Summer has arrived in Guardian

With effect from Friday 16th June, Guardians’ offices will close at 1pm every Friday, up to and including 1st September to enable the team to make the most of the summer. In an emergency please call 01 4240519, and we will do our best to look after you.

Reduction on criteria to avail of the Temporary Business Energy Support Scheme

A number of changes to the Temporary Business Energy Support Scheme (TBESS) have recently been signed into law, by way of the Finance Act 2023 and Ministerial Order. These changes include a reduction in the energy costs threshold for accessing the scheme to 30%, as well as an increase in the amount payable under the scheme to 50% of eligible costs. 

The scheme has been extended to 31st July 2023. The time limit for making a claim has also been extended to 30th September 2023 in respect of all claim periods. 

The TBESS Guidelines, including examples where relevant, have been updated to reflect these changes to the operation of the scheme. 

Appendix III of the guidelines contains deemed reference unit prices for the June and July 2022 reference periods, as provided by the Sustainable Energy Authority of Ireland (based on data provided by suppliers and the Commission for Regulation of Utilities).

Are you a Quickbooks desktop user?…Read this if you are

Quickbooks gave notice a few weeks ago that they are withdrawing all access to their desk top versions with effect from 30th June next. After that date, you will not be able to access the program whatsoever. If you upgrade to the online version, you get to retain and use your data and reports. However, to set it up and do the transfer takes time, by a specialist firm (they recommend movemybooks.co.uk). Alternatively, if you decide to move to a different package such as Sage or XERO, you need to access the data on Quickbooks first, and then restore it to the new package. Quickbooks have introduced “The Data Export Only” tool that will allow you do this. Contact us and we will share the process with you. If this affects you and need further advice or assistance, please give Keith a call in the office or kdoherty@guardianma.ie

Advantages of trading as a Limited Company v Sole Trader

Many of our clients start off in business as a sole trader. They then ask when and why should I change to a limited company? Here are some points to trigger when you should make this change:

• The business is generating profits regularly year after year.
• There is a requirement for capital to expand and grow the business.
• The owner’s requirement for net pay/remuneration is substantially less than the profits arising each year in the sole trader activity.
• The sole trader has no, or very little unused tax losses coming forward to allow sheltering of profits.
• Concern about being personally exposed if any claims are made against the business.

eCommerce website grant

During Covid, the Government were very strong in publishing what grants were available. Now that Covid is over (hopefully forever) we often tend to forget that there are still grants available. One of the most popular and practical was the website grant. Here are the broad details. To progress this, log on your Local Enterprise office website, as there are different criteria/eligibility for different areas.

Scheme Overview

The Trading Online Grant (TOV) Scheme assists small businesses to trade online. Eligible businesses can apply for a voucher to invest in developing their eCommerce capability, of up to €2,500. Businesses who have previously availed of the TOV Grant Scheme can reapply to further improve their online trading capability. The TOV grant is currently 50% funded (i.e. match funding is only 50%) up to a max. of €2,500.

Eligibility Criteria

• Limited or no e-commerce presence
• No more than 10 employees
• Have a turnover less than €2m
• Are registered and trading for at least 6 months
• Attendance at a Trading Online Voucher information session within the last 9 months

Revenue clamp down on fast food delivery drivers

It has come to our attention that the Revenue have recently contacted food delivery companies such as Deliveroo, Just Eat and Uber Eats, and asked them to confirm to whom they had paid money for deliveries. This resulted in individuals receiving a letter confirming how much they had been paid over the last 4 years, and seeking confirmation that those amounts were returned on a tax return (which they have not). Revenue knew they had not been returned already.

If you know of anyone who has been earning money in this way and needs assistance, please suggest they contact James – jdeegan@guardianma.ie and he can potentially help reduce the tax, interest and penalties.

FREE COMPETITION

The Currency is looking for SME business owners to take part in a survey – they want to know your views on the outlook for your business and the wider economy. Please see the link below. For anyone that completes it they will be entered into a draw for a weekend in the Europe Hotel Killarney. The survey only takes 15 minutes to complete. We will share the results with you immediately they are available. Good luck and please let us know if you win: https://thecurrency.news/articles/119714/win-aholiday- in-the-5-star-the-europe-hotel-resort/