Last month we talked about Who Can Become a Director. Today FMB highlights the important points for Appointing a Director. Appointment of Directors New Directors can be appointed to a company in a number of ways; By an ordinary resolution of the shareholders at a general meeting By co-option by the existing board of Directors. […]
An individual could claim tax relief on interest paid on money borrowed to acquire a share in a partnership. Finance (No.2) Act 2013 abolished interest relief for all loans made on or after 15 October 2013 (save for some acquisitions of interests in certain farming partnerships. Interest relief for existing qualifying loans is to be […]
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Revenue have recently published guidelines on How to Protect your Business from Becoming Involved in VAT Fraud. These guidelines are there to warn about the consequences of becoming involved in a set of transactions with a VAT fraud even if the transactions in which the business is involved are not themselves unlawful. What to expect […]
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As there are no specific qualifications required by law, almost any individual person can become a Director of a private limited company in Ireland. There are of course some exceptions to this rule and the most common examples are listed below: Undischarged bankrupts are prohibited from becoming directors A corporate body is not permitted to […]
The Finance Act 2013 has inserted a new section 62A in the VAT Consolidation Act 2010. This deals with the adjustment of tax deductible in relation to unpaid consideration. The point of this section is to provide for an adjustment of the amount of VAT deductible where a person who has made a deduction of […]
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On 13th June 2014 the Revenue Office released a Tax Briefing with regard to new responsibilities for employers in relation to the PAYE system. Employers are now obligated by law to maintain and keep a Register of Employees and may at any time be requested to produce a hard or soft copy of the register. […]
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The Tax authority has been conducting a National Audit Project on those who work for one client and provide services through their own company, mainly contractors in the IT, Scientific, Technical and Administrative sectors. It is said that the claim of excessive expenses from professionals through a company has yielded €9.3m for the Revenue Commissioners […]
The Irish economy generates foreign exchange (FX) flows of approximately €200 bn every year from the import and export of goods and services in addition to financial flows. Volatility in the FX markets is an ever present challenge to financial managers and business owners who are trying to minimise the impact that movements in FX […]
Phasing in of mandatory iXBRL filing for corporation tax: a brief summary Since November 2012, those obliged to file corporation tax and income tax returns have had the option to file financial statements in iXBRL format via ROS (Revenue On-line Service). iXBRL (or inline eXtensible Business Reporting Language) is a language that allows financial information […]
One of the toughest decisions that any family business may face is whether the business will be passed on to family members or sold by the retiring generation. This decision not only threatens the continuity of the business, but can threaten the family unit itself and often leads to costly litigious disputes. There are many […]
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