Irish Accounts Blog

I am often approached by people who have been asked, as a volunteer, to join the board of directors or committee of their local Management Company. The scenario usually is that the developers of the apartment bloc have finally resigned as directors of the Management Company. They now belatedly hand over the running of the company to the residents. It then becomes immediately apparent that no accounts have been filed, no books and records have been kept. The company’s affairs are in disarray and it has either been struck off or is dissolved.
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What is the Employer Job (PRSI Exemption Scheme

The Employer Job (PRSI) Incentive Scheme means that when you employ additional eligible workers in 2010, you will not have to pay employer’s PRSI in respect of their employment for twelve months from the date you are approved for the scheme. Under this scheme, you will be limited to a maximum of 5% of your existing workforce or five employees, whichever is the greater.
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In the current economic climate, businesses are finding it increasingly difficult to meet their current tax obligations to Revenue. Delays in being paid for goods and services put an enormous strain on the ability of a business to survive.
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There has never been a better time to set up a company in Ireland.

The Irish Government has introduced a scheme whereby new start-up companies are exempt from paying corporation tax for the first three years of their operation.

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A little knowledge can be a very bad thing. This was the phrase that came to mind after a very happy client recently came to see me.

He had been speaking to a friend of his in the pub about his impending retirement and the sale of his business. His friend had told him that there was a special relief called business retirement relief which could result in nearly all of the proceeds of the sale of his business being tax free.
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Choosing the right accountant is a critical decision for your business as you need to be able to trust and rely them to provide critical advice and information going forward.

But who should you choose? How much should you pay?
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The dreaded day of reckoning has come and you are now due to have a revenue audit. Do you have a problem? Here is the list we have found to be the most visited by revenue.

1 Pension special contributions.

One of the advantages of running a limited company is the better availability of tax relief for pensions. But one needs to be careful here as the revenue differentiates between an “”Ordinary” Contribution and a “Special” Contribution.

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How it works – The basics

When one is in the early stages of setting up a business, it can be very  hard to get your head round such complicated ideas as VAT.  But in its simplest form, when you become VAT registered, you effectively become a collection agent for the revenue. You agree that you will pay over the correct amount of VAT to them together with a VAT return every 2-3 months. You promise the revenue that you will keep proper books and records which they can inspect at their request.

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