Well done to all at North Kildare Chamber of Commerce on the successful delivery of their Annual Conference in The Killashee House Hotel, Naas on 24th October 2013. Really interesting presentations from Micks Garage, Linked Finance, Motiv8, Google and Kerry Group plc.
An Article by Patrick Sutton, partner of O’KellySutton in the Sunday Business Post October 2013
Budget 2014 has its pros and cons however it does give a level of income certainty to consumer’s which is to be welcomed. It is hoped that this consumer confidence will be reflected in increased spending on the high street and give a lift to SME’s in general. Some of the 25 pro-business measures unveiled in the budget are looked at here:
An Article by Patrick Sutton, partner of O’KellySutton in the Sunday Business Post August 2013
The CEO of a rapidly growing hi tech company recently asked me about the importance of corporate governance for SME’s. A company shareholder had highlighted certain weaknesses in this area to him and he was a little taken aback by it. I address herein some issues the CEO needs to consider.
Recently, Revenue ran a project (Services Contractors Project) which involves the reviewing expenses claimed (travel, subsistence and similar expenses) by companies set up by individuals as a vehicle to provide contracting services are being targeted in the South West of the Country. They are now extending this project nationwide.
It is reported that Revenue are treating the amounts of tax involved and the pattern of “persistent behaviour over time”, Revenue is treating cases that fall within this project as deliberate default cases. Therefore, contractors who make an unprompted disclosure will be subject to penalties of 10% plus interest, whereas the penalty for prompted disclosures will be 50%.
Patrick O Rourke, O’Kelly Sutton, Chartered Accountants, Tax Consultants & Business Advisors.
Starting a business can be a pretty daunting and challenging experience whilst at the same time a most rewarding one if it’s done right. Discipline, rigor, and hard work are most definitely required. There are ways of greatly increasing your chances of success, some of which I will touch on in this article.
Firstly, make sure you have the full support of your nearest and dearest. Decide how you intend to manage your personal commitments and put the necessary arrangements in place.
You need to complete a business plan. Look at different types
Revenue has started a national enquiry into deposit accounts where interest paid in 2011 exceeds €635. Focus is on money undeclared for tax.
Patrick O Rourke,Partner OKellySutton, Chartered Accountants, Tax Consultants & Business Advisors.
Revenue is currently comparing the pension information received from DSP with the return of income Form11 for individuals who received a DSP pension payment in 2010 and prior, with a view to identifying those
National Pension Reserve Fund (NPRF) announces details of funding for SME’s of three new long-term funds which will provide equity, credit and restructuring / recovery investment for Irish small and medium-sized businesses (SMEs) and mid-sized corporates. These funds were referenced by the Minister for Finance in his Budget 2013 speech. SME business experts O’KellySutton are already in discussions with the fund operators on behalf of SME’s. O’KellySutton will represent SME’s in dealing with the fund operators on drawing down funding.
The NPRF has played a significant role in the development of the three funds and will be a cornerstone investor in each
Company Directors with 31 December company year ends you should be looking at 2011 draft figures for the year and taking whatever actions are necessary from a tax planning and financial management point of view. For example those wishing to make additional pension payments for the year must do so before 31 December. Pension payments cannot be accrued after year end. Remember stocks takes must be carried out on 31 December which is Monday this year.
For sole traders there may be a benefit to moving year ends away from 31 December year ends in order to give more flexibility for effective tax planning. This is something sole traders with 31 December year ends should explore.
For more information contact Pat Sutton, Managing Partner, O’KellySutton, Sutton@okellysuttoncrosby.com, 086 2523637
Patrick Sutton partner in O’KellySutton Chartered Accountants, and Business Advisors has been appointed as a director to Kildare based Charity Sensational Kids. Pat an experienced financial business advisor