XBRL (eXtensible Business Reporting Langugage) is a language that allows the presentation of financial information in a computer readable format. This is achieved by tagging each piece of financial information with a label that identifies it in terms of standard accounting or tax concepts. Standard XBRL is presented as a series of tags and numbers. [...]
Are you ready? Corporation Tax If you are trading as a Limited Company, then the Company must submit a corporation tax return nine months after the accounting year end. For example if your Company prepares its accounts to the year ended 31 December 2013, then the Company’ s corporation tax return will be due to [...]
Statistics Over 1,500 Irish Company start-ups were formed last month – the highest for new companies in July since 2007. Company start-ups rose 11% (1,518) in July 2014 when compared to the same month last year (1,371) – this is an average of 49 new companies being formed daily last month. Corporation Tax Exemption New [...]
Start your Own Business (SYOB) Relief & Back to Work Enterprise Allowance (BTWEA) An incentive for individuals who have been long term unemployed (for at least 15 months) prior to starting their own business will provide a two year exemption from the charge to income tax subject to a maximum of €40,000 income per annum. [...]
Second Home Levy The annual NPPR charge of €200 per property applied for all years 2009-2013. The NPPR has been replaced in 2014 by the Local Property Tax (LPT). In order to maximise compliance and encourage payment of outstanding NPPR charge arrears, section 74 of the Local Government Reform Act 2014 provides that for the [...]
SHOULD WE INCORPORATE? The number of farmers opting to trade through a company continues to accelerate. In 2013, the number of farmers incorporating companies increased by 27% compared to 2012. This is primarily due to increased personal taxes and the introduction of the Universal Social Charge. How to Incorporate The most common method of [...]
Q: What is an important factor to consider when running a Business? Cash is the life blood of every business. It is what enables a business to survive and prosper and is the primary indicator of business health. While a business can survive for a short time without sales or profits, without cash it [...]
WHY NOT IT’S THAT EASY If you wish to change accountants to O’Donovan Lavin, we can assure you that we will make the process easy. We will write to your outgoing accountant seeking standard professional clearance and you should advise your previous accountant by letter or telephone call that you are changing to us. [...]
So you have a new business idea and have sketched a brief business plan. What are your options in terms of structure and how do you decide which one is right for you? There are two main options open to entrepreneurs setting up in Ireland – sole trader and limited company. Sole Trader This is [...]
GOOD ADVICE ESSENTIAL FOR GROWTH At O’Donovan Lavin, we take an active interest in our clients’ businesses working closely as Business Advisors in addition to being Accountants, Auditors, Taxation and Corporate Finance specialists. We are a long established firm with a particular expertise in providing advice and services to SMEs, be it Limited Companies, Sole [...]
