CACM Accountants — Certified Public Accountants

Dear Reader,

Welcome to our August ezine. The summer has come to an end and kids are starting back to school. It’s a crazy time for parents, not to mention expensive, what with the new school books, covering and labeling, new uniforms, packed lunches and the morning school run routines starting again. Wouldn’t it be nice to get some tax back from the Revenue! Well, with the end of summer, it also reminds us that it is getting closer to tax return time again. If you have not already done so, I would encourage you to get your information submitted as soon as possible as it is a very busy time from now on. Early filing of your income tax return does not mean early payment of tax – the payment date remains 31st October 2010 (or mid November if filed and paid on ROS). On the other hand, if you are due a refund for 2009, early filing will result in the early payment of any refund that maybe due to you. Now, wouldn’t that be nice!

If you are not sure if you need to complete a tax return, have a look at our article below or give us a call and we will be happy to answer any of your queries. The sun is still shining so hopefully, that will may it a bit easier for us all to settle back into our post holiday state of mind.

If you have any queries or require further information or assistance with any of the topics below, please do not hesitate to contact me on 021 421 7474 or e-mail: info@CACMaccountants.ie Alternatively, you can contact us and keep up to date with our latest news, reminders and events through LinkedIn, Twitter and Facebook. Just click on the links below.

Carla Manning ADCA CPA

KBC Ireland/ESRI Consumer Sentiment Index weakens in July.

The overall KBC Ireland/ESRI Consumer Sentiment Index weakened in July to 66.2. This compares to a figure of 67.9 in June.

Commenting on the results David Duffy, ESRI, said
• “Consumer sentiment weakened slightly in July. However, the index remains well above the value in July last year of 49.5 and its all time low in July 2008 of 39.6.
• “The decline mainly reflects consumers becoming more concerned about their current household finances, with the Index of Current Conditions slipping to 85.7 compared with 88.4 in June.
• “Consumers also have some concerns about the outlook. The Expectations index weakened to 53.1 from 54.1 in June, on the back of a more negative view of the outlook by consumers for the economy and labour market over the next 12 months.”

In addition, Austin Hughes, KBC Ireland, noted:
• “After the stronger trend of recent months, the correction in Irish consumer sentiment seen in July isn’t entirely surprising. The reality is that for most people conditions remain difficult and the future still looks uncertain. While the Irish economy may not be as weak as during 2009, there is little to spark a clear ‘feelgood factor’. So, at best sentiment and household spending seems likely to move in a pattern of two steps forward and one step back.”
• “The July results suggest Irish consumer sentiment is still fragile but it doesn’t seem to be sending the same signals as in the US, where tumbling confidence data is warning of a faltering recovery. For the moment at least, the Irish sentiment survey suggest fears about jobs and incomes are still fading even if the improvement is fairly limited.”


Note:- Since May 2008 the KBC Ireland/ESRI Irish consumer sentiment survey was prepared using a slightly different methodology. While this may have a minor impact on the precise numerical estimates of various survey components, it should not have any significant effect on the broad trend reported.
 

Download the full report here.  Size: 34.9Kbytes                        Download the Indiceis report here. Size: 28.9 kbytes
 

RETURN AND PAYMENT DATES FOR THE MONTH OF AUGUST 2010 
 

14th September 2010 PAYE/PRSI:
P30 monthly return and payment for August 2010
DWT
Return and payment of DWT for August 2010
PSWT
F30 monthly return and payment for August 2010
RCT
RCT30 monthly return and payment for August 2010
VAT

19th September 2010
Bi-Monthly VAT 3 return and payment (if due) for period July/August 2010
4 Monthly VAT 3 return and payment (if due) for period May/August 2010
Corporation Tax
 

21st September 2010 Peliminary Tax for Accounting Periods ending between 1st to 31st October 2010
Returns for Accounting Periods ending between 1st to 31st December 2009
Pay balance due on Accounting Periods ending between 1st to 31st December 2009
 

30th September 2010 Returns of Third Party Information for Accounting Periods ending between 1st to 31st December 2009

Income tax

It’s quickly coming into Income Tax season again. The deadline for submission of your income tax return is the 31st October in the year following the tax year up for assessment. i.e. for 2009 taxes, submit by 31st October 2010. This is extended for electronic filing to mid-November.
A tax return – Form 11 - is mandatory if you have income from sources other than PAYE, typically if you are self employed, a company director or own more than 15% of the shares in a company.
If you have income from some or all of the following sources, you need to complete a tax return:

• Rental income
• Investment income
• Foreign income and foreign pensions,
• Maintenance payments to separated persons
• Fees
• Profit arising on exercising various Share Options/Share Incentives.

It is always advisable to prepare your tax return as far in advance of the deadline as possible. In the event that there is a balance of income tax to pay, the payment is deferred until 31st October. i.e Early filing does not bring forward the payment date.

If you have any queries about your income tax requirements, please do not hesitate to contact CACM Accountants on 021 421 7474 or e-mail:info@CACMaccountants.ie

Vehicle Registeration
 

From 1st September 2010, it will no longer be possible to register a vehicle at a Revenue Vehicle Registration Office (VRO). Instead, the vehicle must be brought to a National Car Testing Service Centre (NCTS) for registration.
The Revenue Commissioners have appointed the National Car Testing Service (NCTS) to carry out a range of vehicle registration functions on their behalf.
You must book your appointment with the NCTS within 7 days of the vehicle entering the State and have completed the registration within 30 days of the vehicle entering the State.
We would be happy to assist you with any further queries you may have on this.
We will be happy to assist you with any further queries you may have on this. You can contact us on 021 421 7474 or by e-mail on info@CACMaccountants.ie

Licence renewal - 30th September 2010

Wine, spirit and beer off-licences expire on 30 September 2010 and must be renewed by way of application to the Revenue Commissioners. If you are a licence holder, your licence is due for renewal on 30th September 2010. In order to renew your licence, there are a number of items that are required. The Revenue Commissioners will require the following in order to renew a licence;
A completed renewal form. The renewal form is sent out to each licence-holder by Revenue towards the end of each licensing year. If you do not receive your renewal form by the middle of September, you should contact Revenue in order to request the renewal form in time for the renewal on 30th September 2010.

• A Tax Clearance Certificate, or simply a Tax Clearance Certificate registration number in certain Revenue districts, in the name of the licence-holder. A tax clearance certificate can take between a week to 10 days to issue, so the application should be made as early as possible in order to ensure sufficient time prior to 30th September 2010 for the tax clearance application to be processed and issued. A tax clearance certificate will not be issued by Revenue unless all relevant tax returns and liabilities are submitted and paid in full.
• Certificate of Incorporation, Certificate of Registration of Business Name. For limited company, the application must be accompanied by a Certificate of Incorporation of the company. The certificate must have been issued by the Registrar of Companies within the four weeks prior to submitting the renewal application. If the licence-holder is carrying on business under a trade name that is not exactly the same as the company or the individual holding the licence, the renewal application must be accompanied by a Certificate of Registration of Business Name under the Registration of Business Names Act, 196
• Excise duty payable for the renewal of the licences, bearing in mind that a full off-licence comprises three separate licences, namely spirit, beer and wine. The duty payable for the renewal of any such licence has recently increased from €250 to €300 per licence, so that the duty payable on renewing a full off-licence is now €900.

Where possible, the licence renewal application (along with relevant documentation and excise fees) should be lodged with Revenue before 30 September 2010. Also, Revenue Commissioners can only renew a licence for the coming licensing year if a licence has been in force for the previous licensing year. i.e. if you did not renew your licence last year, then you must apply to the courts to have the licence revived. This can be quite costly and you also run the risk of receiving objections to the revival of the licence.
Trading without a licence is an offence under Section 7 of the Intoxicating Liquor (General) Act 1924. It is a particularly serious offence as your entire stock of alcohol could be confiscated. If you are convicted of such an offence a second time your licence could be forfeited.
 

If you have any queries about licence renewal, please do not hesitate to contact CACM Accountants on 021 421 7474 or e-mail:info@CACMaccountants.ie
 

CACM Accountants strive to offer the best possible service for its clients. With vast business experience, across many business sectors, we will always keep our clients at the heart of our firm.

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