7 Ways You Can Set Better Goals For Sales Teams

Harvard Business Review provides guidance on strategies to use when sales goal setting can be prone to error. Most sales forces use sales goals to focus attention on what’s important and give salespeople direction about what to do. Goals energize people and encourage them to keep going. Very often, companies link sales force incentive pay to goal achievement. This makes effective goal setting essential for directing and motivating sales teams and controlling sales compensation costs. Even in today’s data-rich environment, it’s often difficult to overcome the uncertainty inherent in goal setting. Market and economic uncertainty can […]

UK Subsistence and IRHA

UK Subsistence IRHA

The Irish Road Haulage Association (IRHA) have an arrangement with Revenue on the payment of UK subsistence. To avail of this arrangement a firm must be an IRHA member and if not an IRHA member the generic Revenue guidance document for subsistence applies. It is important to note that any payments to drivers in respect of subsistence must be supported by full and compete records. Failure to maintain these records will result in the entire payments made to drivers being treated as taxable, grossed up for tax purposes and PAYE/PRSI/USC being levied on the employer (plus potential Revenue interest […]

Payment Services Directive September 14th 2019

Payment Services Directive 2

Will your ecommerce site still be able to take payments after 14 September 2019? You may have heard the ads on the radio or received emails from your payment processors about the new requirements for payments arising from Payment Services Directive 2015/2366EU – in short PSD2.  It is important that you act on this, as if you do not it is highly likely that customers will start experiencing problems paying online after the mandatory date 14 September which is just a short time away now. At present the only information that is required when making an […]

Can you believe this?

Here is the UK Companies House list of the most bizarre excuses for late accounts: Goats ate my accounts I found my wife in the bath with my accountant Pirates stole my accounts We delivered the accounts to the betting office next door to Companies House A volcano erupted and prevented me from filing Slugs ate my accounts It was Valentine’s Day My company was more successful than I thought that it would be, so I was too busy to file HMRC top late tax return clunker: “I couldn’t file my return on time as my […]

GDPR Guidance for a ‘No- Deal’ Brexit

Cyber Insurance and GDPR Ireland

The Data Protection Commission recently issued guidance on the transfer of personal data from Ireland to the UK in the event of a ‘No-Deal’ Brexit. Are you an Irish company that transfers personal data to the UK (including Northern Ireland)?   See below a non-exhaustive list of examples of ways you might be transferring data to a UK-based company Are you outsourcing your HR, IT or Payroll function to a UK based organisation? Are you using a UK based marketing company to send marketing communications to your customer database? Is your occupational health provider based in […]

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 […]