Do My Books – Galway Accountants

I’ve been debating the work for dole idea with friends and on twitter over the last few days. Personally I think if set up correctly it ‘could’ work. Here’s how:

This programme could give people a reason to get out of bed and hopefully a sense of a achievement by being back at work again. It also alleviates the two things which I personally would hate about being on the dole. 1. Boredom. 2. The humiliation of the dole office.

My own close family members have been touched by unemployment over the years and I have personally seen what it can do to an individual.

Ralph

Tax Refunds Ireland

Sometimes in business we ignore the small things. A tiny overcharge on an invoice, a few euros off on the VAT but these small things can become material.

Today while working with a client I phoned one of his suppliers to get an €8 delivery charge removed from an invoice. This might seem very small but we also convinced the supplier to remove the delivery charge on a permanent basis as along as there is an agreed spend (the spend is necessary so no extra cost there.)

Although this started off as an €8 expense the saving from the negotiations is now €3,000 per annum, This was worth the phone call im sure you agree. Over the last week or two we have reduced the clients overhead, eliminated unprofitable work, reduced waste, decreased their tax bill and created management reports to allow focus on high margin work.

The net effect of this will be at least €30,000 a year on the bottom line. The cost of the consultancy to achieve this was 5% of the savings.

A good accountant should always cover their cost!

Think of the €30K saving the next time you have a small extra expense which you don’t bother sorting out.

If you require any assistance with cost saving or management reports please do not hesitate to email

ralph@domybooks.ie
or phone Ralph on 086-3336665

My efforts to create a paperless accountants office is often hamepered by having to get documents signed. Today the solution to this problem fell into my lap when one of my vendors asked me to sign a document using Echo Sign

This was painless, paperless and fast. I have now set up my own accountant and will be testing the package over the next few weeks.

Watch this space for an update

Ralph
ralph@domybooks.ie
086-3336665

In June 2010 Revenue launched a new version of the Capital Acquisition Tax (CAT) Form IT38 on ROS.

This Form has now been enhanced further, particularly in relation to Favourite Niece/Nephew Relief and in relation to Capital Gains Tax.

Users of the ROS Offline Application should note that a new version of the IT38 Form is today available to download. To ensure that you have the most up to date version of this form installed, you should:

Open the ROS Offline Application

Select “Download”

Select “Refresh”

Scroll to the “Form IT38”

Select the “Upgrade” button (the “Upgrade” button will not be available/visible if you have already downloaded the latest version of the Form IT38).

When you have successfully downloaded the new version of the return you can continue preparing Forms IT38 for your clients.

If you have prepared Forms IT38 for your clients, using an earlier version of the form, that have not yet been filed, you should open them in ROS Offline, review the content and save them again before uploading them on ROS. This will ensure that the most up to date version of the return is used.

Practitioners may have noticed, on the “Print” option of the ROS Offline Application, that the current benefit is displayed as though it has been rounded down to the nearest thousand. This incorrect display of the current benefit is not affecting the correct calculation of the tax due and will be corrected in a further upgrade of the Return scheduled for September.

The September upgrade will also make some minor calculation changes where credit in respect of CGT arises.

Preliminary Tax is an estimate of your total tax bill for the year which you pay on the 31st of October every tax year. Its important to remember that preliminary tax also includes PRSI, Health Levy and Income Levy

The amount of Preliminary Tax paid for any year is not less than the lower of:

90% of the final liability for the current tax year
The final liability to tax for the immediately previous year (100% Rule) or
105% of the final liability for the pre-preceding year where the Collector- General is authorised to collect tax by direct debit.

Tax flow can be improved by choosing which preliminary tax to pay. For example if your sales have increased dramatically in the current tax year it is cashflow advantageous to pay 100% of the final year tax bill

Rent a Room Relief – where a room (or rooms) in a person’s principal private residence is let as residential accommodation, gross annual rental income of up to €10,000 (€7,620 in 2007) is exempt from tax. This does not affect an individual’s entitlement to mortgage interest relief or CGT exemption for a principal private residence.

To get rent a room relief:

The total (gross) rent you get from your tenant (or tenants), which includes sums the tenant pays for food, laundry or similar goods and services, cannot exceed €10,000. If you get rental income over and above this amount, you are not entitled to the relief
Your home must be in Ireland and must be occupied by you during the year of assessment as your principal private residence.
You cannot deduct expenses from your rental income to qualify for rent a room relief. If you qualify for rent a room relief, the income you get from renting a room in your home is not liable to PRSI, the health levy, the income levy or income tax. However, it must be included on your annual income tax return.

If you require any further information please do not hesitate to contact Ralph on
tax@domybooks.ie or 0863336665

Remember to check if you are due a tax refund on www.brownenvelope.ie

If you are a principal contractor, You must deduct Relevant Contracts Tax at 35% from payments made by you to an unauthoriesed subcontracted you have engaged to carry out relevant contract for example: meat processing, construction operations or meat processing on your behalf.

You do not need to deduct RCT payments from a subcontractor who produces a C2 (Subcontractors certificate)

If you are an unauthorised subcontractor, you can claim credit for RCT paid by you against your tax liability. You may also claim an interim refund of RCT paid if the tax payable for the likely period exceeds the proportionate liability for the entire tax year.

Distinguishing employee’s from contractors is very topical at the moment. Principal contractors should be extremely careful in this area as they would be liable for the PAYE, interest and penalties IF it was found that their contractors were actually employees.

If you require any assistance or advice with RCT please do not hesitate to contact

tax@domybooks.ie
or phone Ralph on 086- 3336665

Are you confused about your Tax Return?

Do you have unused capital allowances from a prior year?
Rental income
Unused loss from a prior year
Accelerated capital allowances
Maintenance payments
Foreign Rental income
Exempt income
Retirement Annuity Contracts
Capital Gains

We can help.
We offer fixed prices for each tax return (form 11) which are extremely competitive and agreed in advance.

If you would like a no obligation quotation please contact Ralph on
086-3336665 or tax@domybooks.ie

As part of our portfolio of training packages Do My Books offer training on Sage Instant Accounts and Sage Line 50 accounts.

The Training is carried out at your place of business and includes a comprehensive training manual.

The training program can be customised to suit your individual needs but a basic training course covers the following.

Program basics
Getting started
Account names and numbers
Bank transactions
Financials
Customers and suppliers
Service invoices
Products and stock control
Product invoices
Product credit notes
Statements and receipts
Purchases
Nominal ledger
Bank accounts
VAT returns
Reports and information

If you require any further information in relation to Sage training Mayo, Sage training Galway or Sage training Limerick please do not hesitate to contact us on training@domybooks.ie or phone 091 442882

After a lot of hard work and testing I am proud to launch our Tax Refund website.

If you are an employee you may be entitled to a refund if any of the following apply to you.

* Tax Refund claims for Medical Expenses
* Tax Refund Claims for Medical Insurance
* Home Carers Tax Credit
* Single Parent Tax Credit
* Rent Relief & Tax Refunds
* Incapacitated Child Tax Credit
* Maternity Benefit & Tax Refunds
* Tax Refund claims for Employment Expenses
* Tax Refunds for Bins and Service Charges