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,…
Read MoreCorporation 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…
Read MoreUK 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…
Read MoreOnce-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. …
Read MoreSinking (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…
Read MoreThe following temporary provisions of the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 have been extended until 31st December 2022; Virtual general meetings to continue. This allows companies to hold AGM’s, general meetings, and creditors meetings wholly or partly using electronic means. There is no need for a physical venue provided that all attendees have…
Read MoreService 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…
Read MoreMulti-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…
Read MoreThe 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…
Read MoreIntroduction 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…
Read More