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Budget 2012
New Companies Bill
New Employment and Investment Incentive Scheme (EIIS)
Starting employment in Ireland
Deadlines and reminders
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Parfrey Murphy

We specialise in providing Tax, Accounting and Business Advice to new and owner-managed businesses on a friendly and personal basis. Whether you are a sole trader, or own a new or expanding company or you require tax advice we can offer help and assistance of the highest calibre, based on our technical skills, confidentiality, professional independence, the personal commitment of our partners and staff, and the will to succeed.

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Budget 2012
by Una Beecher

Main Points

  • No changes to the income tax rates, band or tax credits.
  • No change to the 12.5% rate of corporation tax.
  • Standard rate VAT increase from 21% to 23% from 1 January 2012.
  • Household charge of €100 on residential properties.
  • Deposit Interest Retention Tax increase from 27% to 30%.
  • Reduction in statutory redundancy rebate to employers from 60% to 15%.
  • Captial Gains Tax and Capital Acquisitions Tax rate increase from 25% to 30%.

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New Companies Bill
by Seamus Parfrey

 
Seamus Parfrey

In late 2012 or early 2013 a new Companies Act will come into force as a result of significant work undertaken by the Company Law Review Group over the past 10 years. It is over 950 sections long and the first half alone weighs 4.8kg. This Act will dispense with the Companies Acts and Statutory Instruments which make up the current combined Companies Acts and will consolidate company law into one Companies Act. This should provide a more user-friendly and accessible legislation.

The Companies Bill provides for 2 separate groups of provisions, known as Pillars, to apply depending on the type of company involved. Pillar A will apply to private companies limited by shares which will become known as Company Limited by Shares (CLS). All existing private companies limited by shares will have to become a CLS at the end of a transition period following the enactment of the Bill unless they elect to become an alternative form of company known as a Designated Activity Company (DAC).


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New Employment and Investment Incentive Scheme (EIIS)
by Noel Murphy

 
Noel Murphy

The new Employment and Investment Incentive Scheme (EIIS) has been approved by the European Commission and a Commencement Order was recently granted by the Minister for Finance. This scheme which will run concurrently with the old Business Expansion Scheme (BES) until 31 December, 2011 will replace the BES scheme from then on.

The new scheme which will grant tax relief of 41% over a 3 year period is open to all trades with a few exceptions. It is therefore much broader in its scope than the existing BES scheme which is limited to manufacturing and internationally traded services businesses.

If you are considering raising finance to expand your business this new scheme may be suitable for your company.

A qualifying company can raise up to €10 million under the EIIS (the previous limit was €2 million) subject to a maximum amount raised in any one year of €2.5 million.

From an investors point of view the EIIS has a shorter investment term of 3 years than the BES which was 5 years. The tax relief available to investors of up to 41% is given on a scaled basis i.e. 30% in the year of investment and a further 11% in the year following the 3 year investment period.

If you feel that your company may be able to avail of this new scheme then please contact Noel Murphy who will be glad to discuss matters further with you on 021 4310266 or noelm@parfreymurphy.ie.


Starting employment in Ireland
by Seamus Parfrey

 
Seamus Parfrey

You will need to apply for a Personal Public Service (PPS) Number with the Department of Social Protection when you are taking up employment in Ireland for the first time. It is advisable that you call in person to any Social Welfare Local Office or Social Welfare Branch Office in order to complete a Form REG 1 (Application for PPS No.). Documentary evidence including a copy of your current valid passport / driving license and your birth certificate to prove your identity together with other information depending on your nationality will be required.

You will be notified of your PPS Number by the issue of a letter of notification, sent automatically to the address given on the application form.

Your PPS Number is an important identifier. You should take care that the number is used only by you. You should notify your employer of your PPS Number once you have received it. Misuse of your PPS Number may result in an additional tax liability or a loss of entitlement to Social Welfare benefits.

 To register for tax purposes you should complete Form 12A. You may need to ask your employer for information to complete the form, such as the employer's registered number and name. Send the completed Form 12A to the Revenue Commissioners and they will send you a Tax Credit Certificate and a copy to your employer, so that correct deductions of tax can be made from your salary.


Deadlines and reminders
by Sinead Herlihy

 
Sinead Herlihy

Deadline - 14 January 2012

  • Return and payment of PAYE/PRSI for December 2011.
  • Return and payment of quarterly PAYE/PRSI return for Oct/Dec 2011.

Deadline – 19 January 2012

  • Return and payment of bi monthly VAT3 return for Nov/Dec 2011.
  • Return and payment of bi annual VAT3 return for Jul/Dec 2011.
  • Return and payment of quarterly VAT3 return for Sept/Dec 2011.

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