|
Introduction
by Tim McCarthy
Welcome to our summer newsletter.
As the weather finally begins to improve, we look forward to hopefully a couple of months of sunshine and warm evenings to allow all of us get out in the fresh air.
In this newsletter we have some great articles on a variety of topics:
- What’s the future of our 12.5% corporation tax rate?
- Government Supports for Start-up Businesses
- Vulture Bashing - has this become a sport?
- An update on the challenges facing businesses following Paye Modernisation
- Could your business survive without your Key Person?
- Legislative changes to Short-term lettings (such as AirBNB), in rent pressure zones
- Register of Beneficial Ownership (RBO) - Are you ready?
We wish to announce the retirement of our esteemed colleague and partner Eugene O’Callaghan. Eugene has been with the firm for over 20 years and he was instrumental in the creation of the wonderful business that we have today. He will be missed by everyone working in and associated with Quintas, by his clients and his partners. On behalf of the firm we would like to wish Eugene all the best in the future.
Eugene also wishes to extend his thanks to everybody at the firm and former colleagues for their support.
I hope you have a great summer and if you wish to discuss anything in relation to the articles or on any matter please contact us.
Regards
Tim
|
|
|
|
|
What does the future hold for our 12.5% Corporation Tax rate?
by Dave O' Brien
The above question suggests that potentially our low rate of corporation tax is under threat. For each of the last number of budgets the minister in the hot seat has made a point of stressing that any change to our 12.5% corporation tax rate is completely off the table. I will be surprised if the current Finance Minister includes similar terminology in his next budget speech.
In my view it is a matter of when and not if the rate will increase. Minister Donohoe has effectively said as much in recent speeches on global tax reform. There are two issues currently been driven by the EU power houses along with the US:-
- Which country gets the tax in a digital economy; and
- To introduce a minimum global effective tax rate.
Read more »
|
|
|
|
|
|
|
Government Supports for Start Up Businesses
by Nicola Mullen
With Ireland’s economy continuing to grow and expand, and with consumers gaining more confidence and spending power as we reach full employment, it is an ideal time for new start-ups to enter the market.
Many incentives are now available for anyone thinking of starting their own business.
Enterprise Ireland and the Local Enterprise Office offer support, advice and many other services to help kick-start new businesses in the right direction.
Read more »
|
| |
Vulture Bashing - Has this become a sport?
by Mark Ryan
The term ‘Vulture Fund’ has certainly been in the news on a regular basis in the last number of years. This is as a result of the sale of bad loans to investment funds by the pillar banks. These loans are being sold at significant discounts by the banks as they are batched into so called bundles.
I get the feeling that sometimes we need a bad guy to point the finger at and that is now the ‘Vulture Fund’ rather than the original bank that provided the loan.
Read more »
|
|
|
|
|
|
|
An update on the challenges facing businesses following PAYE Modernisation
by Sally Turner
Revenue have released figures that there are approximately 159,000 employers making Payroll Submissions to date which has resulted in 23 million lines of information (payslips).
89% of employers have availed of the Direct Payroll Reporting option (i.e. where the payroll software communicates directly with Revenue through the ROS system). 10% of employers are using the ROS manual option (i.e. they are logging into ROS and entering the information online) while 1% of employers are using ROS payroll reporting (i.e. downloading RPN files from ROS and uploading them into the payroll software and vice versa for the Payroll submission).
Employers are reminded that you must report payroll information to Revenue at the time you pay employees. Employers are also reminded that the notional pay for benefits in kind, such as company cars, should be reviewed regularly to ensure the accuracy of the employer's Payroll Submissions. Revenue suggests that such reviews be carried out on a quarterly basis at a minimum.
Read more »
|
|
|
|
|
|
Could your business survive without your key person?
by Anne O' Doherty
Every business has an employee who is critical to its profitability, someone who is integral and critical to the business, someone who is firmly entrenched and important, it might be a top salesperson or a manager that is vital to the business. Ask yourself – “what would happen to your business if that employee were to pass away?" If that employee is indeed "key" that is, he or she creates significant revenue, revenue that would take a while to replace, then their loss would likely trigger an economic crisis in your small business! Keyman insurance is one of the most overlooked insurances by firms - but also one of the most important. This article looks at the risks it can cover for directors, shareholders, partners and employees alike.
Read more »
|
| |
Legislative changes to Short Term Lettings (such as Air BnB) in Rent Pressure Zones
by Denis Healy
Eoghan Murphy T.D., Minister for Housing, Planning and Local Government, announced on 25th October 2018 new regulations in respect of short-term lettings in areas designated as rent pressure zones.
The reforms which are now underpinned in legislation and which became effective on 1st July 2019 are primarily aimed at addressing the impact on the private rental market by the use of residential homes for short-term tourism type letting in areas of high housing demand. Accordingly the new provisions only applies in areas designated as “rent pressure zones” under the Residential Tenancies Act 2004, as amended.
Read more »
|
|
|
|
|
|
|
Register of Beneficial Ownership (RBO) - Are you ready?
by Sean Grahame
The European Union’s 4th Anti-Money Laundering directive requires all EU Member States to put into national law provisions requiring corporate and legal entities to obtain and hold adequate, accurate and current information on their beneficial owners.
On 18th November 2018 the Anti Money Laundering and Terrorist Financing Act 2018 which transposes the EU 4th AML directive into Irish Law was signed into law by Michael D Higgins. One of the principal aims of the directive is to ensure that individuals with significant economic interests in a relevant entity can be identified for the purposes of customer due diligence to combat terrorist financing and money laundering.
Read more »
|
|
|
|
|
|
