Cork Chamber, in association
with Vodafone, recently announced the Cork Company of the Year Awards.
The Cork SME
Company Award was won by our client Barry & Fitzwilliam Limited. In
accepting this award Michael Barry stated “The business is about people,
products, service and relationships. There is a huge personal element to the
way we conduct our business. Customer and supplier relationship has brought us
to where we are. We pride ourselves in our ability to build brands and to build
and maintain repeat business with our customers, many of whom have been with us
Heartiest congratulations to Michael and his team on the award which
resulted from their hard work and dedication over nearly 30 years.
Group was the overall winner of the Cork Company of the Year Award together
with the Large Company Award. In accepting the awards, Dan MacSweeney, Chief
Executive, said “Indigenous businesses are vital to our economy and as one
such business these awards will be welcomed and appreciated by our 1500
suppliers, shareholders, our 400 employees and our valued international
customers. Our focus is one of continued investment in R&D and new product
development, bringing new products to the marketplace and constantly meeting
and exceeding our customers' needs and expectations”.
to Dan and his colleagues in the Carbery Group on their well-merited awards.
No Voluntary Strike Off where Issued Share Capital exceeds €150
The Companies Registration Office have issued a notice stating that from 1 May 2011 companies with more than €150 of issued share capital will not be able to avail of voluntary strike off. Such companies will instead need to be liquidated which is a more costly and complicated procedure.
From 1 May 2011 a new Form H15 will need to be completed which will require the applicant to state that the share capital did not exceed €150 for the previous three years.
Therefore it is important to act now if you have a company you wish to strike off.
If you have any queries, as always you can email me on firstname.lastname@example.org or call me on 021 4310266.
Changes to the Operation of RCT
The Finance Act 2011 has introduced changes to the operation of RCT and
the key elements are as follows:Replacement of the current RCT rates of 0% and 35%
with a three rate scheme
- 0% rate which will apply on the same basis as currently
applies to a C2 holder. Criteria include compliance with tax obligations for
previous 3 years.
- 20% rate for subcontractors registered for tax with a
record of substantial compliance.
- 35% rate which will be a default rate where both 0%
and 20% are not appropriate.
Abolition of the monthly RCTDC repayment system. This
will be replaced with an offset system and annual repayment.
Strengthening of the reporting system for RCT
principal contractors in order to enhance compliance and reduce the
opportunities for fraud.
The mandatory use of electronic means for the transfer
of information, data, payments and returns.
The following is a summary of how the new scheme is expected to work.
Luas Tax Saver Commuter Tickets
The Tax Saver Commuter Tickets from Luas offer tax savings
for both employers and employees.
The benefits include:
- Up to 52% travel cost savings for staff
- Up to 10.75% savings for employers on PRSI
- No more queues for Luas tickets
- Journeys are cheaper with prepaid tickets than
How it works:
- The cost of the Tax Saver Commuter Ticket is
deducted from the employee’s salary before taxation.
- The corresponding amount paid by the employer to
provide a monthly or annual Luas pass will be regarded as an expense incurred
by the employer for the purposes of the Tax Acts.
According to Revenue Commissioner’s guidelines, the above is not
available to self employed individuals.
For further information on this and other tax saving schemes please contact me on 021 4310266 or email@example.com.
Deadlines and Reminders
- 14 April 2011
payment of dividend withholding tax for March 2011.
payment of relevant contracts tax for March 2011.
payment of PAYE / PRSI for March 2011.
payment of quarterly PAYE / PRSI for January / March 2011.
- 21 April 2011
corporation tax for accounting periods ending 31 May 2011.
installment of preliminary corporation tax for accounting periods of large
companies ending 31 October 2011.
tax returns for accounting periods ended 31 July 2010.
corporation tax due for accounting periods ended 31 July 2010.
information returns for accounting periods ended 31 July 2010.
returns and payments are made electronically the return and payment deadlines
are being extended to the 23rd day of the month