Skype: ComerfordFoley or call 051 396703

Back to Blog

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

How do I get that Loan?

We have previously written blog posts about planning and forecasting. As part of any plan the need for finance to fund business growth will become apparent. The worst thing that any business can do would be to follow a plan that suggests it needs funding, but ignore the funding piece! But how do you go about getting this finance? As the Irish economy has grown, so too have the various finance products and providers. It is very important that the type of funding you look for matches with the b...

May 30, 2017

Earned Income Tax Credit – You’ve earned it!

The summer is upon us, Chelsea are champions and the hurling season is in full swing with a cracker of a game that had some of the best scores you are every likely to see and from a Kilkenny man's point of view it was nice to see Tipperary beaten given what they did to us last September. However I wouldn't like to meet them coming out the back door! And Waterford now know what's ahead of them, so minds will be focused and first touches sharpened in the coming weeks. Instead of scaring you all ...

May 24, 2017

New Company – What Next?

Over the last 12 months we are thankfully seeing more and more businesses not only commencing but starting to grow and generate more profits. This is very positive to see and is resulting in previous "one man show" type businesses starting to take on an employee or two. When a business arrives at this stage it is progressing onto a new level and with that comes additional (different) stresses, pressures and responsibilities. Something we often look at for clients at this stage is the option...

May 16, 2017

Big Brother is watching – Always! Some food for thought on Revenue Interventions

I just wanted to share some of our experiences in dealing with Revenue when they make enquiries in relation to our clients. Also what are the "hot topic" areas that Revenue will continue to focus on? Expenses This has been a significant earner for Revenue over the last number of years. They rolled out a contractor's pilot project in one of the regions which was quite successful for them so it was introduced countrywide. The contractor's case was where a small company, a typical two director ...

May 9, 2017

Cloud Accounting – What’s this all about?

Technology is changing how Accountancy services are delivered. It's taken a while for our old industry to catch on but now things are changing rapidly. There is software available to help with communication, data entry tasks, invoicing, banking as well as just about any other process you can imagine that touches off the finance function in any way. Accountancy Software itself has changed significantly. The growth of cloud services has resulted in various product providers changing the trad...

May 2, 2017

Let the taxpayer beware! – Offshore Assets Disclosure

Friday week the 28th April is effectively the last day to have a submission with Revenue on the current Offshore Assets Disclosure. Per Revenue the deadline date is the 30th but as that is a Sunday the Friday before is the last working day. You may remember that Revenue wrote to about 500,000 taxpayers about 6 weeks ago outlining information about self-correction for your 2015 tax return and the deadline of 1 May for undeclared taxes from Offshore Assets. What is this? What does this mean fo...

April 18, 2017

Cashflow – How to help yourself!

Last week we looked at the difference between cash and profits and arrived at the very sound conclusion…..they are not the same thing! We also determined that Cash is King! So armed with this knowledge what can we do as business owners to help improve our Cash Flow. Your debtors are the customers that owe you money. A KPI that you should certainly monitor is Debtors Days (how many days on average sales are outstanding at any one time). By focusing on this KPI week on week you will certainly s...

April 11, 2017

Cash is King……..but it’s not Profit!

When any business owner gets their monthly (hopefully!) or annual Accounts the first number that they scroll towards is the profit number. This is generally followed by the question……where is all the cash? How can I have made a profit if I don't have any cash! Cash generated and profits earned will nearly always be two different numbers. Only in the smallest and simplest of businesses will they be the same. You can blame us Accountants for this variance but in our defence there is good reas...

April 4, 2017

Business Sale – What to do with a €230k Tax saving?

We would often talk with business owners and one of the questions we always ask is about the long term plan of the owner. Quite often, in reply, we get a glazed look as to know what we mean by that. When you are young and enthusiastic, working hard and looking to grow a business it is quite rare that the business owner will even have thought about what the long-term plan would be in terms of selling the business, passing it onto the family or a bit of both. We are of the view that knowing what y...

March 28, 2017

Corporate Governance - A case study on how it might work in practice and help your company move forward

1. Overview of the Company. This Company is a second generation company trading for over 50 years ("The Company"). It is currently run by 2 brothers and 2 sisters, all of whom own The Company equally ("The Shareholders"). Each Shareholder is married and between them they have 18 children. Each Shareholder actively works in the business but all are now at retirement age or past retirement age. There is no Managing Director and all key decisions have been made collectively in the past...

March 21, 2017

How does Corporate Governance fit into a Family Business?

1. What is Governance? It is widely written that the concept of governance evolved around 3,500 year ago from the ancient greek word "Kubernetes" which means the person giving steerage or direction to a ship. Corporate governance came into focus in the 1990's in the UK initially with the Cadbury Code which was aimed at listed companies and looked at standards of corporate behaviour and ethics. This was then developed through the subsequent years with the UK Corporate Governance Code finall...

March 14, 2017

Bookkeeping and Financial Control Mistakes to avoid!

Outside of the actual product or service your business is selling poor financial control and management can often by a cause of business failure. It is essential from the outset of your business that you invest the time and resources to ensure that there is good financial control and at a minimum there are good bookkeeping practices in place. If you are a growing family business which is a few years into your business journey now might be a good time to take stock of what your current processes ...

March 7, 2017

Family Business – Disruption, disputes and the rest!

Last week I watched "The Founder". Getting to watch a movie is a rare occasion these days with two young boys that are much more into watching Paw Patrol or Toy Story (yes….20 + years later it still generates revenue!). For those of you who have not seen it…apologies in advance, this is a spoiler alert! The movie is based on the story of the founding and growth of McDonalds. Based in early 1950's America, what struck me when I was watching the opening segment when we are introduced to t...

February 28, 2017

Revenue Letters!

Revenue has recently written a letter to all taxpayers who filed an Income Tax return form 11 for 2015. This letter covers two issues; Making taxpayers aware that it is possible to self-correct tax returns if there were any errors or omissions in them Advising taxpayers that if they have any undeclared income or gains arising from assets that they hold outside of Ireland there are advantages to addressing this before the 30th April 2017 Firstly we would say that if your tax affairs a...

February 27, 2017

Tax tips for over 65’s – The sequel!

Let me start by saying what people always say in these situations "the sequel is never as good as the original" or "it's not a patch on the book". The book is in there somewhere and if it ever appears I will of course be onto you all to give it a 5 star rating on Amazon irrespective of what you think of it! I got thinking again this morning about our older clients, during that glorious time when you think the alarm clock is about to go off and you realise you have an extra half hour in bed, an...

February 21, 2017

Thinking of Selling your Business – It’s Never Too Early to Start Planning

A busy January has seen a number of clients come to us to discuss the future of their business and what their own personal objectives are. I think it is very important for business owners to take time out to think about this on a regular basis as in our experience far too many business owners are too busy focusing on the day to day operations of their business. We have seen in the past how business owners who have developed and followed a plan in relation to the sale of the business can maxim...

February 14, 2017

Tax tips for over 65’s – Part 2!

Over the weekend I brought my kids into the cinema to see an animated film called "Sing". This is usually an opportunity for me to catch up on lost sleep but this film got me hooked from the very beginning and I have to confess to loving every minute of it. So much so, I would love to go see it again. There was an elderly lady, Nana Noodleman, who was a minor character in the film but what struck me was that she was loaded, bored, miserable and everyone was looking for money from her. I, of cour...

January 31, 2017

Tax tips for over 65’s – Part 1

At different times during the year I will have some banter with my brother over the EU grant he will get to pay his tax bill and pension or the special tax advantages for farmers that the rest of us mere mortals are denied! Thankfully the tax system offers some favourable tax advantages to another group within Irish society and that is to the over 65's. There is no likelihood of me becoming a famer as I'd probably die of exhaustion but I hope there is a strong possibility of reaching 65. My w...

January 24, 2017

Monitoring Financial Performance – Can my SME do that?

It always surprises me the number of small business owners who feel that their business might be too small to monitor its financial performance regularly or to have targets in place. We are all busy, and sometimes as an entrepreneur or business owner, because you are juggling so many balls, you tend to take your eye off the more strategic, goal setting or big picture type work.This is a big mistake. You owe it to yourself to ensure that you are taking the time to think about the business, set go...

January 12, 2017 Posts 1-25 of 47 | Page next