Latest News

Latest News
26.05.2022

Being a Director – Eoghan Hughes

  You have recently become a director of a company for the first time, what are the new responsibilities you have acting as a company director? It is the company directors’ responsibility to ensure that an annual return on behalf of the company is delivered to the CRO, whether the company is trading or not,…

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18.05.2022

OMCs: Taxation

Corporation Tax   While Owners’ Management Companies (OMCs) do not trade for a gain they are required to register for corporation tax. A concession is available from Revenue and this concession will need to be applied for each year and confirmation received from Revenue. In some cases Revenue may provide the concession for several years…

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16.05.2022

UK Property – Overseas Owners

UK Property – Overseas Owners The UK’s Economic Crime (Transparency and Enforcement) Act 2022 is being fast-tracked in March 2022 through Parliament.   The Bill will include the introduction of a new Register of the beneficial owners of overseas entities that own property in the UK.   The new “Register of Overseas Entities” (ROE) will…

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11.05.2022

OMCs: Once-off levies

Once-off levies   Unfortunately, we are seeing more and more Owners’ Management Companies (OMCs) that are required to approve and charge out a once-off levy. This is where a large expense arises, and the OMC does not have an adequate sinking fund to cover the cost (refer to our previous post on sinking funds0.  …

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04.05.2022

OMCs: Sinking (Building Investment) Funds

Sinking (Building Investment) Funds You may know it as Sinking Funds or Building Investment Funds but in essence, they are the same thing. The Multi-Unit Developments Act 2011 (MUD) refers to them as sinking funds so let us go with that. In simple terms, a sinking fund is a savings account put away for a…

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25.04.2022

OMCs: Service Charges and Service Charge Budgets

Service Charges and Service Charge Budgets   Annual service charges are billed to members of an Owners’ Management Company (OMC) to cover the expected annual costs that will be incurred. As we noted in a previous post on OMCs, it was highlighted that these companies are set up as not-for-profit.   As such they are…

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21.04.2022

OMCs: Multi-Unit Development Act 2011 – Annual Report

Multi-Unit Development Act 2011 – Annual Report As discussed in a previous post the Multi-Unit Developments Act 2011 (MUD Act) requires that an Owners’ Management Company (OMC) to provide members with an Annual Report each year. Directors need to understand that this report is separate from their company law Director’s Report that is included with…

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07.04.2022

OMCs: Multi-Unit Developments Act 2011

The Multi-Unit Development Act 2011 (MUD Act) was introduced to regulate the setting up and running of Owners’ Management Companies (OMCs). Prior to this Act there was no specific Act regulating this area and it was hoped that the Act would resolve some of the issues that were being experienced at the time. The Act…

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24.03.2022

Owners’ Management Companies

Introduction With more and more of us living in larger developments the way and how people in Ireland are living is changing. Most of these developments will fall under the jurisdiction of the Multi-Unit Developments Act 2011 (MUD Act). If you have purchased a property of this type or rent one, you will know that…

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