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Tax Tips
How a 1% Difference Can Make All the Difference!
Employment Qualities
Deadlines and reminders
PM Services
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Parfrey Murphy

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. As trusted business advisors who provide peace of mind to our clients, we have an absolute focus on client service. We provide an unconditional, 100% risk free, guaranteed service, with fixed fees agreed in advance wherever possible. We are Registered Auditors, Tax Consultants, Business Advisors, Payroll and Accounts Outsourcing Specialists, Insolvency Practitioners and Forensic Accountants. Please feel free to call us if you wish to do business with us.

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Tax Tips
by Una Beecher

 

The following are some tax tips that business owners and others might find useful:

  1. Consider your business paying a spouse as you could be lowering Income Tax to 20% from 41%
  2. Consider tax exempt rent a room scheme income of €10,000 per year
  3. Pay pension contributions through the business
  4. If you use a computer for work reasons at home, pay for it through the business
  5. Have your mobile phone paid through the business
  6. Claim travel and subsistence allowances if you travel for business purposes on behalf of your company
  7. Claim annually all allowable medical and dental expenses paid by you for yourself and your dependants
  8. Review all tax allowances given to you every year to make sure they are complete and accurate
  9. Consider employing your children in the business to use up their 20% standard rate band
  10. Avail of the annual exemption to Capital Gains Tax of €1,270

read more»

How a 1% Difference Can Make All the Difference!
by Seamus Parfrey

 
Seamus Parfrey

A 1% improvement can go a long way in increasing business bottom line profits. Two studies, as reported in 2004, undertaken by the consulting firms McKinsey & Co. and A.T. Kearny demonstrated that a 1% improvement in costs and pricing resulted in significant net income increases as shown in the following table:

1% Improvement in   

McKinsey

A.T. Kearny

Reducing fixed costs

2.7%

1.5%

Reducing variable costs

7.3%

4.6%

Increase price 

11%

7.1%

Increasing sales volume

3.7%

2.5%


read more»

Employment Qualities
by Noel Murphy

 
Noel Murphy

In a survey of 254 employers, titled “Job Outlook 2005,” by the National Association of Colleges and Employers of Bethlehem, Pennsylvania, prospective employers rated the most important qualities they look for are, on a scale of 1 to 5 from not important to extremely important:

 

 

 

Communication skills

4.7

Honesty and integrity

4.7

Relating and working well with others

4.5

Strong work ethic

4.5

Teamwork skills

4.5

Analytical skills

4.4

Motivation and initiative

4.4

Flexibility and adaptability

4.3

Computer skills

4.2

Detail-orientated

4.1

Leadership

4.0

Organisational skills

4.0

 

These appear to be qualities that we would all look for in our professional advisers allied to a commitment to proactive service and adding value to clients.


Deadlines and reminders
by Sinead Herlihy

 
Sinead Herlihy

Deadline - 14 March 2012

  • Return and payment of dividend withholding tax for February 2012
  • Return and payment of PAYE / PRSI for February 2012

Deadline – 19 March 2012

  • Return and payment of bi monthly VAT3 return for January / February 2012

 Deadline - 21 March 2012

 Corporation Tax

  • Preliminary corporation tax for accounting periods ending 30 April 2012
  • First instalment of preliminary corporation tax for accounting periods of large companies ending 30 September 2012
  • Corporation tax returns for accounting periods ended 30 June 2011
  • Balance of corporation tax due for accounting periods ended 30 June 2011
  • Third party information returns for accounting periods ended 30 June 2011

Where returns and payments are made electronically the return and payment deadlines are being extended to the 23rd day of the month.

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