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Summary of changes that apply from 1st January 2023 The calculation of the BIK due on a company car (Petrol/Diesel/Hybrid) will now take account of the vehicles CO2 emissions. Basically vehicles with higher emissions will attract a higher rate of BIK.For company vans where the employee has private use of the van, the rate of BIK is increasing from 5% to 8%.The relief allowed for fully Electric Vehicles is being reduced from €50,000 to €35,000 in 2023 followed by a...

TBESS - Revenue has released it’s comprehensive guidelines on the operation of the scheme. The 62 page document provides details and examples to guide businesses on their eligibility. There is also details on the registration and claims process. Highlights For Businesses If your company Who can claim? Most trades and professions, together with charities and approved sporting bodies that carry on certain activities are eligible businesses for the scheme. Businesses will also be able to avail of the favorable fixed 3% interest...

News has emerged that the revenue has announced a 12 month extension to the Debt Warehousing Scheme. They said that this is to support businesses due to what they call “the current challenging economic situation for businesses”. What does is mean for your business? If your company has warehoused revenue debt under the Debt Warehousing Scheme, it now has a 12 month extension before it must enter into a phased payment arrangement with revenue. This has been a major worry...

The business world is emerging from the worst of the COVID-19 pandemic. With inflation running at 8.5%, we now face sizeable economic challenges. We have all seen the huge increases in the cost of energy which is leading to a cost of living crisis. So what has the 2023 budget done to assist? For Business 12% Corporation Tax rate to remain for SME’s - No change from last year. Businesses with a turnover of less than €750m will retain the low corporation tax rate...

Thousands of businesses in Ireland fail every year due to a lack of cash flow. Many blame the lack of funding from banks. However, with better cash flow management they could have avoided many of the pitfalls that resulted in the business failing. So, let’s look at the pitfalls and what the business can do to avoid these. Problem: Poor sales and gross margins too low (not enough profit). Solution:  Review...

Running a business isn’t easy! How to deal with the 5 Top Challenges for business owners, as they look forward to the second half of 2022 Overcome the challenges and reap the rewards. I. Staff. Getting and holding onto staff is already proving to be a real challenge as we enter the final quarter in 2021 and is not going to get any easier in 2022. So what can you do about it? Survey your team to identify what they want from the...

This is a question that is regularly asked. Company directors are often tasked with figuring which is the best option for them or for an employee. To assist with this, I explore the costs and benefits of both options and also include a useful calculator in a downloadable spreadsheet format below. Taking the example of a company director who travels 10k business km’s annually and is looking to purchase an Electric Car costing €45k on 1st July 2022. Lets...

Running a business is hard! A common mistake we are all guilty of….. is selecting to do the things we are comfortable doing first. It's in our human nature to do what we are good at and what we like doing. But our businesses would benefit more if we did less of these things and if we delegated more. The benefit to us, is that we then have more time to focus, on making the improvements that we know our...

It’s no joke for business owners! There are some key changes coming, that business owners need to be aware of. The first of these is the new statutory sick pay and the other is of is an important notice from Revenue if you are availing of the Revenue Debt Warehousing scheme. Sustainability will encompass our social responsibility and how we behave, treats our employees, and give back to the community. New Statutory Sick Pay 3 days in 2022, then rising to 10...

When it comes to our environment, almost every business needs to concern itself with pollution and carbon emissions from travel, heating, and other sources. For some businesses who are working with physical products, then they can consider the use of natural resources, while primarily online businesses might focus on other things like energy consumption. Sustainability will encompass our social responsibility and how we behave, treats our employees, and give back to the community. Let's go Green! What are we doing...