Accounting for VAT on a Cash Receipts Basis

Accounting for   VAT on a Cash Receipts BasisThe 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 …

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Exempt Childcare Services

Exempt Childcare Services An individual in receipt of income from childcare services which is exempt following an election under Section 216C TCA 1997 is regarded as a chargeable person within the meaning of Section 959A TCA 1997. The individual is a chargeable person for self-assessment and must make an annual return of income using a …

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Grant – Innovation Vouchers

Innovation Vouchers – New Standard Application Round (Island of Ireland) The Innovative Vouchers scheme, which builds links between Ireland’s public Knowledge Providers and small businesses, has opened a new Standard application round for 2014. The programme’s objective is to strengthen relationships between Ireland’s education institutions and businesses to create a cultural shift in the small …

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Grant – Intertrade Ireland

This grant is EU funded and is designed to increase collaboration between businesses north & south of the border.  Application process is relatively straight forward, so no excuses!!!   The cross-border collaboration voucher can be redeemed against the cost of travel or accommodation for up to £500/€550 when meeting with partners or potential partners in …

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Fast Tax Saving Tips

It’s January, so it’s time to trim some of the fat of your tax bill. Easy tips for saving tax by Tony Kilcoyne – Kilcoyne & Co.  Most tax reliefs will save you tax 20%, so for every euro you spend on an area where relief is available, you will save 20 cent. There are still a number …

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BUDGET 2014 – THE MAIN MEASURES

THE MAIN MEASURES   At first glance, the fact that there are no increases in general income tax or capital tax rates will be seen as evidence of a “soft” Budget, at least compared to prior years. However, it is estimated that at least 50% of private medical insurance customers will be affected by the …

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Fraud Prevention for Business

Segregation of duties In an ideal world, segregation of duties between different employees would ensure that the authorising of transactions, the making of payments, the accepting of delivery of the assets arising from the transactions and the recording of the transactions would be undertaken by different employees. In many small and medium-sized enterprises strict segregation …

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Tax free christmas bonus

Tax free bonus for staff. Did you know you can give your staff a tax free bonus of 250 Euros this Christmas. The only condition is, it must be in the form of vouchers.   This is from the Revenue Commissioners: Does a taxable benefit arise where as a result of a company raffle or …

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