NCG.ie

Budget 2012

niall — Wed, 07 Dec 2011 07:23:53 +0000

Speculation on the content of this year’s budget commenced as early as September. Since then so many press releases, facts, rumours, leaks, and possibilities have surfaced that the possibilities became bewildering before the budget was even issued. Here we summarise the main features of the budget in a short customised video presentation.

We also provide a budget summary document for you to download and keep as a reference document during the year. NCG Budget 2012

Online Accounting

niall — Sun, 04 Dec 2011 15:16:42 +0000

Does the phrase “cloud computing” fill you with dread at the thought of having to cope with yet another new technology? Well it needn’t, and there many applications which are more useful and easier to use than you might think. One particularly useful area is that of online accounting. Using a web based system rather than a standalone system has many advantages which is making this a fast growth area. The first is that all parties, owner, bookkeeper and external accountant have access to the same live data at the same time, even from different locations. This means decisions can be made in real time, and not based on a set of accounts that was a year out of date as soon as it was produced. It also means no transferring of data files and waiting for your accountant to post journals before you can use your system again.

The system can be accessed by many users, from any place, at any time – the bookkeeper can work from home at night, the owner can check results from a train or hotel. Smartphones mean invoices can be issued from the lift while leaving a client, and expenses can be updated while you eat. It all happens in real time, with no synching or uploading required.

No longer do you have to worry about server failure, software upgrades, version control or offsite backup. All of this is covered in the fixed monthly fee, along with support and training. Ah, the “monthly fee” you say – what will it cost me? Generally it will actually save you money! Firstly, there are the slightly hidden savings – significantly reduced IT costs and time saving. Even, ignoring those and taking them as a nice benefit, you should be able to make savings. At Niall C Garvey & Co we have converted a large proportion of our clients to online accounting over the last year. In no case has this increased cost, and in many cases we have reduced the existing fee charged by ourselves or an old accountant. This is even allowing for the cost paid to the third party provider. How can that be, you may well ask. Well, we find that efficiencies in inputting the data allow us to reduce our time on simply correcting errors – we pass on this saving. We can bundle the online services with all other accounting services such as year end accounts and tax returns so that the client has a fixed monthly cost with no year end surprises or cash flow problems. We also find more of our time with the client is spent on planning the future rather than trying to remember the past.

How much learning and disruption is involved, may be your next question – very little. By its nature, the web based software is modern and intuitive and is usually a lot easier to understand than traditional standalone accounting systems. It is also interactive, with many help facilities, demonstration videos, etc. We work with an industry leading provider, thus ensuring continuity and data security, but we provide the interaction with the client, setting up the data and providing the training required. There is no long term commitment and in the unlikely event a client wishes to leave the system we will remove the data for them. We even offer a free trial period.

Apart from the online benefits at all, many of our clients find the software much more user friendly than what they were using previously. For example it provides for automatic bank reconciliations using data from online banking – you need never dread a bank reconciliation again!

So what are you waiting for? At Niall C Garvey & Co we would be happy to give you a demonstration – it is the future, and the future is easy.

For further information please download our Online Accounting Brochure.

BES expiring, EIIS commencing

niall — Sat, 03 Dec 2011 20:08:31 +0000

State aid approval has now been received from the European Commission for the new Employment and Investment Incentive Scheme, replacing the existing Business Expansion Scheme. This was originally proposed in the Finance Act 2011 earlier in the year, but was subject to commence under a Ministerial Order, pending approval. Some changes will be included in its enactment in Finance Act 2012, but it is effective from 25 November 2011. The existing BES runs until 31 December 2011 (in respect of shares issued by that date), so that both schemes will run concurrently for a period of time.

The new scheme is subject to less restrictions than the old one, and the main changes are:

A reduced investment term (now 3 years, rather than 5).
The new scheme is open to most companies (there are some restrictions) whereas the BES was primarily for companies involved in manufacturing and internationally traded services.
Companies can raise total funding of €10 million under the EIIS (€2 million under BES)
Individual investors may receive total tax relief of 41%, with 30% in the year of investment, and a further 11% after 3 years if the company has met its obligations (related to job creation or research and development).

The Seed Capital Scheme remains for individuals establishing new business ventures. This provides for a refund of tax paid by an individual in the 6 years prior to establishing the new business, and the relief is limited to the amount of the investment in the new business.

Both of these schemes provide tax efficient methods to business to raise investments, either internally or externally. At Niall C Garvey & Co, we have extensive experience in operating these schemes. Please contact us for further information.

Jobs Initiative 2011

niall — Tue, 10 May 2011 21:01:00 +0000

The Minister for Finance, Michael Noonan, today announced the Jobs Initiative 2011. This initiative includes the following taxation measures:

A temporary second lower rate of 9% VAT has been introduced for the provision of certain goods and services primarily in the tourism and entertainment sector. This rate will be introduced from 1 July 2011 and will remain in place until 31 December 2013. The principal services to benefit from this rate will be hotel, restaurant and catering services and various entertainment services such as admissions to cinemas, theatres, museums, fairgrounds, amusement parks and sporting facilities.The second lower rate of VAT will also be extended to hairdressing services and the supply of printed matter such as newspapers, brochures, maps and programmes.Other goods and services which are subject to the lower rate of VAT will continue to be subject to the existing 13.5% rate.

A 50% reduction in the lower PRSI rate from 8.5% to 4.25% on jobs paying up to €356 per week with effect from 1 July 2011.

Abolition of employer PRSI on share based remuneration (as announced in the last budget) with effect from 1 January 2011.

The R&D Tax credit legislation will be amended to enhance its accounting treatment flexibility.

Temporary abolition of the €3 airport travel tax effective from a date to be fixed by ministerial order.

A temporary levy of 0.6% on the market value of assets under management in pension funds and pension plans approved under Irish tax legislation for 2011 to 2014 inclusive.

Photo Credit: apanopoly’s photostream

Asset Finance Opportunity

niall — Tue, 10 May 2011 19:33:00 +0000

We have been retained to investigate a facility to provide asset finance for a specific asset class in Ireland. This asset class has historically been viewed by lenders as safe, with good repayment capacity. There is a potential market of over €200 million per annum. Our client is a trade organisation and would offer an attractive route to market.

The dominant provider in this sector has traditionally been an Irish bank but this company has now withdrawn from the market (for reasons unconnected to this asset finance).

We are inviting expressions of interest from European financial institutions. These expressions of interest will analysed, at which stage we will move to detailed discussions with a shortlist of institutions. If you require a copy of the information memorandum please contact us at info@ncg.ie, quoting “asset finance”.

Photo Credit: Albert Bridge

Shortlisted for Clare Business Excellence Awards

niall — Tue, 28 Sep 2010 17:19:22 +0000

Niall C Garvey & Co are very happy to announce we have been shortlisted (final 3) in 2 categories of the FBD Clare Business Awards 2010. We have been shortlisted in the ICT and Innovation categories for the new services we are providing to clients, mainly through this website.

The awards, organised by Ennis Chamber, and sponsored by FBD, are open to all businesses in Clare, attracted hundreds of entries, and were independently adjudicated. The category winners will be revealed at an event on 30 September. Sarah Newman (Dragon’s Den) will be the guest speaker. We look forward to a good night and thank all our clients for their support in our roll out of new services. In a difficult business environment we feel it is vital to continue to offer new services and value, and to be innovative in doing so. It is rewarding to be independently praised for doing so.

Revenue targetting dental, airline, and meter reading sectors.

niall — Wed, 22 Sep 2010 08:04:37 +0000

Revenue are now targeting dental, airline and meter reading sectors to determine whether people are employees or self –employed.

In 2009, Revenue, in conjunction with the Department of Social and Family Affairs and NERA, commenced an investigation into employment status in the medical profession. Initially this concentrated on medical and pharmacy practices, with particular concentration on locums. The net result is that many arrangements which were traditionally treated as self-employment arrangements are now deemed to be employment arrangements. This has implications such as the application of employer PRSI, holiday entitlements, etc.

At this stage in the investigation, The Clare Revenue District has contacted all medical and pharmacy practices in Clare to ensure proper application of the PAYE system. The district is now carrying out similar inquiries in relation to the dental, airline and meter reading sectors.

Photo Credit: Wolfiewolf

Revenue cold-calling cash businesses.

niall — Wed, 22 Sep 2010 06:43:00 +0000

Revenue are now frequently visiting businesses unannounced. The practise of ‘cold calling’ recently extended by Revenue on a national basis has proved to be highly successful for them and this will continue into the future. In Clare, restaurants, hotels, bars and construction sites will be particularly at risk and Revenue intend to operate in tandem with other state agencies as required in certain projects.

Revenue are particularly concerned as to the quality of record keeping in relation to cash business type operations and have indicated that significant audit resources will be deployed to this sector. Auditors have been instructed to ensure compliance with obligations under Sec 16 and Regulation 8 of the VAT Acts. Businesses should be aware of the recent e-Brief issued nationally by Revenue to every VAT registered person in the country, which clearly sets out the legislative requirements. IT software (IDEA) has recently been rolled out nationally by Revenue, which facilitates a forensic analysis of cash register data.

Photo Credit: House of Sims.

New Niall C Garvey & Co website launched!

niall — Thu, 15 Jul 2010 14:50:49 +0000

We’re delighted to announce the launch of our new website. We are now providing so many new and innovative services to clients we decided to revamp our website to provide a useful access point. These services include:

online (cloud) accounting
shared client workspace
digital signatures
electronic invoicing and payment
video and audio conferencing
remote support access to client systems

All of these services are designed to reduce the time we spend meeting clients on administrative or routine matters, and to increase the time spent on the strategic review of their business.

Of course the website also includes details of our firm and the full range 0f services we provide. Please pay us a visit at http://ncg.ie and check back often for new services and news.