Becoming an Expert: ‘Five Steps to building visible expertise’

Innovative professional firms prioritize visible competence in today’s competitive climate, to assist and maximize business development chances. – Visible knowledge is necessary for professional services for a few reasons. – It is first and foremost a means of setting your company apart from its rivals. Being recognised as a leader in your industry makes you…

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Debt Warehousing Scheme: 0% interest rate to apply to warehoused debt

The Minister for Finance, Michael McGrath TD, recently announced that, after much engagement with Revenue, the interest rate applicable to all debts housed under the debt warehousing scheme during period 3 will be reduced from 3% to 0%.  – For most taxpayers, period 3 of the scheme would have commenced on the 1st of January…

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Mortgage Interest Tax Credit (MITC)

The mortgage interest tax credit was announced in the 2024 Finance Bill.  – The credit is subject to a number of conditions, which once satisfied, will provide the taxpayer with a credit worth 20% of the increase in the interest paid in 2023 compared to the interest paid in 2022.  The maximum credit available is…

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Contracts for Difference

Contracts for Difference (CFD) Contracts for difference (CFD) are contracts that obligate either the buyer or the seller to pay to the other the difference between the asset’s current price and its price at the time of the contract’s usage. If this difference is positive, then it is the buyer who needs to pay it…

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Accounting Policies Review

Accounting Policies – Internal Controls The overarching objective of the financial statements is to provide information relating to the financial position, performance and cash flows of the company that is useful and will help users of those financial statements make rational, economic and informed decisions about the company. Responsibilities within your business: Have you determined…

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What Assets Should be Capitalised

What does this mean? To begin an asset is something of value that is owned or controlled, and the company expects will provide future benefit. – To capitalise an asset is to put it on your balance sheet instead of “expensing” it in the Profit and Loss. So, if you spend €1,000 on a piece…

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Amendments to FRS102

In today’s blog we will be discussing on the incremental improvements and clarifications of the FRS102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland which will impact the financial statements.  – The Financial Reporting Council (FRC) conducts periodic review every four to five years to allow time for experience of the…

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Preparing Your Finances for the Future: Year-End Tips and Strategies

As 2023 comes to a close and we look towards 2024, it’s essential to get our financial affairs in order. This goes beyond reviewing past performances; it’s about strategically preparing for what lies ahead. Here, we discuss key strategies and tips for year-end financial preparation, focusing on the importance of comprehensive financial projections.   1.…

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Cryptocurrencies & The Impact on Accountants

Cryptocurrencies relate to digital money and are also known as digital or virtual currencies. Cryptocurrency was invented in the 21st century and the use of cryptocurrency, Bitcoin, began in 2009. This has allowed the world to make transactions electronically in a similar way to standard currencies that use physical cash. When comparing cryptocurrency to standard…

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Impairment of Assets

Non-current assets are measured in the financial statements at either cost or revalued amounts. FRS102 Section 27 Impairment of Assets requires an entity to measure the assets at no more than their recoverable amount (i.e., the higher of the fair value less cost to sell or value in use). The difference between the recoverable amount…

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