One Stop Accountancy

19/06/2024

DO YOU KNOW WHAT TAXES AWAITS YOU FOR 2023?
It's time to prepare the annual return and avoid surprises!

We remind you that self-employers' annual return for 2023 must be submitted and all taxes must be paid by October 31. Be prepared at all times and know what awaits you.
Prepare your annual return and tax payment plan now - save money and time! PROFESSIONAL ACCOUNTANCY SERVICES ALL IRELAND.
Get in touch now: email us at [email protected] or call us on 087 7031241.

02/03/2023

Accountancy practice is looking for a responsible bookkeeper who is willing to learn and is enthusiastic. Key responsibilities:

· Account operations including Accounts Payable & Receivable

· Accounts Reconciliation – Bank & other

· Preparing VAT3 & other reports for submission

· Assisting with management accounts

· Working with SAGE

Some experience is required, diploma is an advantage but not essential. This offer involves part-time role at the beginning, that would be full time eventually. Location – South Circular Road, D8

Please contact:
[email protected]
Darius 0851009771

06/08/2020

Tax reliefs and measures that may help your business

1. The main rate of VAT reduced from 23% to 21%. This is set to be in place from September to February 2021.

2. To provide immediate cash-flow support to previously profitable companies, the early carryback of trading losses will be allowed, leading to an immediate refund of some or all of corporation tax paid

3. There will be a new income tax relief for self-employed individuals who were profitable in 2019 but, as a result of the Covid-19 pandemic, incur losses in 2020.

4. The interest rate applying to agreed repayments of all tax debt (where agreement has been reached prior to 30 September 2020) will be reduced to 3%

5. The Government will also pass legislation to confirm the previously announced warehousing of tax liabilities. This will allow for businesses affected by Covid-19 to delay payment of their PAYE and VAT debts in part of in full for a set period with no interest or penalties.

6. The RCT rate review scheduled to take place in March 2020 is suspended. The RCT rate reviews can be self-managed in ROS. Subcontractors can check if their rate should be lower and can then ‘self-review’ to get that lower deduction rate.

7. Current Tax Clearance status will remain in place for all businesses over the coming months. (A Tax Clearance Certificate is confirmation from Revenue that an applicant’s tax affairs are in order.)

8. Close company surcharges apply to the income of close companies that is not distributed within 18 months from the end of the accounting period in which the income arose. Revenue states that “in cases where distribution is not made within that time in response to Covid-19 circumstances affecting the company, Revenue will, on the application, extend the 18-month period for distributions by a further 9 months.”

9. With limited exceptions, all businesses will be granted a waiver of commercial rates for the six months to end-September 2020.

10. The Restart Grant for Enterprises is being extended to a broader base of SMEs. The payment level is being increased to €25,000. Further payments may be available to firms which have already received them. Some businesses, such as B&Bs, not previously included in the scheme, will now be eligible.

LENDING/CREDIT SUPPORT

11. Covid-19 Credit Guarantee Scheme, will see Government provide an 80% guarantee for a wide range of credit products from €10,000 to €1,000,000 up to a maximum term of 6 years.

12. A package of liquidity and enterprise investment measures will be put in place to support small and micro companies through additional resources for MicroFinance Ireland and the Local Enterprise Offices. This will include measures to reduce interest rates on lending for micro and small businesses, including grants equivalent to 0% interest on the first year of SBCI and MFI loans.

13. The Future Growth Loan Scheme is being expanded with the European Investment Bank Group, so businesses with up to 499 employees can invest for the longer-term at competitive rates.

EMPLOYMENT INCENTIVES:

• the Apprenticeship Incentivisation Scheme will provide a €2,000 payment to support employers to take on new apprenticeships in 2020
• a Retrofit Skills Training Initiative will support future expansion of the National Retrofitting Programme
• 8,000 recruitment subsidies under the JobsPlus scheme. Subsidies of up to €7,500 over two years will be available for employers to hire someone under the age of 30 who is on the Live Register or the Pandemic Unemployment Payment

You can find more information online:

July Jobs Stimulus

30/04/2020

COVID-19: Important Notice - Employees who are rehired after the 1st May might not be eligible for the Temporary Wage Subsidy Scheme

On Monday 4th May the Temporary Wage Subsidy Scheme (TWSS) will switch over from what is called the "Temporary Phase" to the "Operational Phase".

One of the key differences between the temporary and operational phases is that on the 4th of May Revenue are going to provide each employer with a list of employees (by means of a CSV file) who are eligible to receive a subsidy payment.

This list is going to be generated by Revenue over the weekend and will be based on the employments that are registered with each employer on the evening of Friday 1st May.

If an employee is not on that list then the employer will not receive any subsidy payments for that employee from the 4th May.

Re-Commencing or rehiring these employees will not effect their Pandemic Unemployment Payment (PUP). PUP payments will only be stopped when employer actually pay the employee, not when you register a new employment.

29/04/2020

COVID-19 UPDATE:

Buvo skleidžiama neteisinga informacija, jog norint gauti COVID-19 mokėjimą €350 iš Socialinio departamento, darbininkas turėjo būti atleistas iš darbo. Darbininkai, kurie nebuvo atleisti iš darbo, taip pat gauna šiuos mokėjimus. Tačiau šie mokėjimai bus mokami tik 12-a savaičių.

Tuo tarpu Mokesčių Inspekcijos Covid-19 mokėjimai planuojami mokėti iki karantino pabaigos.

Visi darbininkai, kurie buvo atleisti iš darbo, negalės gauti Covid-19 mokėjimų, mokamų per darbdavį, pasibaigus 12-os savaičių laikotarpiui. O darbininkai, kurie liko įdarbinti, jiems šie mokėjimai liko prieinami. Norint po 12-os savaičių gauti šiuos mokėjimus, atleisti darbininkai PRIVALO būti priimti atgal į darbą iki šio penktadienio vakaro (algų mokėti nereikia). Šį penktadienį Mokesčių Inspekcija sugeneruos visa informacija, kuri nebus keičiama. Darbininkai, kurie nebus šiame sąraše, negalės gauti Covid-19 mokėjimų, pasibaigus 12-os savaičių laikotarpiui.

P.s. Darbininkai, kurie bus iš naujo priimti į darbą, gali ir toliau gauti Covid-19 mokėjimus iš Socialinio departamento. Šie mokėjimai bus mokami 12 savaičių arba iki pirmos algos.

Šita žinutė yra tik informacinio pobūdžio.

30/03/2020

Temporary COVID-19 Wage Subsidy SchemeGeneral Information

The Government announced new measures to provide financial support to Irish workers affected by the Covid-19 crisis. As part of these measures, Revenue will operate a Temporary Wage Subsidy Scheme. The scheme, enables employees, whose employers are affected by the pandemic, to receive significant supports directly from their employer. The scheme will run for 12 weeks from 26 March 2020. Draft legislation governing the scheme will be published shortly.The operation of the Temporary Wage Subsidy Scheme will be available to employers who keep employees on the payroll throughout the COVID-19 pandemic, meaning employers can retain links with employees for when business picks up after the crisis. Additionally, the operation of the scheme will reduce the burden on the Department of Employment Affairs and Social Protection (DEASP) which is dealing with the other Covid-19 related payments.
Employers are encouraged to facilitate employees by operating the scheme, by retaining employees on their books and by making best efforts to maintain a significant, or 100% income, for the period of the scheme.

Key Features of the scheme
Replaces the previous COVID-19 Refund Scheme.
Initially, and from 26 March 2020, the subsidy scheme will refund employers UP to a maximum of €410 per each qualifying employee.
However, employers should pay no more than the normal take home pay of the employee.
The subsidy scheme applies to employers who top up employees’ wages and those that aren’t in a position to do so.
Employers make this special support payment to their employees through their normal payroll process.
Employers will then be reimbursed for amounts paid to employees and notified to Revenue via the payroll process.
The reimbursement will, in general, be made within two working days after receipt of the payroll submission.
In April, the scheme will move to a subsidy payment based on 70% of the weekly average take home pay for each employee up to a maximum of €410*.
Income tax and USC will not be applied to the subsidy payment through the payroll.
Employee PRSI will not apply to the subsidy or any top up payment by the employer.Employers PRSI will not apply to the subsidy will be reduced from 10.5% to 0.5% on the top up payment.
* (details on this will be made available by Revenue in due course).

Who does the scheme apply to?
The Scheme is available to employers from all sectors (excluding the public service and non-commercial semi-state sector) whose business activities are being adversely impacted by the COVID-19 pandemic. The scheme is available for employers who retain staff on payroll; some of the staff may be temporarily not working or some may be on reduced hours and/or reduced pay. Provided the employer meets the conditions set out below and subject to the levels of pay to the employees the employer may be eligible for the scheme for some or all of the employees.
To qualify for the scheme, employers must:
be experiencing significant negative economic disruption due to Covid-19
be able to demonstrate, to the satisfaction of Revenue, a minimum of a 25% decline in turnover
be unable to pay normal wages and normal outgoings fully retain their employees on the payroll.
The Scheme is confined to employees who were on the employer’s payroll as at 29 February 2020, and for whom a payroll submission has already been made to Revenue in the period from 1 February 2020 to 15 March 2020.
The names of all employers operating this scheme will be published on Revenue’s website in due course, after the scheme has expired.
Income tax, USC, LPT, if applicable, and PRSI are not deducted from the Temporary Wage Subsidy. However, the Subsidy will be liable to Income Tax and USC on review at the end of the year.
In many cases the payment of the Temporary Wage Subsidy and any additional income paid by the employer will result in the refund of Income Tax or USC already paid by the employee. Any Income Tax and USC refunds that arise as a result of the application of tax credits and rate bands can be repaid by the employer and Revenue will also refund this amount to the employer.
Employers must not operate this scheme for any employee who is making a claim for duplicate support (e.g. Pandemic Unemployment Payment) from the DEASP. Based on the information provided in payroll submissions and adherence to the maximum limits, described above, Revenue will credit employers with the temporary wage subsidy paid to each employee.
Penalties will apply to any abuse of the Subsidy Scheme by self-declaring incorrectly, not providing funds to employees or non-adherence to Revenue, and any other relevant, guidelines.

20/03/2020

Information regarding Tax returns and Tax payments:

Revenue has provided the following updated advice which will further assist businesses that are experiencing trading difficulties caused by the impacts of COVID-19.

Information for SMEs:

Tax Returns: businesses experiencing temporary cash flow difficulties should continue to send in tax returns on time.
Application of Interest: the application of interest on late payments is suspended for January/February VAT and both February and March PAYE (Employers) liabilities.
Debt Enforcement: All debt enforcement activity is suspended until further notice.
Tax Clearance: current tax clearance status will remain in place for all businesses over the coming months.
Information for Subcontractors

Information for Subcontractors:
RCT (Relevant Contract Tax): the RCT rate review scheduled to take place in March 2020 is suspended. This process assesses the current compliance position of each subcontractor in the eRCT system and determines their correct RCT deduction rate, i.e. 0%, 20% or 35%. As this process may result in a subcontractor’s RCT rate increasing due to changes in their compliance position, the review is suspended.
Subcontractors and agents are reminded that RCT rate reviews can be self-managed in ROS. Subcontractors can check if their rate should be lower and can then ‘self-review’ to get that lower deduction rate.
Information on importing goods

Information on importing goods
Customs: critical pharmaceutical products and medicines will be given a Customs ‘green routing’ to facilitate uninterrupted importation and supply.

Please note that it is essential that business should continue to send in their tax returns on time, meaning the measures do not amount to permission to defer payment of taxes.

20/03/2020

Revenue changes date for payment of Local Property Tax (LPT) to 21 May

Revenue issued key guidance to property owners who are due to pay Local Property Tax (LPT) on 21 March 2020.

For property owners who opted to pay their LPT for 2020 by Annual Debit Instruction or Single Debit Authority payment, the deduction date will change from 21 March 2020 to 21 May 2020.

Property owners who have opted to make a payment by Annual Debit Instruction or Single Debit Authority do not need to advise Revenue or take any action. The payment date will be changed automatically to 21 May 2020.

20/03/2020

Information to Employers WHO make COVID Pandemic Unemployment Payment to their Employees

Employers are encouraged to facilitate employees by operating the scheme. The amounts paid to employees and notified to Revenue will then be transferred into the employer’s bank account by Revenue. This reimbursement will, in general, be made on a ‘next day’ basis. It will ensure a speedy payment process for employees and minimize the hardship for employees who are temporarily laid off. Refunds of income
tax or USC that an employee may be entitled to because of being laid off will also be administered by the employer, and will be repaid (to the employer) through the scheme.

The scheme can be operated for all employees for whom a payroll submission was made by the employer in the period from 1 February 2020 to 15 March 2020. Where employees have already been laid off and their employer has ceased their employment, they can apply directly to DEASP for the payment.

The scheme applies to:

*Employers who have temporarily laid off staff as a result of the impact on their business of the COVID-19 (Coronavirus) pandemic

*Employers that keep their staff on payroll and have not ceased the employee(s) with Revenue

*Employees for whom a payroll submission was made by the employer in the period from 1 February 2020 to 15 March 2020

*Employers that are unable to make top-up payments over and above the emergency payment of €203 per week.

Stay Safe!

20/03/2020

A new COVID-19 Pandemic Unemployment Payment has been introduced to all employees and the self-employed who have lost employment due to a downturn in economic activity caused by the Covid-19 pandemic.

In order to receive the payment You will need to fill out a simple form and send it by free-post to PO BOX 12896, Dublin 1.

There is a link below with all the information, instructions and the form ( also attached) below:

https://www.gov.ie/en/service/be74d3-covid-19-pandemic-unemployment-payment/?fbclid=IwAR3EfiL2hRnvCUKwW1hEilETLfjvdojNZsRdekg-kESCHQsCQiSHrlpIw4Y -to-qualify

Stay at Home! Stay Safe!
Spread the Love, not the virus!

A payment to support employees and self-employed people who are unemployed or who have their hours of work reduced during the COVID-19 (Coronavirus) pandemic.

05/04/2019

Bendra informacija apie Gegužės 12d vyksianti Referendumą dėl dvigubos pilietybės. IŠREIKŠK SAVO NUOMONĘ

2019 m. gegužės 12 d. įvyks privalomasis referendumas dėl Lietuvos Respublikos pilietybės išsaugojimo. Artėjant šiai datai, kviečiame susipažinti su pagrindine informacija apie referendumą ir...

19/10/2018

Self Employr'ių DĖMESIUI!!!