Where an individual employs a carer to care for a family member who is totally incapacitated by old age or infirmity, that person can claim tax relief on the amount of expense actually incurred in employing the carer. The individual must register as an employer and operate PAYE, PRSI and USC on any payments made…
Read MoreThe most popular exit strategy is the sale of a business. 1. Prepare for a sale years in advance – Maintain a file of your audited / reviewed accounts going back as far as possible. – Maintain a file of legal documents and keep this updated. – Exit at a time of strength, plan your…
Read MoreSubordinated Debt Banks often request that a liability be “subordinated” as a pre-condition to making new finance available to a borrower. In practice, the condition to “subordinate” debt often comes into focus with respect to shareholder’s loans in SME businesses. What does it mean? If a liability is subordinated to bank debt, the hierarchy of…
Read MoreThis is a Guest Blog by Steven Barrett of Bluewater Financial Planning. We have explored Annuities and Approved Retirement Funds. Today we will talk about the last retirement option available, taxable cash. What exactly is taxable cash? As the name suggests, it is taking a lump sum of cash (above that of your tax-free lump sum) at the point…
Read MoreThis is a Guest Blog by Steven Barrett of Bluewater Financial Planning. We started Retirement Options Explained with Annuities. I am going to continue with Approved Retirement Funds (ARF’s). ARF’s were introduced in 1999 and have gone through a number of changes over the years with the most recent change providing the option to members of defined…
Read MoreThis is a Guest Blog by Steven Barrett of Bluewater Financial Planning. In the past, when you got to retirement age, it used to be very simple. You got a cheque and then you started to receive an amount into your bank account every month instead of your salary. Now, you can either: Purchase an annuity…
Read MoreThe Insolvency Service of Ireland (ISI) issued its statistics for Qtr 3 2014. To date in 2014, the ISI has dealt with cases involving c.€1billion. The percentage of debt written off under DSA’s and PIA’s was:- PIA – secured debt – average write off was 17% (range was 0% to 69%) PIA – unsecured debt…
Read MoreCooney Carey developed a free App called “Bank Balances” which is available on the Apple App store. There has been over 12,000 downloads of the App and we are getting great feedback from the users. Have you ever wanted to know:- – how much is in my current a/c – how much is my mortgage…
Read MoreThe Central Bank have proposed mortgage restrictions for residential mortgage lending in an attempt to reduce the risk of another property market bubble. It is expected the restrictions will be introduced in January 2015. Proposed Restrictions: 1. Loan to Value (LTV) Cap a. Maximum borrowing of 80% of the house value i.e. 20% deposit required.…
Read MoreFollowing negotiations with a number of banks, the Irish Mortgage Holders Organisation (“IMHO”) have reached agreement which may allow debtors become debt free within 3 months. The personal insolvency legislation in Ireland stipulates a maximum 6 to 7 year term for Personal Insolvency Arrangement. Under the new agreement, Debtors must voluntarily surrender their homes to…
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