When forming companies for clients, I am often asked how much hassle is involved in closing a company, if it is no longer required. Normally, a liquidator would need to be appointed, which can be expensive. However, if a company ceases to trade and has no assets or liabilities (or they are less than €150), then the company can request to be struck off the register, which is a much simpler process.
The Small Benefits Exemption Scheme allows an employer to provide an employee with a small benefit tax free each year. It is frequently paid at Christmas so is sometimes known as the Christmas bonus scheme. It is a straightforward scheme but there are some terms and conditions:
In general, when a business purchases machinery or equipment, it can claim the cost against taxable profits over 8 years as a capital (wear and tear) allowance. However, where the machinery or equipment is energy efficient, the full cost can be claimed in year 1.
Are you an employee and use your car for business travel? If your employer doesn’t reimburse you for using your car for business journeys, did you know that you can reclaim tax from Revenue?
The Local Property Tax (LPT) is a tax payable on the market value of residential properties. A return is due if you held a property on 1 May 2013. Depending on the market value of your residential property, you will pay a different amount of LPT. The return can be filed on paper or online and there are a number of payment options. Exemptions and deferral options are available.
The Cycle to Work Scheme was introduced to encourage employees to cycle to work. It offers a tax incentive to employees and employers whereby the employer purchases bicycles and equipment for employees without it constituting a benefit in kind. Employers and employees can also agree a salary sacrifice to cover the cost of the bicycle and equipment.
Do you work full time or part time from home and only occasionally visit the office?
Are you an employer and want to provide equipment to your employees so that they can work from home?
As well as the work/life balance benefits and time savings, there are many tax benefits to eWorking.
In general, most companies are required to attach audited accounts to their annual returns under the terms of the Companies Amendment Act, 1986. However, an exemption from audit is available for small companies. This can reduce the administrative burden as well as professional fees.
Thinking of giving up your day job and running your own business? Then you should be aware of the PRSI differences in terms of both rates and entitlements when you move from employment to self-employment.
Intrastat is the system for collecting statistics on the movement of goods (not services) between EU member states. The information is used by various government departments, economists and financial institutions. There are two separate Intrastat requirements. All VAT-registered traders must include details of goods to/from EU on the VAT3 return. Larger traders must complete a more detailed monthly return. […]