COMPANIES ACT 2014 – Summary Approval Procedures

COMPANIES ACT 2014 Summary Approval Procedures One of the changes under the Companies Act 2014 is the introduction of Summary Approval Procedures which will make it easier for LTD, DAC and Companies Limited by Guarantee to enter into certain transactions which in the past were either prohibited or needed Court approval. The new procedures set […]

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Companies Act 2014 – Compliance statement & audit exemption

Directors Compliance Statements and Audit Exemption for small groups Directors Compliance Statements The directors of companies with balance sheet totals in excess of €12.5m and turnover in excess of €25m must draw up a compliance statement as part of the directors report in relation to compliance with certain company and tax law provisions.  Larger companies […]

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FRS 102

The new Financial Reporting Standard applicable in the Republic of Ireland and the UK from 1 January 2015 The Financial Reporting Council (FRC) in the UK published a new accounting standard in March 2013 (amended August 2014) known as FRS 102. This accounting standard will replace a raft of previous standards known as Generally Accepted […]

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Modern Business Way: Outsourcing Your Payroll

Companies in Ireland look to save time and money and effectively manage their flow of operations that ensure them proper business continuity. One of the key practices undertaken by modern businesses is outsourcing their payroll to expert accountancy firms. Payroll outsourcing is commonly described as the practice of contracting third-party accountancy firms to handle all […]

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5 Things You Should Know About iXBRL

There is a growing need to find the appropriate instruments for flawless and quality financial reporting which can improve transparency among financial data users and easier decision-making processes within the financial departments. Managers, investors, analysts and financial institutions make decisions based on the financial statements making the reliability and accuracy of these financial statements a […]

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5 Benefits Of Back-Office Accounting Outsourcing

Every business owner wants to ensure that all operations are running smoothly, including the finance and accounts operations, but in most cases there is seldom time for overseeing the accounting department.  Trying to handle day-to-day accounting operations can be time consuming if you keep it in house. Outsourcing your accounting processes can bring great benefits […]

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Audit Exemption

Audit exemption was introduced for Irish Companies initially by the Companies (Amendment) (No. 2) Act 1999 which was amended by Section 53 of the Companies (Auditing and Accounting) Act 2003 and most recently by Chapters 15 & 16 of the Companies Act 2014. Under the terms of the Act companies that meet specific criteria can […]

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Research & Development Credit Update

The R&D tax credit scheme is a vital source of finance for developing Irish SMEs. The higher volume of Revenue Audits in this area has led to an increased level of uncertainly in recent years. For businesses relying on the credit as a source of funding, any uncertainly is significant. The recently published Revenue guidelines […]

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Revenue Letter On Amendments To Returns

Taxpayers have in the past two weeks been receiving these letters and articles have appeared in the print media on the matter. These letters are generic letters and have no relevance for most taxpayers. It is a shotgun approach to notifying taxpayers that from 1st May 2017 the rules on qualifying disclosures to the Revenue […]

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Tax Deduction for the Non Principal Private Residence Charge

This was an annual charge from 2009 to 2013 in respect of residential property that was not the owner’s principal private residence. The Revenue indicated at the outset that the charge was not deductible in calculating the net profit rent on a let property as the charge was not one of the authorised deductions under […]

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