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Parfrey Murphy
Chartered Accountants
Lee View House
South Terrace
Cork
Ireland

T: +353 (0)21 4310266
E: pm@parfreymurphy.ie
E-Newsletter
April 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 pm@parfreymurphy.ie if you wish to do business with us
TAX- 5 WAYS TO SAVE YOURSELF THE PAIN OF TAX MISTAKES
By Noel Murphy
 
Making mistakes when it comes to tax and dealing with Revenue can be costly. Here are 5 ways to save yourself some of that pain.

1. File and pay on time

Missing deadlines for filing returns or paying tax can be costly. In many cases penalties apply.

Also, failing to comply with deadlines increases the risk of you getting a Revenue audit.

BUSINESS NEWS- THE TRANSATLANTIC ECONOMY
Seamus Parfrey
By Seamus Parfrey
 
A report recently issued on the Transatlantic Economy makes for interesting reading for Irish businesses.

The report is written largely from the U.S. perspective, but outlines the importance of the trade in both goods and services between the U.S. and the European Union.
Funny Corner
 
A guy in a bar leans over to the guy next to him and says, "Want to hear an accountant joke?"

The guy next to him replies, "Well, before you tell that joke, you should know that I'm 6 feet tall, 200 pounds, and I'm an accountant. And the guy sitting next to me is 6'2" tall, 225 pounds, and he's an accountant. Now, do you still want to tell that joke?"

The first guy says, "No, I don't want to have to explain it twice."
TAX COMPLIANCE- REVENUE FOCUS ON CONSTRUCTION SECTOR
By Noel Murphy

Revenue have announced an increased focus on compliance risks in the construction sector.

In recent reviews they have found that the VAT Reverse Charge is not being applied properly in a number of cases. In addition they have discovered issues with payments of Country Money and the operation of Relevant Contracts Tax.

Read on to see what the issues are and how this could affect you.

TACKLING LATE DEBTORS PAYMENT- PART 3 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 how setting the right goals for different parts of the business can assist in minimising late payment problems.

Bringing Incentives In To Line

In order to thrive a business must be able to attract orders and work from customers. Clearly a key activity for any business is that of obtaining new custom, whether from existing or new customers. At the same time we recognise that for the new custom to be of real value to our business we must get paid.


TAX DEADLINES & REMINDERS
By Aoife Ní Dhubhghaill

Deadline - 14 May 2016
PAYE/PRSI
  • P30 monthly return and payment for April 2016

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

Deadline - 23 May 2016
RCT
  • Return and payment for April 2016                                                  
Deadline - 19 May 2016
VAT
  • Bi-monthly VAT3 Return and payment (if due) for March/April 2016 together with the Return of Trading Details where the accounting period ends between the 1st March and 30th April
  • 4 monthly VAT3 Return and payment for the period January- April 2016 together with the Return of Trading Details where the accounting period ends between the 1st January and the 30th April 
  • Annual VAT 3 return and payment (if due) for the period May - April together with a Return of Trading Details where the accounting period ends in April
     
Deadline - 1 - 21 May 2016
Corporation Tax
  • Preliminary Tax for accounting periods ending between 1-30 June 2016
  • First installment of preliminary tax for "Large Companies" with a financial year ending between 1 - 30 November 2016
  • Returns for accounting periods ending between 1 - 31 August 2015
  • Pay balance of tax due on accounting periods ending between 1 - 31 August 2015
  • Returns of third party information for accounting periods ending between 1 - 31 August 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