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News

Finance Bill 2010 – VAT measures relating to "transitional properties".

Background
The Minister for Finance intends to introduce a Committee Stage amendment to the Finance Bill (as initiated) - Amendment Number 77 on the List of Proposed Committee Stage Amendments refers – which will substitute a new subsection for the existing subsection (10) of section 4C of the Value-Added Tax Act 1972 (as amended). This new measure, if enacted by the Oireachtas, will provide that the "big-swing" rule in the capital goods scheme ("CGS") will apply to transitional properties [1]. The situations in which this rule will apply are outlined below together with some examples of how the rule will operate in practice.

Mar 2, 2010 [Taxation/Budget News]

33% Increase In Insolvencies – Five Companies Went Bust Each Day In February

New statistics compiled by InsolvencyJournal.ie this week reveal a significant increase in insolvencies in February. The number of companies that went out of business last month was up by 33 per cent from 110 in January to 146 in February with approximately five businesses per day going bust last month.

Mar 2, 2010 [Recession]

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 [In Practice ]

5 Steps to Find the Right Measures

How to find the right measures is the most asked question in the field of performance measurement. And it's little wonder, because the more meaningful measures track outcomes which tend to be less tangible than the traditional things we've measured, like how many widgets we produced.

Mar 2, 2010 [In Business]

When consumer IT enters business, so does the risk of cyberattack

At first glance there would appear to be little to connect Apple’s iPad and the Greek’s Trojan horse. After all, centuries separate the two creations. The Trojan horse described in Virgil’s Latin epic poem The Aeneid was wheeled into Troy in the Bronze Age: Apple’s much-hyped tablet device signifies cutting-edge, 21st-century computing technology.

Mar 2, 2010 [In Business]

Irish Tech Firms Funding up almost 20% to €288m in 2009

Irish companies raised €288m in 2009, up 18.6% on the previous year according to the Irish Venture Capital Association (IVCA) Venture Pulse survey.

“This strong performance was against a backdrop of a severe credit crunch and global banking crisis,” commented John Tracey, chairman IVCA and CEO, TVC Holdings plc. He said that the record year in Ireland compared with significant falls in activity levels of between 50-70% in US and UK markets which were back to levels experienced in the late 1990s.

Mar 2, 2010 [In Business]

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 [In Practice ]

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 [In Practice ]

Finance Bill 2010

The Finance Bill replicates the tone of the Minister for Finance’s budget speech last December in that “High Earners Must Pay Their Fair Share”. The Finance Bill introduces a number of measures which will not only restrict the amount of tax relief high earners can claim, it will also ensure that certain individuals who continue to have close ties to the State will pay make a contribution to the State in respect of their citizenship.

Feb 16, 2010 [Taxation/Budget News]

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 [In Practice ]

Changes to R&D Tax Credit Regime – A Missed Opportunity?

Finance Minister Mr Brian Lenihan earlier this month published the Finance Bill 2010 which gives effect to the taxation measures announced in last December’s Budget. The existing R&D Tax Credit regime has been amended to cover situations where a company carries out R&D activities in different facilities in separate geographical locations and the activities in one of these facilities is permanently discontinued.

Feb 16, 2010 [Taxation/Budget News]

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 [In Practice ]

Preparing Companies for Liquidation

A Company facing an inevitable insolvency can present a difficult and stressful time for its Directors on a number of levels. Despite the understandable turmoil that they may be experiencing it is important that the Directors of the Company take professional advice to ensure that they meet their legal obligations.

Feb 16, 2010 [Recession]

Average Payment in Ireland Takes 75 days!

The Director of the Small Firms Association (SFA), Patricia Callan, has said that late payments in Ireland are worsening and are compounding an already difficult financial environment for many small firms. The SFA Winter Credit Conditions Survey highlights the challenges that are being experienced by small businesses in relation to late payments. Callan said: “in Ireland, from the time a firm issues an invoice to the date it is settled is now on average 75 days (up from 66 days in our Autumn Survey).

Feb 16, 2010 [Recession]

Sharp Improvement in Irish Consumer Sentiment in January

Irish consumer sentiment showed a surprisingly strong improvement in January. The KBC Bank/ESRI Consumer Sentiment Index rose to 64.6 from 53.3 in December, boosting the Index to it’s highest level in two years. The 11.3 point increase was also the strongest monthly change since a similar rise in December 2004. While this increase looks almost suspiciously large and there may be some pullback in February, the January data suggest a clear brightening in the mood among Irish consumers.

Feb 16, 2010 [Recession]

Majority of Irish businesses planning to continue restructuring in the year ahead

A poll carried out by PwC with the Dublin Chamber of Commerce revealed that business restructuring continues to be a significant challenge for nearly two-thirds (64%) of Irish businesses.

Feb 2, 2010 [Recession]

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 [In Practice ]

Is there an alternative to redundancy?

Feb 2, 2010 [In Business]

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 [In Practice ]

The Cloud Computing Quandary

Cloud computing refers to the online outsourcing of technology requirements. Cloud services fall into three broad categories: infrastructure, platforms and software, which are provided through the internet rather than being facilitated in-house. The internet is

Feb 2, 2010 [In Business]

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 [In Practice ]

Irish Economic Update 2010

Incoming news in recent months has prompted us to make another upward revision to our forecasts for Irish economic growth for this year. We now see GDP growth at -0.5% this year vs. -2.8% previously.

Feb 2, 2010 [Recession]

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 [In Practice ]

Taxation of individuals as employed or self employed for tax purposes – an ongoing issue

For many years there has been a divergence of opinion between Institutions of the State on the one hand and employers and individuals on the other as to whether a person hired to carry out certain duties or undertake a certain project for another person should properly be regarded as an employee or as self employed for Tax purposes.

Jan 19, 2010 [Taxation/Budget News]

'Flight to value' reshaping the business of retail

The recession has brought about a new way of shopping with many of these changes likely to be permanent. This will bring about a step change in the way consumers perceive 'value' and spend money, and in the way retailers are shaping their businesses, according to new PricewaterhouseCoopers (PwC) research launched at the 2010 Annual Checkout

Jan 19, 2010 [In Business]

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 [In Practice ]

Short-listing on Attendance Records: Legal Considerations

The downturn in the economy has led many employers to reconsider their staffing requirements and to seek to introduce changes in the workplace to ensure maximum efficiency. Accordingly, issues such as employee attendance, conduct and performance are likely to be subject

Jan 19, 2010 [In Business]

Tax Deadline for UK Property looming

ACCA (Association of Chartered Certified Accountants) is warning Irish people who have UK property that their UK tax returns are due by the end of this month.

Jan 19, 2010 [Taxation/Budget News]

Sustainable Procurement Functions in the Face of Recession

How do you find savings in an already squeezed business – then get non-financial functions on board to help you make them sustainable beyond recession?

Jan 19, 2010 [In Business]
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Live Register Total Hits a New Record High

The latest Live Register figures for December were a bit weaker than we had been expecting. The number of unemployment benefit claimants rose by 3,300 in the month, on a seasonally adjusted (SA) basis. Thus following the 3,000 fall in numbers signing on in October (the first since March 2007), the cumulative rise of 4,200 in November and December has more

Jan 19, 2010 [Recession]

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