 31 October. Previously, if a CAT return and payment was due, in respect of a gift or inheritance, the return had to be filed and the payment made, within 4 months of the valuation date. For all gifts and inheritances with a valuation date between 1 January and 31 August – the CAT return must be filed by 31 October of that year and any resulting CAT liability must be paid by that date. Where the […]

Cancelling VAT registration

Many businesses are facing decreased turnover levels and are considering deregistering for VAT. Are there any clawbacks of VAT previously claimed? This depends on whether the business elected to register for VAT. A business can elect to be registered for VAT even though turnover is below the thresholds for registration. A business which elected to register for VAT may cancel registration by arrangement with the relevant Revenue District. However, it can result in a VAT liability. Any excess of VAT refunded over VAT paid during the 3 years prior to the cancellation (or the period of election […]

VAT Invoices

Whether you print VAT invoices straight from your accounting package or manually write them in a duplicate book, here is a reminder of what needs to be included and when they should be issued. VAT invoices must be issued within 15 days of the end of the month in which goods or services were supplied. VAT invoices should also be issued for payments received in advance. VAT invoices should contain the following: A sequential number that uniquely identified the invoice Invoice date Name, address and VAT registration of the trader issuing the invoice Name and address of […]

VAT Registration

When you are starting your own business, whether as a sole trader, partnership or a company, you need to determine if you are obliged to register for VAT and what VAT rate should be applied to your sales. Once registered VAT charged on sales needs to be paid to the Revenue Commissioners (after deducting VAT on purchases and expenses) on a timely basis. Who needs to register? The main reason for registering for VAT is that the business engages in the supply of taxable goods or services within Ireland. A business whose turnover, in any twelve […]

Company Stationery and Websites

If you are setting up in business and designing your stationery and website please be aware that there are some legal requirements surrounding what needs to be included.   Headed Stationery As required by legislation the following should be included on a company’s headed paper: Company name plus Limited, Ltd, Teoranta, Teo, plc as appropriate Names of directors (including any former names) Nationality of directors if not Irish Business name (if different from company name) Country of registration Registered number Address of registered office   Websites   There are a number of regulations concerned with information […]

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