Edit, export and view documents efficiently while you are on the go. Create new documents or edit existing files on an easy to use app that also allows you to collaborate with colleagues in the same document at the same time. You can even work offline if you need to.
2. SLACK
Create teams and message each other, assign tasks and create deadlines. Helpful for managing multiple projects with different groups of people.
3. REVAPP
Easy and secure access to Revenue’s services to help you manage your Irish tax affairs, on the go. This also gives you access to Receipts Tracker – the easy way to record and manage receipts for your expenses.
4. FLIPBOARD
This app brings together news, popular stories and conversations around any interest or passion. Download the app, select your interests and Flipboard will create a magazine just for you.
5. TINY SCANNER – PDF Scanner App
You will never have to worry about not being near a scanner again. Use this app to turn your smartphone into a scanner. This app also turns the scanned documents into PDF’s for safe distribution.
Microfinance Ireland (MFI) is a Government initiative to provide funding to both start-up and existing micro-enterprises that are having difficulty accessing credit through traditional lending channels.
Businesses that have less than 10 employees and turnover of less than €2million annually are eligible to apply for loan
The Departments of Finance and Social Protection issued a Consultation paper on what they term Intermediary-type Structures ie Contractors with a call for submissions closing on 31 March 2016.
We have reviewed the Consultation Paper and are disappointed it does not engage with the reality of the world of professional contracting and is more narrowly focussed on perceived losses of revenue to the Exchequer.
References to zero hours contracts appear as emotive headline grabbing comments but have little or no reality to Intermediary-type contracts.
Excellent Slideshare on Dublin Tech Community. If you are a tech or innovative startup talk to Anthony Casey at Noone Casey. We can explain how we added value to many of the companies showcased here and how we can enable your business proposition.
So, the Revenue Commissioners have announced a review of ”the tax affairs of companies and their directors, where the main source of income is a contract or contracts “for service” with a larger company or companies (directly or through intermediaries), the company in question does not appear to have a substantial business separate from these contracts, and in most cases the director(s) are the only employees of the company and pay tax through PAYE”.
Revenue have “established that in many cases there are deficiencies in accounting for input costs and expenses, with the result that there has been a significant understatement of tax liability to the benefit of the director(s)”.
In other words, Revenue believe contractors are over claiming expenses relative to their work profile.
It is our understanding that Revenue are also examining the Umbrella/Managed company status of many contractors. There is real concern that the PRSI class applicable to many contractors operating through Managed companies is incorrect and substantial liabilities may exist.
This review is being carried out in the Revenue South West region incorporating Cork, Limerick, Kerry & Clare.
At Noone Casey we look after the tax affairs of many hundreds of contractors using our real time online accounting tool I-Finance. We ensure only appropriate expenses are claimed thus avoiding the issue of underpayment of taxes.
I-Finance is structured so that you
• Operate as a proprietary director of your own limited company. Why is that important?
o You have greater control over your own money – no 3rd parties controlling the bank account.
o You have no exposure from Revenue should they move against the umbrella/composite company structures.
o You can maximise simple tax saving techniques which are not available in a Sole Trader/Umbrella Company structure.
• We process all the financial administrative tasks relating to your contract – which gives you more time to focus on the things you want to do.
• We prepare and issue all your client-approved invoices.
• You dictate how much you want to be paid, we process the payroll for you and make sure all your PAYE/PRSI is correctly deducted and returned on your behalf.
• We monitor your company bank account and assist you execute a ‘same day payment’ model via online banking into your personal bank account.
• We offer you up-to-date advice on all allowable business related expenses.
• We prepare and file all your annual returns (both personal and company related).
• We advise you on how to financially plan for the future and assist you in selecting the best savings and investment options for you personally.
If you are operating as a contractor in the Munster region and have concerns over the expenses you have claimed and /or your Managed company structure, contact me today acasey@noonecasey.ie or 01 6766476 to discuss your affairs.
We will advise you on the correct route out of your potential difficulties.
A SARP return must be made by an employer of
employees who availed of relief under the Special
Assignee Relief Programme (SARP) during the year
ended 31 December 2012 on or before 15 February
2013.
Under the SARP program 30% of basic salary (to a
maximum of €127,500) is excluded from the charge to
Income Tax for employees who take up full time
employment in Ireland. Qualifying employees must have
been a full time employee with a Company incorporated
and resident in a Treaty State for the 12 months prior to
arriving within the State. The individual must also be
resident in Ireland to qualify for the relief. The relief
does not apply to Universal Social Charge or PRSI. An
Employer will also be able to bear the cost of certain
items for a relevant employee on a tax free basis to
include the cost of a return trip for the employee and
family to an overseas country to which they are
connected plus primary and or post primary school fees
up to €5,000 per annum per child where the school is
approved by the Minister of Education.
The SARP return is available on the Revenue website
and requests:
• details of the Employer and Employee registration
numbers
• employee name
• amount of income, profits or gains in respect of
which no tax was deducted
• costs associated with an annual return trip to the
country of residence or nationality for self and/or
family
• costs of school fees for children paid to an approved
school in the state
• increase in number of employees as a result of the
operation of the relief or number of employees
retained by the company as a result of the operation
of the relief
4
Noone Casey sponsored last night’s Irish Web Awards Best New Web App category. We are pleased to announce the winner is FixMyStreet.ie
Congratulations to all the Award winners and well done to Michelle and Damian for organising another great night.
We are delighted to be sponsoring the Best New Web Application/Serviceat tonights Irish Web Awards in the Mansion House.
The finalists in our category are
From 1 June 2012 the following categories of tax payers are obliged to file their returns electronically:
• All VAT registered tax payers • Self assessed individuals claiming certain income tax exemptions (Artists Exemption, Woodlands Exemption etc) • Self assessed individuals claiming certain income retirement reliefs (RAC payments, Relief for PRSA contributions etc) • Self assessed individuals claiming certain income tax reliefs (BES relief, EII relief, Seed Capital relief , Film relief etc)
Where a taxpayer is obliged to file and pay on ROS, the penalty for failing to do so is €1,520 each time a taxpayer fails either to pay or file on-line. Where there is a genuine difficulty with filing and paying on-line, taxpayers may on application to Revenue be excluded from electronic filing. TAX TIP: If you think you may be in a tax refund in respect of 2011, why not send in your return early and obtain your refund now!!!
Many IT, Engineering and other Professional Contractors who use composite company structures may be facing large PRSI liabilities as Revenue and DSFA challenge the PRSI status of such contractors.
Contractors who hold only15% of the shares in a composite company may not be entitled to Class S PRSI status; employers PRSI of 10.75% will fall due in those circumstances. Class S status is only applicable to those shareholder/employees who control their companies. A 15% shareholding with up to 6 other contractors who may not know each other does not suggest control.
Noone Casey has developed I-Finance an online realtime accounting solution for professional contractors to address this concern & to legitimately maximise the tax advantages of contracting.
Have a look at our short video here to get a better understanding of the issues involved. If you feel this affects you, contact Noone Casey for an independent assessment of your position.
I-Finance uses the Limited Company type structure thus avoiding the employers PRSI issue. The table below gives you an idea of how each of the common contracting structures compare.
Company Structure Type
Limited Company
Umbrella Company
Composite Company
Ownership
You own 100% of your own company
You have no ownership
You own 15% of an externally controlled company
Directorship
You and your appointee are directors of your own company
You have no directorship
You and up to 6 others are directors of the company. You may not know the other directors.
Employment
You are the employee of your own company
You are an employee of the umbrella company
You are an employee of the composite company
Expenses
You are entitled to tax deductible expenses through your own company
You are not entitled to any expenses
You may be entitled to a lesser amount of expenses
Tax planning
You can use your own company to assist in appropriate tax planning opportunities
You cannot use the umbrella company to assist in your tax planning
You cannot use the composite company to assist in your tax planning
Tax appropriateness
We ensure you manage your affairs in full compliance of all taxation and PRSI legislation
You are treated as an employee and have taxes deducted appropriately
The Revenue Commissioners are examining the appropriateness of the PRSI structures of composite companies
This week the Revenue is due to release the latest module in its comprehensive programme of mandatory electronic payment and filing of taxes – and it will have a profound effect for the almost 50% of businesses who still shy away from ROS.
Companies are being warned they should be prepared for both technical and financial audits if they claim tax credits for R&D expenditure, according to The Sunday Business Post.
The reintroduction of tax incentives for patents and the launch of new initiatives to attract large-scale manufacturing are just two of the measures being urged on Government by the founder of Grant Engineering, an Offaly-based company employing 220 people.
