What is Mortgage Interest Tax Credit and how can I benefit?
The Mortgage Interest Tax Credit (MITC) arose during the 2023 Budget and put simply, is a form of tax relief. The new credit applies for 2023 only and can be utilised by taxpayers who have made mortgage interest payments in respect of a qualifying loan. The mortgage payments must have been made for a principal private residence and the credit [...]
How to nail the new reporting requirements as an employer
Are you an employer struggling to get your head around the recent updates to the reporting requirements? Well, look no further as we break down what’s expected of you following the implementation of the Finance Act 2022 (s 897C). From January 1 2024, all and any employer will be expected to report details of certain payments made to employees and [...]
Sustainability and small businesses: What can we do to help
When it comes to sustainability in business, there’s a misconception it’s all down to big conglomerates and huge commercial outlets to take care of the planet. However, like anything, change starts from the ground up - planting seeds towards more environmentally sound practices doesn’t have to be exclusive to companies that generally take up more space. Issues like carbon footprint [...]
PAYE Workers and Tax: are you making the most of your credits and reliefs?
In the midst of invoices and payslips, it’s not always easy to understand breakdowns and ensure you are receiving everything you should be. As a PAYE worker, you are eligible to claim certain reliefs and credits on top of the ‘standard’ list that includes: PAYE/ Earned income; Personal tax credit; Standard rate cut off; Age credit. We’re breaking down [...]
Big Budget 101: here’s everything you need to know about Ireland’s 2023 plans
Welcome to our big budget breakdown. The time has come for the Government to pay us back and reveal what our taxes are buying us these days. Highly anticipated and coming in at an almighty €11 billion– the largest ever package for spending and tax cuts – the 2023 budget is heavily focused on tackling rises in cost of [...]
A starter kit for business newbies
Here’s everything you need to know: Starting a business is no easy feat. With so much to think about and consider it’s easy to get bogged down by what you can’t do, rather than focusing on what you can do. However, whilst a challenge it will be one of the most rewarding things you’ll do and let’s face it – [...]
The perfect structural recipe for success
Before we kick off with the technicalities, there’s a few terms to be aware of when it comes to structuring your business to suit your purpose. Partnership – if team sports have always been your jam then this model might just be the perfect collaborative fit for you. Limited Company – looking to hand over things to a higher power? [...]
Talking taxes: what is my business really responsible for?
Before the taxman comes calling, it’s important to know what you’re actually responsible for and what you’re not. That’s why we’re breaking it down for you so you never have to worry about losing funds when it comes to your business’ tax bill. Valued Added Tax (VAT) In Ireland, you’re required to register for VAT once your business turnover exceeds [...]
Accountants: who are we & why do you need us?
Do you know who owes you money? Do they agree with what you think they owe you? Are suppliers chasing you for money? Do you know how much cash you need next month and that you’ll have it there? Do you know how much tax you owe and when you have to pay it? If you struggle with these and [...]
Navigating VAT in a post-Brexit trading arena
When it comes to VAT (valued-added tax), there’s a few different ways of handling it dependent on what and where you’re aiming to sell. Approaches will differ depending on who your customer base is: business (B2B) consumer (B2C) …and whether you’re selling a service or goods, alongside where you’re selling to. Let’s look at what happens when the geographical location [...]
Travel and Expenses
Let’s talk about expenses: what can I reimburse my employees for? Employees, including directors, can be reimbursed tax-free for certain travel and other costs built up during work done by them. These reimbursements can operate as a flat rate allowance or on the basis of vouched expenses. Entitlement to any reimbursements comes with a few strings attached. The employee [...]