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Business/Tax Updates
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McMahon Keyes & Co.
Accountants and Tax Consultants
Statutory Audit Firm
042-9663384

Business/Tax Updates

February 2016
Dear Reader,
Please take a couple of minutes of your time to read this. It may be of some help to you.
 
P.A.Y.E.
Your P 35 must be submitted by 23/02/2016. (On-line)
Every employee should be registered with Revenue as soon as you employ them.

You must always ensure that you have a tax credit for every employee. If you do not have a tax credit for an employee and say you paid them €100 per week for 52 weeks, then under a tax audit you could be assessed for €5,200 in tax and in addition you may have to pay penalties and interest. This is really serious so please check.
 
V.A.T.
If you wish to claim VAT back on an a purchase invoice you must ensure the invoice includes the following information:
1. The Invoice is made out to your proper business name and address.
2. The document states invoice - not delivery docket not advice note.
3. The suppliers VAT number is on it.
4. The invoice must be paid within 6 months, otherwise the VAT credit will not be allowed.
This is only 4 of the main ones and the full list of requirements can be found at http://www.revenue.ie/en/tax/vat/guide/credit-notes.html#section3
 
V.A.T. Cross Border Purchases
If you use your VAT number when you buy any goods in Northern Ireland-U.K be extremely careful that you only use it for goods for the business. 70% of all our recent audits are as a result of clients using their VAT number for non business goods from Northern Ireland.
 
Employment Law:
Each of your employees must be given a copy of a contract of employment. You should always keep a signed copy on your files. If you do not have a contract of employment you are likely to lose any claim an employee takes against you, such as for unfair dismissal. You are also obliged to give a pay slip to all employees. If they are paid weekly then you must give a weekly pay slip showing gross wage and all the deductions. Each employee is also entitled to a P60 at the end of the year.
 
Inheritance Tax
If you are lucky enough to have a few extra euro then you can gift €3,000 from each parent to each child annually. You will not get a tax write off on it but this annual gift will not form part of the inheritance on your death The money could be used for education or even a deposit on a house. The current lifetime limit to a son or daughter is €280,000. 



If you would like any further information on the above then please give us a call.
Please feel free to forward this to any of your colleagues.

 

Sincerely,

McMahon Keyes & Co.
 
Copyright © 2016 McMahon Keyes & Co., All rights reserved.


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