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Four Things Every Director Should Know
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Four Things Every Director Should Know
by Maria Fahy

Through our experience of forming companies and helping clients to set up in business we have compiled a list of the top 4 things every director should know to ensure that the company and director are compliant with the Revenue and the Companies Registration Office.

1.       Deadline Dates

Deadline dates are strictly enforced by the Revenue and Companies Registration Office and penalties and fines are regularly imposed. Ensure that you keep a note of  your company's Annual Return Date and Corporation Tax deadline and that you forward your books and records to us as soon as possible after the year end.

 2.       Payments to Directors

Directors should only withdraw money from the company as part of a salary, dividend, reimbursement for motor and travel expenses or repayment of a loan given to the company. Any payments in excess of these could contravene the Companies Acts and trigger a tax liability. Always seek professional advice before withdrawing money from the company.

3.       Mileage and subsistence

Subject to certain conditions directors can claim mileage and subsistence to reimburse them for genuine business travel. Note that the vehicle must be in the director’s name and not a company vehicle. A director cannot claim “on the double” e.g.  claim mileage from the company and pay for the petrol by company cheque; or claim subsistence and simultaneously pay for lunch on the company credit card. Proper records must be kept. Ensure that mileage and subsistence rates do not exceed the maximum rates set by the Revenue.

4.       Directors’ Income Tax Returns

Most company directors need to submit an income tax return by 31 October each year, even if their only source of income is from the company.

 We would be delighted to meet with you at any time to discuss the above or any other matters that require expert and professional advice. Feel free to call today.

If you are interested in forming a company, please contact Maria Fahy on mariaf@parfreymurphy.ie or 021 4310 266.

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