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Author: solvesupad

Accounting
October 13, 2021

The 2022 budget is being promoted as business friendly by the government. There are plans to attract more foreign direct investment into Ireland with money going to IDA, Intertrade Ireland and many other state agencies to promote innovation and help businesses focus on digital technology. Below is a summary of the main tax changes that will impact your businesses and their employees. For Business 12% Corporation Tax rate to remain for SME’s Businesses with a turnover of less than €750m will...

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Accounting
September 12, 2021

In this newsletter, we look at the new BRSS and what businesses are eligible to make a claim. At the end, you’ll also find a sample calculator to calculate how much you can claim. To claim BRSS, you must self-declare to Revenue that the business is actively trading and intends to continue to do so and is up to date with all VAT obligations. Another key point is that the business has not claimed the CRSS for any week that includes the...

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Accounting
July 30, 2021

Have you ever wondered if employees in the UK cost more to employ than their comparable employees in the Republic of Ireland? Let's break it down and find out. Wages - How does the minimum wage stack up? In the UK, the minimum wage for employees who are 23 years old and up is £8.91. When this is converted, it translates to €10.48 at an exchange rate of .85 (the average exchange rate as of June 2021). Compared to the €10.20 minimum...

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Accounting
July 29, 2021

Outsourced bookkeeping, accounting, and financial controller services are becoming a much more popular solution for SME businesses today. Previously, this option was in the main reserved for larger companies but now smaller companies are moving to this alternative. Having an Irish-based accounting team, business owners and their senior team have access to experienced, highly trained staff working to help them be more profitable, grow faster and make better decisions. There can be significant cost savings compared to building up an internal...

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Accounting
July 14, 2021

EWSS Eligibility Review to be completed on ROS going forward This update follows on from our Blog at the start of July. Revenue have issued an update on this which sets out a new eligibility review process that employers claiming the subsidy must complete. NEW - Initial Eligibility review The initial Eligibility Review for the June period which will be used to assess eligibility for pay dates from 1 July needs to be completed and submitted online between 21 and 30 July 2021....

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Accounting
July 2, 2021

In this blog, we’ll review the criteria that you must check to know when and how you should stop claiming EWSS to ensure that you don’t fall foul of revenue. At the end, you’ll also find a sample calculator to make checking the criteria easy. To claim EWSS, you must self-declare to Revenue that you have experienced significant negative economic disruption due to COVID-19, with a minimum of 30% decline in turnover or customer orders over a 12 month period. The review...

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Accounting
June 22, 2021

Revenue have commenced Employment Wage Subsidy Scheme (EWSS) compliance checks. Revenue is now issuing letters to employers with a 7 working day turnaround deadline to submit all the necessary documentation requested. See below for a sample letter from Revenue Requirements: Send in copy of payslips for a selection of staff.Provide details of who runs your payrollCopy of bank statements for the relevant periods. Warning! If all compliance actions are not completed within the 7 day timeslot, Revenue have stated...

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Accounting
June 14, 2021

To qualify you must have a valid tax clearance cert and meet the reduction in turnover (or customer orders) test. Subsidy Rates from 20 October 2020 to 30 September 2021 Criteria to qualify: Business has experienced significant negative economic disruption due to COVID-1930% decline in turnover or customer orders over a 12 month period (2019 V 2021) This is operated on a self- assessed basis and on the last day of every month, you must complete a review to make sure you continue to...

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Accounting
June 2, 2021

While the full details have yet to be revealed we do know the key elements of the plan and we look to see how these will impact businesses in Ireland What’s New? Business Resumption Support Scheme (BRSS) To be implemented in September 2021, this new scheme is aimed at helping businesses that have been significantly impacted by the pandemic since March 2020. Eligibility will be for businesses who have seen their turnover reduced by 75% when comparing Sept 2020 to August...

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