We would like to extend to all our clients, friends and their families a very happy Christmas and every best wishes for a great New Year.

We thank you for your support and we look forward to working with you all again in 2014.

By Una Beecher

Based on our recent experiences with Revenue Audits it has transpired that a particular area of Revenue interest is whether benefits-in-kind have been taxed through the employer's payroll correctly or if at all.

Subject to certain exceptions, benefits-in-kind including private use of a company car, free or subsidised accommodation and preferential loans from an employer to an employee whose total remuneration (including benefits-in-kind) is €1,905 or more in a tax year are taxable.

Where the employee receiving such benefits is a director of the company concerned, the benefits are taxable regardless of the level of remuneration.

The following is a non-exhaustive list of sample benefits which if paid by an employee's employer may be taxable:

-         Private use of company cars / vans

-         Free or subsidised accommodation

-         Preferential loans

-         Medical insurance premiums

-         Crèche / childcare facilities

-         Sports and recreational facilities

-         Private use of corporate charge cards

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 By Seamus Parfrey  

I came across the following article on taxdonut which is reproduced in its entirety.

Your accountant can sort out your tax return or your annual accounts and provide advice on a range of issues, but how do you get the best return on the fees you pay to an accountant?

1.

Choose carefully. Look for accountants with experience of your type of business. Anyone can set up as 'an accountant', so look for chartered or certified accountants, whose qualified status is backed by membership of professional bodies. A large firm suggests reliability, but a smaller one may respond better to your needs. Ask prospective accountants how they can help your business. Request references and proof they have professional indemnity insurance, before you make your final decision.

2.

Explain your expectations. Your accountant will summarise terms and conditions in a letter of engagement. Put your expectations in writing, too. Describe the level of service you require, for example, how quickly you need queries to be answered. Ask to deal with a specific contact, to help build a close professional relationship.

3.

Ask questions. Check what other services your accountant can offer. These could include guidance on setting up your business, preparation of financial forecasts, help with loan applications, audits, investment advice and other suggestions for minimising your tax liability.

4.

Use your accountants' contacts. Accountants specialising in your type of business can often suggest good trade contacts. Perhaps your accountant knows a supplier who can offer you a great deal or maybe they know of a potential investor.

5.

Keep talking. Communicate regularly with your accountant to get the best possible value from the relationship. Schedule quarterly meetings to review your firm's performance, so you can better plan for the future. Be sure to meet before producing your end-of-year accounts or tax return.

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