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 pm@parfreymurphy.ie if you wish to do business with us
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.
If you or your staff spend what you consider excessive time on entering the data from invoices into your accounting software you have probably wondered if there is an easier way.
Advances in technology mean that automated assistance is possible. One provider of this kind of service is Datamolino and we have recently taken the opportunity to review their software.
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.
Preliminary Tax for accounting periods ending between 1-30 April 2016
First installment of preliminary tax for "Large Companies" with a financial year ending between 1 - 30 September 2016
Returns for accounting periods ending between 1 - 31 May 2015
Pay balance of tax due on accounting periods ending between 1 - 30 June 2015
Returns of third party information for accounting periods ending between 1 - 30 June 2015
Deadline - 31 March 2016
Income Tax
Deadline for claiming Separate Assessment for 2016
Deadline for nominating Assessable Spouse or Nominated Civil Partner for 2016
Return of Share Options and other Rights for 2015
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
