Business startup exemption from tax for soletrades

Business startup exemption for soletrades  Budget 2014 introduced a new business startup exemption for people starting a new business.  This is a significant development as previous similar tax reliefs and exemptions applied only to limited companies. Who is it for? To qualify for this you must have been unemployed for at least 12 months.  There’s…

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Keeping control of your growing business

Did you know… As a company director you have various legal duties including: Keep proper books of account; Prepare annual accounts; Have an annual audit performed (unless the company is eligible for audit exemption); Maintain registers of shareholders, directors, meetings etc; File annual returns with the Companies Office; Safeguard the assets of the company; …to…

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VAT Mini One Stop Shop

Changes to VAT rules for electronic services from January 2015, introduction of VAT mini one stop shop New EU VAT rules are coming into effect which will further complicate already complicated things for providers of electronic services.  The VAT Mini One Stop Shop Rules for electronic services are commencing in January 2015. The new rules…

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Quick start guide to risk management

1. Draft a risk management policy The policy sets the tone and it should be the starting part for any risk management process. It should include things like Risk appetite Responsibilities Frequency of risk assessments Establish whether there is a risk sub-committee Risk categories Risk ranking criteria The policy should be formally approved and adopted…

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3 ways your accountant can add value and help grow your business

Accountants are seen by many as a necessary cost to be incurred in order to be tax compliant.  Here are three things accountants can help with that can be of real value to a business.  Each service described below brings the involvment of the accountant deeper into your business resulting in even greater value as…

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I’m not paying taxes on money that’s not in the bank, right?

This was a question from a client and highlights an area commonly assumed by accountants to be understood by their clients. It’s reasonable to assume that a business (limited company or sole-trade/partnership) is taxed only on the cash actually received. After all it’s hardly fair to be taxed on sales which are never paid for,…

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Is it time to scrap corporation tax?

The tax planning activities of several well known multi-national companies have been in the spotlight recently. At a time when most of us are feeling the strains of austerity these companies apparently have some sort of immunity. Various governments (UK and US in particular) have hauled some of these companies in front of parliamentary committees…

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Revenue review of tax affairs of medical consultants

Revenue is reviewing the tax affairs of medical consultants with a particular focus on consultants that have transferred his/her business to a limited company (owned or part owned by the consultant).  The Irish Tax Institute has said that the review is in the Dublin region, however, a letter from Revenue states it is being extended…

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Electric fences and business goals

I was out walking this morning and noticed a gate with coiled wire along the top – a couple of inches from the top rung. Behind the gate was a field, a shed and various pieces of (presumably valuable) machinery.  A sign on the gate read “Danger – high voltage”. My first thoughts were “if…

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Introducing internal audit

What is internal audit? I could bore you with the official definition from the Institute of Internal Auditors: Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organisation’s operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the…

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