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Iontas

It’s not all doom and gloom out there – and certainly not for a group of entrepreneurs who have just sold their Letterkenny-based technology start-up for $20m.

Iontas, a firm specialising in business process systems, has been sold to US company Vermint Systems, according to The Sunday Business Post. The deal comprises a cash payment of $14.8m and the remainder in earn-outs for the key personnel in the company over the next two years.

The Iontas founders and management will net more than €6m for the 30% stake they retain in the company. They include chairman and chief executive Joe Stockton and chief technical officer Martin McCreesh.

Ardmore Studios

Merlin & co are bringing their financial wizardry to Wicklow and it spells tens of millions for the Irish film industry, The Sunday Times reports.

Camelot, a US-funded TV series based on the legendary Knights of the Round Table, is set to be filmed at Ardmore Studios in Wicklow with speculation that it will be an even bigger money-spinner than the Tudors, which brought €20m to Ireland last year alone.

Camelot is projected to run over five seasons, providing a welcome boost for thespians, hoteliers and travel companies.

Michael Hirst, the man who wrote The Tudors, has already penned the first four episodes of Camelot and has been commissioned to work on The Borgias, another TV series to be directed by Neil Jordan and starring Jeremy Irons. He said film-makers were attracted to Ireland by experienced crew and actors, the scenery and tax breaks.

“The landscape is perfect for the Arthurian setting. You get a real sense of the Dark Ages in Ireland,” he told the newspaper.

Perhaps he was talking about the economy.

Good news for Start-up Companies

Bank of Ireland has launched a new €26m fund to invest in start-up and early stage companies. In addition the fund will go to support patent and patent-pending projects within Irish universities.

This fund is part of a 5 year Enterprise Ireland seed and venture capital programme. The fund will focus on technology, food and financial services sectors, which are export based.

Tax Refund on Redundancy Payments

Were you made redundant at any stage over the past 4 years. Almost 90% of employees made redundant are not aware they  may have overpaid tax on their redundancy package.

For example,

Mary was made redundant in September 2009, and received a gross lump sum of €50,000.

After deduction of tax, Mary actually received €38,516 in her wage packet. However after contacting Taxation.ie, Mary got an additional tax rebate of €4,855.

John, on the other hand was also made redundant in September 2009, and he received a gross lump sum of €30,000.

After deduction of tax, John received €21,861. However after contacting taxation.ie, John received an additional tax rebate of €2,41

Were you taxed on any portion of your redundancypackage?

If so, contact info@taxation.ie to see how you can reclaim your overpaid tax.

VAT Amendments

The top rate of VAT has fallen from 21.5% to 21% from 1 January 2010. While this decrease will not reverse the Northern shopping trend it will bring the VAT rate somewhat in line with that of the UK, which will increase from 15% to 17.5%. Revenue has published a guide to the rate change on www.revenue.ie.

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