Insights From the FMco Team

Handy templates for Mileage & Subsistence and Cashflow

Time and again our clients end up using their own systems to manage and measure basics in their business. We’ve seen some recurring use cases, so we’re sharing our templates here.

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Revenue has issued guidance on who must file a tax return under the new full self-assessment regime.

In 2012 the Revenue are continuing their review and audits on individuals who have rental properties and rental income that should be returned through an Income Tax return. The Revenue are focusing on two main areas.

In practice, the Cash Basis of accounting is mainly used by shops, restaurants, public houses and similar businesses, and by any other person, such as a solicitor making supplies of goods or services directly to the public. Businesses who charge VAT under the margin scheme may also opt for the cash receipts basis irrespective of turnover as VAT charged by you under this scheme are not allowable as VAT inputs by the purchaser.

If you are a self employed person and have incurred a loss in a tax year and as a consequence you have no liability to Income Tax, PRSI, USC, remember to pay the minimum PRSI amount of €253 and submit with the form VC7 to the Department of Social Protection, Government Buildings, Millennium Centre, Saint Alphonsus Road, Dundalk, Co. Louth.

The Minister for Jobs, Enterprise and Innovation, Mr Richard Bruton TD, recently announced that he is increasing the number of businesses exempt from the requirement to hire external auditors to the maximum level permitted under EU law, a move that is expected to save Irish SMEs up to €5m per year.

The Revenue Commissioners have recently issued a tax briefing clarifying their position and setting out their views on the tax treatment of director’s remuneration arising from holding an “office” with an Irish company. A director of a company is an office holder for this purpose.

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