In this issue
15 Findings on What Matters Most to Businesses By Seamus Parfrey
10 Ways to Increase Your Profit by Noel Murphy
Residence, Ordinary Residence and Domicile by Una Beecher
Deadlines and reminders by Sinead Herlihy
Parfrey Murphy: Chartered Accountants
September 2012

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Contact
Parfrey Murphy
Chartered Accountants
Lee View House
South Terrace
Cork
Ireland

T: +353 (0)21 4310266
E: pm@parfreymurphy.ie
E-Newsletter September 2012Parfrey Murphy: Chartered Accountants
Parfrey Murphy: Chartered Accountants

Our aim is to help our clients increase their profitability, improve their cash flow and reduce their tax liabilities so that they have more disposable income.  Please feel free to call us on 021 4310266 or email us at pm@parfreymurphy.ie if you wish to do business with us.

15 Findings on What Matters Most to Businesses By Seamus Parfrey
 
Seamus Parfrey

The American Guardian Life Small Business Research Institute in June 2010 indicated, based on a survey of over 1100 small businesses, that what matters the most to small business owners are the following:

  1. Customers who appreciate what we do
  2. Keeping the customers we have from leaving
  3. My employees
  4. Freedom
  5. Keeping customers happy
  6. Whatever matters most to our customers is what matters most to us
  7. Being able to make my own decisions
  8. Finding some way to be noticeably different from competitors
  9. Quality of my staff
  10. Setting my business apart from our competitors
  11. Figuring out ways to take advantage of any economic condition
  12. Creating a positive working environment for all
  13. Giving our employees reasons to feel better about being part of our team
  14. Being able to have the satisfaction of creating something of value
  15. Doing something for a living that I love to do
It would be a useful exercise to decide on what matters most to you and share it with your staff.

Feel free to call Seamus Parfrey on 021-4310266 to discuss what matters most to your business. 

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10 Ways to Increase Your Profit by Noel Murphy
 
Noel Murphy

For all those in business "profit" is the reward for the endeavours put into the operation. However, many businesses have suffered during difficult times and businesses which had previously been producing good profits have run into difficulties and sustained losses. How, therefore, may profit be increased?

1. Market
Ensure that you know your market and are technically able in all aspects of the business.

2. Product
Ensure that your product knowledge is complete and your service of high quality.

3. Sales
Ensure that sales are maximised, taking advantage of cost-effective means to increase sales - advertising, recommendations, promotions, leaflets.

4. Pricing
Be wary of reducing prices to obtain increased sales or an increase in work. The danger is that gross profit is reduced and this reduction in gross profit is not matched by an increase in the gross profit arising as a result of the increased volume of work or sales.

5. Direct costs

Ensure that your direct costs are kept to an absolute minimum. This may well involve looking carefully at the rate charged by your suppliers, compared with those from your competitors.

Before changing your supplier, consider the service that you are receiving and whether or not this will deteriorate if the supplier is changed.

The objective of the above is to expand sales income while controlling and, if possible, reducing direct costs so as to produce an overall increase in gross profit.

{Read more}
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Residence, Ordinary Residence and Domicile by Una Beecher

The extent of an individual’s liability to Irish income tax depends on:

- whether he/she is tax resident in Ireland;
- whether he/she is ordinarily tax resident in Ireland; and
- whether he/she is domiciled in Ireland.

It is important to note that these are specific tax concepts.

Residence
An individual is regarded as resident in Ireland if he is present in the State for 183 days in that income tax year, i.e. from 1st January to the following 31st December. This is known as the ‘183 day rule’. 

Alternatively, an individual is regarded as resident here if he spends 280 days or more in Ireland in aggregate in that income tax year and the preceding income tax year. This is known as the ‘280 day rule’.

An individual will not be regarded as resident in an income tax year in which he spends a period in the whole amounting to 30 days or less in the State and no account shall be taken of such a period for the purpose of the 280 day test.

In determining days present in Ireland, an individual is deemed to be present if he is in the country at any time during the day.

Ordinary residence
An individual becomes ordinarily resident in Ireland if she has been tax resident here for each of the three immediately preceding tax years.

Once a person becomes ordinarily resident, she will continue to be ordinarily resident here until she has been non-resident for three consecutive income tax years.

{Read more}
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Deadlines and reminders by Sinead Herlihy
 
Sinead Herlihy
Tax Deadlines - October

1 - 21 October 

Corporation Tax 
  • Preliminary Tax for acccounting periods ending between 1 - 30 November 2012
  • First instalment of preliminary tax for "Large Companies" with a financial year ending between 1 - 30 April 2013
  • Returns for accounting periods ending between 1 - 31 January 2012 
  • Pay balance of tax due on accounting periods ending between 1 - 31 January 2012
  • Returns of third party information for accounting periods ending between 1 - 31 January 2012

14 October
  • PAYE / PRSI - P30 monthly return and payment for September 2012 
  • Dividend witholding tax return and payment for September 2012

23 October
  • RCT - Return and payment for September 2012

Note: Where returns and payments are made electronically, the return and payment deadlines are the 23rd day of the month. 

31 October
  • Income Tax return and payment for 1 January 2011 to 31 December 2011
  • Capital Gains Tax return of capital gains for 2011
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