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.

Economic Operators Registration and Identification system (EORI)

Non-domestic Trading, post Brexit, Revenue are now stepping up a gear.. better late than never.

February 7, 2019

If you trade with the UK, then Brexit brings with it very significant challenges for your business.
When Brexit happens, and it will, customs procedures will apply to trade and movement of goods with and through the UK. That means you must comply with certain customs requirements. Advance planning by you is vital, otherwise your business will experience potential delays on imports or exports.

 

 

 

 

 

 

 

We at, John M Shanahan & Co, Chartered Accountants, Tullamore, Co Offaly have taken a look at the need for having an EORI in place. 


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Starting new Business in 2019 - Help to make it happen.

The things Entrepreneurs should know before starting their new Business.

Entrepreneurship is not everyone’s cup of tea, and definitely not for the faint hearted. No amount of formal education can teach you the essentials of how to do a business in the real world today. It is a trait you can cultivate while on the job, some say its in the skin. Even then, having a good knowledge of how to start and manage a business should hold you in good stead and bring you along the road to success.

Practices, tools, strategies  are essential toolkit implements to have in your possession. Check out our bullet points which can act as realistic guidance on your journey.

We at, John M Shanahan & Co, Chartered Accountants, Tullamore, Co Offaly have listed some salient points for inclusion in your armoury. 


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BUDGET 2019

Budget 2019 - faced with so many demands for Funds and Assistance meant the Minister could not achieve any high impact moves -  playing it safe, knowing there is only so much in the Cookie Jar.

October 13, 2018

 

On the 9th October Paschal Donohoe has delivered his budget speech as Minister for Finance and set out the  budgetary measures from the Government in a time where we are watching many risks to the economy unfold such as a US trade war, a possible EU crisis with Italy in the mix and closer to home the all encompassing Brexit or no Brexit deal which has the capacity to send Ireland back into a recession.

We at, John M Shanahan & Co, Chartered Accountants, Tullamore, Co Offaly have looked at the main points for inclusion in Budget 2019. 


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Check-in Time - Its your Income tax Deadline 2017

Fast Approaching Tax filing Deadline - make sure you have met your tax obligations and sleep earlier.

October 5, 2018

 

The income tax return deadline for the tax year 2017 is fast approaching.  In order to ensure you are compliant, returns must be filed on or before the 31st October 2018.
However, taxpayers who both file their return of income and make the appropriate payment though ROS for:

  • Income tax balance due for 2017, and
  • Preliminary income tax due for 2018,

can avail of Revenue's extension to the normal filing date and file by 14th November 2018.
The responsibility is on the individual taxpayer to file the return, calculate the liabilities due and pay the taxes on time.

It is advisable to seek our guidance when preparing your return in order to ensure the maximum reliefs are availed of and the correct liabilities are calculated, so don't be penny wise and pound foolish.


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Non Residential Landlords & Rental Tax

As Landlords renting a property in the State but living abroad, you still have an obligation to make an Irish tax return on your rental Income.

September 29, 2018

If you’re renting a property in the Republic of Ireland but live abroad, there are a few things you might want to know.
Whether you live in Belfast Northern Ireland or Buffalo New York, if you rent property in the Republic of Ireland any money you make from lettings is still chargeable to the same tax as residents of the State. Your gross monthly earnings are subject to income tax, and you're still required to submit a tax return to the revenue every year.


 

 

 

 

 

 

However, in terms of paying your tax, the standard practice for non-resident landlords is that your tenants withhold the standard 20% income tax from their monthly rent and pay it to the revenue on your behalf.


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Tax Relief on Third Level Tuition Fees

Revenue refer to it as a "Tax Relief on Tuition Fees" - small, but not too insignificant to Ignore.

September 28, 2018

As colleges has just started back the costs of third level education become apparent, you as the parent or payee will be happy to know that some relief is available.
The person who pay tuition fees for third level courses on their own behalf or on behalf of another can claim the tax relief.

 

 

 

 

 

 

However the tax relief is available only at the standard rate of 20% (and even that is subject to restrictions) on tuition fees including the student contribution (sometimes called a registration fee) paid for full or part-time third level courses. For the academic year 2018-2019, the student contribution is capped at €3,000.


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PAYE Modernisation

Revenue's way of off-loading work, at no cost to you - the employer - now that's a myth surely.

September 2, 2018

 

 

 

Billed as PAYE modernisation, Revenue is moving towards Real Time Reporting (RTR) for employers. This is a significant development. It follows the path taken by the UK, where RTR has been in place since April 2013.
RTR has been in place in Ireland for Relevant Contracts Tax (RCT) since 1 January 2012.

 

PAYE RTR will mean having to report pay, tax and other deductions, as well as any employees leaving their employment, at the same time as you run your payroll function - be aware of the effect on your business.

 

 


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Airbnb Income Declarations

Under-declared Rental Income courtesy of Airbnb, Revenue have begun their trawl.

August 22, 2018

 

The latest to feel the Revenue wrath will be Airbnb hosts as Revenue have begun contacting hosts in writing regarding undeclared income.

 

 

We have warned before about the so-called Revenue crack down, as Revenue continue to battle against evasion and fraud in all its forms. Airbnb can be a safe and convenient source of additional income for many, but has been seen as somewhat of a grey area for taxation purposes.


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The Central Register of Beneficial Ownership

Registration of Beneficial Owners of Companies has now started, make sure your company is compliant.

August 22, 2018

 

As you may be aware, a newly-established Central Register of Beneficial Ownership (CRBO) is being established. This new legal requirement was brought in by the 4th Anti-Money Laundering Directive (4AMLD) which all EU Member States are required to implement into their national law.

The Companies Registration Office (CRO) has been appointed as the statutory body in Ireland responsible for the establishment and maintenance of the CRBO.

 


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The SURE way to get your tax money back!

Start-Up Refunds for Entrepreneurs (SURE); you can make it happen.

August 25, 2018

 


 

Start up Refunds for Entrepreneurs (SURE) is a tax relief incentive scheme.
If you are interested in starting your own company, you may be entitled to an income tax refund of up to 41% of the capital that you invest under SURE. Depending on the size of
your investment you may be entitled to a refund of income tax paid over the 6 years prior to year in which you invest.

 


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Family Wages - Tax deductibility in Paying Family members

Keeping it in the Family, Fair Pay that reaps Financial Rewards are Tax deductible.

May 31, 2018

 


 

 

In cases where spouses, children or other family members assist in the running of a family
business and receive payment for their work, such individuals are treated and taxed as any other employee,  however the tax deductibility of wages paid to them may be open to scrutiny by Revenue.

The sole purpose for incurring the expense must have been for the purposes of the trade. Where a non-trade purpose is identified, then the Revenue will disallow such expenditure in the business accounts.

 


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