Pay & File – Revenue On-Line Service – Extension of filing date in 2010

Today, Revenue announced an extension to the return filing and tax payment date for self-assessment customers using the Revenue On-Line Service (ROS). For customers who file the 2009 Form 11 return and make the appropriate payment through ROS for: * Preliminary Tax for 2010, * Income Tax balance due for 2009, the due date is extended to Tuesday, 16th November 2010. To qualify for the extension, customers must both pay and file through ROS. Where only one of these actions is completed through ROS, the extension does not apply. Customers who pay or file by means other than ROS are required to submit both payment and return on or before 31st October 2010.

DoMyBooks

Revenue online ROS Session Timed Out – Galway Accountant

Are you getting this message immediately after logging into Revenue Online?

“Session Timed Out
Your session with ROS has timed out. You will need to log in again to continue using ROS.

Return to the Login Page to continue.”

Try changing your browser when logging in with Chrome and Firefox I get this error if I use Internet Explorer it works fine.


Revenue On Line Session Timed Out

Revenue On Line Session Timed Out


10 Great things about Xero online accounts – Ireland

1. Its beautiful. The user interface is stunning.

2. The dashboard is gives a great snapshot of your business without having to click into reports.

xero

3. No back ups ever. Anyone with an onsite accounting package knows the heart ache of having to back up their data and remove it off site or pay for offsite remote back up.
4. Its priced well. The cost of Xero is often less than the cost of a remote offsite back up.
5. Automatic bank feeds. As I live in Ireland and its a bit cheeky to mention this as we haven’t got this feature yet but it is possible to import your statements from online banking and hopefully we get the feature soon.
6. No server costs. I have a number of clients who could dump their server and get a networked hard-disk for file storage if they changed to Xero.
7. Its mobile- Xero looks great on your iPhone or Blackberrys browser. No app yet though.
8. It integrates really well with Freshbooks .
9. Your accountant and bookkeeper can access your accounts remotely.
10. Expense Claims – Staff can remotely enter their expense claims saving unnecessary paperwork and administration.

If you would like a demonstration of Xero why not email : Xero@domybooks.ie or call 091442882 0863336665

Review Of Xero Online Accounts

Galway Accountant – Upgrade of ROS P35

Upgrade of ROS P35

The P35 Annual Return filed by Employers has been redesigned on both the ROS Online and Offline applications, to enhance the appearance of this form and make it more user friendly.

The revised form design is consistent for both ROS Online and Offline applications.

These changes will apply to P35 screens for the 2010 period onwards. For periods prior to 2010, the P35 Screens will not change.

The functionality that enables users to edit or add P35Ls, and print and generate P60s, is available on the new P35 Offline Screens.

Customers are reminded that they will need to upgrade their Offline P35 for 2010 and future years. This can be done from the ‘Downloads’ menu.

The P35L Report in ROS Inbox has been updated to include the Income levy.

www.DoMyBooks.ie
Accounts| Payroll | Business Software

Why are cheap airlines so cheap

Below is an infographic from 5wgraphics.com The graphic shows how low cost airlines like Ryanair make their savings. One of the key metrics is the passengers per employee. If you can find and use metrics like that in your business you will greatly increase your management information. Improved management information can assist decision making and ensure continuing success. If you require any further information on analyising your businesses performance please do not hesitate to contact Do My Books Galway Accountants Ralph@DoMyBooks.ie

Galway Accountant- Why are cheap airlines so cheap

Galway Accountant- Why are cheap airlines so cheap

Reducing Debtor Days – 10 Ways to get paid!

Reducing your companies Debtor Days will improve cash flow, reduce the risk of bad debt and decrease financing and interest costs. So there’s a lots of reasons to do it! But how?

  1. Improve the flow of documentation. If you are presently raising invoices once a week consider raising them once a day. The faster your debtors have them the faster they can pay.
  2. Go digital! If you must have proof of delivery dockets or signed invoices scan them immediately and your time spent filing and finding dockets will be reduced by up to 80%, This will allow you to provide the documentation your customers need fast as well as reducing the write off’s from missing documentation. Do My Books have an IT partner who provides an excellent scanning solution. Contact us if you need further details.
  3. Keep track of what your doing. Every time you contact  a debtor by phone or email  log the communication  in your accounts or CRM package. If you don’t have one or don’t know how to do this contact us we’ll help you out. This will allow you to see the debtors  you are spending too much  time calling and if you are not around it will allow your partners and colleagues to see who you have been calling.
  4. Offer a settlement discount. If you are paying large overdraft interest rates it may be beneficial to offer your debtors a small discount for paying within 30 days say 1.5%.
  5. Email Statements. I’ve been in so many offices and seen people trying to fold, envelope and put stamps on 500 statements. WHY? Email them to your debtors save at least 55cent on each statement from  postage let alone time spent, printing and paper. You will also have an electronic record of when the statement was sent so it cant get ‘lost in the post’. Use technology work smarter! If you don’t know how to email statements again Phone us we can help you SAVE!
  6. Badger people. This is unfortunate but it works. If a debtor is slow to pay you have to badger them, Phone ever day don’t stop until you have been paid. You might be frightened of loosing a customer but a sale isn’t a sale until its paid in full.

    Cash flow Debt Collection - Badger People

    Sometimes in credit control you have to badger your debtors!

  7. Work fast. There’s no point in chasing a debt for two years  to find the company has gone into liquidation . If your not having any luck in collecting a debt go legal as soon as possible.
  8. Monitor the situation, Calculate your debtor days monthly and watch them very carefully. If you don’t they can easily get very high very fast.
  9. Call in person. This is not pleasant but it works. Tell your debtor your passing by so you’ll call in to collect the cheque. They wont like it but it often works
  10. Incentivise your staff, If you have sales people working on commission hold back a percentage of their commission (or it all!) until the invoice is paid. This will give them an incentive to get involved int he debt collection process.

Without a doubt 2010 will be a though year for Irish SME’s but by working smarter you can ensure your business not only survives but thrives!

If you need any advice on your software, processes or generally debt collection feel free to contact Ralph for a free consultation and business review on.  We can also provide training on improving your debt collection process.

hello@domybooks.ie 0863336665 or 091 -442 882

The remittance basis of assessment as regards UK source income and chargeable gains

1.  Income Tax

Under the provisions of Section 73 TCA 1997, the remittance basis of assessment did not apply in respect of UK source income. However, Section 73 ceased to have effect in respect of UK income arising on or after 1 January 2008 (see Section 18 Finance Act 2008).

2.  Capital Gains Tax

The remittance basis of assessment also applies in respect of the foreign chargeable gains of non-domiciled individuals (The remittance basis of assessment for foreign chargeable gains never applied to Irish citizens not ordinarily resident here).

Under the provisions of Section 29(4) TCA 1997, the remittance basis of assessment did not apply in respect of UK source chargeable gains. However, under the provisions of Section 42 Finance (No.2) Act 2008, the remittance basis of assessment applies to chargeable gains arising in the UK as and from 20 November 2008.

3.  Current Issue

Section 18 Finance Act 2008 and Section 42 Finance (No.2) Act 2008 do not have retrospective effect. However, arising from certain matters contained in a recent tax appeal case, Revenue are prepared to examine – on a case by case basis and subject to the statutory 4-year time limit for claiming repayment of tax – claims for repayment of tax where it is claimed that a repayment of tax would be due had the remittance basis of assessment, rather than the arising basis of assessment, applied for a relevant year of assessment in respect of an individual’s UK source income and/or chargeable gains.

A submission may be made to the individual’s relevant Revenue office. Such submission should contain all relevant details as regards the income and chargeable gains assessed and the amount of remittances in respect of which the claim refers.

Note 1 – With effect from 1 January 2006, the income of a non-Irish sourced employment (including UK sourced employment) attributable to the performance inthe State of the duties of that employment is chargeable to income tax under Schedule E and the remittance basis of assessment does not apply in respect of income within the charge to income tax here under Schedule E.

Note 2 – The UK source income and chargeable gains of an Irish resident individual relieved under Paragraph 3 above will, if remitted to the State during a future tax year, be chargeable to tax in that future tax year (assuming that the individual is tax resident here in that future tax year).

Note 3 – Where a lesser figure of UK source income or gains is assessed, the credit previously granted in respect of UK tax paid on such income or gains will also have to be reduced to reflect the lesser figure assessed.

Taken from revenue eBrief 11/10

Do My Books

Galway Accounts and Business Software Providers

1.  Income Tax

Under the provisions of Section 73 TCA 1997, the remittance basis of assessment did not apply in respect of UK source income. However, Section 73 ceased to have effect in respect of UK income arising on or after 1 January 2008 (see Section 18 Finance Act 2008).

2.  Capital Gains Tax

The remittance basis of assessment also applies in respect of the foreign chargeable gains of non-domiciled individuals (The remittance basis of assessment for foreign chargeable gains never applied to Irish citizens not ordinarily resident here).

Under the provisions of Section 29(4) TCA 1997, the remittance basis of assessment did not apply in respect of UK source chargeable gains. However, under the provisions of Section 42 Finance (No.2) Act 2008, the remittance basis of assessment applies to chargeable gains arising in the UK as and from 20 November 2008.

3.  Current Issue

Section 18 Finance Act 2008 and Section 42 Finance (No.2) Act 2008 do not have retrospective effect. However, arising from certain matters contained in a recent tax appeal case, Revenue are prepared to examine – on a case by case basis and subject to the statutory 4-year time limit for claiming repayment of tax – claims for repayment of tax where it is claimed that a repayment of tax would be due had the remittance basis of assessment, rather than the arising basis of assessment, applied for a relevant year of assessment in respect of an individual’s UK source income and/or chargeable gains.

A submission may be made to the individual’s relevant Revenue office. Such submission should contain all relevant details as regards the income and chargeable gains assessed and the amount of remittances in respect of which the claim refers.

Note 1 – With effect from 1 January 2006, the income of a non-Irish sourced employment (including UK sourced employment) attributable to the performance inthe State of the duties of that employment is chargeable to income tax under Schedule E and the remittance basis of assessment does not apply in respect of income within the charge to income tax here under Schedule E.

Note 2 – The UK source income and chargeable gains of an Irish resident individual relieved under Paragraph 3 above will, if remitted to the State during a future tax year, be chargeable to tax in that future tax year (assuming that the individual is tax resident here in that future tax year).

Note 3 – Where a lesser figure of UK source income or gains is assessed, the credit previously granted in respect of UK tax paid on such income or gains will also have to be reduced to reflect the lesser figure assessed.