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Business Supports - What's out there?

We are half-way through January. The weather has picked up, so we only need 3 layers for the walks. Dry January didn't start and watching Ireland's fittest family is the closest I have come to sweat. But there is hope on the sporting front. Man Utd have found themselves top of the Premier League and Brian Cody is back at the helm in Kilkenny again. These are distractions from the grim month that it is. Hats off to our healthcare workers who are doing everything they can to keep the system going....

January 15, 2021

10 Things to know about the Employee Wage Subsidy Scheme

Happy New Year to you from all here at Comerford Foley It has been a difficult start to the year for many with wide ranging restrictions in place. Hope is on the horizon with two vaccines approved and vaccination in progress. It's super to see our healthcare workers and nursing homes residents getting priority. We will have to hang in there until it's our turn. It looks like Level 5 will be here for a couple of months until there is some level of control. We are back where we were last March but...

January 8, 2021

Tax Saving Tips - Part 2

Hard luck to Waterford last weekend. What can you say? They came up against a team that was on fire on the day. Limerick were like a human wrecking ball that smashed everything before them. Their whole team was excellent and had 3 or 4 wonder performances on top of that. Huge credit to Waterford for the season they had. They couldn't have given any more and they never gave up. They have come a long way in a year. I am sure the Waterford fans will look forward to getting behind their team in the ...

December 18, 2020

10 Tax Saving Tips - Part 1

I have to start this blog by wishing Waterford the very best on Sunday afternoon. It would be an amazing achievement to get over the line. It's exciting to see all the flags around and the buzz it's creating. Best of luck to the panel and the background team from all at Comerford Foley. The only downside of a win is that we will have to send out a search party for some team members next week Last week we looked at Income Planning. The aim was to show how you can minimise your taxes and maximise ...

December 11, 2020

Income Planning

It's difficult for me to say this but well done to Waterford last Saturday evening in Croke Park. It was one of those games where Kilkenny would have been happy at half-time. Waterford supporters would have had a sense of "oh no here we go again". Waterford hurled in the second half like their lives depended on it. There were superb performances all over the field. They dominated possession in the middle third and there were some wonder scores. It will be a long winter for Brian Cody and his cha...

December 4, 2020

How to choose your accountant

We can't start this blog without mentioning the Kilkenny Waterford Match this weekend. It should be a cracker with both teams coming in full of confidence. We have an office divided. A virtual office for now! Two staunch Kilkenny fans surrounded by 4 hardy Deise supporters. Our new recruit from South Africa is keen to find out more about this crazy game. Our lady from Moldova has little interest and is living in Ferrybank. She must have divided loyalties so. We can roll out all the cliches. Best...

November 27, 2020

Business insights from Sean Gallagher

Last week we spoke about planning for 2021. To find out more about “I love it when a plan comes together” Read here I was on a webinar yesterday organised by Business All Stars. The guest speaker was Sean Gallagher. Sean is well known in Irish business circles as a very successful entrepreneur. He ran for the presidency and also starred on Dragons Den. Don’t pick a fight with him. He has a black belt in karate and judo. This webinar was both interesting and inspiring. The purpose of the b...

November 20, 2020

I love it when a plan comes together

Those of you old enough may remember Hannibal from The A-Team. He was the cigar-smoking, black-gloved leader who thrived on adventure and planning. With Murdock, Faceman and Mr T, they got into and out of many life-threatening adventures. And when the plan came together the cigars came out. Last week we looked at a pension’s journey for a company director. In case you missed it click here We are going to look at planning for 2021. Not as exciting as The A-Team but there are similarities. We ar...

November 13, 2020

Extracting Value from your company - The Pensions Journey

Last week we had a look at the Covid Restricted Support Scheme [CRSS] In case you missed it Read here Pensions, some people love them, and some people hate them. They are often very misunderstood. The purpose of this blog is to look at a pensions journey through your company. It will attempt to take out the complication so that you can understand the basics I am a fan and have two pensions, one with Zurich and the other with New Ireland. Nothing major but I was lucky enough to be able to make sm...

November 6, 2020

10 questions answered on the Covid Restrictions Support Scheme

Last week we spoke about the technology that has helped us a lot in our business since the onset of Covid-19. In case you missed it Read here To help businesses understand a bit more about the supports that are out there we are going to look at the CRSS. We will focus on 10 key points so that you can understand it better and see if this is something that you can apply for. 1. Who is it for? It is for trading businesses whether they are companies, sole-trader, or partnerships. The business must b...

October 30, 2020

How Technology can help your business

I changed my password to "incorrect" so whenever I forget what it is the computer will say "your password is incorrect" - Minion Quotes We are going to look at some of the technologies we use in our business. These have helped us a lot in the last 7 months. It has moved us towards our goal of being a paperless office. Some of these technologies can help your business too. Last week we spoke about the last 6 months in our business. How our staff excelled, how cashflow was vital and the difficult ...

October 23, 2020

When the going gets rough the rough get tough

Same song from Lionel. it reminds me of the team here in these last few months. When the going was tough, they got going. Last week we spoke about our experience as a small business in the first few weeks of lockdown. In case you missed it Read here. This week we will look over the last few months to see how things panned out. As mentioned in the earliest weeks of the pandemic there was a sense of fear for the future. There was uncertainty about the business and a concern for the welfare of ...

October 16, 2020

When the going gets tough the tough get going

So sang Lionel Richie. Our younger readers are going Lionel who? This week we are going to look at what it has been like in CF over the last 7 months. We will look at the life of a small business in that time. The struggles, the hard decisions, the losses, the wins, and some of the lessons learned. We will look at the early months this week and follow up next week on the last few months. Last week we spoke about the importance of your compliance and how vital that is in the current time. In cas...

October 9, 2020

Compliance has never been so valuable

Last week we spoke about losses in your company. We looked at how you can use those losses and how to maximise their value to benefit your business. If you missed it read here This week we are going to look at the value of good compliance in your business. In our view, it has never been so valuable. We have seen the benefit of this in recent weeks among our clients. It puts more money in your pocket. Sometimes it's a service that is not seen as valuable by clients. There can be an attitude of "s...

October 2, 2020

Losses in your company - how to use them

Hi there. Last week we spoke about the warehousing of non-Covid-19 tax debt. The deadline to warehouse is the 30th of this month. In case you missed it Read here This week we are going to look at losses in your company and how to use them to help you limit your tax liability. The aim is to give you a basic overview of how to use losses so that they are not lost and that you get tax relief asap. We will look at some examples to explain what we are talking about. Losses in the current year Donald...

September 25, 2020

Warehousing of Tax Debt - Deadline approaching fast

"The only difference between a tax man and a taxidermist is that the taxidermist leaves the skin".  Mark Twain Last week we spoke about things you need to know when setting up a company. In case you missed it read here We are now into the thick of Tax return filing season. Corporation Tax [CT] returns, for those with 31 December 2019 year ends, are due on the 23rd of this month. After that we have Income Tax [IT] returns deadlines. This will focus the mind of many business owners. Have I go...

September 18, 2020

10 things to know when setting up a company - Part 2

This is our second blog on 10 things you need to know when setting up a company. If you didn't get a chance to see the first one read here An interesting webinar I saw recently was from the School of Family business in DCU. Professor James Davis spoke about 2 things that he saw as very important in the Covid-19 period. For businesses these were Meaning/purposeStrategic pivoting The first point was to look at what type of business you have. Did your business have a strong purpose during the pande...

September 11, 2020

10 things to know when setting up a company - Part 1

In our last blog, we looked at the new Employee Wage Subsidy Scheme [EWSS]. We gave some information about this around eligibility, rates, and what to do. For more detail Read here This week we are going to focus on important information you should know when setting up a company. This is Part 1 so 5 this week and 5 next week. The aim is to arm you with the basics so that you know what you are getting into. We hope it will also help you decide if a company is right for you. Cost of Set-up Our t...

September 4, 2020

Employee Wage Subsidy Scheme - What to do?

Last week we looked at some of the benefits for Dara & Norma to run their business in a company. We showed the advantages of this, especially the tax savings. In case you missed this Read here This week we are going to look at the new employee wage subsidy scheme. This is very topical for employers. It will be of benefit to them in the coming months, once they qualifyYou may be aware that the Temporary Wage Subsidy scheme [TWSS] is coming to an end on the 31st of this month. The EWSS will repl...

August 28, 2020

Sole trader to Company

Last week we looked at Passing on the Family Business. If you didn’t get a chance to review that Read here This week we are going to look at a sole trader who incorporates. We will look at the assets transferred in. We will also look at the salaries in the company. From this, we can see what the tax savings are and how this could be a better structure for the business. Find out below why Norma is jumping for joy! Introduction Dara and his wife Norma run a very successful social distancing busi...

August 21, 2020

Passing on the family business - Part 2

We are back after taking 2 weeks off and we hope you enjoyed your holidays. In our most recent blog, we looked at passing on the family business. We discussed how important it was to get a proper valuation of your company. We then went on to look at an example of a way to pass on the business and get some cash out. In the example we gave there were some hurdles to overcome. The son had to secure funding from and external provider. He also had to set up his own holding company to buy the shares. ...

August 7, 2020

Passing on the family business - Part 1

Last week we spoke about some tax tips when purchasing a buy to let property. If you didn’t get a chance to read that click here. This week the inspiration for our blog is a conversation we had. It was with a potential client about passing on his business to the next generation. What struck us was that he had his mind made up that he wanted to sell the business. The reason for this was he wasn’t aware of the other options that were available to him. In this blog, we will look at some of the ...

July 24, 2020

Introducing Tax Tips when buying a rental property

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July 18, 2020

5 Tax Tips when purchasing a buy to let

5 Top Tax tips when buying a residential property to let We ran a couple of recent blogs about whether you should buy investment property in a company or not. Read here On Tuesday of this week I had a consultation with a Tipperary man who had excess funds to invest. He was looking to buy a residential property as an investment. He wanted to find out some of the tax implications of this investment. It’s difficult for me to praise a Tipp man. But he had his homework done and had many questions p...

July 17, 2020

A problem gets heavier when the only one carrying it is you

Last week we discussed further about owning property in a company. If you missed that Read here. This week we are going to discuss some business strategy. We would hope to get a number of these posts out in the coming weeks. They will offer plenty food for though for business owners in the SME sector. Running a business is not an easy thing for anyone. It can be particularly difficult for owner-run businesses. The reason is all decisions come from one source – you. We recommend every business...

July 10, 2020 Posts 1-25 of 150 | Page next
 

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