Do My Books – Galway Accountants

If you are lucky enough to have some shares which have increased in value one way of reducing your liability to capital gains tax is to make full use of your annual exemption every year. (and your spouses if married)

Every year each tax payer has an annual exemption of €1270
For example if you bought some shares in January 2009 for €1000
and sell those shares in January 2010 for €3000 the CGT due is calculated as follows

€3000 – €1000 = €2000 Gain.
€2000 less annual exemption of €1270 is a taxable gain of €730 which is taxed at 25% so capital gains tax due is €182.50

Now if you have shares which have gained in value in 2010 but aren’t planning on disposing of them them you will loose the benefit of your €1270 annual exemption so my suggestion is every year sell at least just enough shares to have a gain of €1270 which makes full use of your annual exemption and ultimately reduces your capital gains tax liability.

If you require any further information or advice please contact us on
tax@domybooks.ie
or phone 091-442 882

When setting up your company in Big Red Book I personally do not recommend using the opening balances feature. Heres Why:
First Lets look at the trial balance as is:

Big Red Book Trial Balance

Now lets Set up a new supplier and add an opening balance.
First Press the F3 Hot Key to enter the suppliers Module

Big Red Book Supplier Module

Now click add to add a new supplier
Inside the new supplier screen fill in the details as normal

Big Red Book new supplier

Now I click opening balance and enter the details (I dont recommend doing this Im doing it for example purposes)

Big Red Book Op Balance

Ok now I will save that and recheck the trial balance

Big Red Book Trial Balance 2

As you can see the software has dumped the suppliers opening balance into 999 Retained profits. For this reason I recommend entering your opening balances in as invoices in the supplier module.

The same applies to debtor opening balances.

Do My Books provides nationwide training on Big Red Book if you require any further information please do not hesitate to contact Ralph on
bigredbook@domybooks.ie
or 086-3336665

I’ve had a lot of enquiries over the past few weeks. Just to clarify we DO offer Big Red Book Training in the Dublin Area.

If you would like further information please email training@DoMyBooks.ie or phone Ralph on 086 – 3336665

This is a common question I am asked. Do I have to register for VAT? I have created a very simple decision tree/ Flow chart to help you make this decision.
This diagram is not conclusive there may be other variables to consider before you start trading so its important to complete proper research or take professional advice.
If you have any questions or comments please do not hesitate to post them below or contact me on vat@DoMyBooks.ie

Should I register for VAT

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

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

1. Its beautiful. I really should be saying that about a woman or a car not a user interface but its true the user interface on xero is intuitive and stunning.
2. The dashboard is gives a great snapshot of your business without having to click into reports.

Xero Online Accounts Review Ireland

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

Want a discount on easy to use Big Red Book Accounting Software?

Contact brb@domybooks.ie for our special prices.

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

As well as my accountancy business Do My Books I have a few other small business ideas which I consider to have great potential and Id love to start them up.

So I research Galway County Enterprise Board

www.galwayenterprise.ie/en/news.html

Firstly look at the news page.The page contains two items one from 2008. The other piece of news relates to a Quality Managerial course in Cavan which has very very little do to with enterprise in Galway. I could list 20 courses which are held regularly in Galway which would be highly relevant to entrepreneurs. This didn’t inspire confidence.

Originally on the 16th of March I emailed GCCEB. To date there has been no reply. So I phoned them to discover they only take appointments one day a week. The week I phoned that was Wednesday. That didn’t suit me so I asked would it be Wednesday next week he didn’t know. So I basically cant make an appointment as I have to plan my week out in advance and they didn’t know what day they would be taking appointments.

What goes on in there on for the other four days of the week I don’t know. But I would love to.

So Im curios now about the Galway County and City enterprise Board and what do they actually do given there showing ‘NEWS’ from 2 years ago on their website

Heres where it gets frightening the latest accounts I have access to relate to 2008. In 2008 the Galway County and City enterprise Board received €986,050 in funding from Oireachtas.

The salary bill for Galway County and City enterprise Boards 6 employees that year was €192,222.

Now maybe Galway County and City enterprise Board is doing some other work with their funding but they seem to think a report from 2006 is relevant to us in 2010
www.galwayenterprise.ie/en/reports.html

I think the ‘about’ page says it all

www.galwayenterprise.ie/en/about.htm

There is so many people trying so hard to start businesses in the current climate and I dont feel we are being adequately serviced by the Galway County and City Enterprise board.