In any sales focused business the analysis of the P&L can be the cause of great debate. In its simplest form a profit & loss account will tell you whether you are profitable or not. While an extremely important review, looking at it in this one dimensional view does not feed into assisting with making
Shareholder agreements: why your small or family business needs one When you’re at the start of a business’s life cycle, the last thing on everyone’s mind will be disputes, a change in shareholders or even the failure of the business. These are scenarios that you hope will either never apply, or will occur at a
Tax planning for succession: what it means for your family businesses After a long career building up or running a family business, there will come a time when, as the owner, you want to consider retirement. This succession of the business to the next generation – or even the outright sale of the company –
New S62A in the Vat Consolidation Act 2010 In Revenue’s most recent e-brief no 55/2014 they give details of a new S62A in the Vat Consolidation Act 2010 which deals with the adjustment of deductible Vat in relation to unpaid consideration. The section provides for an adjustment of the amount of Vat deductible where a
Rental Income – Tax Facts If you have a rental property you may wonder how to calculate the profit (please God you have one) or loss on the property. The first thing to be aware of are that rentals are calculated on a receivable basis so you look at what you get for each month
Future of SME Sector Accountancy Services The traditional Accountancy service provided by practices to SME’s is compliance focused. The main aspects of such a service are: Ensuring your tax return is completed on time and you know your tax liability Completing and filing year-end accounts Preparing annual returns for submission to the Companies Registration Office
Company or Sole Trader? In light of the economic recovery that is instilling more confidence in people to set up their own business we are often asked by clients what is the best structure for me to carry on a new business? When this question is posed to us we try and get as much
Adding to the bottom line – New Year, new focus Accounting is not just about compliance. This may come as a surprise to some small business owners, but a good accountant can offer so much more than basic bookkeeping and year-end accounts. A modern, forward-thinking accountant, such as Comerford Foley, looks beyond those statutory accounts
Planning for the future – the importance of forecasting The New Year is just around the corner, so there’s an increased urgency to get on top of your 2016 planning and to start thinking about the future of your business. With the real-time numbers provided by modern cloud accounting software, such as Xero online accounting,
