Introduction There is a mistaken view that compensation and damages payments are generally exempt from Irish taxation, the matter can be complex to determine. While such awards can be tax exempt, this is only the case where same fall within the specific tax exemptions set out in the tax acts. In order to determine the…
Read MoreThe Minister for Tourism Catherine Martin TD in partnership with Fáilte Ireland has recently announced a €17m scheme to provide funding for individual tourism and hospitality businesses to develop permanent outdoor public dining spaces. The new initiative is also teaming up with local authorities across the country to develop medium to large-scale permanent public dining…
Read MoreAnnual 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 not trading for a gain and any surplus…
Read MoreRelocating to Ireland? Moving to Ireland as a Secondee: Talk to an expert in Cooney Carey well in advance of your move to ensure that you benefit from relevant tax saving opportunities. Ireland is recognised as having a very favourable corporate tax regime. However tax rates applying to individuals are among the highest in Europe…
Read MoreSuccession planning for the next generation of family business owners The decision to transfer a family business to the next generation is certainly daunting. The main concerns should be commercial – How will the business continue without the current owner’s involvement? Does the successor have the skills and qualities needed to bring the business forward?…
Read MoreJust as we were all finalizing how we were following ISQC 1 revised (November 2019), the IAASB has now approved a new standard on 24 September, ISQM 1 to replace ISQC 1. As you might have garnered from the title ISQM stands for International Standard on Quality Management and the new title references the move…
Read MoreThe rules and regulations around health and safety in the workplace can be complicated, but they are there for a good reason, too. If one of your employees, or a member of the public get hurt on your premises and it transpires that you have not fully complied with your Health and Safety responsibilities, the…
Read MoreCompanies Registration Office (CRO) Digital Transformation Some of the key elements of the digital transformation will be: General 95% of forms will be online Less send backs and rejections of forms as there will be an integrated checking system of warnings and errors Faster processing times Company and society searches and document ordering will…
Read MoreOwners’ Management Companies 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…
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 on…
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