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Parfrey Murphy
Chartered Accountants
Lee View House
South Terrace
Cork
Ireland

T: +353 (0)21 4310266
E: [email protected]
E-Newsletter
December 2015
Our aim is to help businesses grow, to increase their profitability, improve their cash flow and reduce their tax liabilities so that they have more disposable income. Please feel free to call us on  021 4310266 or email us at [email protected] if you wish to do business with us
EMPLOYEES TAX FREE €500 BONUS!
By Aoife Ní Dhubhghaill
 
Employers can reward employees under the Small Benefits Exemption Scheme with a non-cash bonus of up to €500 completely tax free this year 2015. 
 
A NEW SIN FOR BUILDING CONTRACTORS!!
Seamus Parfrey
By Seamus Parfrey
 
From December 2015 in the eRCT system there will be a "Revenue Site Identifier Number" (SIN) provided in the Contract Notification process.
 
Each contract will now require a SIN when the Contract Notification process is being completed. 
 
RETAIN AUDIT EXEMPTION BY DISTRICT COURT APPLICATION
By Noel Murphy

The Companies Act 2014 will allow a District Court application for companies that have missed the filing deadline for filing the annual return and financial statements.

This will eliminate the need to pay late filing penalties and for most companies retain audit exemption.

DIRECTORS LOANS INTEREST & TAX ISSUES
By Seamus Parfrey

There is no particular rate required under legislation with regard to interest a company pays to its directors for the loans they advance to it. This means that it is up to the directors themselves to decide on the rate.
 
However there are tax implications to consider if interest is paid to directors by the company.
 

TAX DEADLINES & REMINDERS
By Aoife Ní Dhubhghaill

Deadline - 14 January 2016
PAYE/PRSI
  • P30 monthly return and payment for December 2015
Deadline - 14 January 2016
DWT
  • Return and payment for December 2015   
Deadline - 23 January 2016
RCT
  • Return and payment for December 2015                                                    
Deadline - 1 - 21 January 2016
Corporation Tax
  • Preliminary Tax for accounting periods ending between 1 - 29 February 2016
  • First installment of preliminary tax for "Large Companies" with a financial year ending between 1 - 31 July 2016
  • Returns for accounting periods ending between 1 - 30 April 2016
  • Pay balance of tax due on accounting periods ending between 1 - 30 April 2016
  • Returns of third party information for accounting periods ending between 1 - 30 April 2016
Where returns and payments for RCT, VAT, PAYE/PRSI and Corporation Tax are made electronically, the return and payment deadlines are the 23rd day of the month

Parfrey Murphy
+353 (0)21 4310266
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