Property damage – insurance payouts taxable?

In the aftermath of Hurricane Ophelia some business owners may have experienced damage to their business property.  Hopefully, those that did have adequate insurance cover to pay for the damage. How is the insurance payout treated by tax law? Under Capital Gains Tax (CGT) rules insurance compensation received in connection with property is of a…

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Budget 2018 – Small Business Perspective

What was possibly the most leaked budget in Irish history was published yesterday.  While it was hardly mold breaking, or earth shattering, there are a few positive things in Budget 2018 for micro and small businesses (and a small rant about stamp duty): Self-employed tax credit – nearly there The earned income tax credit (PAYE…

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Budget 2013 wishlist revisited

5 years ago I wrote a blog containing my Budget 2013 wishlist.  I stumbled across it today and decided to give a dust down to see if any of the my requests were ever delivered (I don’t think any were in 2013) and whether I still agree with my 2012 self! Here’s my budget wish…

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Revenue writes to 30,000 employers

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According to Chartered Accountants Ireland, Revenue has began writing to 30,000 employers that included employees on their P35s for 2016 but had not registered them with Revenue as employees.  It seems like a lot. Under PAYE rules an employer must register a new employee with Revenue either by submitting a P45(3) issued by the previous…

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5 Essential Apps For Your Paperless Cloud Business

While a completely paper free office may be a fantasy, it is becoming more of a reality. A change of working practices is required to make it work as well as the right tools for the job. Here are my top 5 to help you on your way: Receipt Bank  If there’s one piece of…

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5 signs that your business processes need an overhaul

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I was doing some work in an office recently and in the space of a few hours witnessed a number of things that left me speechless. These are things that were once the norm in all businesses but have become all but obsolete in the last few years. Some of these things are not only…

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Don’t bother with an overdraft…an underdraft is much better

Have you ever logged in to your online banking and experienced the sinking feeling when you realise that an important direct debit has bounced? While good cashflow housekeeping practices should prevent this from happening, sometimes something somewhere slips through, a cheque lodgement doesn’t clear on time, the overtime bill was higher than expected, or an…

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Where are my profits?

Where are my profits? Your accounts show a healthy profit, you (or your company) are faced with a hefty tax bill, but… THERE’S NOTHING IN THE BANK!! So if there’s little, or nothing in the bank how do you have profits, and more importantly, where are they. Cash versus accruals I don’t want to lose…

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A couple of unexpected nuggets in Finance Bill 2015

The 2015 Finance Bill was published this morning and is expected to be signed in to law by the end of December. The Finance Act effectively puts in to law the tax aspects of the budget announced on budget day.  Usually there are a couple of surprises that weren’t announced on budget day, and this…

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Company Law Changes 2015 That WILL Affect You!

A brand spanking new Companies Act was signed into law in Ireland just before Christmas. The Companies Act 2014 threatens to Irish company law on its head. The old companies acts (spanning 1963 to 2013) laid out the requirements for a large listed company then, for small private companies (the most common company type in…

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