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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

Should I buy property in a company - Part 2

“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.” Franklin D. Roosevelt Last week we looked at some of the tax implications of buying property in a company. We came down on the side of not recommending it. We are not against buying property but not a fan of buying it in a company. This is due to the double hit to Capital Gains Tax [CGT]. To review...

July 3, 2020

Should I buy property in my company?

This is a question we get asked many times. My answer in most cases is NO. This week we will look at the reasons why it is not a good idea. We will look at the main tax implications of buying property in your company. The focus of this is an investor buying a residential or commercial property for letting. Last week we looked at taking a salary or dividends from your company. We looked at a few different scenarios where there was not an equal shareholding. If you want to find out more about that...

June 26, 2020

Temporary Wage Subsidy Scheme Extension!

As most people are now aware the Temporary Wage Subsidy Scheme (TWSS) has been extended by the Government. Revenue have issued some updated guidance to give some clarity on this and how the extension will work. Some of the key points to note: The TWSS has been extended to 31 August 2020 The eligibility criteria has remained the same. A business should have suffered a 25% reduction in turnover for Quarter 2 2020. The performance in Quarter 3 (July and August) has no impact on eligibility. This is...

June 25, 2020

Salary or Dividends or both?

Last week we looked at two options when taking money from your company. This was either salary or dividends and we looked at the tax consequences of both options. If you want to get the basics from last week’s blog Read here When deciding to take salaries or dividends your circumstances may not be straightforward: 1. There can be different shareholdings 2. There can be different needs 3. You can pay dividends to help with a close company surcharge We will explore some options below. Sometime...

June 19, 2020

Salary or Dividends from my company?

This is a question that we are often asked. This week we will return to our “You ask We answer” series of blogs. Last week we looked at how Comerford Foley could help you set-up a company. We also explored how using our services could help you. To find out more Read here This is a topic that many business owners ask themselves. What is the best way to take out money from my company? There are many other ways you can get company money working for you. For this blog, we are going to focus on t...

June 12, 2020

Why use Comerford Foley to set up your limited company

We have been running a series of blogs about trading through a company structure. We have outlined some business problems and solutions to those problems. The main solution is the flexibility that a company structure can bring to your business. Read here Last week we looked at the tax pressure of being self-employed. We highlighted how November can be a very painful month of the year. Read here. A company structure can not only reduce the tax that you pay. It can reduce all the financial worries...

June 5, 2020

Banish that November pain

In the last few weeks, we spoke about the problems you may be having in your business. The problems ranged from paying too much tax to not being in control of your numbers Read here  Last week we looked at some solutions to those problems. We looked at how a company could be the answer to some of those problems Read here This week we had a few very interesting conversations about a company structure with existing and potential clients. One of the key elements of going into a compa...

May 29, 2020

Solutions for your Business Problems

We are very aware that the biggest cause for concern for business, at the moment, is the Covid-19 crisis. There are a lot of difficulties in certain industries such as the hospitality sector. There has been some good news from the government, with a focus on industry-specific supports. They will introduce these in the coming months.  We have a dedicated webpage outlining the supports that are out there. There is lots of information and free downloads, so please have a look. Click here&...

May 22, 2020

5 Big Problems in my business right now

Many business owners make the annual trip to their accountant with a sense of fear. You don't know what tax bill you will face and are uncertain if you will have enough funds to pay it. Your accountant will hand you their bill at the same time. Often you don't get your accounts and taxes done until the last minute. For you visiting your accountant is like visiting the dentist. You know you have to do it but you look forward to it like getting a filling done! In the blog we will look at some of t...

May 13, 2020

Temporary Wage Subsidy Scheme - More Changes

Next week sees a number of changes to the Temporary Wage Subsidy Scheme (TWSS) come into effect. I attach the latest Revenue FAQ’s and Guidance for reference. The scheme is moving to what is referred to as the operational phase. Revenue will be using actual calculations from now on based on the information that they have on record from payroll submissions. A. RE-HIRING EMPLOYEES As always said by revenue, the rehiring of employees is allowed and those employees can avail of the TWSS. As a co...

May 1, 2020

Why it's more important than ever to have your numbers up to date

We would always encourage our clients to have their numbers up to date. If you don’t know your numbers then you are not in control of one of the most important parts of your business. After all your business is about the numbers, the margins, profitability, gross profit, net profit and cost of sales. If you know a year later what your profit was in 2019 then that information is not much value to you. In fact that information is more of a historical document and only useful for compliance purpo...

April 29, 2020

Changes afoot in the world of Small Business

It is indeed very strange times out there. None of us could have dreamed, in our wildest imagination, what is currently going on and the changes this has made to the usual freedoms we take for granted. We have been fortunate enough that we are still working and rather than having an office base we now have two offices in Tramore, two offices in town and one in Ballyduff so if you looked at it in an obscure way you could say we have expanded during the lockdown!! We have been trying to help clie...

April 17, 2020

Home expenses & e-working

Revenue accept that e-Workers will incur certain extra expenditure in the performance of their duties from home, such as additional heating and electricity costs and there is tax relief available So what is e-working? It’s a method of working, using IT and communication technologies, in which your work activity is not tied to any particular place. It includes working at home either on a full-time or part-time basis and working some of the time at home and the remainder in the office. E-Work...

April 6, 2020

Covid 19 - Temporary Wage Subsidy - Webinar

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April 6, 2020 Posts 1-25 of 136 | Page next
 

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