Create a Back-Up Plan In the event of a loss in income, figure out for how long you can subsidise this amount using existing savings, assets or new earned income. Brainstorm ideas on your available options and consider other ways you could create income or use existing assets in your business. E.g. Online sales are…
Government Financial Assistance – Grants, Loans and Funds COVID-19 Government funds Online Trading Vouchers of €2,500, costing you €250 – net gain to you of €2,250 (previously cost you €2,500, 100%) Small Business loans of €50,000 at 4.5% interest over 3 years, with 6 month repayment break Business Continuity Grants of €2,500 for companies…
If you are a sole trader or partnership you may be thinking about setting up a company for your business. Incorporating a company for your business has its benefits and it is not expensive to form a company, however there are many other issues to take into consideration when deciding whether to incorporate. Advantages of…
Entrepreneur relief from Capital Gains Tax (“CGT”) was introduced to reduce the rate of CGT to 10% applicable to sales of business assets or shares held in a company by entrepreneurs. The relief is an incentive to encourage and reward those who take risks which benefit the economy. The relief currently only applies to the…
Corporation Tax in Ireland Ireland’s 12.5% corporate tax rate on trading income is one of the lowest ‘onshore’ rates in the world. ‘Trading profits’ include a broad range of commercial activities including Intellectual Property (IP) and Supply Chain Management. The Irish Government is committed to retaining the 12.5% corporate tax rate on trading income. …
Long hours spent slaving away when nobody’s watching, is often what’s required to make a business successful. If you’ve taken all the risks and invested all your time, you deserve to get the rewards. Sadly it doesn’t always work out like that, especially when it comes to divorce settlements. Selling your business to raise cash,…
Am I obliged to keep records for tax purposes? YES. You must keep full and accurate records of your business from the start. You need to do this whether you send in a simple summary of your profit/loss, prepare the accounts yourself, or, have an accountant do it. It is important for you to remember…
If you have significant business in the UK you may need to have a trading presence in the UK. The structure can be a separate legal entity or a UK branch of the Irish office. It is likely that any business carried on in the UK will create a permanent establishment which is taxable in…
If you are a sole trader or partnership you may be thinking about setting up a company for your business. Incorporating a company for your business has its benefits and it is not expensive to form a company, however there are many other issues to take into consideration when deciding whether to incorporate. Advantages of…
Preparation is key to collating accounts and filing your tax returns quickly. Bank statements, invoices and expense receipts should be recorded during the year, these records will form the basis of your accounts and tax returns at year end. It is important to understand the tax and accounting rules, and your entitlements when preparing accounts…
