Latest News

Latest News
12.11.2020

TAX PLANNING FOR YOUR PENSION

“If you fail to plan, you are planning to fail”  Benjamin Franklin  A 2020 publication from the Central Statistics Office stated that only 60% of workers aged 20 to 69 have some of form of pension. Of 40% with no pension, the main reasons cited were that they either didn’t get around to it, couldn’t afford it or thought…

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02.11.2020

Employment Law (why it exists & where it came from)

Employment law exists to regulate the relationship between businesses and their employees. By complying with relevant legislation, both employers and their staff members can ensure that their hiring processes, dismissal processes, and their workplace as a whole, are fair for every individual.  There are so many laws relating to HRM practices because they need to protect the rights of both employers and employees. Since…

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10.09.2020

Here’s a Tip to see if you have a good accountant

Step 1 – give them loads of data e.g. 1 bankers box.  Your accountant will be delighted as we love data and we generally put it into a big spreadsheet with loads of complicated formulae. Step 2 – ask them to review the data and give you their view, to empower you to make a…

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10.09.2020

What does an Auditor mean by “Materiality”

An auditor will calculate a monetary value as the “materiality” level applicable to those financial statements he/she is auditing. The value will be based on the auditor’s professional judgement and their perception on the financial information needs of the users of the financial statements. The auditor will generally calculate materiality by applying a percentage value…

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03.09.2020

REDUCTION IN STANDARD RATE OF VAT

Revenue have recently announced as part of the July Stimulus package a temporary reduction in the standard rate of VAT from 23% to 21%.  All other VAT rates will remain unchanged. This is due to take effect from the 1st of September and will remain in place until the 28th of February 2021.  While this…

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03.09.2020

REDUCED INTEREST RATE APPLICABLE TO NON- COVID-19 TAX LIABILITIES

As part of the measures included in the July Stimulus package, a reduced interest rate on overdue non-COVID-19 tax liabilities has been introduced. Where a taxpayer enters into a payment arrangement with Revenue in respect of non-COVID 19 tax liabilities before the 30th of September a reduced interest rate of 3% will be applicable to…

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03.09.2020

ACCELERATED LOSS RELIEF FOR COMPANIES

As part of the July Stimulus package recently announced, companies incurring losses in 2020 may be able to make a claim to elect for 50% of the estimated losses to be allocated against prior profits, thereby resulting in a tax refund or a reduction in the level of corporation tax being paid. To avail of…

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01.09.2020

COMPANIES (MISCELLANEOUS PROVISIONS) (COVID 19) ACT 2020

The Companies (Miscellaneous Provisions (Covid-19) Act 2020 which has now been signed into law makes, temporary amendments to the Companies Act 2014 for an interim period up until the 31st December 2020 in response to the challenges Companies may experience as a result of the Covid-19 pandemic. This interim period can be extended further under…

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27.08.2020

Estate Planning – Opportunity in Adversity

“in this world nothing can be said to be certain, except death and taxes” A quote from Benjamin Franklin that is as true today as it was in 1789! Taxation can be difficult to deal with whilst we are in the fullness of health! None of us would want to leave behind a myriad of…

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12.08.2020

Buying a business

When seeking potential acquisitions, a purchaser is seeking:- Strong customer and client lists Strong brands Experienced management teams/key staff Access to new markets, key supplier relationships, licences Intellectual property Ultimately the purchaser wants to acquire future positive cashflows, which are either in place or have the potential to be realised.  Acquiring an existing business is…

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