Thinking of starting your own business?

If you have recently set up or are thinking about setting up a new business you might be wondering what you need to do as regards taxes and compliance.

At R Hendy & Co one of our specialist areas is new start ups whether it’s a company or sole trader.  We work with you to establish what your objectives and priorities are and this ensures that we provide you with the most appropriate advice to you.

While the lower rate of corporation tax, generally 12.5% is attractive, operating through a company might not be the best option for every new business.  This is a one key area we will review with you.

We can assist you with the following areas;

–  company formation and incorporation 

–  tax registrations

–  business name registration

–  provision of bookkeeping template spreadsheets

–  guidance on bookkeeping software and set up

–  preparation of bookkeeping records and filing of Revenue VAT returns

–  preparation of payroll and filing of Revenue PAYE returns

–  Companies Registration Office and other company secretarial compliance

–  preparation of annual financial statements (accounts) and tax returns
As your business grows we will tailor our services to suit you, including pension advice.

If you think this applies to you please contact our office on 0402 29376 or email us at info@rhendy.ie

New subsistence rates from 1 July, 2015

The Revenue Commissioners have updated the Civil Service subsistence rate applicable from 1 July, 2015.

The rate for absences from the normal place of work for one day in excess of 10 hours has remained unchanged (€33.61), however the rate for absences between 5 and 10 hours has increased by 30c to €14.01 per day.

The overnight rates have increased.

All the rates applicable from 1 July, 2015 can be found on the Revenue’s IT 54 Employees’ Subsistence Expenses leaflet.

Maintenance of correct records is essential when claiming Civil Service subsistence rates.

Please contact our office for further details on 0402 29376

Vodafone’s Return of Capital to shareholders

As you may be aware, the Vodafone Group proposes to reorganise and return some capital to shareholders.  The background to this is that the group on 2 September, 2012 announced that it planned to sell its Verizon Wireless investment to Verizon Communications Inc.  Following is a link to the Revenue Commissioners website that deals with the majority of small Irish Investers who bought Eircom shares in 1999 and still retain the related Vodafone shares.

The important thing to note is if you opt for the return of Capital AND complete and return the relevant forms, the return will be subject to Captial Gains Tax and may effectively be tax free (as the return leads to the crystallisation of a Capital Gains Tax Loss) but if not the dividend will be subject to Income Tax and related levies and charges.

http://www.revenue.ie/en/tax/cgt/vodafone-shareholders.html

Also attached is an interesting article from the Irish Independent giving guidance on how to complete the bundle of forms Vodafone Investors received recently. Its well worth a read

http://www.irishtimes.com/business/personal-finance/vodafone-windfall-how-much-will-i-get-what-do-i-do-1.1653948#.UtZlJcMDBR0.email

 

The Seed Capital Scheme

Summary of the Seed Capital Scheme (SCS)

If you are an employee, an unemployed person or were made redundant recently and are interested in starting your own business you may be entitled to avail of the tax refund available under the Seed Capital Scheme.

An employee who leaves employment and invests by means of shares in a company, which carries on a new business, may claim a refund of income tax paid in previous years. An unemployed person may also avail of this facility.

For more information please clink the following link: http://www.revenue.ie/en/tax/it/leaflets/it15.html