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 […]

General Data Protection Regulation

The new General Data Protection Regulation (GDPR) will be coming into force across the EU on May 25 next. The Regulation makes significant and in some areas radical changes to current policies which have been based upon the existing EU Data Protection Directive. The new Regulation transfers ownership of an individual’s personal data from the data holder to the individual concerned, the data subject. In future all companies and organisations are legally bound to respect not only the data but also the rights of the individual over all of his or her personal data. These rights […]

Shareholders Agreement

A shareholders agreement may be loosely defined as an agreement (contract) between some or all of the shareholders in a company and sometimes the company itself, which is intended to govern the rights and obligations of the parties thereto. Frequently, shareholders agreements will also deal with the management of the company. When setting up a new company the provisions of a shareholders agreement should be agreed between the shareholders before the business commences. The advantages of using a shareholders agreement are: It ensures secrecy for those provisions which could be publicly sensitive. Often shareholders agreements include […]

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 […]

BUSINESS PLANNING FOR 2018

Let’s take a look back and start planning for business in 2018… As we approach the Christmas break, for most businesses the rush is on to collect money from customers, pay money to suppliers and get all records up to date. We are approaching the end of another year and now is the time to look back at the business for the year that has been. It’s a time to review performance as a whole, both the good and the bad, to ensure we capitalise on the positives and strive to eliminate the negatives next year. […]

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 […]

CRO Annual Returns Prosecutions

The CRO have recently begun prosecuting companies for being late or failing to file their Annual Returns with them as they are legally required to do. The summons is issued against the company and not the directors. The offence is a category 3 offence and fines have already been levied by the District Court at between €1,300 and €5,000 the maximum amount. These prosecutions have been selected by the CRO based on the poor filing record of these companies to date and the amount of late filing fees that they have paid. The CRO have advised […]

Expert Business People to Avoid

Jim Connolly, the marketing expert, advised recently that there are certain people you need to avoid. Some are easy to spot The web designer, whose website looks ugly. The marketing expert, who has to attend networking groups because their marketing doesn’t work. The guru, who claims to be in demand, yet offers free consultations. The copywriter, whose content is uninspiring.  Others are harder to spot The strategist, whose own strategy isn’t working. The accountant, who understands the numbers but can’t express what they mean to your business. The PR person, whose own PR doesn’t create any […]

Budget 2017

BUSINESS TAX CORPORATION TAX RATE The Minister reiterated in his Budget speech that the 12.5% Corporation Tax rate will remain in place indefinitely. CAPITAL ALLOWANCES The deduction for capital allowances for intangible assets, and any related interest expense, will be limited to 80% of the relevant income arising from the intangible asset in an accounting period. The scheme of accelerated capital allowances for energy efficient equipment is being extended to 31 December 2020. VAT The 9% VAT rate on tourism and services sector is retained. An increase in the VAT rate on sunbed services from 13.5% […]

The Dreaded Annual Return Date (ARD) for Limited Companies!

A limited company’s Annual Return date (ARD) is the date the Annual Return form is made up to for filing with the Companies Registration Office (CRO). The Annual Return form B1 must be filed within 28 days of the ARD otherwise the company’s Financial Statements will be subject to audit for 2 years. The first ARD date is 6 months after the company has been incorporated and cannot be changed. After the company year-end date has been decided, the second ARD can be extended by six months maximum by filing forms B1 and B73. However there […]

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