Stuart Meharg Chartered Accountant

Soletrader tax returns and accounts – what exactly is needed?

Stuart — Sat, 31 Mar 2012 09:55:13 +0000

I frequently get requests to quote for “filling in” or “filing” a tax return for a sole trader. Often the potential client doesn’t fully understand the full extent of their obligations. They think in terms of the final act, ie the tax return, and not in terms of how to get there.

So how do you [...]

Bye-bye sole-trade – hello limited company

Stuart — Thu, 22 Mar 2012 16:13:15 +0000

Many people start out in business as sole-traders and once the business is off the ground “graduate” to a limited company. There are various reasons for this, some real, some perceived:

To avail of lower tax rates Protection of limited liability Banking or investor requirements Image

Before deciding whether to or not to incorporate, sole-traders [...]

The new era of accountancy services

Stuart — Wed, 29 Feb 2012 20:09:35 +0000

The status quo- how small and medium businesses interact with their accountants

Traditionally, small businesses presented a shoe box or plastic bag full of receipts, invoices and bank statements to the accountant either at the end of a VAT period or the end of the year.

The accountant would sort, collate and process the documents [...]

Action plan for jobs – what’s in it for start-ups?

Stuart — Mon, 13 Feb 2012 23:37:56 +0000

A lack of detail for starters!

Let’s take the main points. The Action Plan for Jobs (APJ) has 15 action points for 2012 relating to indigenous start-up businesses. None of these has a time scale (other than “2012″).

These pronouncements by Government are obviously given an overly positive slant, a little spin, and an [...]

PRSI refunds – putting the record straight

Stuart — Fri, 10 Feb 2012 10:07:26 +0000

There has been a lot of inaccurate reporting and information on so called PRSI refunds due to an error by the Department of Social Protection.

Firstly, what is being talked about is not PRSI refunds but health levy refunds. That is why refunds can only be claimed up to 2010 as the health levy was [...]

VAT basics – a beginner’s guide

Stuart — Fri, 03 Feb 2012 17:36:39 +0000

Rule number #1: you can’t add VAT to your invoices unless you are registered for VAT – ever!

Rule number #2: you can’t claim VAT on purchases unless you are registered for VAT – ever!

Do I need to register?

If you are selling goods you must register if your total sales (turnover) for [...]

Starting a business: sole-trade vs limited company

Stuart — Thu, 02 Feb 2012 21:01:14 +0000

One of the most important decisions to be made when starting a business is what legal structure to adopt: sole-trade/partnership or limited company?

Both have advantages and disadvantages. Each business’s circumstances must be examined in its own right as what may suit one set of circumstances may not suit the next.

Firstly we must explain [...]

Exploring exports – VAT basics

Stuart — Thu, 05 Jan 2012 16:05:05 +0000

VAT is a funny old tax. Whether it is charged and who pays it depends on different things, such as whether you are supplying goods or services, the VAT status of the customer, the location of the customer and the supplier, is it a service connected to a building. The place of supply dictates which [...]

Pay and file online deadline extended

Stuart — Tue, 08 Nov 2011 14:26:36 +0000

Revenue announced yesterday that the pay and file deadline has been extended to midnight on 16 November (previously 15 November).

To avail of this deadline you must both file and pay online.

See here for more information on your pay and file obligations.

See here for an explanation of preliminary tax and [...]

Calculating your profit for tax purposes

Stuart — Wed, 19 Oct 2011 12:39:36 +0000

When calculating your profit (or loss) for tax purposes you must be aware that your business expenditure falls into 1 of 2 categories: “allowed” and “disallowed”.

This is not an exhaustive analysis but a brief overview of the basic concepts that can cause most difficulty.

Capital expenditure

Any equipment you buy should go into your [...]