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…

Continue Reading →

Revenue writes to 30,000 employers

Untitled1_001

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…

Continue Reading →

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…

Continue Reading →

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…

Continue Reading →

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,…

Continue Reading →

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…

Continue Reading →

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

ID-10066384

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…

Continue Reading →

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…

Continue Reading →

Help!!! I can’t pay my taxes!

Many businesses are finding it difficult to make ends meet and pay their creditors when they fall due. Arguably, one of the most feared creditors of businesses is Revenue. Why? Substantial interest, penalties, surcharges and potential fines and prosecution if you get it wrong. In extreme cases Revenue can place an “attachment order” on your…

Continue Reading →

Are your business expenses exclusive?

Getting your head around deductible expenses for tax purposes It’s getting round to that time of year again were small business owners are seriously thinking (perhaps panicking!) about getting their tax returns completed. There always seems to be an increase in inquiries around this time, extending to late October, about what deductible expenses for tax…

Continue Reading →

Page 1 of 3