News
Business Banking 2011 style
For many SME’s and family businesses, dealing with banks has become a real challenge in 2011. As is common knowledge banks are under massive pressure trying to deal with the fallout from years of excess. Simply put they are short of funds, so have a real difficulty themselves. There are dealing with massive property related loan defaults and…
Read MoreThe Revenue Commissioners are Coming
Beware – Revenue Commissioners are coming your way ! Over 90% of revenue audits are selected for a reason, meaning the chances of a random Revenue Audit is small. However recently Revenue are getting a lot smarter in their approach as we highlight with examples below;
Read MoreRelevant Contract Tax RTC to be introduced in 2012
New Relevant Contracts Tax (RCT) system to be introduced in 2012 Work is well advanced on developing a new system, which is expected to be introduced on 1 January 2012. It will be subject to a commencement order to be signed by the Minister for Finance. These changes will affect all principal contractors and subcontractors…
Read MoreIntertradeIreland Funding
Launch of €5 million support programme by InterTradeIreland for companies working on all Ireland collaborative innovation projects Level of investment provides vital financial support for SMEs to develop and commercialise innovative products and services Collaboration is key to commercialising new ideas, according to Minister Sean Sherlock speaking at the recent launch of InterTradeIreland’s Innova Programme…
Read MoreERO System Ireland Ruled Unconstitional
“In the landmark decision delivered by Mr Justice Kevin Feeney on July 7th, the High Court ruled that the ERO system is unconstitutional. The judgment is far reaching and has ramifications not just for employees in the catering sector and other sectors governed by 13 EROs currently in existence, but the wider landscape of Irish…
Read MoreNew Vat Rate Ireland 2011
The new reduced VAT rate of 9% for certain goods and services came into effect on 1st July and will remain in force until 31st December 2013. The reduction in the VAT rate mainly impacts on tourism and leisure related activities. Goods and Services at the 9% rate: the supply of food and drink (excluding…
Read MoreSuccession Planning Passing on the Family Business
As experienced business and taxation advisors we see firsthand the practical difficulties in successfully transferring the family business to the next generation. Much of it comes from lack of communication and planning. Research shows that only 25% of family businesses successfully pass onto the next generations. However, if succession is looked on as an opportunity…
Read MoreWill I lose Unused Section 23 Property Relief
Is there a way to protect all capital allowances on your section 23 property for future use? Maybe, so read on….. It is estimated that over 33,000 properties in Ireland remain eligible for Section 23 relief. Figures indicate that the remaining allowances on these schemes is costing the taxpayer €400m per annum. In light of…
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