Well, May has arrived and with it brings a great air of optimism as many people have received their first vaccination, and many key industries such as construction and retail have reopened. We can meet friends again and we can get out of our county for a break, thank God.
Good News – Confirmed
Last month we reported that proprietary directors who had availed of the TWSS, were responsible for their own tax liability if one arose as a result of participation in the scheme. The CCAB-I (A body representing all accounting institutes in Ireland) had written to Revenue to contest this and to seek more time (pushing it out to June 2022) for employers to pay any TWSS tax liability due on behalf of employees. I am glad to report that Revenue have accepted the plea, and a company may now pay the TWSS liability of any director PROVIDED THE COMPANY PAYS THE TWSS LIABILITY OF ALL OTHER EMPLOYEES. The date for payment has been extended to 31st August 2021.
…more Good News – CRSS Restart week
As many business’s reopen, Revenue have introduced that any business availing of the CRSS may claim a double week to assist them with reopening costs. If you have, or are shortly reopening, please contact us, and we will process a claim on your behalf. The maximum additional claim is €5,000. Detailed information on the CRSS, including in relation to claiming the ‘Restart week’, can be found at https://www.revenue.ie/en/corporate/press-office/press-releases/2021/pr-050721-claiming-crss-restart-week-restrictions-ease.aspx
…and even more Good News
The Government continue to introduce supports and grants for business. There are still various grants available from your Local Enterprise office such as:
Trading on line vouchers – assistance towards building a website and to develop your marketing strategy.
Business expansion funding – Grant assistance of up to 50% subject to a maximum grant of €80,000 may be given towards salary costs. Capital expenditure and consultancy fees may also qualify.
Innovation Vouchers – A voucher of €5,000 or a contribution of up to 50% of a €10,000 spend is available to help develop a new product/process or business model, or new service delivery method, etc.
Subsidised loans are also available. If you haven’t already discussed your needs with us, please do contact us now and we will explore what suits your circumstances best, or visit your Local Enterprise Office website.
New arrivals at Guardian
We are pleased to announce the appointment of 2 directors at Guardian, Keith Doherty and Michael Dempsey. Each have over 20 years experience in practice, and will be responsible for separate teams in the business.
Michael is a member of Chartered Accountants Ireland, having completed his training and exams in 2005. Michael has spent most of his career working for a number of small & medium sized audit and accountancy firms. He has experience in many industries including retail, manufacturing, and the charity sector. He joined the practise in 2021 and specialises in financial accounting and reporting, producing management accounts and taxation services. When Michael isn’t crunching numbers he’s an avid follower of most sports, in particular GAA and football. He enjoys spending time with his family and playing 5-a-side football.
Keith is a Fellow of Association of Chartered Certified Accountants. He completed a BAcc honours degree in University of Dundee. Keith has spent most of his career working for a number of small and medium sized audit, accountancy and tax firms in Ireland. He has experience in many industries including professional services, IT Services, construction, property and the charity sector, He joined the practise in 2021 and specialises in consultancy, financial accounting and reporting, producing management accounts and taxation services. When Keith isn’t crunching numbers he is an avid follower of most sports, in particular rugby, GAA and football. He enjoys various outdoor activities and spending time with his family.
Guardian donates 1% of turnover to charities throughout the year. This month the team supported and participated in Darkness into Light. Not all braved the wind and rain on the morning, but did the next day!
Well done in particular to Jess, Raquel and Michelle who made it to the Hell Fire Club.
Filing date for Income Tax & Inheritance Tax Returns 2020
Revenue have announced that the latest date for filing on line is 17th November 2021.
Personal Finance Corner
Many of our clients are asking us for advice on how to save money personally. This month I would like to talk about Life Insurance.
Most people take out life insurance/a mortgage protection policy when they buy their first property, and often never revisit it.
I would like to mention 2 points:
- Life insurance premiums are constantly dropping over the last 7 – 10 years, especially for nonsmokers. It means you can either get higher cover for the same premium, or the same cover for a smaller premium. You should contact your financial advisor to discuss this.
- Tax relief is not available on Life Insurance premiums. However, a limited company may take out Executive Pension Term Assurance, which is essentially life cover and the premiums are a fully allowable business expenses, and no BIK is applicable to the director.
If you wish to discuss this please contact your financial advisor or give any member of our team a call, and we can refer you on to one of our clients who are Financial Advisors.