Retailers: Cash Register Requirements

As you may be aware every business is obliged to keep proper books and records relating to: All sums of money received and expended in the course of the trade or profession All sales and purchases of goods and services The assets and liabilities of the trade or profession All supporting documentation, including invoices and receipts as well as details of the calculations must also be retained. For retailers, this includes daily till receipts that show all the individual sales from the day as well as the end of day total. A daily summary of transactions […]

Registering a Business Name

If a sole trader trades under a name other than his/her own name, then he/she needs to register a business name. For example Kevin Mulcahy is a sole trader who runs a cafe called “The Daily Grind.” He will need to register this name so that suppliers, government departments and the public is aware of who the legal entity is behind the business. Remember that companies who trade under a name other than the company’s own name also need to register the trading name. Business names can be registered by submitting one of the following forms […]

Mileage and Subsistence

Generally, an employee or director is liable to tax on expenses received from an employer. However, where an employee or director incurs motor or subsistence expenses in the performance of the duties of their employment/office then the reimbursement can be made tax free with certain conditions. Employees or directors must be on a business journey from their normal place of work to claim tax free mileage and subsistence. A common mistake that sole traders make is to claim mileage and subsistence using Civil Service Rates. They can only claim for the actual expenses they incur so […]

Non Principal Private Residence Annual Charge

The €200 annual charge on non principal private residences for 2010 must be paid between 1 April 2010 and 31 May 2010 for non principal private residences held at 31 March 2010. See www.nppr.ie for details. Update: Late payment fees come into effect from 1 July 2010 and are €20 per month or part of month. Payment can be made online at www.nppr.ie on/after 31 March 2010. PDF

Extended Deadline for Disclosing RCT Errors

The Revenue Commissioners have extended the deadline to 15 April 2010 for making a disclosure in relation to the RCT Return for 2009. If a principal contractor discovers that payments were made gross to any subcontractor who had a valid C2 but not a revevant payments card, then a qualifying disclosure should be made before 15 April to avail of a fixed penalty of €3,000 rather than the normal interest and penalties, which could be substantial. The fixed penalty of €3,000 will apply to each instance of the failure to deduct RCT. It only applies where […]

Mandatory e-Filing of Tax Returns

As you may be aware, from 1 January 2010, the Revenue have extended the mandatory online filing requirements to include “large companies.” Initially “large companies” were to be identified as those not qualifying for audit exemption. However, the Revenue have now clarified that the mandatory online filing requirements are for companies with: Turnover greater than €7.3m and Number of employees greater than 50 Therefore, companies meeting these conditions must pay and file all tax returns online including VAT, PAYE/PRSI and Corporation Tax. PDF

4 Things Every Company Director Should Know

Through our experience of forming companies and helping clients to set up in business we have compiled a list of 4 things every director should know to ensure that the company and director are compliant with the Revenue and the Companies Registration Office. 1. Deadline Dates Deadline dates are strictly enforced by the Revenue and Companies Registration Office and penalties and fines are regularly imposed. Ensure that you keep a note of  your company’s Annual Return Date and Corporation Tax deadline and that you forward your books and records to your accountant as soon as possible […]

Sole Trader v Limited Company

So you have a new business idea and have sketched a brief business plan. What are your options in terms of structure and how do you decide which one is right for you? There are two main options open to entrepreneurs setting up in Ireland – sole trader and limited company. I will briefly outline the differences between the two and the issues you need to consider when making a decision on which structure to choose.   Sole Trader Sole trader is the simplest option. To set up as a sole trader, you will need to […]

Introduction

Welcome to the new Parfrey Murphy blog for owners/managers of businesses in Ireland. There is a vast amount of information online to the point that it can lead to information overload. Our aim is to provide concise, practical accounting and tax information to new startups and existing businesses and to help them stay compliant, avoid some of the pitfalls and reduce their tax liabilities. For more information about us, see www.parfreymurphy.ie. PDF

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