In this Issue
Shareholders' Agreements
VAT: Place of Supply of Services
Starting a New Business?
PAYE/PRSI: Ensure Direct Debit is Adequate
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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Shareholders' Agreements
by Maria Fahy


A Shareholders’ Agreement may be loosely defined as an agreement (contract) between some or all of the shareholders in a company and sometimes the company itself, which is intended to govern the rights and obligations of the parties thereto. Frequently, shareholder’ agreements will also deal with the management of the company.

The advantages of using a shareholders’ agreement are as follows:

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VAT: Place of Supply of Services
by Kieran Kennelly

Under the new VAT place of supply of services rules - the general rule for the VAT treatment of a service provided by a supplier in one EU Member State to a customer in another (referred to as “a cross border supply”) is as follows:

“Business to Business” (“B2B”) Supplies

The service is supplied where the customer is located.

“Business to Customer” (“B2C”) Supplies

The service is supplied where the supplier is located.

For B2B supplies the supplier does not charge VAT and instead the business customer is required to “reverse charge” or self account for VAT.  For B2C supplies, the rules remain unchanged and the place of supply continues to be where the supplier is located.

There are a number of exceptions to the general rules some of which are a continuation of the old rules in place before 1 January 2010, for those specific services.  Any exceptions not specifically covered by a reverse charge will require a supplier to register and account for VAT in the Member State of supply. These include the following:

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Starting a New Business?
by Seamus Parfrey


Are you thinking of starting your own business or know someone who is? Entrepreneurship can be a lonely place and we are here to help. The more thought you can give beforehand to the job of running your business, the more you are likely to succeed. We can help you to plan and answer some of the questions you ought to consider before you start in business:

  • Are you the sort of person who can succeed in business?
  • Have you any money you can invest in the business?
  • Are you familiar with the legal requirements placed upon you as a business owner?
  • Have you considered how much income you will require during your first year?
  • Have you estimated your business expenses?
  • Have you considered how to minimise your taxation liability so that you keep more of what you earn?

Here’s a list of the main things to do when starting a business:

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PAYE/PRSI: Ensure Direct Debit is Adequate
by Lisa Manning

The end of the PAYE/PRSI year is fast approaching and now is a good time to check that your PAYE/PRSI payments for the year are adequate, especially when payment is made by direct debit. At the time of filing the P35 in February 2011, if there is more than 10% still outstanding then Revenue can charge interest on this amount back-dated to July 2010.

Deadlines and Reminders
by Sinead Herlihy


Deadline - 14 November 2010

Return and payment of PAYE / PRSI for October 2010.


Deadline – 16 November 2010 Income Tax

Filing of income tax return for 2009.

Payment of balance of income tax due for 2009

Payment of preliminary income tax for 2010.

Where taxpayers are registered for ROS and file their 2009 income tax return and pay the income tax liability through ROS, the deadline is extended to 16 November 2010.


Deadline - 19 November 2010

Return and payment of VAT for September / October 2010.


Deadline - 21 November 2010 Corporation Tax

Preliminary corporation tax for accounting periods ending 31 December 2010.

Corporation tax returns for accounting periods ended 28 February 2010.

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