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“You ask we answer" - Don't Do Your Own......!

We were chatting in the office yesterday and we all agreed that it’s a “funny” time of year in that people tend to get a bit stressed out and act a bit abnormal around this time compared to other times in the year. I can’t put my finger on it but perhaps Revenue looking for a large amount of cash from our clients so that their taxes are in order is a large contributory factor! The budget has passed with little in terms of innovation, a small few extra euros for everyone on the one hand a...

October 24, 2018

Promotion News!

Comerford Foley is delighted to announce the promotion of Darragh McCormack to the position of Senior Manager. As both a qualified Accountant and Tax Adviser, Darragh has a wealth of experience in helping his clients achieve their goals and grow their businesses. Since joining Comerford Foley in 2016, Darragh has not only assisted clients with compliance and accounting requirements within their business but has played a leading role in assisting a significant number of our SME’s to help them g...

October 11, 2018

Budget 2019!

With each Budget it appears we are getting more and more of announcements leaked through the press in the few days prior. This year has been no different!  Some of the headlines of Budget 2019 are:The 4.75% USC rate drops to 4.5%Standard Rate band increases by €750. This means that a single person earning over €35,300 will have an additional €750 taxed at 20% rather than 40% The special 9% VAT rate for hospitality and tourism sector increases back to original 13.5%Capital Ac...

October 10, 2018

Business Growth & Strategy

Hello from CF There is a bit of a sporting lull out there at the moment so much so I think people are getting interested in the Nations league! Nobody really understands it but it certainly is better than a whole series of boring friendlies. France versus the Netherlands was good on Sunday night and a chance to celebrate for the home fans. Even Giroud, the moving statue, scored which is a very rare sight these days.  With the hurling and football over attention turned to the Camogie final. ...

September 11, 2018

Growing Your Business – Why Accounts Matter

September is here and back to school has hopefully gone well for all you parents who had little ones starting or older ones starting back! We had a junior infant starter in our house so there was great excitement as well as a few tears! September is always a time of year to reassess goals and refocus as you get ready for the last quarter of the year which will hopefully set you up for a strong start to the new year. Our Workshop Event on 13th September is fast approaching and this event is a per...

September 5, 2018

Growing your business - taxation terms to be aware of!

Hello from CF Unreal hurling final, not so much for the quality but the sheer drama of it all!  Limerick winning handy, the weight and wait of 45 years, 8 minutes on the board for injury time, Galway realising that if we don’t do something in the next 10 minutes we are handing over our cup to these imposters all resulted in another freakish finish and finally getting over the line.  They have had plenty of heartache in the past and when 80,000 turn up for the homecoming you know it m...

August 28, 2018

Workshop Event

Would you like to put more money in your pocket, allay tax fears, and learn more about what strategy will work your business? Join us for a casual, jargon-free workshop where we will show you how we have helped clients with their business, how we plan for the future, and how you can use this information to help your own business grow. Date: 13 September 2018 Time: 9.15am – 12.45pm Contact us to registerSpaces are limited so do not delay!...

August 22, 2018

Why am I being charged interest?

Hello from CF We have the All-Ireland hurling final on Sunday which is very strange and very exciting for Galway and especially Limerick. It’s super to see houses being done up and green and white on car mirrors. We now know the neighbours and friends that have the Limerick connection so the very best of luck to them in the final. A couple of cases came into us in the last few weeks that result in the subject of this weeks “You ask we answer” blog. Query Two Income Tax clients unfortunatel...

August 17, 2018

Can I take a Loan from my Company?

A question that we often get asked from SME business owners is – “Can I borrow money from my Company?” The thinking here is along the lines of…..…..sure it’s my company, my money! Unfortunately this is not so. The Issue Let’s take a company called Sunny Summer Limited. Sunny Summer Limited happens to rent out sunbeds on beaches all around Ireland! Due to the great weather this year the company is having a bumper year. It is owned by Chris Ronaldo. Chris takes a weekly sal...

August 6, 2018

Get more cash in your pocket – Capital Gains Tax Relief!

Hello from CF The British open is over, the World cup is finished and my beloved Kilkenny (and second favourite team Waterford) are gone out of the hurling. Despite the sporting gloom we at CF are very much a glass half full positive practice. This gives us the impetus to get excited about our “You ask we answer” blogs so that we can get behind the jargon and complexities of the tax laws so that our clients can minimise their taxes and plan their finances Query This query came into us late l...

July 26, 2018

You Ask, We Answer! - “Do I pay PRSI on my rental profit as a non-resident landlord”

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 a few occasions by our non-resident clients who have a property that they rent in Ireland. The questions relates to a charge to PRSI on the net rental profit. Are they liable to pay this...

July 18, 2018

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 Posts 1-25 of 77 | Page next
 

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