Accounts
Pat Byrne Introduces his new accountancy practice… continue reading
Breakfast for Start-Ups and Entrepreneurs in Association with McInerney Saunders
There will be a free Start-Up Breakfast for Entrepreneurs and New Businesses in DCU Business School (3rd Floor), 27th July 2011 at 7.45-9.30am. This networking breakfast is in association with “McInerney Saunders Chartered Accounts” and includes
Getting the most from your Accountant
We all know the general consensus that people dread visiting their accountant like they dread visiting the dentist..
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Self Employed Vs Employee
The question of whether a person should be classified as an employee or self employed is an important one, David from www.irishaccounts.ie explains the difference..
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Audit Exempt Companies In Ireland
AUDIT EXEMPTION
In Ireland, a company is deemed to be audit exempt if it fulfills all the criteria set out below in both the current and previous year;
* The company must be a Private Limited Company;
* The amount of turnover of the company must not exceed €7.3 million;
* The total assets of the company are less than €3.65 million at the end of its financial year;
* The average number of employees must not exceed 50;
* The company must not be a parent company or a subsidiary company;
* The company must not come within one of 19 classes of companies listed in the Second Schedule to the 1999 Act; (Generally banks and companies that are under the control of the Financial Regulator)
* The company’s annual return must not be late in either the current or the previous year;
Late Annual Returns
The condition which generally causes the most trouble is where a company is late filing of it’s annual return. This will result in the company loosing its audit exemption status for the current year and also for the next year. The CRO are very strict in this regard as they are unable to waive the exemption as a matter of law. There are also late filing fees of €100 and €3 per day for every day the return remains outstanding.
Ways to help you avoid loosing your company’s audit exemption status
1) Ensure that the company’s Annual Return Date is the maximum 9 months after the company’s year end.
2) Try to get the accounts of the company prepared as early as possible to avoid unnecessary delays.
3) Filing your annual return online gives an additional 28 days to file the company’s accounts.
Loss of audit exemption can prove to be expensive as a significant amount of additional time will be required to complete the accounts of an audited company as opposed to an audit exempt company.
If you wish to discuss any of the above do get in touch with us at info@irishaccounts.ie
Getting into difficulties with Revenue and Irish Tax arrears
In the current economic climate, businesses are finding it increasingly difficult to meet their current tax obligations to Revenue. Dave from Irishaccounts.ie discusses the options…
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Tax Exemption for New Start-Up Companies In Ireland
There has never been a better time to set up a company in Ireland. David Brannigan explains the new tax exemption for startups
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.
In order to avail of the scheme the companies
1) must be incorporated on or after 14 October 2008,
2) commence qualifying trade in 2009 (now extended to 2010),
3) have corporation tax liabilities that do not exceed specified levels.
In order to qualify, the trade of the company must not have been previously carried on by another person or formed part of another person’s trade.
The relief also does not apply to “service companies”. These are companies which are controlled by five or fewer people who carry on a profession or supply professional services.
The maximum relief allowable is for a corporation tax liability of €40,000 per annum. There is also marginal relief where the corporation tax is between €40,000 and €60,000.
If you need any further advice and information about any of the above, do get in touch with us at info@irishaccounts.ie
Choosing The Right Accountant – Starting A Business In Ireland
David Brannigan gives his advice on choosing the right accountant!
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Sole Trader Vs Limited Company
David Branigan has 15 years experience in practice and is accredited by the ACCA.
In the second of a series of Blogs for www.startups.ie David discusses the pro’s and con’s of setting up as a Sole Trader vs Limited Company
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VAT – What’s The Deal! – Advice Starting a Business in Ireland
David Branigan has 15 years experience in practice and is accredited by the ACCA.
In the first of a series of Blogs for www.startups.ie David tackles the basics of VAT…..
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