AFS Accountancy

17/08/2023

If you haven't claimed your Rent Tax Credit (€500 if single or €1,000 if married), AFS Accountancy can help you with this and more!

Did you know?
- AFS Accountancy can check your taxes for refunds going back 4 years.
- If you financially support family overseas, you may be entitled to additional tax credits which AFS Accountancy will review for you.
- If you pay for medical expenses in Ireland or overseas for you or anyone else, AFS Accountancy can help you get a tax refund for this in Ireland.
- If your employer pays part or all of your Medical Insurance, you are due an additional tax credit.
- If you Work from Home, you can get a tax credit for your light, heat and broadband bills!
- AFS Accountancy is the only company that reviews your Tax Credit Certificate each year as part of our standard client support and provides a personalised review of the Budget.


File your income tax with AFS Accountancy by 31st August 2023 and get a 20% discount!

For small to medium businesses, the first consultancy is FREE!

Afs Accountancy is a group of accountants with a combined 20 years’ of experience. Specialist in taxation, bookkeeping and payroll services. Send your inquiry to [email protected] or call directly on 089 4730763.

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Thank You!
AFS Accountancy

We are not just an Accounting and Finance firm we are more than what you need for your business.

11/08/2023

Get a refund of the capital you invested in starting up a business.

Ireland offers a range of entrepreneur schemes and grants, including SURE, which enables entrepreneurs to receive refunds of up to 41% of their startup capital.

For further details, reach out to AFS Accountancy, a chartered accountant firm.

We are not just an Accounting and Finance firm we are more than what you need for your business.

01/08/2023

Early filing discount!

Self-employed: file your income tax with AFS Accountancy by 31st August and get 20% discount.

Small to medium business's first consultancy is FREE.

Afs accountancy is a group of accountants with combined of 20 years experiences. Specialist on taxation, bookkeeping payroll services. Send your enquiry to [email protected] or call directly on 089 4730763.

13/06/2023

Get your income tax return completed for just €150 with AFS Accountancy!

We're excited to announce a limited-time offer exclusively for taxi drivers. Don't miss out on this opportunity to have your income tax return expertly handled by our team. Take advantage of our professional services and ensure your tax affairs are in order. Contact AFS Accountancy today and save money while getting the best tax assistance available.

04/06/2023

Starting a business can be an exciting and overwhelming journey .There are a number of grants and support available for startups business.

➡️ The Start-Up Relief for Entrepreneurs (SURE).
➡️ Local Enterprise Office Supports
➡️ Enterprise Ireland Grants & Supports including the Business Financial Planning Grant and Digitalisation Vouchers
➡️ And a variety of supports for High Potential Start-Ups

Feel free to reach out to one of our team members today to discuss your business plan and learn how to effectively utilize the available support resources.

04/04/2023

The Department of Finance has published the end of Q1 exchequer returns, which show a significant increase of €2.5 billion in tax revenues compared to the same period last year.

This positive trend is seen as an indication of the Irish economy's continued strength, despite ongoing global economic uncertainty. In addition to tax revenue, the Irish economy has seen strong job creation, unemployment rate is lower than the pre-pandemic level. These factors combined suggest that Ireland is well-positioned to continue its growth trajectory and maintain its status as one of Europe's fastest-growing economies.

01/04/2023

Introducing Our Second Team Member: Strengthening Our Commitment to Excellence;

Arif Islam successfully completed his business degree from Cork Institute of Technology (CIT), which is now called Munster Technological University (MTU). He became a member of the Association of Chartered Certified Accountants (ACCA) in 2016 and has been practicing for over a decade, gaining extensive knowledge of various business sectors,as well as accounts, audit, and general business compliance. Arif has also acquired a detailed understanding of the Irish tax system, specifically how it relates to small and medium-sized businesses. Throughout his time at a medium-sized practice, Arif skillfully managed a diverse portfolio of clients from the retail, hospitality, and education sectors.

In 2023,AFS Accountancy welcomed Arif as a partner. AFS Accountancy firmly believes that providing timely and clear advice is critical to the success of any business.

19/03/2023

Recently, Revenue published a list of tax defaulters, which included several cases of individuals and businesses failing to file their income tax returns by the deadline, failing to produce proper books and records, deliberately filing incorrect returns.

If you have any queries regarding your income tax return, please reach out to AFS Accountancy.

𝐅𝐨𝐫 𝐦𝐨𝐫𝐞 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐩𝐥𝐞𝐚𝐬𝐞 𝐜𝐨𝐧𝐭𝐚𝐜𝐭
𝐏𝐡𝐨𝐧𝐞: +𝟑𝟓𝟑𝟖𝟗𝟒𝟕𝟑𝟎𝟕𝟔𝟑
𝐄𝐦𝐚𝐢𝐥: 𝐢𝐧𝐟𝐨@𝐚𝐟𝐬𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐚𝐧𝐜𝐲.𝐢𝐞
𝐖𝐞𝐛𝐬𝐢𝐭𝐞: 𝐡𝐭𝐭𝐩://𝐚𝐟𝐬𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐚𝐧𝐜𝐲.𝐢𝐞/

11/03/2023

𝐍𝐮𝐦𝐛𝐞𝐫𝐬 𝐨𝐟 𝐩𝐞𝐨𝐩𝐥𝐞 𝐢𝐧 𝐮𝐧𝐞𝐦𝐩𝐥𝐨𝐲𝐦𝐞𝐧𝐭 𝐡𝐢𝐭𝐬 𝐫𝐞𝐜𝐨𝐫𝐝𝐬 𝐥𝐨𝐰-𝐂𝐒𝐎

According to the latest data from CSO, the number of people unemployed hit a record low in February 2023, with a seasonally adjusted rate of 4.3% for all individuals aged 15-74 years. This is down from 4.4% in January 2023 and a revised rate of 4.6% in February 2022, and is also lower than the pre-pandemic level of 4.8% recorded in February 2020.

𝐅𝐨𝐫 𝐦𝐨𝐫𝐞 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐩𝐥𝐞𝐚𝐬𝐞 𝐜𝐨𝐧𝐭𝐚𝐜𝐭
𝐏𝐡𝐨𝐧𝐞: +𝟑𝟓𝟑𝟖𝟗𝟒𝟕𝟑𝟎𝟕𝟔𝟑
𝐄𝐦𝐚𝐢𝐥: 𝐢𝐧𝐟𝐨@𝐚𝐟𝐬𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐚𝐧𝐜𝐲.𝐢𝐞
𝐖𝐞𝐛𝐬𝐢𝐭𝐞: 𝐡𝐭𝐭𝐩://𝐚𝐟𝐬𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐚𝐧𝐜𝐲.𝐢𝐞/

02/03/2023

𝗧𝗲𝗺𝗽𝗼𝗿𝗮𝗿𝘆 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗘𝗻𝗲𝗿𝗴𝘆 𝗦𝘂𝗽𝗽𝗼𝗿𝘁 𝗦𝗰𝗵𝗲𝗺𝗲 𝘂𝗽𝗱𝗮𝘁𝗲 (𝗧𝗕𝗘𝗦𝗦)

The Minister for Finance has announced a number of enhancements to the Temporary Business Energy Support Scheme (TBESS), including the extension of the scheme beyond the end of February 2023.

The scheme has been extended to 30 April 2023. For claim periods from 1 March 2023 onwards:

• the €10,000 monthly limit on payments under the scheme has been increased to €15,000 per trade or profession carried on by a qualifying business, and
• the €30,000 limit has been increased to €45,000 per trade or profession in cases where the trade or profession is carried on from more than one location.

Qualifying businesses can continue to make claims for the September 2022 to February 2023 claim periods. Revenue will advise businesses in due course when claims can be made for the March 2023 claim period.

For more information please contact
Phone: +353894730763
Email: [email protected]
Website: http://afsaccountancy.ie/

25/02/2023

Businesses can claim capital allowances on the cost of certain assets to reduce taxable profit.

In this week's bulletin, we highlighted the W&T allowances that are available for taxi owners and drivers. The following items, but not limited to, qualify for W&T allowances: taxi signs/plates and taxis.

For example, if a taxi cost €60K and is exclusively used for trading purposes, the allowable W&T for the next four years, using the ACA rate, is -€52,224, TWDV at end of four year €7,776.

Additionally, the cost of a taxi plate qualifies for W&T allowances at a rate of 12.5%.

Contact us to discuss furthermore
Phone: +353894730763

20/02/2023

AFS Accountancy aims to provide business owners with a useful tool to navigate the key differences between sole traders and limited company, which is a common topic that accountants are often asked to advise on.
The main differences between these businesses are structures, ownership, and legal requirements.

A sole trader is personally responsible for all the debts and liabilities of the business, while a limited company limits the liability of its owner(s), personal assets of the owners are protected in the case of any financial difficulties faced by the company.

Furthermore, limited companies must comply with legal requirements under the Company Act 2014 and the Companies Registration Office (CRO), such as annual filings, while sole traders do not have such obligations. Taxation is also another area where these two business structures differ, as limited companies are taxed on their profits and are required to file CT, while sole traders are taxed on their personal income from the business.

Here is an example of how taxation differs between a sole trader and a limited company.
Tax liability for Mr X with €100K trading profit as a sole trader and limited company.

Sold Trader:
Net Profit € 100,000
Tax liability including PRSI, USC, after deducting relevant tax credit.
Assumed Married couple (1 earner) with HC credit

€ (31,970)
Take Home € 68,030

* Please note that the above is an estimate and actual figures may differ depending on individual circumstances.

Limited Company:

Mr X takes €49K as salary, €10K as pension and remaining balance as dividend.

Tax Liability for X Limited and Mr X
ER PRSI, CT & DWT (X ltd) €16,535
IT less DWT Credit and other relevant credits (Mr x) €13,850
Total €30,385
Take Home €69,609
Saving €1578

*Please note that the above is an estimate and actual figures may differ depending on individual circumstances.

*Picture collected from internet source