The Company law review group (CLRG) has published the first of two volumes setting out a new regime for private companys limited by shares in Ireland. The second volume will deal with all other types of companies and this will be published within the next 12 months. Instead of having just one set of laws [...]
1. New RCT system to be introduced in 2012 Work is well advanced on developing a new system, which is expected to be introduced on 1st January 2012. It will be subject to a commencement order to be signed by the Minister for Finance. From 1st January 2012, all relevant contracts, including those that are ongoing [...]
The revenue have clarified the position for employers and employees in respect of BIK on professional subscriptions. Up to 31 December 2010, the payment or reimbursement of an annual membership fee of a professional body, on behalf of an employee, by an employer did not give rise to a taxable benefit-in-kind if membership of that [...]
One area which often comes up as a topic during Revenue Audits is the question of whether a person should be classified as an employee or self employed. In a lot of cases, the business owner will want the employee to be treated as a self employed individual because 1) There will be no liability [...]
Mixed Transactions There are special rules on how the supply of a package comprising two or more elements, each potentially attracting VAT at different rates, is treated for VAT purposes. In general, these rules provide that the consideration payable in respect of goods or services supplied as a package in what is known as a [...]
AUDIT EXEMPTION In Ireland, a company is deemed to be audit exempt if it fulfills all the criteria set out below in both the current and previous year; * The company must be a Private Limited Company (this effectively excludes charities and other non profit making entities and PLCs); * The amount of turnover of [...]
Proper bookkeeping is often overlooked by a start-up company in the rush to make new sales. Your accounting data is a critical business resource. It is important that you know your position with creditors, customers, banks and taxes. Are you making a profit or a loss? If not what should you do to change this? [...]