In this Issue
Capital Acquisitions Tax - Silent but Deadly
Annual Return Reminders
AIB - New Banking Practices Re Standing Orders
Exit Strategy Planning – Loosening the Family Ties
Deadlines and Reminders
PM Services
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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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Capital Acquisitions Tax - Silent but Deadly
by Noel Murphy

 
Noel Murphy

One tax which is currently largely ignored by many people but which is likely to have a much greater impact on client's estate values in the future is Capital Acquisitions Tax (gift/inheritance tax).

Since 2008 the rate of taxation on gifts and inheritances has increased from 20% to 25% and the tax free threshold for children has reduced from €521,208 to €332,084. It is likely that future budgets will continue the upward climb of this taxation intake either by a further increase in the rate or reduction in thresholds or combination of both.

It is therefore most important for clients to review their circumstances with a view to minimising the impact of this tax on the funds they have worked so hard to accumulate. We recommend that this review be carried out well in advance of the forthcoming budget.

Anyone with any concerns in this area should immediately contact Noel Murphy on 021 4310266 or noelm@parfreymurphy.ie.


Annual Return Reminders
by Maria Fahy

 
Maria Fahy

In the past, the CRO have issued reminders of Annual Return deadline dates by post. From now on reminders will be issued by email only.

The email address used will be the email address included on the last Annual Return. We have learned that due to the layout of the CRO reminder e-mail individuals are deleting the e-mail without thoroughly reading the contents beliving the e-mail to be spam.

Please ensure that all CRO e-mails are read carefully as they may contain important information for your company.


AIB - New Banking Practices Re Standing Orders
by Brendan Murphy

 
Brendan Murphy

Since September 19 last AIB Bank has introduced a new process for dealing with standing order payments made from accounts. The bank processes standing orders early each morning but before normal business hours. Standing orders will not be processed where the available cleared balance on an account is insufficient or an authorised overdraft limit is exceeded at that time. The bank may attempt to make the payment(s) on one or more subsequent business days but shall not be obliged to do so. Practically speaking we believe this means within the next three days and not beyond that.

This does not apply to direct debit payments or the processing of Electronic Money Transfers (EMT) but AIB Bank does remark that it may cancel a direct debit or standing order instruction if sufficient funds are not available when payment is requested or due.

In particular care needs to be taken with the timing of standing order payments which are met by reciept of salary into accounts. This is due to standing order payments being processed in the early hours of the morning and prior to the reciept of salaries or other funds.

Clients may wish to clarify the above with AIB Bank as the new procedures may contribute to interruption of payments to staff, suppliers and service providers.


Exit Strategy Planning – Loosening the Family Ties
by Noel Murphy

 
Noel Murphy

Two emerging trends in the small and medium-sized business sector seem to be conspiring to make family succession a thing of the past:

  • Fewer business owners want or expect their children to step into their shoes
  • Children of business owners are increasingly working outside the family business and not intending to take over from their parents

Young entrepreneurs these days seem more interested in building up their own business with a view to selling it on once it has become established.


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Deadlines and Reminders
by Sinead Herlihy

 
Sinead Herlihy

Deadline - 14 October 2011

Return and payment of PAYE/PRSI for Sept 2011.

Return and payment of quarterly PAYE/PRSI return for Jul/Sept 2011.

 

Deadline - 21 October 2011: Corporation Tax

Preliminary corporation tax for accounting periods ending 30 November 2011.

First installment of preliminary corporation tax for accounting periods of large companies ending 30 April 2012.

Corporation tax returns for accounting periods ended 31 January 2011.

Balance of corporation tax due for accounting periods ended 31 January 2011


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