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What is Preliminary Tax and why do I have to pay it???

Posted: November 07, 2016 Comment: 0

Preliminary Tax is an estimate of the amount of Income Tax you owe for the current tax year. Many people don’t realise why they have to pay preliminary tax so we'll try and explain as follows:

As a self-employed tax payer, the deadline for paying your income tax for 2015 is the 31st October 2016. This means that 10 months into 2016 a self-employed person has yet to pay any income tax. Compare this to the PAYE worker who pays their taxes every month and it appears to give a cash flow advantage to the self-employed. To recover some income tax on the 10 months of income, Revenue require self-employed persons to make a preliminary tax payment when they file their 2015 tax return. However, since the self-employed don’t know what their final profit for 2016 will be, revenue gives them a choice.

Fair Usage Policy

Posted: October 07, 2016 Comment: 0

Our job is to work with you as part of your team.

Our goal is to keep your costs low and your benefits high and contribute to the success of your business.

We aim to provide you with unlimited access by phone, Skype, email and sometimes in person – so that you do not have to worry about being billed by the minute when you are talking to us. We WANT to hear from you when you have a query, an issue or even some really exciting news that you can’t wait to share.

Make sure to get a VAT receipt from big stores

Posted: October 05, 2016 Comment: 0

If you make business purchases from stores like B&Q, Argos or Tesco for example – you’ll notice that the VAT number is often on the back of the till receipt.

The items starred on the receipt will be VAT inclusive so that will help you identify the VATable items on the receipt.

You can also take your receipt to Customer Services and ask them to provide a proper VAT receipt made out to the company which ticks all Revenue boxes and clearly shows the company VAT number and your company name.

Income tax return deadline extended to 10th November 2016

Posted: September 13, 2016 Comment: 0

The Revenue extension to the ROS filing and tax payment date for self-assessment income tax customers and for customers liable to Capital Acquisitions Tax [CAT] is the 10th November 2016.

For customers who file their 2015 Form 11 return and make the appropriate payment through ROS for:

  • Preliminary Tax for 2016,
  • Income Tax balance due for 2015,

the due date is extended to Thursday, 10th November 2016

Companies Bill (Accounting 2016) - Proposals for Small Companies and Micro Entities

Posted: September 02, 2016 Comment: 0

Good news for accountants and clients as the Companies (Accounting) Bill 2016 is published by the Department of Jobs, Enterprise and Innovation. The Bill proposes to introduce a small companies regime and a micro companies regime which, when enacted, will allow for the use in Ireland of Section 1A of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland by small companies and FRS 10 The Financial Reporting Standard applicable to the Micro-entites Regimeby micro companies. Small and micro companies are as defined, see section 15 of the Bill. The thresholds for small companies are proposed to be raised to the EU maximum levels of: turnover not exceeding €12 millionand balance sheet total not exceeding €6 million.

Transactions with directors (Companies Act 2014)

Posted: May 10, 2016 Comment: 0

The requirement to disclose directors’ transactions in company financial statements continues under Companies Act 2014. However the act amends the thresholds of certain transactions below which certain disclosures will be exempted from including in the financial statements:

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