In this Issue
Client Success
No Voluntary Strike Off where Issued Share Capital exceeds €150
Changes to the Operation of RCT
Luas Tax Saver Commuter Tickets
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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Client Success
by Noel Murphy

 
Noel Murphy

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 since 1982”.

Heartiest congratulations to Michael and his team on the award which resulted from their hard work and dedication over nearly 30 years.

The Carbery 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”.

Sincere congratulations to Dan and his colleagues in the Carbery Group on their well-merited awards.


No Voluntary Strike Off where Issued Share Capital exceeds €150
by Maria Fahy

 
Maria Fahy

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 mariaf@parfreymurphy.ie or call me on 021 4310266.


Changes to the Operation of RCT
by Una Beecher

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.


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Luas Tax Saver Commuter Tickets
by Orla Linehan

 
Orla Linehan

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 with cash

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 orlal@parfreymurphy.ie.


Deadlines and Reminders
by Sinead Herlihy

 
Sinead Herlihy

Deadline - 14 April 2011

Return and payment of dividend withholding tax for March 2011.

Return and payment of relevant contracts tax for March 2011.

Return and payment of PAYE / PRSI for March 2011.

Return and payment of quarterly PAYE / PRSI for January / March 2011.

 

Deadline - 21 April 2011 

Corporation Tax

Preliminary corporation tax for accounting periods ending 31 May 2011.

First installment of preliminary corporation tax for accounting periods of large companies ending 31 October 2011.

Corporation tax returns for accounting periods ended 31 July 2010.

Balance of corporation tax due for accounting periods ended 31 July 2010.

Third party information returns for accounting periods ended 31 July 2010.

 

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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