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In Practice

ISME Reports a Deterioration in SME Bank Lending

Details of the ISME Bank Watch Survey, issued today (Monday, 1st March), confirm deterioration in bank credit for SMEs, in the three months to end of February. More than half of loan and overdraft requests have been refused, despite the banks assertions that they are ‘open for business’. The Association outlined that the Government now has no option but to immediately intervene through the NAMA process and force the banks to start opening up lending channels to small businesses. Any banks that fail to comply should automatically be refused any further state assistance with their recapitilisation programme.

Mar 2, 2010

Place of Supply of Services Rules 2010

As you know 1 January 2010 saw the introduction of the new place of supply rules for services. Now that the rules have had time to bed in it is a good idea to benchmark how business is coping with the changes.

Mar 2, 2010

Why Most Accounting Firms Websites Fail

The success of every website revolves around being found on the search engines. In other words, your website needs to be towards the top of the search engines in order to generate new business for your practice. Otherwise, it’s just another website that is lost in space, which is useless.

Mar 2, 2010

The Auditors Role in the Bank Crisis

The Irish Bank crisis occurred largely without early warning from all the various experts entrusted with governing and overseeing the financial sector. The Banks’ directors, the Financial regulator and the Banks’ Auditors were all silent until very late in the day.

Feb 16, 2010

Chartered Accountants Ireland backs biggest accounting change for domestic firms for the last 20 years

Chartered Accountants Ireland has added its support to proposed changes in accounting standards which would see Irish and UK Generally Accepted Accounting Principles (GAAP) replaced by a three-tiered approach, whereby companies would apply one of the following:

Feb 16, 2010

A Schizophrenic Profession! (?)

As an accountant you prepared accounts – because no-one else could; you completed clients’ tax returns – because someone had to; you audited limited companies accounts – because that was the law. You were always busy and all you had to do was multiply pay rates by three,

Feb 2, 2010

The Eleven Commandments of Marketing Your Practice

While you will never find these Eleven Commandments on two stone tablets, they should provide you with direction as you seek to grow and develop your practice each and every day.

Feb 2, 2010

10 Client Trends to Watch Out for in 2010

Here are 10 trends which will very likely impact your business in 2010:

1. Clients will not forget the discounts you gave them. In 2008 and 2009, a lot of firms either granted discounts or simply gave work away for free. This has set clients’ expectations going forward,

Feb 2, 2010

Tax Exemption for Start Up Companies Signed Into Law

The Minister for Finance finally signed the commencement order for the tax exemption for new start up companies on 15th December 2009. The exemption, first announced by the Minister in the Budget in October 2008, applies to companies incorporated on or after 14th October 2008 and who commence a new trade in 2009.

Jan 19, 2010

New Electronic VAT Refund (EVR) procedures

Significant new EU legislation regarding the processing of VAT refund claims will come into effect on 1 January 2010

A new electronic VAT refund procedure will be introduced across the EU for all claims submitted after this date. From 1 January 2010, all applications for VAT refunds must be made by VAT registered traders (or their agents)

Jan 19, 2010

Budget 2010 and year end tax planning – Act now and save tax

At this stage, everyone within the Business community will be painfully aware of the perilous state of the national finances. Between the collapse in tax revenues and increase in spending on both day

Nov 23, 2009
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Self employed tax take to plummet

ACCA Ireland (Association of Chartered Certified Accountants) is estimating that the self employed October tax yield could be down 30% or more.

Nov 23, 2009

Company Directors Need to Seek Advice about “Going Concern” Judgements

Company Directors are being advised to seek advice about their responsibility for the crucial ‘going concern’ judgement in their annual report, as the recession brings the viability of many businesses into question.

Nov 23, 2009

The Local Government (Charges) Act 2009

The Local Government (Charges) Act 2009 introduced the €200 local authority levy on ‘second homes’, plans for which were originally announced as part of the October 2008 budget.....

Nov 10, 2009

New €200 NPPR Charge

The Local Government (Charges) Act 2009 introduced the €200 local authority levy on ‘second homes’, plans for which were originally announced as part of the October 2008 budget...

Nov 10, 2009

How can a company cut workforce costs without implementing redundancies?

Nearly all business sectors in Ireland are struggling to contain their costs and where possible reduce them in order to manage and survive in the current downturn. The main cost area in most businesses are people/human capital

Oct 27, 2009

Latest insolvency figures show 138% increase in business failures

The number of Creditors’ Voluntary Liquidations, High Court Liquidations, Receiverships and Examinerships in the nine months ended 30 September 2009 has increased by a staggering 138% on the same period in 2008. Declan Taite, FGS Corporate Restructuring & Insolvency Partner analyses the statistics.

Oct 27, 2009

8 Ways for Small Business to Expand Their Client Base

Oct 13, 2009
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The Accountants of Ireland Say Yes Lisbon

94% of Ireland’s accountants believe that the people of Ireland should vote ‘Yes‘ for the Lisbon Treaty on 2nd of October 2009. This result is based on Ireland’s first All Ireland, All Institute Accountancy Practice Benchmarking Survey conducted by OmniPro. There were 240 respondents from all around Ireland

Sep 29, 2009

Managing Your Practice in a Time of Change

Despite the recession in the global economy accounting practices appear to be taking a pragmatic view. In a recent survey, almost 60% said they were looking to grow their client base at this time and a quarter expected to extract greater value from existing clients. Only 16% were content simply to maintain current business levels. Accountants clearly believe there are opportunities to be had even in this depressed market, but what’s the best way to exploit them?

Sep 29, 2009

The Future for Pensions

“The Commissions recommendations in respect of proposed changes to legislation on tax free lump sum entitlements at retirement will come as little surprise given wide spread reporting that this area was to be reviewed” said Yann. A cap of €200,000 is proposed with sums in excess of this limit being subject to tax at the standard rate, currently 20%.

Sep 29, 2009

No tax filing extension this year

The self employed tax filing deadline is 31 October, but most taxpayers avail of the extension to file electronically on Revenue on Line (ROS) and therefore have until 16 November to pay and file using ROS. To get the extension you have to “pay” on 16 November and many taxpayers are finding this more difficult than in previous years.

Sep 29, 2009

Deadline date looms for non Principal Private Residence charge

The Local Government (Charges) Act 2009 introduced the €200 local authority levy on ‘second homes’, plans for which were originally announced as part of the October 2008 budget. The new levy is targeted at holiday homes and rental residential properties, whether rented or vacant, and it is estimated that circa 400,000 properties will be liable to the charge.

Sep 25, 2009

Enhancing Client Relationships

The marketplace for accounting firm services is more competitive than ever and a recent survey has confirmed that professional firms are being affected by the deteriorating economy. As competition for new clients increases so too does the need to ensure that existing clients

Sep 15, 2009

‘Rent-to-Buy’ (and similar) Schemes

This article provides guidance on the likely tax treatment (income tax, corporation tax, capital gains tax and stamp duty) of ‘Rent-to-Buy’ and similar schemes that have become a feature of the Irish property market. These are essentially schemes, devised by builders/developers,

Sep 15, 2009

Accountancy Profession calls for Lisbon Yes Vote

The Consultative Committee of Accountancy Bodies – Ireland has called for a Yes vote in the forthcoming referendum on the Lisbon Treaty.

Sep 10, 2009

Practice Benchmarking Survey

How does your practice perform and operate in comparison to your peers throughout Ireland? Are your salaries sufficient to attract and retain the right team? Are your fees competitive enough to maintain your existing clients and attract new ones?

Sep 1, 2009

Credit Availability for SMEs

As part of the ongoing work of the Government's Credit Supply Clearing Group, the Department of Enterprise, Trade and Employment is, calling for submissions from viable businesses that have been refused credit by banks...

Aug 23, 2009

Bankruptcy - The Impact on the Family Home

Bankruptcy is a legal process whereby the assets and property of an individual who is unable or perhaps unwilling to pay their debts are transferred to an Official Assignee........

Aug 23, 2009

Managing for High Performance in an Economic Downturn

Aug 18, 2009

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