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Kilcoyne Accountants Auditors and Chartered Management Accountants Dublin
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Budget 2017 - Impact on Your Business
Ok, the budget is only a couple of hours old and you will be bombarded with details on the giveaways and USC cuts over the next few days.  I'm not going into these as they will freely available on a multitude of news sources.  The reality is most of these changes will have very little impact on your pocket, as they are designed, not to upset the "squeezed middle" and to make the Jobseekers & pensioners of the country feel better about themselves.  votes, votes & more votes!!!
Corporation Tax
No change here thankfully and a commitment to retain the 12.5% rate.   Those of you who read my newsletter earlier in the year will be aware of the 6.25% rate for companies undertaking R&D.
Tax Credit
Us self employed are getting an increase of 400 Euros in our tax credit from 550 Euros to 950 Euros, bringing us closer to the PAYE credit of 1,650.
Capital Acquisition Tax
The threshold for tax free gift from parent to child has increased from 280,000 Euros to 310,000 Euros. This is a miserly increase and I was expecting much more, as the rates of tax exceeding this level is 33%.
VAT
The reduced rate of VAT of 9% for the tourism & hospitality sector have been maintained.  Good news for tight margin businesses.
Entrepreneur Relief
This was a great measure brought in last years budget and was used by a few of my clients.  Disposal of qualifying business assets were subject to 20% CGT.  In english, a Sole trader can incorporate his/her business and extract cash from the company at 20%.  The good news is this tax has now been reduced to 10%.  Very attractive indeed.
Special Assignee Relief Programmed  - SARP
This is not availed of by near enough people.  Basically if you travel to designated countries as part of your Job (employed of self-employed) you get a generous tax rebate.  The catch was you had to spend more than 40 days in the year in these designated countries.  The good news is this has been reduced to 30 days.
That's it, but I have yet to see the small print, so there may be a few more nuggets. Any questions, ASK!!! Tony Kilcoyne
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Accounting for   VAT on a Cash Receipts Basis
The annual turnover threshold for the   cash receipts basis of accounting for VAT to apply is to be increased from   €1.25m to €2m from 1 May 2014.
What is the cash receipts   basis of accounting for VAT?
Normally a business is required to   include in its VAT return VAT charged on invoices issued during the period   covered by the return.  When a business is authorised to use the cash   receipts basis of accounting for VAT, VAT charged on invoices issued does not   have to be included in a VAT return until payment is received.
Who can account for VAT on   the cash receipts basis?
A VAT registered person is entitled to   apply to Revenue for permission to account for VAT on a cash receipts basis   where either of the following two conditions is satisfied:
1. At least 90% of the business’s   supplies are to persons who are not registered for VAT or who are not   entitled to claim a full deduction for any VAT charged; or
2. The annual turnover for the business   does not exceed a prescribed threshold.
At the moment the prescribed threshold referred to in 2 is €1.25m however with effect from 1 May 2014 the threshold is to be increased to €2m.
Chartered Accountants Dublin
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Kilcoyne & Co Chartered Accountants are a firm of professionals working to provide a range of services to Companies & Private Individuals.

With over 30 years experience working with small and medium sized businesses and business owners, we are well placed to provide insightful business advice in a wide range of areas ranging from cashflow /debt management, to cutting edge tax planning, to profit improvement strategies.

Through the delivery of our core accounting services and regular meetings with business owners, we develop an in-depth understanding of the main drivers in your business.

Kilcoyne Accountants Dublin is specialised in audit, tax and advisory services across a range of markets and sectors.

Audit & Accounting – All companies are required to prepare and file accounts to the Companies Registration Office. At Kilcoyne Accountants, we take our obligation to our clients compliance needs very seriously. We advise on accounting systems, we help construct finance departments for our clients, we advise on most appropriate accounting policies and standards.

Taxation – Our in-house tax professionals will review all areas of tax exposure for our clients. They ensure firstly your company is tax compliant and will then devise clever tax strategies to minimise the tax exposure for companies, their owners & directors.

Why not arrange an appointment to speak to one of our partners in Dublin and find out how we at Kilcoyne Accountants can help you improve your business.

We are based on Merchants Quay in the heart of Dublin City Centre.
Info@kilcoyneaccountants.ie (01) 547 8173
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Chartered Accountants Dublin
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Kilcoyne & Co Accountants
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