FULLY ELECTRONIC FILING OF ACCOUNTS AVAILABLE FROM 10TH MARCH

Section 3 and 4 of the Companies (Miscellaneous Provisions) Act 2013, will be commenced on Monday 10th March 2014. This Act removes the requirement for accounts documents filed with the CRO to include handwritten signatures of Directors, Auditors etc and instead requires that the signatures appear in TYPED form on each document. Where accounts with typed names only are delivered to the Registrar, the Act requires them to be certified by a Director and Secretary of the company, in either electronic or written form, stating that each of the accounts documents annexed to the annual return […]

Single Person Child Carer Credit

Up to and including the tax year 2013 the One Parent Family Credit was available to a parent (not living with a partner) and whose child lived with them for at least part of the year. With effect from 1 January 2014, the Single Person Child Carer Credit replaces the One Parent Family Credit. This credit is different to the One Parent Family Credit in that it is primarily only available to the primary claimant i.e. the person with whom the qualifying child resides for the whole or greater part of the year. The credit can […]

VAT NUMBER CHECK

You can check the validity of any EU VAT number by logging onto the following website: http://ec.europa.eu/taxation_customs/vies/vieshome.do?selected Procedure: Enter Member State of customer from drop down list Enter VAT number (without country prefix) Click on “Verify” The system will tell you whether the VAT number is valid or invalid. Some EU Member States provide information such as customer name and address on this site but the majority only inform the user whether the VAT number entered is valid or invalid. If you need to verify that the name and address for your EU customer correspond with […]

Effective Listening Techniques

The wide range of social media tools available to us, now more than ever, has redefined our understanding of communication, particularly in business. While such contemporary methods of communication have provided us with a new platform to operate from they have also, arguably, subverted some of the fundamentals of basic communication.   Listening is key to effective communication. In business listening can result in increased client satisfaction, greater staff productivity, fewer errors and a sharing environment conducive to innovative problem solving.   Dianne Schilling in an article for Forbes offers the following simple techniques to improve […]

How You Benefit From Your Accountant Putting You to Sleep — Again!

We all agree that we are not getting enough sleep. In my younger days I was a great believer in cat napping at lunchtime for 15/20 minutes. It is now known as power napping. I found that taking a timeout to sleep during the day gave a quick energy boost. Research now shows that it also has cognitive and health advantages. Studies are showing that naps can restore our attention, the quality of our work, while also helping us reduce our mistakes. It also improves our ability to learn while on the job. Power naps can […]

5 Tips to Improve Your Home Internet Connection

  1. Location, location, location. Wireless signals do not carry far. Any large obstruction can cause interference and a lagging internet speed. Routers should be placed on a flat surface and located centrally in your home. Depending on the size of your house it may be necessary to install a repeater.   2. Make it secure. Having neighbours using your easily accessible Wi-Fi will slow down your network’s performance. Catch them out with better security. Set your encryption to WPA or WPA2 as these require users to provide a security key to connect and make sure […]

What Revenue Fines And Penalties Are There?

What Revenue fines and penalties are there? The Revenue Commissioners can impose various levels of fines and penalties for the incorrect or fraudulent use of the Irish tax system. The main penalties being imposed are for: Late submission of tax returns Non filing of tax returns Errors or fraudulent declarations on tax returns Late payment of taxes due. The level of neglect or misconduct determines the penalty that will apply. For example in a Revenue Audit case the lowest penalty that Revenue can impose is 3% but the highest penalty is 100% of the tax liability. […]

Changes to VAT RTD

VAT registered traders are reminded of their obligation to submit an annual statistical Return of Trading Details (RTD) in Revenue. As mandatory e-filing applies to the majority of VAT-registered traders, Revenue Online Service or ROS is the primary channel for submission of the RTD. The annual RTD form was introduced by Revenue in an effort to simplify the administrative process in relation to calculating the annual total VAT on purchases and sales at its various rates. A recent redevelopment of the process and renewed push towards compliance means that changes to the current filing system are […]

Benefits in Kind and Revenue Audits

Based on our recent experiences with Revenue Audits it has transpired that a particular area of Revenue interest is whether benefits-in-kind have been taxed through the employer’s payroll correctly or if at all. Subject to certain exceptions, benefits-in-kind including private use of a company car, free or subsidised accommodation and preferential loans from an employer to an employee whose total remuneration (including benefits-in-kind) is €1,905 or more in a tax year are taxable. Where the employee receiving such benefits is a director of the company concerned, the benefits are taxable regardless of the level of remuneration. […]

10 ways to get the best value out of your accountant

I came across the following article on taxdonut which is reproduced in its entirety. Your accountant can sort out your tax return or your annual accounts and provide advice on a range of issues, but how do you get the best return on the fees you pay to an accountant?  Choose carefully. Look for accountants with experience of your type of business. Anyone can set up as ‘an accountant’, so look for chartered or certified accountants, whose qualified status is backed by membership of professional bodies. A large firm suggests reliability, but a smaller one may […]

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