Archive for December, 2010

Reliefs being abolished – Budget 2011

Dec 18

ABOLITION OF RELIEFS (from 1 January 2011 unless otherwise stated) Rent Relief to be phased out over 8 years; the same timeline as previously announced for Mortgage Interest Relief. Patent Royalty Exemption, effective from the launch of the National Recovery Plan on 24 November 2010. Tax relief on Loans to Acquire an Interest in Certain Companies. Abolition […]

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Reform of RCT (Relevant Contracts Tax) Budget 2011

Dec 18

The following changes are contained in Budget 2011 • Replacement of the current RCT rate of 35% with a tworate withholding system on a revenue neutral basis: o 20% rate for subcontractors registered for tax with an established compliance record; o 35% rate for subcontractors not registered for tax; C2  registered subcontractors who, as before, […]

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Pricing policy – Price as a measure of quality

Dec 18

On a recent podcast by Freakonomics radio the presenters discussed the how consumers allowed the price of a bottle of wine to affect their perceived taste. The best example of this was in a survey featured on the podcast. A group of wine experts were given a taste test. They were told one bottle of […]

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Budget 2011 passes through Dáil

Dec 10

Budget 2011, one of the toughest on record with €6bn in tax hikes and spending cuts, was passed in the Dáil last night with a comfortable majority for the Government. The budget was passed after vote of 82 to 77 in favour of the financial measures. Independents Michael Lowry and Jackie Healy-Rae both voted with […]

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Universal Social Charge (USC)

Dec 7

In an effort to rationalise the taxation system to some extent the minister has decided to abolish health levy and income levy and replace them with a universal social charge. The universal social charge has been touted as revenue neutral but as I haven not made my calculations I cannot confirm that yet. While this […]

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Standard rate tax bands 2011

Dec 7

As expected in todays budget the standard rate tax bands have been decreased. Details of the new tax bands are below. Single/Widowed €36,400 €32,800 Married one income €45,400 €41,800 Married Two Incomes* €72,800 €65,600 One Parent/Widowed Parent €40,400 €36,800

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Revenue defaulters list analysed – Results of Revenue Audits

Dec 6

The latest revenue defaulters list has been released for Quarter 3 2010 Outside of Dublin South eastern counties had the highlest levels of tax, fines and penalties collected through the revenue audit system with Waterford coming in at over €3M In terms of occupation the old reliables are top of the list. With Company directors […]

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Destination reference is not valid in pivot table wizard

Dec 6

I was getting the following error in Excel 2010 today while trying to prepare a pivot table. “Data source reference is not valid” When I copy and pasted the data into an entirely new worksheet it worked fine. The original spreadsheet was downloaded from the internet and it seems that excel throws up this error […]

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Are you wasting time on your accounts?

Dec 6

When I started out working for myself I was using a traditional accounting software package. I would key in all the clients bank transactions, purchase invoices, sales invoices ect. .  and then start my reconciling. The process was laborious and had the potential for human error so everything had to be checked twice. After two months of […]

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Sage line 50 and Sage instant year end checklist

Dec 1

Running a year end in sage can be confusing and cause issues if not run correctly. The best option is to take it step by step As always first step is to back up Sage and print off a trial balance. Ensure all transactions for the year are posted  onto Sage. It will probably be some […]

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