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Should I buy property in my company?

This is a question we get asked many times. My answer in most cases is NO. This week we will look at the reasons why it is not a good idea. We will look at the main tax implications of buying property in your company. The focus of this is an investor buying a residential or commercial property for letting. Last week we looked at taking a salary or dividends from your company. We looked at a few different scenarios where there was not an equal shareholding. If you want to find out more about that...

June 26, 2020

Temporary Wage Subsidy Scheme Extension!

As most people are now aware the Temporary Wage Subsidy Scheme (TWSS) has been extended by the Government. Revenue have issued some updated guidance to give some clarity on this and how the extension will work. Some of the key points to note: The TWSS has been extended to 31 August 2020 The eligibility criteria has remained the same. A business should have suffered a 25% reduction in turnover for Quarter 2 2020. The performance in Quarter 3 (July and August) has no impact on eligibility. This is...

June 25, 2020

Salary or Dividends or both?

Last week we looked at two options when taking money from your company. This was either salary or dividends and we looked at the tax consequences of both options. If you want to get the basics from last week’s blog Read here When deciding to take salaries or dividends your circumstances may not be straightforward: 1. There can be different shareholdings 2. There can be different needs 3. You can pay dividends to help with a close company surcharge We will explore some options below. Sometime...

June 19, 2020

Salary or Dividends from my company?

This is a question that we are often asked. This week we will return to our “You ask We answer” series of blogs. Last week we looked at how Comerford Foley could help you set-up a company. We also explored how using our services could help you. To find out more Read here This is a topic that many business owners ask themselves. What is the best way to take out money from my company? There are many other ways you can get company money working for you. For this blog, we are going to focus on t...

June 12, 2020

Why use Comerford Foley to set up your limited company

We have been running a series of blogs about trading through a company structure. We have outlined some business problems and solutions to those problems. The main solution is the flexibility that a company structure can bring to your business. Read here Last week we looked at the tax pressure of being self-employed. We highlighted how November can be a very painful month of the year. Read here. A company structure can not only reduce the tax that you pay. It can reduce all the financial worries...

June 5, 2020

Banish that November pain

In the last few weeks, we spoke about the problems you may be having in your business. The problems ranged from paying too much tax to not being in control of your numbers Read here  Last week we looked at some solutions to those problems. We looked at how a company could be the answer to some of those problems Read here This week we had a few very interesting conversations about a company structure with existing and potential clients. One of the key elements of going into a compa...

May 29, 2020

Solutions for your Business Problems

We are very aware that the biggest cause for concern for business, at the moment, is the Covid-19 crisis. There are a lot of difficulties in certain industries such as the hospitality sector. There has been some good news from the government, with a focus on industry-specific supports. They will introduce these in the coming months.  We have a dedicated webpage outlining the supports that are out there. There is lots of information and free downloads, so please have a look. Click here&...

May 22, 2020

5 Big Problems in my business right now

Many business owners make the annual trip to their accountant with a sense of fear. You don't know what tax bill you will face and are uncertain if you will have enough funds to pay it. Your accountant will hand you their bill at the same time. Often you don't get your accounts and taxes done until the last minute. For you visiting your accountant is like visiting the dentist. You know you have to do it but you look forward to it like getting a filling done! In the blog we will look at some of t...

May 13, 2020

Temporary Wage Subsidy Scheme - More Changes

Next week sees a number of changes to the Temporary Wage Subsidy Scheme (TWSS) come into effect. I attach the latest Revenue FAQ’s and Guidance for reference. The scheme is moving to what is referred to as the operational phase. Revenue will be using actual calculations from now on based on the information that they have on record from payroll submissions. A. RE-HIRING EMPLOYEES As always said by revenue, the rehiring of employees is allowed and those employees can avail of the TWSS. As a co...

May 1, 2020

Why it's more important than ever to have your numbers up to date

We would always encourage our clients to have their numbers up to date. If you don’t know your numbers then you are not in control of one of the most important parts of your business. After all your business is about the numbers, the margins, profitability, gross profit, net profit and cost of sales. If you know a year later what your profit was in 2019 then that information is not much value to you. In fact that information is more of a historical document and only useful for compliance purpo...

April 29, 2020

Changes afoot in the world of Small Business

It is indeed very strange times out there. None of us could have dreamed, in our wildest imagination, what is currently going on and the changes this has made to the usual freedoms we take for granted. We have been fortunate enough that we are still working and rather than having an office base we now have two offices in Tramore, two offices in town and one in Ballyduff so if you looked at it in an obscure way you could say we have expanded during the lockdown!! We have been trying to help clie...

April 17, 2020

Home expenses & e-working

Revenue accept that e-Workers will incur certain extra expenditure in the performance of their duties from home, such as additional heating and electricity costs and there is tax relief available So what is e-working? It’s a method of working, using IT and communication technologies, in which your work activity is not tied to any particular place. It includes working at home either on a full-time or part-time basis and working some of the time at home and the remainder in the office. E-Work...

April 6, 2020

Covid 19 - Temporary Wage Subsidy - Webinar

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April 6, 2020

Further Covid-19 Employer Supports

A few updates following yesterday’s latest announcements which we have attempted to summarise below A brief video explain this e mail is at this link - Explainer Video 1. Pandemic Unemployment Payment This has now been increased to €350 per week. If you have already applied or received a payment at the lower rate there is no need to do anything further. While the support will now be in place for 12 weeks, you will still need to complete a jobseekers application within the first 6 weeks. Thi...

March 25, 2020

Covid 19 - Some Thoughts for Business Owners!

I will not pretend to be an adviser that has all the answers for business owners on this. I absolutely don't. What I can say though is that I am a business owner myself and so I can relate to all the uncertainty that business owners are facing......a number have already been forced to make difficult decisions and many more will have to do the same over the coming weeks and months. These are extraordinary times. My view is that there are possibly three phases to this for business owners to proces...

March 19, 2020

Covid-19 – Key Supports and Announcements Summary

Like all business owners we have been spending the last few days trying to come to terms with the worsening Covid-19 situation. While the health of the nation is the most important thing at this time, as business owners, we are all extremely uneasy about what the future holds. We have attempted to summarise below some of the key announcements and supports that have been made by the Government and various stakeholders over recent days. We will continue to do this as the days and weeks progress. P...

March 16, 2020

Latest Revenue supports during Coronavirus period

In light of the procedures announced yesterday by Government to help to interrupt the transmission of COVID-19, Revenue have today outlined some important advice and arrangements taken to assist SME businesses experiencing cashflow and trading difficulties arising from the impacts of the virus. Revenue has provided advice in 3 areas (SME, Subcontractors and importing goods) which they believe will support businesses that are experiencing trading and cashflow difficulties caused by the recent imp...

March 13, 2020

Bookkeeping : Getting it right from the start

The question we hear most in our line of work is “am I making a profit?” and this is always followed closely by “how much tax do I have to pay?“  Every business wants to know what the figures look like at the end of the year, how they compare to the previous year and how they can be improved. Budgets, forecasts, cash flows – these are all essential to the running of a good business.  So where do these figures come from and more importantly – are they accurate? Let’s get b...

March 11, 2020

Planning to Exit - Don't forget Termination Payments

These are also called “golden handshakes” or ex-gratia lump sums. It is an area that can sometimes be forgotten by accountants when advising their clients and can be useful as part of the overall planning exercise when an employee or company director is ceasing employment. This could be at retirement, on a business sale or when passing on the business to the next generation.  When you hear about an employee getting a “package” then that employee will get to know the various reliefs ...

February 29, 2020

Selling or passing on your company - Is your shareholding right?

This topic has come to light on a number of occasions in recent months based on the projects we have been involved with and meeting with prospective clients who are planning for exit. The purpose of this blog is to highlight some of the issues we have seen for shareholders and how their shareholdings will impact on the various tax reliefs available on sale of a business or transfer to the next generation. The main reliefs we are going to look at are Retirement Relief [RR] and Entrepreneurs Relie...

February 21, 2020

What can you claim as an employee?

As an employee, you’re not often thinking about what you can claim. When you earn the majority or all of your income from employment, your income tax and PRSI Contributions are taken automatically before you receive your pay. When you’re not in the habit of making a tax return, navigating the unfamiliar territory of claims can leave you feeling lost.  What counts as additional money outside of your employment? What happens when you’re working a side hustle? What if you’re already re...

February 16, 2020

Get that happy feeling

We had an offsite day in Worklab recently to review what went well last year and what didn’t go that well so that we can make improvements in the areas where we are weak on. One of the major things that I noticed was some of the very positive things that we helped our clients with and the purpose of the blog was to highlight some of the things that the CF crew did last year and how beneficial this turned out to be for our clients.  This is just a flavour of some of the great wins our clie...

February 7, 2020

The Business Sale Journey

Great to see the Deise Hurlers back to winning ways after the very disappointing 2019 season……..hopefully this will help to balance the Kilkenny / Waterford internal office banter J. It was a long 2019!!!! The Business Sale The sale of any business is not something that happens overnight. It is a journey and in some cases it is a journey that starts years in advance of the actual sale. We have been fortunate enough to be involved in a number of such transactions over the years and ...

January 30, 2020

How we save Non-Resident Landlords the stress of navigating their tax return

If you rent a property in Ireland but you’re a resident of any other country worldwide, you are what we call a non-resident landlord. If you’re getting rent from your property in Ireland, the money you’re making comes under Irish taxation law, and so you’re required to complete an Irish tax return to declare that rental profit. For first-timers (and even experienced Landlords), Irish tax rules can feel like tricky waters to navigate. So here’s what you need to know about the rules the...

January 24, 2020

Why a manifesto?

There is a slight change of direction with our blog from this week. We have recently finalised the Comerford Foley manifesto. This is not a collection of future promises so that you will become our client much like a political party will promise you the sun, moon and stars so that you give them your vote. It is more of an information document about why we do what we do and why we enjoy doing it so much. There is a bit in there about what we do but not too much. So you may ask why put a manifesto...

January 17, 2020 Posts 1-25 of 124 | Page next
 

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