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COMPANIES ACT 2014- DIRECTORS LOANS
By Noel Murphy
The Companies Act 2014 made some key changes to director's loans.
One such, as we previously indicated in an article in July 2015, is that the Act provides that loans between a company and a director or other connected person must be fully documented.
REVENUE POWERS TO ESTIMATE PAYE DUE FROM EMPLOYERS
By Noel Murphy
If the Revenue has reason to believe that an employer has understated or not declared PAYE then they have the power to make estimates of the tax due. These can be monthly or yearly estimates.
When Would The Revenue Decide To Issue An Estimate?
Generally speaking the Revenue can do so if it has any reason to believe that the total amount of tax that an employer is liable to remit under the PAYE regulations is greater than the amount actually remitted.
In practice this usually boils down to 2 scenarios:
The employer has failed to submit its monthly return (P30) or its annual return (P35) properly.
A Revenue audit is completed with no agreement as to the amount of PAYE income tax/PRSI/USC or LPT.
A problem that faces virtually all businesses is that of late payment. Of course, making new sales is exciting, but it's only when the money is received that profit is realised and the business can prosper. Therefore late payment by customers can put a significant strain on the finances of a business and the stress levels of its owners!
In a series of articles over the next few months we will look at some of the problems and strategies that can be used to tackle late payment.