Entries by admin

Xero – There was a problem importing the file

Unfortunately in Ireland we don’t have many banks supporting feeds into Xero so must import the files manually as CSV. If you are importing a bank statement into Xero as a CSV file and get the error “There was a problem importing the file” I have found that changing the format of the date into […]

6 ways online accounting saves you money

We have been providing online accounting services for a few years now and we love it. Over that period our clients have been delighted to notice that as well as getting real time access to their financial information they are also saving money. We’ve listed the reasons below: Online accounting is free to upgrade: If […]

Revenue announce phase 2 of Mandatory iXBRL filing

Yesterday the 25th of June 2013 Revenue announced that  Corporation Tax returns submitted after 1/10/2014 in respect of accounting periods ending on or after 31/12/2013 for companies over the audit threshold, as detailed in the companies bill 2012, must be filed with iXBRL accounts. The threshold is detailed below The balance sheet value of the company […]

Invoice numbers on Wave accounts

If you migrate an existing business to Wave accounts, or are starting to use wave accounts for your new business. You may need to start your invoices numbers with something other than the default 1. To do this: When you raise your first invoice using Wave accounts , hold your mouse over the invoice number […]

Late filing penalty on income tax returns and the local property tax

There’s a small section in the local property tax legislation which is very relevant to the self employed. For example a single person with self employed income of €50,000 would pay approximately €16,781 in income tax. If your local property tax return isnt filed your income tax return can be hit with a late filing […]

How does the seed capital scheme work

The seed capital scheme allows a refund of tax already paid for an investor who sets up and takes up employment in a new qualifying business. For example: Nicola earned €400,000 over 2011 / 2012 in PAYE income and paid €144,000 income tax She sets up a business in 2013 which qualifies for the seed […]

Professional Service Company Surcharge

Section 441 TCA 1997 provides for a surcharge on undistributed income of certain service companies. The section defines a service company as including close companies where the principal part of the company’s income is derived from: The carrying on directly of a profession The provision of professional services Or a company Which has or exercises […]

How to save time when invoicing with Xero online accounts

One of the great things about using an online accounting package like Xero is the time you can save.  There’s still certain points in everyones business where manual data entry is required. One of these points is raising sales invoices. Use the copy function– A lot of small businesses issue the same or similar invoice […]

Is there VAT on the plastic bag levy?

No. When calculating a VAT liability, retailers who account for VAT under a retailer’s scheme should simply exclude the levy from the sales / turnover figure. Retailers who do not use a retailer’s scheme should ensure that the levy is not included in the taxable amount for VAT.