Beneficial Ownership Regulations 2019 (BOR)

Beneficial Ownership

The 2016 Regulations came into force on 15 November 2016 and have now been revoked and replaced by the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019 which were passed on 22 March 2019. Key Features of the Beneficial Ownership Regulations Corporate or other legal entities incorporated in the State shall obtain and hold adequate, accurate and current information in respect of its beneficial owners and the nature and extent of the control exercised by them. A Central Register of beneficial ownership shall be established and corporate or other legal entities incorporated in […]

Outstanding VAT RTD Causes Cash Flow Problems

Regulation 24(1) of the Value-Added Tax Regulations 2010 requires all VAT registered traders to submit a VAT Return of Trading Details (RTD) on an annual basis following the end of the respective accounting period. The RTD is a statistical form which provides a summary of supplies of goods and services, imports and purchases giving rise to deductible input VAT at the various VAT rates. The return includes all Irish, intra-EU and non-EU trade carried out by the Irish business. The VAT exclusive value of the supply of goods and services should be included. All turnover including turnover at […]

EORI Number for Importing and Exporting Goods

An EORI number is an Economic Operator Registration and Identification number. The EORI system was introduced on July 1, 2009 to replace the Traders Union Reference Number System which previously identified traders for customs declarations when importing or exporting cargo. It was established to implement the security measures introduced by Regulation (EEC) No 2913/92, as amended by Regulation (EC) No 648/2005 of the European Parliament and of the Council. It is also used for statistical purposes. If a business interacts with the customs authorities in any European Union (EU) country or trades with a non-European Union (EU) country it will need an EORI number. If you are moving goods within the […]

UK directors in Irish companies – No deal Brexit

The Companies Registration Office has advised that if the UK leaves the European Union without any deal in place on 29 March 2019, Irish companies which have only UK resident directors will be required to comply with Section 137 Companies Act 2014 to have an EEA-resident director. S137 BOND However, the requirement to have at least one EEA resident director from a Member State does not apply to any company which holds a bond, in the prescribed form, in force to the value of €25,000 and which provides that in the event of a failure by […]

Implementation of Branch Returns Filing with the CRO

On 9th June 2018, the type of external companies obliged to register with the CRO was broadened with the commencement of Section 80 of the Companies Accounting Act 2017. Previous to this, external companies with unlimited liability with a branch in Ireland were not required to register with the CRO. The Companies Accounting Act 2017 has now introduced the requirement that both EEA and non-EEA external, unlimited liability undertakings, which are a subsidiary of a limited liability company are to register with the CRO once they have a branch in Ireland. ALL branches registered with the […]

Universal Laws

If anything can go wrong, it will. Murphy’s Law If you play with anything long enough it will break. Murphy’s Law Is something is adjustable, sooner or later it will need adjusting. Max Frisch Anything you buy will be in the sale next week. Erma Bombeck If it’s good, they’ll stop making it. Herbert Block 90 per cent of anything is crap. Theodore Sturgeon When it comes to foreign food, the less authentic the better. Gerald Nachman When ripping an article from a newspaper, the tear is always into and never away from the required article. […]

Income Tax refund 2014

As there is a four year limit on claiming Income Tax refunds, 31 December 2018 is the deadline date for filing your 2014 return if you are entitled to a refund. If you file your claim after that date you will not receive any refund. In 2017 Revenue stated that refunds on tax credits totalled €27.6m. The average refund is about €900/€1,100. It is opportune that you check your position for 2014 and subsequent years to ensure you receive your correct tax credits and allowances for items such as medical expenses, nursing home fees, tuition fees […]

Entrepreneur Boot Camp

Entrepreneur Boot Camp

Gerard Moran of the Entrepreneurial Boot Camp has provided the following content. His Entrepreneurial Boot Camp’s sole purpose is to take a hard look at your business plan with a detailed review of your business and the likelihood of the success of the plan. It’s also a chance to address the shortcomings and develop answers to tough questions before it is too late. Entrepreneurial Qualities Vision, creativity, persuasiveness, risk tolerance, motivation, flexibility, and decisiveness are the qualities that set you apart from the average person.  Your business at all times will need to keep a careful […]

Drucker’s Pricing Sins

In his book Managing in a Time of Great Change Peter Drucker writes on the five deadly business sins – avoidable mistakes that will harm the mightiest business. The first and the most common sin is the worship of high margins and of premium pricing as it always creates a market for competitors. And high profit margins do not equal maximum profits. Total profit is profit margin multiplied by turnover. Maximum profit is thus obtained by the profit margin that yields the largest total profit flow and that is usually the profit margin that produces optimum […]

Enterprise Ireland Innovation Vouchers

Enterprise Ireland Innovation Vouchers

Introduction The Innovation Voucher initiative was developed for small businesses to purchase academic support and expertise from Ireland’s public knowledge providers. Innovation Vouchers worth €5,000 are available to assist a company to explore a business opportunity or problem with a registered knowledge provider. The Innovation Vouchers initiative is open to all small and medium-sized limited companies registered in Ireland. 81% of applications are successful. The main reasons for non- success are non-eligibility of the applicant insufficient information, ineligible activity and low level of innovation. If unsuccessful you can reapply.   Exclusions Small and medium-sized enterprises in the […]

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