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Income Tax Returns - Ten Tax Tips Part 2

I am in the door from a venue that has neon lights and blaring loud music. And a lot of sweaty people. "I'm walking on sunshine" and the "Walk of life" were loud and clear. I was thinking that this is the closest I will get to a nightclub. A spinning class in the WIT Arena. And I survived. Despite doing my best Christy Moore impression on a stationary bike for 45 minutes. I thought this would set me up for the day but have hardly enough energy to press the keys on the laptop. And legs crying out...

October 22, 2021

Income Tax Returns - Ten Tax Tips - Part 1

We are back after missing last week. I am blaming my nephew for having his wedding on a Thursday! He married a beautiful Indian lady, and we had a super day. There was even live music indoors and people dancing! The bride’s parents and brother came from New Delhi and were lucky to get their visas on time. The wedding was to be in Delhi this time last year. It's a sign of moving up the years when your nephews and nieces are getting married. Running has taken a back seat since the Belfast marat...

October 15, 2021

Tax Return Season - Danger Tread Carefully

It's a gorgeous day here in Tramore, cool but the sun is shining. I am off to run around the streets of Belfast this weekend. I thought it was a good idea to book the marathon there given that Dublin wasn't going ahead. It seemed like a good idea at the time! It is starting at Stormont which will be a spectacular backdrop to my very slow pace. Training has been good, but I didn't get enough in as was sick for most of August, so missed a good four weeks. The plan is to get around and not disgrace...

October 1, 2021

Things Not to Do in Business or You're Dead

I went out for a run yesterday morning. My last hard training run before the Belfast marathon on Sunday week. The plan was a 1 mile warm up and a 1 mile cool down but 10 fast miles between the easy ones. The 10 fast weren't as fast as I wanted them to be. During the 10 there were a couple of walks and a few stops to take water on. All the bad habits you would plan not to do on a marathon run. I was flying the previous Thursday morning but yesterday was a struggle. One of those runs to get throug...

September 24, 2021

Company Reorganisation - Passing On Your Business

Greetings from a wet and warm Tramore. For our sports commentary this week we are staying very local. Tramore v Dunhill in the eastern intermediate semi-final this Sunday in Walsh Park. The guy on the keyboard played for Dunhill for 5 years after moving from his home club in Kilkenny. We last won the intermediate championship 10 years ago. I retired that year. Given I was late 30s and with a slowing body I would have been fooling myself if I thought I could play senior. Ger, my business partner,...

September 17, 2021

Loan From My Company - Bill & Ted's Bogus Journey

Tropical conditions here in Tramore today, wet and warm. All we are missing are the palm trees and colourful birds. The seagulls are not as noticeable. The blur of cars and the chatter of school children are more prevalent sounds as we get back to normality. We have an exciting weekend ahead with the All-Ireland Football final. I saw a what's app message coming in showing a Mayo pub decorated with the sign of "The Curse" v "The Virus". Well, if the curse ends, the virus could take over. But the ...

September 10, 2021

Should I Stay or Should I Go Now?

Should I Stay or Should I Go Now? Should I stay or should I go now? If I go, there will be trouble And if I stay it will be double So come on and let me know [The Clash] Last week we looked at excess cash in your company when transferring shares. In case you missed it see here This song came to mind during a consultation I had this week. It has been rattling around in that brain of mine for a few weeks. The question that comes up a lot when passing businesses on to the next generation. It is a n...

September 3, 2021

Excess Cash On A Business Transfer

What a great week of weather before the schools go back. The very old [should be in a museum] writer of this hit 49 yesterday. He's delighted to be still in his 40's. There will be no mention of birthdays this time next year. A flock of quarrelsome crows was my alarm clock this morning. It seemed like thousands had gathered to give me a shout. When I looked out the window there were only 50 or so on the wires across the road, all singing away. And I thought outside live entertainment wasn't allo...

August 27, 2021

Should My Next Company Car Be Electric?

Hello from a pretty dull and foggy Tramore. No sign of the Seagulls. They are not about yet as they must still think it is early morning. They'll still be able to scavenge for fallen chips on the prom. There have been some major exciting sporting moments since. The fall of the Dublin empire was the most noticeable and shocking. I watched that and the first half was sleep inducing. Dublin were brilliant and Mayo were chasing shadows. The result was a foregone conclusion and the panel at halftime ...

August 20, 2021

Tax Strategy For Your Business - Part 3

The Olympics are over. Worse still both Kilkenny and Waterford are gone out of the hurling. All is not lost as we have 1000 live games on Sky Sports, Premier Sports & BT Sport. And that's only soccer. An average of 3 games a day at 2 hours per game! There will be no more blogs, or very little work done. We won't have the time. I got floored by a bug last week so the Olympics were a very welcome distraction. Kids bombing around on skateboards and climbing walls conquered in 7 seconds. That's even...

August 13, 2021

Tax Strategy For Your Business - Part 2

I must start with a mention of our amazing Cork rowers. Waking up yesterday morning to see that Fintan and Paul had won gold was a very proud feeling. It's an unreal achievement by them. And recognition for the huge work and sacrifice they put into their sport. A massive well done to our four female rowers earlier in the week too and to Mona McSharry in the pool. Amazing role models and let's hope they inspire a new generation of athletes. Let's spare a thought for those who didn't achieve what ...

July 30, 2021

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 Posts 1-25 of 186 | Page next
 

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