Entrepreneur Relief

An individual only may claim relief from CGT in respect of a chargeable gain arising on the disposal of qualifying business assets. There is a lifetime limit of €1 million on the gains made on or after 1 January 2016 that you can claim relief on. If you can claim this relief, you will pay CGT at the rate of 10% on gains from the disposal of business assets. This is reduced from the normal rate of 33%. Up to 31 December 2016, gains from such disposals are charged at 20%. The qualifying business assets must have […]

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 […]

7 ESSENTIAL BUSINESS STRATEGIES

To succeed in business, you need to decide on what strategies to implement depending on circumstances. Decide on which of the following strategies you are going to implement immediately. Be customer orientated Put your customer first and ensure that your service performance is second to none. Never lower your standards. Touch base regularly with your key customers and listen to their suggestions on how you can improve your service.   Focus on planning Prepare a written formal strategic plan where you document what your current position is and where you personally want to be in 5 […]

CYBER INSURANCE AND GDPR

Cyber Insurance and GDPR Ireland

How will Cyber Insurance respond to GDPR-related incidents? A policy should cover you for a wide variety of data-breach related covers, including: Crisis response to gain initial advice from experts IT forensics to discover the source of a breach and stop it at source The cost of establishing who has been affected, and to what extent The cost of notifying those affected – Credit and/or identity theft monitoring, if required Setting up a call centre for those affected Attend hearing such as with the Data Protection Commissioner Fines and penalties, once they are insurable – see […]

Sole Trader V Limited Company Considerations

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 or 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 register […]

EMPLOYEES ANNUAL TAX FREE €500 BONUS

Employers can reward employees under the Small Benefits Exemption Scheme with a non-cash bonus of up to €500 completely tax free this year 2017. If guidelines are followed neither the company nor the employee will pay PAYE, PRSI or USC with a potential saving of over €650. To qualify for the tax exemption, only one tax-free bonus may be paid to each employee in any one year. If more than one bonus is given in a year, it is only the first one that will qualify for tax-free status, even if this bonus is less than […]

20 Great Actionable Time Saving Ideas

Andy Bounds, author of The Jelly Effect: How to Make Your Communications Stick, recently passed me on some great time saving ideas. As he says the most common grumble in business: “I don’t have time.” So he has twenty ways to change how you communicate, to free-up loads of time. All are easy. All will save you time. But which will you do? Don’t have 30- or 60-minute meetings.  Instead, make them a maximum of 20 or 45. Even shorter, whenever possible Review last week’s diary, and identify all the things that took longer than they […]

Slow Down and Stop Making Mistakes

5 SME mistakes

Over the years I have found if I rush my work I am prone to making silly mistakes. So I slow down and review what I have done to make sure it looks right. A quick test for you: You have just five seconds to answer these simple questions: What do cows drink? What’s the opposite of ‘not in’? How much dirt is in a hole measuring two metres squared, and three metres deep? What weighs more – a ton of concrete or a ton of feathers? How many of each animal did Moses take onto […]

Flowering Shares

Flowering shares are a class of ordinary shares issued by a company which entitle the shareholder (employee in this case) to capital generated by the future growth of the business above its current value. Shares are issued at a day one value. When a company reaches an agreed level of future growth (which is known as the “hurdle”) the shares will have an agreed value. This amount can be either variable (based on a percentage) or a fixed amount. The shares are normally available for purchase at a nominal or small amount meaning only minimal outlay […]

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