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Irish Accounts Blog

Why form and Irish Subsidiary Company?

What are the advantages of UK Companies forming an Irish Subsidiary? 1) Irish Companies are subject to Corporation Tax at 12.5%. This is a very competitive rate compared to various other jurisdictions throughout the EU. 2) An Irish Company that makes a distribution to it’s UK parent company, is said to have made a Franked […]

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VAT Invoicing – New Rules as from 1 January 2013

The European Union (Value-Added Tax) Regulations 2012 (S.I. 354 of 2012) and the Value-Added Tax (Amendment) Regulations 2012 (S.I. 458 of 2012) transpose into Irish law, Council Directive 2010/45/EU of 13 July 2010. The new legislation simplifies, modernises and harmonises the VAT invoicing rules and in particular eliminates the current barriers to e-invoicing. Paper and […]

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Audit and audit exempt companies in Ireland

WHAT IS AN AUDIT An audit is an independent examination on the books and records of a company. It is an area that is highly regulated and subject to external review. For this reason, not all accountants are qualified or authorised to provide auditing services to the public. There is significantly more paper work required […]

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Setting up a Holding company in Ireland

Introduction Ireland is now a most attractive country for setting up a holding company location. Strategically placed for conducting business in America, Europe and Asia in the same day, it is an English speaking jurisdiction ideal for the establishment of an EU and International Holding Company. Passive Income Earned by an Irish Company (dividends and […]

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Changes to the operation of Relevant Contracts Tax (RCT)

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 […]

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Jobs Initiative – May 2011

The Minister for Finance announced the Government’s 2011 Jobs Initiative on 10th May. The initiative includes a number of measures aimed at stimulating job creation, and also details of how they propose to fund the incentives – mainly in the form a new pension fund levy. The main points are as follows; The Minister reaffirmed […]

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Rules on what VAT rate to charge (Mixed transactions)

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 […]

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Rules on what VAT rate to charge (the 2/3rds rule and Subcontractors)

Figuring out the correct rate of VAT to charge can be complicated although the revenue do have a rather helpful index of rates here http://www.revenue.ie/en/tax/vat/rates/index.jsp Generally the normal rate of VAT on repairs and construction services is 13.5% and the rate of VAT on goods is 21%. A business can often supply both at the […]

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