John M Shanahan & Co.

linking practice to business

Chartered Accountants
Registered Auditors

Phone: 057 93 22100

email: info@shanahan.ie

Below you will find articles of interest to all matters of business, penned by the company's principal, John M. Shanahan.

You may access the complete article by clicking on the relevant Read More button in the article previews below. Feel free to contact us if you would like more information on any of the matters covered here.

Revenue has upped its Game.

Business will now get more proactive support from Revenue in a concerted effort by Government to ensure companies & business's stay afloat.

March 16, 2020

 

Chartered Accountants Ireland has continued its engagement with Revenue, around the impact of COVID-19, and potential effect on filing deadlines, cashflow and ongoing effect on business generally. To date, the following more focused updates have been received.

 

 

 

 

 

 

 

 

We at, John M Shanahan & Co, Chartered Accountants, Tullamore, Co Offaly have taken a moment to look at what they are saying.


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The Covid-19 Environment & State Bodies Response

Business will only get very measured support from State Body Stakeholders when it comes compliance, finance and Taxes.

March 13, 2020

 

Chartered Accountants Ireland has been engaging with the Companies Registration Office, Revenue, the Central Bank and other key government agencies and stakeholders around the impact of COVID-19, and potential issues with filing deadlines etc. To date, the following very measured updates have been received.

 

 

 

 

 

 

 

 

 

 

 

We at, John M Shanahan & Co, Chartered Accountants, Tullamore, Co Offaly have taken a moment to look at what they are saying.


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Transactions between Directors and their Company

Companies and their directors are seen as two separate legal entities and should be treated as such.

March 10, 2020

 

When a director wishes to borrow money from their company for personal use even for a short period of time there are a number of legal restrictions to be considered.

 

 

 

 

 

 

 

 

 

 

We at, John M Shanahan & Co, Chartered Accountants, Tullamore, Co Offaly have taken a moment to look at how to navigate these hurdles.


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Tax Deductible Expenses incurred by an Employee

While Revenue are continually obsessed with policing the masses, i.e. the low lying fruit, the deductibility of typical expenses that may be incurred by an employee is always subject to close scrutiny.

January 29, 2020

 

Revenue's Tax and Duty Manual sets out the principles, based on case law, for determining the tax deductibility of general expenses incurred in the performance of the duties of an employment.

 

 

 

 

 

 

 

We at, John M Shanahan & Co, Chartered Accountants, Tullamore, Co Offaly have taken a moment to look at how this can implemented in practice.


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VAT Fraud and its Implications

While Revenue are continually obsessed with policing VAT Fraud, its remains their responsibility and not that of the business owners, despite  their best efforts to shift the workload.

January 21, 2020

 

Revenue expects every VAT registered business to assess the integrity of its supply chain and customers, as well as the goods involved in these transactions.  They say the responsibility to carry out these checks remains with your business.

 

We at, John M Shanahan & Co, Chartered Accountants, Tullamore, Co Offaly have taken a moment to outline how this can occur and the actions you can take to prevent it happening.


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Preparing for a Revenue Audit

While Revenue may continually scrutinize taxpayers for compliance purposes, you do not want your business to be pulled out of the hat and face the anxiety of a Revenue Audit in 2020.

January 15, 2020

 

Revenue Audits have become a regular feature of our tax system. Whilst the actual number of Revenue Audits has decreased in recent years, according to their recently published figures, Revenue’s efforts are now targeting their audits where there is the greatest chance of errors and therefore more money into the system.

 

 

 

 

 

 

We at, John M Shanahan & Co, Chartered Accountants, Tullamore, Co Offaly have taken a moment to outline how best to prepare for the possible visit to your premises.


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Travel & Subsistence - Re-visited

While Revenue may tinker with the rates, the ability to Claim tax free motor expenses may appear to become more restricted.

September 27, 2019

Revenue will say that you can pay your employees' expenses when they travel on business journeys; you can also pay subsistence if employees are working away from their normal place of work and you can repay your employees when they use their private car for business purposes, that all seems fair and expected to be paid tax free.

But then there are instance that are not as obvious to the average employee carrying out work duties on behalf of his/her employer.

 

 

 

 

 

 

 

We at, John M Shanahan & Co, Chartered Accountants, Tullamore, Co Offaly have taken a moment to outline how it may effect you and your business.


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VAT Registration .. Domestic and/or EU.

As the new Brexit Deadline looms once again, Revenue are now separating domestic and EU  VAT Registrations.

August 27, 2019

Revenue are developing a two-tier VAT registration system whereby business can apply for a ‘domestic-only’ registration or an ‘intra-EU’ registration. This change will apply only to persons applying for VAT registration after 17 June 2019.

 

A simplified registration process will be available for domestic-only applicants (businesses not undertaking any intra-EU trade). If your business registers for domestic-only purposes ( i.e. trade withing the State) and subsequently wish to engage in intra-EU trade, you may then submit an application for an intra-EU registration.

 

 

 

 

 

 

 

 

We at, John M Shanahan & Co, Chartered Accountants, Tullamore, Co Offaly have taken a moment to outline how it may effect your business.


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Social Welfare Cost of Benefits for Self Employed

Self-employed and the Welfare State....finding a middle ground.

August 26, 2019

Traditionally the self-employed didn’t get access to social welfare benefits due to their contributions rate.

However in recent months the Government announced plans to widen the net of eligibility for those who need State support when their business dries up.

 

 

 

 

 

 

So, from November, thousands of self-employed people will be able to sign up for jobseeker’s benefit of €203.00 per week should their business fail.

We at, John M Shanahan & Co, Chartered Accountants, Tullamore, Co Offaly have taken a moment to reflect on its merits.


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Tipp back on Top in 2019

Tipp win the battles on and off the field emphatically.. in a display that makes me a proud Tipp-man.

August 20, 2019

What started as a nail biting dogfight of a final turned into a masterclass in hurling as Tipperary cut loose in the second half to crush 14-man Kilkenny and win their third All-Ireland title of the decade.

As a proud Tipperary man, this hasn't happen too often in my lifetime, but when it does, it banishes the dull days of defeat into the closet and we celebrate the moment.

We at, John M Shanahan & Co, Chartered Accountants, Tullamore, Co Offaly have taken a moment to reflect.


Read more ...

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