In this Issue
Cash V Profit: Don't be a busy fool!
PRSI and Income Levy Exemptions for Full Medical Card
Introduction to Dividends
Update from Labour Relations Commission and the Equality Tribunal
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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Cash V Profit: Don't be a busy fool!
by Kevin Nyhan

Kevin
Having money in the bank, doesn't always mean your business is profitable, a lesson which many startups learn the hard way. Is the bank balance due to your products making money or have you just delayed paying your suppliers and the taxman?
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PRSI and Income Levy Exemptions for Full Medical Card
by Patrick Doherty

Employees: Have you informed your employer that you hold a full medical card? You should if you want to save on PRSI and income levy.

Employers: Are your records of employees' medical cards up to date?


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Introduction to Dividends
by Maria Fahy

maria

A dividend is the distribution out of a company’s profits to it shareholders (members).

Every company has the implied power, subject to any restrictions which may be imposed by the Articles of Association, to apply its profits to the distribution of dividend amongst its members. This is a reflection of the fact that companies are vehicles through which profits are made.

However, there is no legal obligation on the company to pay a dividend, even where there are sufficient distributable profits available, unless the company’s Articles of Association state otherwise.


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Update from Labour Relations Commission and the Equality Tribunal
by Mary Blyth

mary

Recent figures published by the Labour Relations Commission and the Equality Tribunal indicate how vital it is to put in place practices and procedures to ensure you remain compliant with all aspects of employment law.

The Labour Relations Commission reported a significant increase in referrals. In the first 6 months of this year, 8,500 referrals were made to the Rights Commissioner Service alone.

The Equality Tribunal (ET) launched its Annual Report for 2009 in April of this year. They too reported a significant increase in claims. The annual report outlined many interesting statistics as follows:

  • The ET closed 840 cases, up 12% on the previous year;
  • Over 900 claims were referred to the ET in 2009;
  • Claims of discrimination in employment on the age ground have more than trebled;
  • Race remains the largest ground on which discrimination is alleged;
  • Other frequent grounds include disability and gender;
  • 33% of cases were upheld;
  • The average compensation awarded by the ET was €12,350;
  • The highest compensation was €189,000.

These figures would indicate how critical it is to put in place practices and procedures to ensure compliance with the law. We can provide advice and assistance to our clients on a variety of employment law issues. If you would like further information, please contact us on 021 4310266 or mayrb@parfreymurphy.ie.


Deadlines and Reminders
by Sinead Herlihy

sinead

Deadline - 14 December 2010

Return and payment of PAYE / PRSI for November 2010.

 

Deadline - 21 December 2010: Corporation Tax

Preliminary corporation tax for accounting periods ending 31 January 2011.

Corporation tax returns for accounting periods ended 31 March 2009.

Balance of corporation tax due for accounting periods ended 31 March 2009.

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

 

Deadline – 15 December 2010

CGT arising on disposals carried out during the period from 1 January 2010 to 30 November 2010 must be paid by 15 December 2010.


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