Don’t agree with Revenue’s property tax estimate?

What to do if you don’t agree with Revenue’s propery tax estimate on your property Revenue is in the process of issuing notices of estimate of Local Property Tax (LPT) to property owners.  It’s important to highlight that these letters are just that: ESTIMATES.  It is Revenue’s way of telling you that if you don’t…

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What are taxable sales or supplies for VAT?

One of the conditions for a business to register for VAT is that it must be making taxable supplies of goods or services. This is generally straightforward as MOST goods and services are taxable supplies.  Here we will address a confusion that often arises: VAT exempt supplies versus zero rated supplies. But what is a…

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Foreign currency accounting entries

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Foreign currency accounting entries cause problems for businesses of all sizes. I’ve seen multi-million euro businesses with operations in various countries doing it wrong. I’ll show you the right way to do it. International trade is open to the smallest of traders these days. Amazon, Ebay and others have opened up markets previously unavailable to…

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Homeowners NOT facing €100 daily fines on property tax

On 27 February 2013, a leading national newspaper published a story claiming the homeowners face a penalty of €100 per day for failing to respond to requests for information about their property from Revenue. This is very inaccurate. Actually, it’s totally incorrect. The section referred is Section 151(5) Finance (Local Property Tax) Act, 2012.  Here’s…

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The end is nigh…of the month – accounts monthly checklist

Month end routine to keep your accounts in order The end of the month is natural financial reporting point.  Here’s an accounts monthly checklist of what you need to be doing to keep on top of your accounts, manage your cashflow and keep your accountant happy. Accounts monthly checklist: Prepare, CHECK, authorise and pay wages…

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Water leaks, insurance claims and internal audit

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How your accountant can add value with internal audit I missed a call from the agent who manages a rental property for me. The call was quickly followed by a text with the dreaded message: call me urgently. Gulp. I called immediately. I learned that there had been a leak that morning which has left…

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So what’s REALLY in Budget 2013 for small business

It was refreshing to finally hear the Minister for Finance focus on Small & Medium Enterprises (SMEs) in Budget 2013.  For too long, in my opinion, the emphasis of successive administrations has been on foreign multinationals and exporting indigenous businesses.  While that sector should be nurtured it shouldn’t be done at the expense of the nuts and bolts of…

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Business entertainment expenses – can I get a tax deduction for that?

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entertainmImage courtesy of Ambro FreeDigitalPhotos.net Business entertainment expenses extend beyond the staff party: there’s client entertainment to consider    I want to thank my best customers for their continued loyalty by inviting them out for drinks.  Is this a tax deductible expense? In a word, no, it’s not.  Expenditure on client entertainment is specifically disallowed from calculating taxable profits…

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Budget 2013 wish list

Here’s my budget wish list for 2013.  None of these suggestions have been costed out.  The tax changes are mainly driven by tax simplification and equitable objectives rather than pure income generating tools. 1. Abolish principal private residence relief This one has been on my agenda for some time and admittedly is less of an…

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3 reasons to file your income tax return on time

With the 31 October income tax filing deadline looming for sole-traders and owner-directors (amongst others) here are 3 compelling reasons to file your return on time. 1. Save money Late tax returns attract a surcharge of 5% on the final tax liability (if filed within 2 months after the filing deadline has passed, and increasing…

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