Please take a couple of minutes of your time to read this. It may be of some help to you.
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.
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.
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.
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.
McMahon Keyes & Co.