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Tax Strategy For Your Business

I took a week off last week to recharge the batteries in Co. Wicklow. There were plenty of activities once I could get the children out of bed. Ziplining at Kilruddery and mountain biking in Ballinastoe woods were a highlight. Although the last one was like a 3 hour spinning class in the heat. We ventured into Dublin and did a bus tour of the city. The bus driver was hilarious, imparting his wisdom about people and landmarks. We did the Book of Kells tour. The long library was so impressive in T...

July 23, 2021

Management Buy-Out. How Can This Work?

It sure is exciting times on the sporting front. An epic match between Kilkenny and Wexford last Saturday that had huge drama. Great scores, serious hits, a sin-binning, and hawkeye. When Conor McDonald flicked the ball to the net with time almost up I wasn't a happy man. I was feeling quite nauseous at that moment. An eagle-eyed umpire and hawkeye came to the rescue. The cats pulled away in the second half of injury time. Their stronger bench proved decisive but massive credit to Wexford on the...

July 9, 2021

Do's and Don'ts When Exiting Your Business - Part 2

First off, a very well done to all those who organised and participated in the Waterford Marathon. It was virtual of course and especially well done to those that did the full marathon. Not easy when virtual and in the middle of Summer. I got around the half ok and had a nice comfortable, hill avoiding route from Tramore into Waterford. I opened up my medal pack when I got home, and it was a super looking medal. Hats off to Eirgen for that. I won't say too much about the hurling other than it wa...

July 2, 2021

Do's And Don'ts When Exiting Your Business

I was out for a gentle stroll to keep the legs moving before the Waterford half marathon this weekend. When I say gentle, think barely moving or a fast walk. As one local wag said to me before when I was out running “I thought you did a bit of running” as much as to say that doesn’t qualify. We wish the very best of luck to all the participants and all our friends in the Saturday Road Runners. If you see some hardy souls running around, be sure to give them a cheer. In our blog last week, ...

June 25, 2021

CGT Offset Against Gift Tax

What a fantastic day out there. Even the seagulls have a spring in their step with the warm sunshine and full bellies. Last week we looked at securing Income Tax refunds and how you can go back four years. In case you missed it click here This week we are going to look at a useful tip when it comes to gifting assets. The Taxes Involved When you gift an asset to someone you are disposing of that asset. So, ownership transfers to the recipient. There is a disposal by you, but as it is a gift you ...

June 18, 2021

4 Year Rule

We may not get to Portugal this year, but a touch of Portugal is stopping by this weekend. An Azores high I understand. Fry an egg on the bonnet of the car stuff, but not my own car of course! Scorching temperatures on the way. People grappling for the last packet of burger buns in the Lidl aisle and dusting down the barbie. Bring it on please as it will be a very welcome change. Plus, the Euros are starting. So, we will have sun, football, burgers and throw in a few beers it's all sounding very...

June 11, 2021

Bookkeeping Is An Investment - Part II

Hi there from gorgeous Sunny Tramore. Please let it stay like this for the long weekend. It's Friday yeah! I was a very happy man last weekend. Amazing weather, so we took a trip to Kilkenny and had a lovely stroll around the grounds of Kilkenny Castle. There was a bustling market outside, with amazing smells and local artisan products. We hit the road for Dunmore East after and strolled along the walk to Porthally. This is now much longer and goes all the way out to Ballymacaw. We had to turn b...

June 4, 2021

Bookkeeping Is An Investment

Hello there from very dull, foggy, dank Tramore. The seagulls can't locate the chips on the prom with the fog. They are wondering when Summer will start, and the chatter is about holidays abroad. The football hasn't done anything to brighten my spirits. Man Utd managed to snatch defeat from the jaws of victory. Very late and poor substitutions and the wrong keeper cost us. Rather than try and win the game, it looked like a case of let's get ready for penalties. A plethora of subs coming on late ...

May 28, 2021

Entrepreneurs Relief - Yes And No

Hello there from Tramore. I won't lie it's not the sunny southeast today. There are a few blackbirds huddled outside the window here, taking shelter. There are grumblings about the wind, the rain, and the expectation of Summer weather. Waiting to pounce for the rich pickings in the garden below. We took a spin up to Ardmore last Saturday, to see somewhere different. It was only beautiful up there. The beach is pristine and not a stone on it and we went for a stroll around the cliff on St Declan'...

May 21, 2021

Setting Up A Business - Company or Sole Trader?

Good morning all, and dare I say it, but the day is looking positive. Not exactly fry an egg on a stone but there's some heat in it! It's fantastic to see a bit of positivity about the place. The vaccines are getting out there and people are very excited to get them. My sister, who is in her late 50's, got hers on Wednesday and is getting her hair done today. She wanted to get the hair done before getting the vaccine, so she would look better than all her age group. But you can't have everything...

May 14, 2021

Company Director Tax Returns - Danger!

Hello from Sunny Tramore. It's only delightful to see the sun shining through the window when I extract myself from the bed. The small slivers of bright sunshine make that difficult task a bit easier. After a bowl of Flahavan's finest, it's on to the laptop for my Friday morning routine of writing this blog. My running is improving only because I was starting from a very low base. I have set my sights on the Waterford half marathon once my dodgy ankle behaves itself. I won't tempt fate yet by bo...

May 7, 2021

Top Tax Tips - Renting Out Property- Part 2

There's a spring in the step of the Tramore seagulls this morning. They have heard about the abolition of the inter county travel ban. More people equals more food. Happy days. Hair will get back to normal in two weeks and we will be more beautiful again. Bouncers that worked in pubs could get a start with hairdressers, shops, and churches. It has been a very positive week on the vaccination front. My stepmother got an appointment in Kilkenny and was in and out of Cillin Hill within 45 minutes. ...

April 30, 2021

10 Top Tax Tips - Renting Out Property - Part 1

Greetings from Tramore. Another very promising day here. The washing is on the line, the Super League is dead in the water. Jose Mourinho is gone from Spurs. Another big payoff! I only found out about that on Tuesday night given the furore over the Super League. Greed and avarice took hold of the 12 clubs. It was a shameful betrayal of fans, players, and staff at the various clubs. The president of UEFA wasn't holding back when he called some club chairmen "snakes and liars". Some of the same in...

April 23, 2021

Property - Stamp Duty & Your Labour

It's a balmy 9 degrees in Tramore but plenty of Sunshine and a 1% chance of rain. If it rains today, I will be getting onto the developers of that free app on my phone! Not quite break out the cider and soak up the rays in the back garden yet, but the fact that thought is there is a positive. My running has improved a small bit and would classify it as going from very slow to slow. The Kate Bush song "Running up that hill" always enters my head when I'm on that last mile. The first line of that ...

April 16, 2021

Family Wages - Keeping It In The Family

We are back after a week off. I was moving house, so packing, cleaning, and scrubbing took preference to our weekly blog. I still managed to indulge in plenty of chocolate on Easter Sunday though! I haven't gone far, only up the hill in Tramore, so my sea view has gone. I do a bit of running to counteract the sweet tooth. When I come out the door and turn left the first mile is glorious as all downhill. The downside of this is that the last mile home is pure hell. Slower than a slow snail, plodd...

April 9, 2021

An Introduction to Holding Companies In Ireland

It's a gorgeous day here in Tramore. A bit of a nip in the air but beautiful sunshine. The seagulls seem happier and some early morning walkers are enjoying a stroll on the prom. What a feast of rugby we had last weekend. Some unreal performances from Henshaw, Beirne, Conan, and Sexton to give us all a lift. And wipe that smug smile off Eddie Jones’ face and a fitting send-off for CJ Stander! Amazing that there was so much more drama to come in the Wales French match. It was an unreal second h...

March 26, 2021

Disposing of your Business - Company Liquidation

We have to give CJ Stander a mention. He announced his retirement in a dignified and understated manner. He could continue to play for another few years and earn great money. But for him, it isn't about the money but a desire to return to his family in South Africa. Us ordinary Joes view the life of a professional sports player as glamorous and full of riches. But it has to be pretty lonely at times, when in camps and family is at the other side of the world. Rugby players careers are short, and...

March 19, 2021

Options To Exit My Business - Part 2

I am meandering my way through Sean Gallagher's book 'Secrets to Success'. The book is excellent. The focus is on the success stories of many Irish businesses that we know something about, but not a lot. I recently read about Done Deal. It was set-up in 2005 by Fred Karlsson and his wife Geraldine from Co. Wexford. Fred was a computer programmer. Before they left Sweden, they sold their furniture on a Swedish website like Done Deal. When they got here, they were looking to buy furniture for thei...

March 12, 2021

Options To Exit My Business - Part 1

It's a nice calm day in Tramore. Although there is a lonely wave or two creeping over the prom wall. Waiting to engulf an unsuspecting passerby. The Metalman is visible and surveying the bay for early morning swimmers. All that is missing is a whistle and a warning light to assume the role of enthusiastic lifeguard. This day last year I was on the way to Malaga. Someone asked me would I not be a bit worried about what was going on over there. My answer was not at all "sure I could get THAT over ...

March 5, 2021

What Will Revenue Look At In 2021?

It's great to see a stretch in the evenings and brighter days following the near monsoon earlier in the week. A lot of very stressed-out parents are ecstatic that their little pride and joys and going back to school. Food bills will fall and relaxing tea breaks will rise. The hair is gone beyond ridiculous. It is more of a "hair don't" than a hairdo, like in the Donegal Catch ad. I have put on a few pounds and am putting it down to the weight of my hair. If unexpected bumps start appearing in ot...

February 26, 2021

What Do Revenue Know About You?

Wow, what a morning out there! That's wet rain in its truest sense. A flock of wet seagulls were stuck to the balcony window this morning. They had that look of disappointment. Knowing they made a mistake coming back from their holidays in Africa too early. It's week 11 now without a haircut. My locks are now the size of my usual hair. The rest of it is gone so high and thick I won't need a pillow in bed soon. The choice is leave it as is or let my 15-year-old son take revenge on me with hedge c...

February 19, 2021

Tax Tips When You Sell Assets - Part 2

Still sitting here waiting for the snow to arrive. Hair is growing at a rapid rate. I felt something move around up there. It could be a flock of seagulls. I need a team of barbers with scythes, hedge clippers, and buckets of patience to sort this out. Our business was 10 years old yesterday which sparked wild celebrations. The weather was wild, and the celebration was a socially distant cup of coffee on the prom in Tramore. Last week we looked at tips when selling assets. We looked at expenses...

February 12, 2021

Tax Tips When You Sell Assets - Part 1

The weekend is upon us. According to recent surveys, we will be heading to the supermarket for the finest cuts of meat and treats. Oh, don’t forget the wine and craft beers! We will be a bit scruffier as we are not buying shampoo or razors. Going by the cut of me a hair grooming kit would be a wise buy. Am a cross between a grumpy Gallagher brother and the 5th Beatle. A wooly hat is a must to hide the offending mop on the streets of Tramore. Last week we spoke about some Tax tips for business ...

February 5, 2021

Business Owners - Tax Tips for 2021

We are almost there where we can say goodbye to one of the worst months ever. Adios January we won't miss you. Apart from the extension to level 5 until March let's hope that February will be a better month. We need to get the small ones back to school and if we can continue reducing the numbers that has to happen. From a sporting viewpoint my delight in seeing Burnley & Man Utd beat Liverpool, in a space of 4 days, was short. When all was going so well for us we lose to Sheffield Utd at home. W...

January 29, 2021

Company Directors - What salary do I need?

We are dragging ourselves through January which was best described by a friend as a very bland month. We will persevere and hope is on the horizon. Great to see numbers dropping in a small way. It's fantastic to see healthcare workers and people in nursing homes getting vaccinated. It would be a major plus to see kids going back to school although they may not think so! "The greatest glory in living lies not in never falling, but in rising every time we fall"  Nelson Mandela Last week...

January 22, 2021 Posts 1-25 of 175 | Page next
 

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