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You Ask, We Answer - "Why would my business be selected for a Revenue Audit?”

We are continuing our series of posts about what you need to know when it comes to your taxes. These posts are based on real world questions that we’ve been asked by clients. So, if you need help with anything specific, send us an email and let us know! This week’s focuses on a question we have been asked on many occasions especially after a client has received the letter from Revenue stating that they have been selected for an audit.  How many enquiries and what cash is being collecte...

June 28, 2018

You Ask, We Answer - My Employee is due a tax refund – Do I pay this or does Revenue?

A popular question we get asked a lot is how to negotiate the mine field that is tax refunds for employees. Who in the world has to pay it? There could be a number of reasons for having to refund an employee’s tax. Maybe they’re a new employee that has overpaid taxes in their last job and your accountant gives you the lovely surprise when the new employees P45 comes in. Or maybe they’re like our example below and have realised there are owed a few new tax credits and had their tax credit c...

May 10, 2018

Managerial Accountant!

Love helping SME businesses achieve their goals? Looking for a job that can truly further your career and progress you professionally as well as offering a highly competitive salary? Do you thrive on having responsibility and ownership of projects? Do you excel at working to your own initiative without micromanagement? At Comerford Foley we pride ourselves on our friendly and professional working environment. Our modern working space ensures that you can be in the utmost comfort whilst helping l...

May 2, 2018

You Ask, We Answer - "What VAT can I claim back to reduce my Vat bill?"

Welcome back to our ‘You Ask, We Answer’ series! One of the most popular questions we have been asked is, what VAT can be claimed back to reduce my vat bill. Legitimately, of course. Do you charge VAT on the sale of goods or services but wondering if you can reclaim the Vat cost incurred on selling those goods and services? So, what exactly can you claim back on? If you’ve been charged VAT for a good or service that has been supplied to your business, you can claim the VAT back on that. Yo...

April 26, 2018

Case Study: Outsourced Accounting Partner!

Following on from a recent blog we issued in relation to having an outsourced Accounting Partner for your business we have had some questions on the practicality of this and how a business owner might get a return on this investment. “How will this help me grow my business?” was very important question which we were asked. In order to answer this question I have decided to outline below a case study……“true story” as a good friend always says to me when they are starting one...

April 19, 2018

You Ask, We Answer!

We’re going to be starting a series of posts about what you need to know when it comes to your taxes. These posts are going to be based on real world questions that we’ve been asked by clients. So, if you need help with anything specific, send us an email and let us know! This week’s focuses on a question we were sent regarding tax deductibility in relation to  food costs as an expense. Claiming costs of food as an allowable can be a tricky question as it all depends on whether you op...

April 12, 2018

Should you have an Outsourced Accountancy Partner?

But what do we mean by that? As the owner of a small business, your time is the most valuable asset you have. What is the best way for you to spend your time? We find so often that owners and CEOs get ‘bogged’ down in so much day to day running of the business that they miss their chance to innovate and take the company places that it should be going. We all know that small business owners do not have the financial backing like companies such as Facebook and Google. You can’t afford to hav...

April 6, 2018

Growth Sucks Cash – Ideas To Tame The Monster

No matter how profitable you are or how your business model might be the best out there or even how many outside supporters and investors you have interested in your business; if you’re not able to manage your cash flow successfully, your company will not survive. In particular, as your business grows the demand on cash increases as you need more money for more stock, materials, wages etc. Here are a number of steps that we feel are the best way to manage your cash flow. Be Punctual No, we don...

March 29, 2018

Tax Obligations for Non Residents!

Do you own a property in Ireland that you’re renting out but you don’t live in the country? There’s a few tax obligations that you need to be aware of, but also, there’s some tax deductions you need to be taking advantage of! So, what exactly is a non-resident landlord? You are classed as a non-resident landlord if you rent a property in Ireland but you reside in Northern Ireland or another country. Any money you make from the renting of your Irish property, comes under Irish taxation l...

March 7, 2018

Electric cars and BIK exemption

We are now well on our way through the year (where did March come out of?!), and now might be the time you start thinking about getting a new van for your business or car for your employees/directors. But with the initial cost involved, as well as the running costs, is it really worth it? Well, we have some good news for you! Did you know that electric vehicles (both the cost of and subsequent charging) qualify as a BIK (or benefit in kind) tax exemption? As you may be aware, a BIK, is any non-c...

February 28, 2018

Changing Your Accountant

‘It’s been great but it’s just not working out. I think we need some time apart.’ We have some news for you. Changing your accountant doesn’t need to be dramatic. Misguided views of loyalty towards an accountant should be avoided if the accountant isn’t doing their job. You change or review (or at least you should!) your insurance company when it is up for renewal. So why not your accountant? Do you really feel you’re getting the same value for money now, as you were at the begin...

January 31, 2018

5 Tax Benefits You Should Know for 2018!

It’s nearing the end of January already (where has the month gone?!) and we hope your year has gotten off to a flying start! However, are you aware of some tax benefits that have come into play in recent weeks that you may not be taking advantage of? Keep reading to find out 5 tax benefits we think you should be aware of as we progress through 2018! 1. Employees and Company Vehicles A lot of people try to steer clear of BIK (Benefit In Kind) like company cars, as they are just not as tax fri...

January 31, 2018

PAYE Modernisation

If that doesn’t sound scary then I don’t know what does. According to Revenue.ie it is ‘the most significant reform of the PAYE system since its introduction in 1960’. When the PAYE system was set up initially it was with the idea that most people had a ‘job for life’. Nowadays however, employment is much more dynamic. Some people change jobs on a yearly basis, allowances for married couples have changed due to the rise in divorce and separation or many people have several jobs at ...

January 24, 2018

Getting cashflow and financial projections right for 2018!

In the business world, cash is king. So, knowing where your cash is, or where it’s going is obviously hugely important. Cash flow issues are unfortunately hugely prominent, but you can make sure you stay out of the trap by following a few simple rules. Your cash flow forecasts future business needs which is why it is so important. Create your financial plan Having goals are great in any aspect, be it personal or professional. However, goals cannot be acted upon. Turn your goals into targets....

January 17, 2018

Key Social Media Practices for 2018

Where has 2017 gone? 2018 is just around the corner, and with that a chance to really up your game and target your audience like never before. Heard all the talk about ‘businesses need to be using social media if they have any hope of gathering leads, making deals, or being successful in their business’? It’s never too late to start, and what better time than the beginning of the year! It may all seem very confusing to start with but don’t worry, we’ve got you covered. We’ve put to...

December 21, 2017

Tax Tips Prior to Year End Part 2!

Welcome back to the second part of our tax tips that you can get on board with prior to the end of the year! We start off on our fifth tip! Small Gift Exemption This can be an effective way of passing on cash to children or others over time where both parents could gift €3000 to each child, on an annual basis, so that could be up to €6000 per child. If only one parent it could be €3000 to the child and if the child has a spouse or partner then they could also get €3000. Highly unlikely...

December 18, 2017

Tax Tips Prior To Year End Part 1

Deciding how much you need to pay The Taxman every year is no fun. Unfortunately, it is a necessary evil. But how can you save a bit of your tax bill this year? Have no fear, Comerford Foley is here! Home Renovation Incentive – [HRI]  Who says tax deductibles can’t be fun? Have you heard about the home renovation incentive? Have you been dying to get the kitchen redone? What about retiling the bathroom? OR simply just a fresh coat of paint in the house? The HRI has you covered! It ev...

December 13, 2017

Black Friday Vouchers!

If you haven’t heard today is Black Friday so it seems pointless to be at work when we should be shopping for bargains. And Monday is Cyber Monday so more shopping required but the on-line version! As I was listening to the radio early this morning one of the djs work colleagues had done her black Friday shop on-line but forgot to enter the discount code, so no bargains were had. My business partner pointed out that today would be a good day to do a brief blog on vouchers. Employers can give a...

November 24, 2017

Marketing My Food Business - Tips to market a small food company

Claire Williams has been working with local health food company Chia Bia since 2015. She works in the marketing department where her day to day activities can vary from social media, influencer engagement, market research, new product development, PR agency activity, POS design, event management, all the while improving customer relationships and ensuring positive consumer experiences online, instore and at events. We’ve asked Claire to give her opinion on the best ways to adopt social media m...

November 4, 2017

Confused by the Company Annual Return? Don't be Late!

We are in the middle of the silly season for filing – company tax returns, personal tax returns and Accounts filing. In the middle of all that is something called the Annual Return or Form B1 for companies. The Annual Return records standing data on a company such as registered address, shareholders, share transfers and directors. This Return for Companies is something that tends to bring more stress on Agents and Advisers than on Company Directors! Dealing with the Companies Registration Offi...

October 12, 2017

Growing Your Business Event!

We are just getting our blog series up and running again after being very kind to ourselves by taking most of the Summer and a good chunk of Autumn off. So much has happened since we last spoke. The Hurling world has been dumped on its head with no sign of Cork, Kilkenny or Tipp come the first Sunday in September and a super Galway team overcoming a similarly excellent Waterford team by a few points.  The “Donald” is still winding up his enemies. “Little Rocket-man” is still taking ...

September 26, 2017

My Business is Growing!

Scaling Up - An Overview Throughout the growth stage, your business will encounter many challenges. It may seem any early problems you had to overcome were minor in comparison to these challenges, but the truth is it’s all relevant.It’s therefore important that processes and procedures are in place which will support your business as it grows, and that these processes are underpinned by a solid business model. As your business grows, there are several things you must consider. Some of the k...

July 18, 2017

Taxes in my Food Business!

Thankfully the weather is super as the hurling followers in Waterford, Kilkenny and Tipperary have had their pride dented in the last few weeks. At least things are looking very rosy for our neighbours in Wexford with a great victory over the Cats and Tadhg Furlong getting the nod for the Lions first test on Saturday. To follow on from last week's blog I just wanted to give some tax ideas in relation to food businesses with a focus on food manufacturing. Some of the information below would be re...

June 23, 2017

The Food Business Profit & Loss Account

We deal with a considerable number of food businesses. One of the things that we always stress (and with all business owners for that matter) is to understand the profitability of your business. To know whether or not your business model is profitable is essential and not something that you can wait until the year end to discover. In a consumer product business this is even more important as you generally will only get one opportunity to set price with your customers. If you get this wrong it co...

June 15, 2017

Tax relief on Medical Expenses

Most of us normal folks incur medical expenses from time to time on prescriptions, doctors, consultants and various other costs for dentists and opticians. Therefore I thought it would be useful to give a small bit of insight into what you can claim for and what is not allowed. It is possible to claim a 20% tax credit on allowable medical expenses. For example, if you paid €1000 in 2016 on prescriptions and doctors you could claim a tax credit of €200 to reduce your tax bill or get a tax ref...

June 8, 2017 Posts 1-25 of 66 | Page next
 

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