CRO Update – Amalgamated Accounts

From 31 December 2011, the exception in respect of amalgamated accounts has been discontinued and will not be accepted by the CRO. This refers only to instances where the one or same set of accounts are filed with more than one annual return. Therefore, from 1 January 2012, a separate set of accounts is required to be filed in respect of each financial year of a company.  The effect is that each annual return received by the CRO is required to be accompanied by a set of accounts for a financial year ending not earlier than […]

10 Ways to Reduce Utility Costs

Significant savings can be made if you examine your utility usage and costs. Cost reduction ideas include: Offer incentives to staff for energy saving ideas Reduce the temperature setting on thermostats over the winter months and with air conditioning increase during the summer months. Install time clocks to control lighting, air conditioning and heating systems. Have staff power off computers when they leave their desks by using a specially installed off/on button. Have staff turn off fluorescent lights when they leave a room for more than 15 minutes and incandescent lights if gone for more than […]

Accountancy Vacancies

We are looking for: an experienced Audit Senior/Manager for our busy Cork practice. Big 4 experience and 2 years PQE is preferable. Previous responsibility for audit planning and leading audit teams is essential. Delivery of additional consultancy services also envisaged. a recently qualified accountant to provide accountancy services to a diverse client base Interested? Please send your CV to pm@parfreymurphy.ie before 30 November 2011.     PDF

Companies Registration Office News

The Companies Registration Office (CRO) have issued a few reminders in their recent newsletter: 1. A new form B1 was introduced from 1 April. The old version will only be accepted until 1 October (inclusive). The new form can be found on the CRO website (www.cro.ie). If you are filing using co sec software, ensure that it is up to date. 2. Documents filed with the CRO are available to everyone (for a fee) on the CRO website. To facilitate this it is necessary to scan the documents. Documents printed on high gloss paper and/or printed […]

Supply of Goods and Services to other EU countries

Irish businesses who supply goods to VAT registered customers in other EU Member States without charging Irish VAT are required to submit a VIES return each month/quarter. Many businesses are not aware that from 1 January 2010 this obligation was extended to the supply of services. VIES returns can be submitted either monthly or quarterly and must include details of all VAT registered customers in other Member States to whom you have supplied goods or services without charging Irish VAT. Failure to file a VIES return can result in a penalty of €4,000. If you are involved in […]

Bike to Work Scheme Reminder

If a company decides to implement the Bike to Work Scheme, remember the scheme cannot only be made available to the directors of the company, it must be made available to all employees of the company. VAT cannot be reclaimed by the company on the cost of the bikes or associated equipment i.e. helmets, pumps, etc. More information on the scheme can be found at www.biketowork.ie. Any queries? Please leave a comment or contact me on blog@parfreymurphy.ie.   PDF

Jobs Initiative May 2011

The Minister for Finance, Michael Noonan, announced the Jobs Initiative on 11 May last which is designed to stimulate job creation. It includes the following measures in relation to business and employment taxes:   Abolition of employers PRSI on share based remuneration Temporarily halving the lower rate of employers PRSI for certain employees Amending the R&D tax credit regime to enhance flexibility in how companies account for the tax credit Temporarily reducing the 13.5% VAT rate to 9% in respect of tourism related services .   Employers PRSI . Share based remuneration The Finance Act 2011 […]

Tax Saver Commuter Tickets – Luas

The Tax Saver Commuter Tickets from Luas (www.taxsavertickets.luas.ie) offer tax savings for both employers and employees. The benefits include: Up to 52% travel cost savings for staff Up to 10.75% savings for employers on PRSI No more queues for Luas tickets Journeys are cheaper with prepaid tickets than with cash How it works: The cost of the Tax Saver Commuter Ticket is deducted from the employee’s salary before taxation. The corresponding amount paid by the employer to provide a monthly or annual Luas pass will be regarded as an expense incurred by the employer for the purposes […]

More Frequently Asked Questions

Since my last Frequently Asked Questions post , I’ve kept a record of the types of questions I get asked regularly, either as comments or by email. Here are some of the more popular queries over the last 5 months. .. . . . . . Q. Can a sole trader register a company name? If so, are accounts required to be sent to the Companies Office? A. There has been quite a lot of confusion about this. A sole trader and a company are two separate types of legal entity. A Sole Trader is someone […]

Changes to the Operation of RCT

Relevant Contracts Tax (RCT) applies to payments made by a principal contractor to a subcontractor under a relevant contract in the construction, forestry or meat processing industry. See www.revenue.ie for more information on how RCT works for a principal contractor. The Finance Act 2011 has introduced changes to the operation of RCT and the key elements of same are as follows: Replacement of the current RCT rates of 0% and 35% with a three rate scheme: 0% rate which will apply on the same basis as currently applies to a C2 holder. Criteria include compliance with tax obligations for […]

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