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Business Exit Planning - Retirement Relief

This relief applies on the disposal of your business assets once you are over 55 provided certain conditions are met. There are two different reliefs, one on the disposal of business assets outside of your family and the other on the disposal of assets to family members. Despite the name of the relief there is no requirement to retire. The key age to maximise this relief is between the ages of 55 and 66. Once you are over 66 different (lower) levels of relief will apply. Similar to Entrepreneurs...

May 20, 2019

Business Exit Planning - Entrepreneurs Relief

To continue on with our theme of doing various blogs around business succession I thought it would be useful to look at the main tax head on a disposal or transfer of a business, which is Capital Gains Tax [CGT]. The current rate of CGT is 33% which means that you hand over 1/3 of your gains to Revenue if you can’t avail of the reliefs that are available. As one of our UK clients said to us before “Her Majesty is a significant shareholder in my business without doing any of the work” We ar...

May 10, 2019

Business Exit Planning - Company Valuations

Company Valuations This week we are continuing our series of blog posts on business exits and the various aspects of this topic that we have come across and have been involved with over the years. This week we are going to look at Company Valuations and how you would go about putting a value on your business prior to exit. You will see in the example below that I have made reference to Spurs in the name I have used– apologies to all you non spurs fans for this but as someone who has followed S...

May 2, 2019

H4, the FAI and how this impacts my Company?

It has been a crazy few weeks with the drip feeding of revelation after revelation coming from the media in relation to the activities and governance at the FAI over recent years. The latest twist was the filing of a H4 form with the Companies Registration Office by their Auditors. What is a H4 Form? Company Law, which was fully updated in recent years with the Companies Act 2014, makes it clear that all Companies have an obligation to maintain “adequate accounting records”. In fact section ...

April 19, 2019

Business Exit Planning – Pensions

We are going to run a series of blogs [6 to 8] to cover a lot of the aspects of business exits that we have been involved in over the last few years and try and highlight some of the common themes that keep occurring. When we talk about business exit this could be an outright sale to a third party or to the management team in the business or a full or part transfer to the next generation. I will be focusing in on the pensions and tax side of things and Ger will be looking at the valuations, nego...

April 17, 2019

The modern accountant vs. the traditional accountant - who wins?

It’s a battle for the ages. Like Ali v Frazier, or Federer v Nadal. Just less sweaty. The modern accountant versus the traditional accountant. Who wins? Here we make a case for the former. Ding, ding. Round one.The traditional accountant is someone very much set in their ways. They’re not quite blowing dust off an abacus, but they do rely on outdated techniques and less-than-efficient methods. Their desks are often covered in paper, and their time is often spent dealing with clunky, error-f...

March 28, 2019

“You ask we answer” – Taxation of non-resident Landlords – what is the correct way to return my income?

Things on the political front are quite crazy across the water and the uncertainty isn’t good for anyone, so hopefully a workable solution for all will be the final outcome. Teresa May is one formidable lady and must be under severe pressure. On the sporting side of things the writer is extremely happy about the upturn in fortunes of Man Utd with 8 wins in a row away from home and the type of football that was last witnessed during the Sir Alex Ferguson days. Although PSG gave us a bit of a tr...

March 1, 2019

The best kind of relationship you can have with your accountant

For some business owners, an accountant is someone to be kept at arm’s length. Yes, they’re on a first name basis, but the relationship doesn’t extend beyond formalities, the odd phone call or email, and a tax return. But if that’s your lot, you’re probably not getting your money’s worth. You can in fact have a valuable business relationship with your accountant, and the best kind looks a little something like this: Trust first “Trusting is hard. Knowing who to trust, even harder...

February 19, 2019

You Ask, We Answer – “Why do we charge for our first meeting?"

Did you ever wonder why you would be getting charged to go see an Accountant, that you've never met before, for the first time? Surely this is just a get to know you meeting……why would I get charged for this? Sets the right tone at the start When you call into your doctor because you have a headache or your dentist because you have a terrible toothache do you think they will give you their time for free. You don’t expect them to say “Well now Mrs Molloy thanks for calling in an...

January 21, 2019

Accounting for Your Growing Business

The story of any successful and growing business is not without its twists and turns. With each milestone you reach, and each challenge you overcome, there’s another waiting further down the line.  That’s why it’s always helpful to have the support and guidance of a trusted advisor - particularly one that’s been over the course before. In this blog post, we’ve mapped a typical business journey against the backdrop of its accountancy needs, based on our own experiences guiding cl...

January 17, 2019

Should I change my 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 beginni...

December 17, 2018

2019 – What’s the Plan?

The year is nearly over…..where has it gone is a common small talk phrase at the moment! It really has flown. As we get close to the year end it is a good time to reflect on 2018 (did you achieve all you set out to achieve?) and also to plan for 2019. If you didn’t have as successful a 2018 as you had hoped for that is now history. The beauty of a new year is that it is a fresh start. A chance to make those business changes that you have wanted to make but have not yet made. The reasons...

November 30, 2018

PAYE Modernisation!

Are you ready for PAYE Modernisation? More change, more headaches and an additional compliance burden on employers and SME’s! As you struggle through the day to day of keeping your business moving forward and trying to grow, PAYE Modernisation has been thrown into the mix! As you are probably aware PAYE Modernisation will be introduced on the 1st January 2019. This is the most significant reform of the PAYE since its introduction since 1960 – so you could say it is well overdue! What is PAYE...

November 22, 2018

Tax return filing season – TRFS!

First day after the end of tax return filing season so all those engaged in this frantic activity of preparing and filing returns and processing payments on ROS on behalf of clients can take a collective sigh of relief for at least a couple of days before we get stuck into company preliminary tax payments, Vat & PAYE returns (not to mention the famous B1 company annual return filings) so that we can keep our clients on the straight and narrow. Since our last blog we have our new old President ba...

November 15, 2018

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 Posts 1-25 of 91 | Page next
 

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