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What can you claim as an employee?

As an employee, you’re not often thinking about what you can claim. When you earn the majority or all of your income from employment, your income tax and PRSI Contributions are taken automatically before you receive your pay. When you’re not in the habit of making a tax return, navigating the unfamiliar territory of claims can leave you feeling lost.  What counts as additional money outside of your employment? What happens when you’re working a side hustle? What if you’re already re...

February 16, 2020

Get that happy feeling

We had an offsite day in Worklab recently to review what went well last year and what didn’t go that well so that we can make improvements in the areas where we are weak on. One of the major things that I noticed was some of the very positive things that we helped our clients with and the purpose of the blog was to highlight some of the things that the CF crew did last year and how beneficial this turned out to be for our clients.  This is just a flavour of some of the great wins our clie...

February 7, 2020

The Business Sale Journey

Great to see the Deise Hurlers back to winning ways after the very disappointing 2019 season……..hopefully this will help to balance the Kilkenny / Waterford internal office banter J. It was a long 2019!!!! The Business Sale The sale of any business is not something that happens overnight. It is a journey and in some cases it is a journey that starts years in advance of the actual sale. We have been fortunate enough to be involved in a number of such transactions over the years and ...

January 30, 2020

How we save Non-Resident Landlords the stress of navigating their tax return

If you rent a property in Ireland but you’re a resident of any other country worldwide, you are what we call a non-resident landlord. If you’re getting rent from your property in Ireland, the money you’re making comes under Irish taxation law, and so you’re required to complete an Irish tax return to declare that rental profit. For first-timers (and even experienced Landlords), Irish tax rules can feel like tricky waters to navigate. So here’s what you need to know about the rules the...

January 24, 2020

Why a manifesto?

There is a slight change of direction with our blog from this week. We have recently finalised the Comerford Foley manifesto. This is not a collection of future promises so that you will become our client much like a political party will promise you the sun, moon and stars so that you give them your vote. It is more of an information document about why we do what we do and why we enjoy doing it so much. There is a bit in there about what we do but not too much. So you may ask why put a manifesto...

January 17, 2020

Are there tax advantages to be being married….?

I probably could have finished that sentence with the words “apart from all the other advantages” Welcome back to the “You ask we answer” series of blogs that we do which are based on the questions that our clients ask us. I thought this might be a topical question now that people are starting to get into the festive spirit and that I have two nephews who popped the question in the last few weeks. It was great weekend for Kilkenny hurling with all three clubs, Conahy Shamrocks, Tullaroa...

December 4, 2019

Selling the family home

Do I pay tax if I sell my family home? You ask we answer We are just over the Income Tax return deadline so are all able to take a collective breath and roll on to the next deadlines which are coming thick and fast. Thanks to the team in here it was a very well organised and not too stressful filing season. There was the ROS downtime to contend with but we had only 6 returns left to file on the last day. Funny the minute Revenue put up the notice to say the technical issues were fixed the worse ...

November 28, 2019

Is cash flow more important than profit?

Having no cash will land a business in trouble - even a profitable one.  Unfortunately, profitable businesses aren’t exempt from the necessity of maintaining healthy cash flow.  There’s a reason the phrase ‘cash is king’ exists. The King doesn’t get demoted the minute profit steps up to the throne....

November 11, 2019

The Pros and Cons of renting out property in Ireland

With booming tech and tourism sectors in Ireland, not to mention increasing numbers of students attending Irish universities, colleges and institutes, demand for rental properties has never been greater. In fact, the average monthly rent in Ireland is the highest it’s been in over a decade. So, is purchasing a property to rent still a smart investment? Let’s take a look at the pros and cons: PROS It’s a terrific investment opportunity With a strong investment yield and impressive capital g...

September 12, 2019

What value do we bring to you when we do your tax return?

I had a call with Noel, a potential client, on Wednesday, who I met at a Google seminar in the Theatre Royal. He is a Kilkenny man like me and interested in hurling too so we have a good discussion on the injustice of the Richie Hogan red card! He has a number of rental properties and was looking for a quote to look after his tax return which he had done himself in the previous few years. I got this out to him very quickly and haven’t heard from him since. That is ok he’s a very busy many. B...

September 6, 2019

Getting paid expenses of travel and subsistence from your employer - Part 1

We can’t start off without mentioning the hurling. What an amazing weekend of hurling and I was just delighted with the Cats victory over Limerick on Saturday evening. We were hugely outnumbered by confident Limerick supporters. 6 Limerick fans to one Kilkenny fan would be a conservative guess. We hit them hard and early and Limerick were chasing for the rest of the game. After the first 20 minutes KK were ahead by 9 points and Limerick won the remaining 50 minutes by 8 points so to win 5/7ths...

July 31, 2019

Finance leases – some interesting tax implications

We are back to the normality of the working week after such an exciting weekend of sport and music with the Munster and Leinster hurling finals and Glastonbury to calm us all down afterwards. The Cats & Tipp would have started as favourites with Kilkenny on quite familiar territory in Croke Park and Tipp given the superb form that they had been in so far this year.  The biggest crowd of the GAA calendar so far this year, nearly 52,000, were in Croke Park with at least 40,000 coming from Wex...

July 2, 2019

Business Exit Planning - Share buyback

We are back with our blog series on business exit planning on what is a gorgeous sunny day out there, even though it is a Monday. Elections are over and while we know most of the people that got in we are still waiting on the results of the European and mayoral one. Never do I remember having so many things to vote on or have I ever received so much paper when voting. All was missing was a ballot paper for the next Conservative party leader in the UK. Teresa made a tearful exit from what must ha...

May 27, 2019

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 Posts 1-25 of 104 | Page next
 

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