STRENGTH IN NUMBERS BLOG
On the tax side, the two main supports are the R&D tax credit and the Knowledge Development Box.
- For 3 of last 5 years has been a secretary;
- Member of recognised body or;
- Appear to be capable of discharging the duties
There is a requirement on a director to act in good faith, to act honestly and responsibly and to act according to the company’s constitution. There is a requirement for the directors to have regard to the interests of the company’s employees as well as to the interest of the members. Under section 231 of the Act, there is a duty on directors to disclose any interest they have in contracts made by the company. The duties set out in the Act are not exhaustive and will still require directors to consider obtaining legal advice concerning compliance with their duties.
Starting a business in Ireland may be an option for some UK entrepreneurs post-Brexit. Deciding to relocate your business is an important strategic decision and there are many factors to consider depending on your specific circumstances. These include family requirements such as accommodation, schools and so on. That said, there are many advantages to locating in Ireland.
Recently we are seeing more examples of PAYE taxpayers with various types of non-PAYE income. Irrespective of the source, if you earn income outside of the PAYE system, you must declare it to Revenue and pay the appropriate taxes.