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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-Workin...

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

Are there tax advantages to be being married….?

I probably could have finished that sentence with the words “apart from all the other advantages” Welcome back to the “You ask we answer” series of blogs that we do which are based on the questions that our clients ask us. I thought this might be a topical question now that people are starting to get into the festive spirit and that I have two nephews who popped the question in the last few weeks. It was great weekend for Kilkenny hurling with all three clubs, Conahy Shamrocks, Tullaroa...

December 4, 2019

Selling the family home

Do I pay tax if I sell my family home? You ask we answer We are just over the Income Tax return deadline so are all able to take a collective breath and roll on to the next deadlines which are coming thick and fast. Thanks to the team in here it was a very well organised and not too stressful filing season. There was the ROS downtime to contend with but we had only 6 returns left to file on the last day. Funny the minute Revenue put up the notice to say the technical issues were fixed the worse ...

November 28, 2019

Is cash flow more important than profit?

Having no cash will land a business in trouble - even a profitable one.  Unfortunately, profitable businesses aren’t exempt from the necessity of maintaining healthy cash flow.  There’s a reason the phrase ‘cash is king’ exists. The King doesn’t get demoted the minute profit steps up to the throne....

November 11, 2019

The Pros and Cons of renting out property in Ireland

With booming tech and tourism sectors in Ireland, not to mention increasing numbers of students attending Irish universities, colleges and institutes, demand for rental properties has never been greater. In fact, the average monthly rent in Ireland is the highest it’s been in over a decade. So, is purchasing a property to rent still a smart investment? Let’s take a look at the pros and cons: PROS It’s a terrific investment opportunity With a strong investment yield and impressive capital g...

September 12, 2019

What value do we bring to you when we do your tax return?

I had a call with Noel, a potential client, on Wednesday, who I met at a Google seminar in the Theatre Royal. He is a Kilkenny man like me and interested in hurling too so we have a good discussion on the injustice of the Richie Hogan red card! He has a number of rental properties and was looking for a quote to look after his tax return which he had done himself in the previous few years. I got this out to him very quickly and haven’t heard from him since. That is ok he’s a very busy many. B...

September 6, 2019

Getting paid expenses of travel and subsistence from your employer - Part 1

We can’t start off without mentioning the hurling. What an amazing weekend of hurling and I was just delighted with the Cats victory over Limerick on Saturday evening. We were hugely outnumbered by confident Limerick supporters. 6 Limerick fans to one Kilkenny fan would be a conservative guess. We hit them hard and early and Limerick were chasing for the rest of the game. After the first 20 minutes KK were ahead by 9 points and Limerick won the remaining 50 minutes by 8 points so to win 5/7ths...

July 31, 2019

Finance leases – some interesting tax implications

We are back to the normality of the working week after such an exciting weekend of sport and music with the Munster and Leinster hurling finals and Glastonbury to calm us all down afterwards. The Cats & Tipp would have started as favourites with Kilkenny on quite familiar territory in Croke Park and Tipp given the superb form that they had been in so far this year.  The biggest crowd of the GAA calendar so far this year, nearly 52,000, were in Croke Park with at least 40,000 coming from Wex...

July 2, 2019

Business Exit Planning - Share buyback

We are back with our blog series on business exit planning on what is a gorgeous sunny day out there, even though it is a Monday. Elections are over and while we know most of the people that got in we are still waiting on the results of the European and mayoral one. Never do I remember having so many things to vote on or have I ever received so much paper when voting. All was missing was a ballot paper for the next Conservative party leader in the UK. Teresa made a tearful exit from what must ha...

May 27, 2019

Business Exit Planning - Retirement Relief

This relief applies on the disposal of your business assets once you are over 55 provided certain conditions are met. There are two different reliefs, one on the disposal of business assets outside of your family and the other on the disposal of assets to family members. Despite the name of the relief there is no requirement to retire. The key age to maximise this relief is between the ages of 55 and 66. Once you are over 66 different (lower) levels of relief will apply. Similar to Entrepreneurs...

May 20, 2019

Business Exit Planning - Entrepreneurs Relief

To continue on with our theme of doing various blogs around business succession I thought it would be useful to look at the main tax head on a disposal or transfer of a business, which is Capital Gains Tax [CGT]. The current rate of CGT is 33% which means that you hand over 1/3 of your gains to Revenue if you can’t avail of the reliefs that are available. As one of our UK clients said to us before “Her Majesty is a significant shareholder in my business without doing any of the work” We ar...

May 10, 2019

Business Exit Planning - Company Valuations

Company Valuations This week we are continuing our series of blog posts on business exits and the various aspects of this topic that we have come across and have been involved with over the years. This week we are going to look at Company Valuations and how you would go about putting a value on your business prior to exit. You will see in the example below that I have made reference to Spurs in the name I have used– apologies to all you non spurs fans for this but as someone who has followed S...

May 2, 2019 Posts 1-25 of 113 | Page next
 

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