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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
March 2016
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
SAVE TAX- BENEFIT IN KIND EXEMPTION FOR TRAVEL PASSES
By Noel Murphy
 
For some years an exemption has been available where an employer can purchase a bus, rail or ferry pass for an employee under an approved salary sacrifice arrangement. The exemption means that no tax is payable on the benefit-in-kind.

Recently Revenue issued a clarification to show that an employee can enter into one of these salary sacrifice arrangements, with their employer's agreement, more than once a year and the exemption will still apply.

BUSINESS GROWTH- ARE YOU USING THE 80/20 PRINCIPLE?
Seamus Parfrey
By Seamus Parfrey
 
For many businesses an 80/20 analysis can be very beneficial. What is it? And how could you use it in your business?

What Is It?

The idea behind the 80/20 principle is that the relationship between causes and effects is not balanced. That 80% of the results come from 20% of the effort. 80% of the consequences come from 20% of the causes. This is not perhaps what you would expect, but it has been proved to be remarkably accurate.

TIME MANAGEMENT- THREE SIMPLE WAYS TO MAKE MORE TIME
By Noel Murphy

The stresses of daily modern life and running a business or doing a job effectively mean that most of us struggle to get enough time to do everything. So here are 3 ways to create more time for yourself. Not everything stated will work for everybody, but try them out, customise them and see what works for you.

TACKLING LATE DEBTORS PAYMENT- PART 2 OF 5
By Seamus Parfrey

In this ongoing series we look at some of the challenges facing businesses when it comes to dealing with late payments from customers.

This month we consider whether late payment from a customer signals a bigger problem.

Late Payment - An Indicator That The Customer Is In Difficulty

Customers pay late for various reasons. In some cases it is a deliberate, tactical move on their part to preserve their own cashflow. In other cases it is an administrative problem. Perhaps they are disorganised. But of course it can also be because the customer is in financial difficulties and they are paying late as a way of using its suppliers to prop up the business.


TAX DEADLINES & REMINDERS
By Aoife Ní Dhubhghaill

Deadline - 14 April 2016
PAYE/PRSI
  • P30 monthly return and payment for March 2016
  • P30 quarterly return and payment for January to March 2016

Deadline - 14 April 2016
DWT
  • Return and payment for March 2016  

Deadline - 23 April 2016
RCT
  • Return and payment for March 2016                                                  
Deadline - 23 April 2016
VAT
  • MOSS VAT Return and payment (if due) for January-March 2016  

Deadline - 1 - 21 April 2016
Corporation Tax
  • Preliminary Tax for accounting periods ending between 1-31 May 2016
  • First installment of preliminary tax for "Large Companies" with a financial year ending between 1 - 30 October 2016
  • Returns for accounting periods ending between 1 - 31 July 2015
  • Pay balance of tax due on accounting periods ending between 1 - 31 July 2015
  • Returns of third party information for accounting periods ending between 1 - 31 July 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

Parfrey Murphy
+353 (0)21 4310266
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Parfrey Murphy | Lee View House | South Terrace | Cork | Cork | 0353 | Ireland