Succession Planning
Succession planning is extremely important in owner-managed businesses. While you might not intend to sell up or retire for many years to come, circumstances change and it’s important to be prepared for every eventuality.
For some business owners, change can come in the form of an unexpected offer that’s too good to turn down. For others, illness or a change in family circumstances can trigger a crisis.
Whatever the situation, without a succession plan business owners generally lose out financially.
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VAT on Educational & Vocational Training Services in Ireland
The VAT rules relating to training and vocational services changed in Finance Act 2015. The new rules commenced on 21 December 2015.
Previously there was an exemption for certain training services. The rules have been fundamentally changed.
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#BUDGET18
A round up of today's #BUDGET18
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Why we charge for a consultation
Our consultation fee is €150 plus VAT which we will credit against your final fee should you decide to use our service. We know that most accountants provide free consultations but we’re not like most accountants. This may seem arrogant, and we apologise if it comes across that way. That is not the intention.
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Tax relief for microbreweries
Ireland’s craft and microbreweries sector is growing. According to a recent report, the number of production microbreweries increased from 15 in 2012 to 62 in 2016 and the sector had an estimated turnover of €59 million last year.
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Business Angels
If you’ve ever watched Dragon’s Den, you’ll be familiar with the concept of private individuals investing in start-up businesses in return for an equity stake in the business. Investors like this are sometimes called business angels. Typically, they are successful people who get a thrill from business and enjoy supporting entrepreneurs. Often, as well as providing capital, they help the startup in other ways, for example by mentoring the owner/manager and/or taking a seat on the board.
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Should robots pay tax?
Earlier this year, in a widely-reported interview with Quartz, Microsoft founder Bill Gates suggested robots should pay tax. Gates pointed out that when a human worker earns $50,000, that income is taxed. So, if a robot does the same thing, why not tax the robot?
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Knowledge Development Box
The Knowledge Development Box is a tax incentive to encourage innovation in Ireland. Companies who qualify can avail of an effective 6.25 percent corporation tax rate (instead 12.5 percent) on profits arising from certain intellectual property assets.
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What innovation incentives are available to companies in Ireland?
Ireland provides tax and non-tax incentives for businesses engaged in innovation and/or research and development.
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How to grow and scale your SME
Successful entrepreneurs often ask how they can continue to grow their business.
A useful approach is to begin by looking at your objectives, finance and business resources.
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What are my responsibilities as a Company Secretary of an Irish Company?
The duties of a secretary are duties delegated to the position by the directors. There is no definitive term covering what this will entail. Directors must ensure person is capable of doing the job.
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Directors Responsibilities of an Irish company
The principal fiduciary responsibilities of a director are set out in Part 5 of the Companies Act 2014.
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.
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Tax Implications of Airbnb Hosting
Letting out a room in your home is a convenient way to boost income but the tax implications of Airbnb hosting must be carefully considered.
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PAYE taxpayers must disclose any non-PAYE income they earn to Revenue by 31 October.
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.
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Relocating to Ireland post-Brexit?
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.
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Tax Requirements for Bloggers and Influencers
Currently, there’s a lot of discussion about the need for Irish bloggers and influencers to disclose commercial relationships so as to comply with consumer law. Equally important, although it hasn’t had the same media attention, is the need to comply with tax requirements
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The term 'RECEIVERSHIP' is being retired from CRO on the 22nd of March
The term 'RECEIVERSHIP', in relation to a company's status, is being retired from CRO use on the 22nd of March 2017.
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Setting up a Company
Setting up a company is one of the most important decisions you can make. On par with taking out a mortgage, the financial implications can be felt for years to come, in many cases for the better and in some instances for worse. So how can you be sure that it is the right move for your business? This is a question that early stage entrepreneurs often ask.
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What is Preliminary Tax and why do I have to pay it???
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:
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If you missed the 31st October Income Tax Deadline, it's not too late...
You can still avail of the extended deadline on the 10th November but bear in mind that this is the Pay and File deadline so the return and full payment must be made by November 10th or a surcharge will apply.
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