5. Finance Bill 2010 on its way to enactmentAs agents we prepare and file your tax returns under all headings and in particular Corporation Tax & Income Tax As consultants we research and plan the best way for dealing with your tax issues and render tax planning advice as required
13. In depth Compliance with wide ranging Company Legislation and tax legislation that is daunting, overpowering and extremely expensive. Audits required or not ODCE – Office of Director of Corporate Enforcement Revenue Commissioners Audits A fatal inability to do The Financial Maths in the face of the Cash Famine and frustration in dealing with Zombie Banks. It is vital to perform active Cash flow management, measurement and control. Failure to do the Budgeting Maths – i.e. putting future plans in figures Failure to plan effectively for rising taxes How to deal with 1 to 3 in a cost effective and efficient way in order to get control of the business. WHAT IS THE BIGGEST CHALLENGE FOR BUSINESS TODAY?
14. What is it worth to you to be:- fully compliant with the law and taxes?- fully in control of your cash flow?- fully commend of all your expenditure and tax exposure?Compliance, planning and control put a lot more money in your bank and help you to keep it there.With the most up to date technology and the absence of overhead associated with the large firms, we can provide all these services in a way that will put money in your bank where it belongs. WE START WHERE OTHER ACCOUNTANTS STOP
15. Auditing and Business Finance As well as the knowledge, we have the technology to help you to analyse your annual financial statements or internal management reports Diligent Examination for the hidden information in the data - KPIs Teach you more on how to improve your cash flow Advise you how to improve turnover (and cut your costs) whilst being good to the environment Tutor you in how to Increase profitability and reduce losses in difficult times. WE START WHERE OTHER ACCOUNTANTS STOP
16.
17.
18. Income Tax The next filing date is 31st October 2010 for paper returns Tax Return 2009 Pay the balance due for 2009 Pay your preliminary tax for 2010 Preliminary Tax is a payment on account 90% of 2009’s liability 100% of 2008’s liability as a measure of same Mandatory filing on line is under discussion PAYE is not a tax; It is a collection system for income tax and pay related social insurance for employees and company directors. You may be overpaying your tax and the onus is on the individual to check out their affairs with the Revenue Commissioners.
19. Avoid occasions for BIK e.g. Company cars and ex gratia payments Drop the car Use bicycle or DART/LUAS/BUS...! Own your own car – claim “mileage” Do not avail of parking at your office....! (This one is on the way!) Claim all expenses at Civil Service Rates Motor from work to customer only Overnight Meal allowances Claim for use of home as an office Usually 1/6th of household costs Fund your pension from the business look at self administered schemes Incorporate to get higher rates of pension deduction. Review and improve your accounting systems to ensure that you capture all expenses Tax assisted devices Research and Development Tax refund Knowledge Economy Environmental Improvements Special needs e.g. child care Form a new company for new business – 3 year tax exemption Review your Cash Control system
20. Claim your Bin Charges (Council Service Charges) Back to College fees Uniforms Professional and Union Subscriptions Medical Expenses Check all entitlements including incapacitated relatives Pension Still there, but a lot of people are not taking it up. BES Still available to the end of 2011 Seed Capital Film production Property; Register with Private Residential Tenancies Board Clubs, Unions, Charities subscriptions etc Realize the losses on assets and claim CGT relief (Bed and Breakfast Relief) Downside – need to spend money These benefits are all now under the spotlight and this year may be the last chance you will have to claim them. TIPS TO SAVE TAX
21. PAYE – make sure your: tax credits are correct cut-off point is correct the split between spouses is correct If you are the stay at home spouse – go on the payroll of the family business PAYE – at end of year, make sure you: Submit a tax return and look for a revision Claim entitlements that arose during the year Review your health and pension claims All Tax Returns Be honest and truthful – there is a presumption of honesty It is expensive if you omit something – lose it all in tax and penalties if you are likely to be found out by the reporting mechanisms in place. PTRB, Deposit Accounts, PAYE, third party reporting If in doubt seek tax advice! TAX – BE HONESTY AND HAPPY!
22. WE STOP THE TAX PENALTIES If you fail to pay and file on time: 5% of tax – 1st two months, 10% thereafter Interest on top Legal and Sherriff’s Fees Directors pay on full liability; no PAYE cr. THE GOVERNMENT NEEDS YOUR MONEY! Note: IT, CT, CGT only
23. PLANNING YOUR SUCCESSION; Special Provisions on Retirement from Business and disposal to family. Giving shares/assets to family members Gift tax exposure Possible Capital Gains Tax Get tax planning advice and plan the cash outlay required
24. OUR OTHER SERVICES: VAT PAYROLL OTHER TAXES – CGT DWT C45 ETC INDIVIDUALS PERSONAL INCOME TAX SOLE TRADERS AND PARTNERSHIP TAX
25. Who is our ideal client? A company on the move: Turnover over €8,000,000 Total Assets over €4,000,000 FUNDS e.g. Pension unit trusts hedge funds A company that is owned by non nationals A company that needs a statutory audit A company that needs Corporate secretarial issues Business Finance Planning and Consultation We want to meet the Directors
26. Why would a client want to do business with We want to talk to companies looking to the future and sorting out problems with the past. We design the road map around all theissues such as efficiency, cost-savings, technology, marketing, sales, change, process improvement and profitability? KPIs CASH FLOW MANGEMENT BUDGETING FOR PROFITABILITY & GROWTHAll business struggling with compliance, rising costs and taxes and falling revenues needs us. WE START WHERE OTHER ACCOUNTANTS STOP
27. What business are we looking for: Audits and reviews Any company that needs a statutory audit Corporate secretarial returns Business Financial Planning and Consultation Any business that needs a tax return! Sole traders and Partnerships Small and medium sized companies Tax Planning for business Company formations Dissatisfaction with existing services Wrong fit, need to go to a smaller firm Costs are an issue: we are considerably cheaper than the larger firm.
28. How efficiently are the “prospects” currently solving a problems related to your business solution Any plans in the next year to do something about the problem / create a solution A compelling reason why the contact should to talk to you Considering an alternative - (YOU) What Venture Members could ask their contacts to open up a meaningful introduction…
29. Unit 19, Block D, Butlers Court, 77 Sir John Rogerson's Quay, Dublin 2. Phone 01-6139880 Email: tax@fixmytax.com or pat@patricklane.com THANK YOU FOR YOUR TIME; Questions?
![Independent Auditors Companies Acts 1963 to 2009 inclusive Charities Act 2009 Friendly Societies Acts 1896 to 1977 ,[object Object],[object Object]](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)