CACM Accountants — Certified Public Accountants

Dear Reader,

Happy New Year and welcome to our first ezine of 2010. We hope you had a chance to recharge the batteries over the Christmas period and are now nicely refreshed and ready to face a new year. No doubt we will continue to face challenges in the year ahead, but with a positive attitude we can continue to overcome them.
Throughout 2010, I am going to bring you advice on how to ensure that you get the best from your business and how to be proactive in taking the necessary steps when problems become apparent. I hope that you will find this helpful.
If you have any queries or require further information or assistance with any of the topics below, please do not hesitate to contact me.
I wish you all a happy and prosperous 2010!
In the meantime, if you require further information on any of the topics covered here, please do not hesitate to contact us .

Thank you 
 Carla Manning ADCA, CPA

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PROTECTING YOUR BUSINESS SERIES

Article No 1. Pre-emptive Actions.
 

Business owners, more than ever, need to have a proactive approach in managing their business. We need to be able to detect and identify warning signs of potential problems and know what steps to take as soon as problems become apparent. Problems rarely arise suddenly. It is more usually a gradual process, as a result of a variety of circumstances either external or internal. External causes cannot always be predicted with accuracy in advance. Internal factors however, may, in many cases be capable of being foreseen.
Businesses will usually have expert skills and experience in the area of activity the business operates. No matter how good a product or service is, skills and experience in areas such as business planning, financial reporting, marketing, customer relations and financial management cannot be taken for granted. Running a successful business requires not only good creative and operational skills but good business skills too. If these skills are not available in-house, then the business will need to source these skills from specialist advisors.

Advice from professionally qualified financial accountants should be sought regularly, at all the stages of business life. Some of the many benefits of this include being able to take advantage of any opportunities of growth and to anticipate any threats to the survival of the business and reacting to them promptly. The key areas that a professionally qualified accountant usually provide expert advice is in regards to accounting, financial planning and credit management. Advice in areas such as bookkeeping and financial reporting practices and sound business practice should also be utilised in order to produce high quality financial information, which sets the ground for the efficient and effective growth and the survival of the business. Contact CACM Accountants through our contact form here or telephone us on 021 421 7474 for further information.
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CAPITAL GAINS TAX

For 2009 and subsequent years the tax year is divided into a revised set of two periods for CGT payment purposes, as follows:

• 'initial period' - 1 January to 30 November.

• 'later period' - 1 December - 31 December.

The due dates for payment of CGT are now as follows:
• Disposals in the initial period: Tax due by 15 December 2009.

• Disposals in the later period: Tax due by 31 January 2010.

Interest may be charged on late payments. Penalties and surcharges may apply for incorrect or late returns.
Capital Gains Tax (CGT) is a tax charged on the capital gain (profit) made on the disposal of any asset. It is payable by the person making the disposal. The gain is considered taxable income.

A person's sole or main residence (Principal Private Residence), in most instances, will not be liable to CGT on disposal. If you dispose of an Investment property you will be liable to CGT on any gain you make. If you transfer an asset to your spouse the asset is treated as if no gain/no loss occurred on the transfer; the benefiting spouse inherits the base cost and period of ownership from the spouse making the disposal. If you sell foreign assets and are resident or ordinarily resident in the State you are liable to CGT on worldwide gains. Therefore, if you dispose of a foreign asset, for example a property in another country, Irish CGT will apply. Where foreign capital gains tax is paid a credit may be available against your Irish CGT.

For further information or for assistance in calculating any capital gain or loss on a disposal, please contact CACM Accountants on 021 4217474 for further information. 
 

RETURN AND PAYMENT DATES FOR THE MONTH OF JANUARY 2010

14th January 2010
 PAYE/PRSI:
P30 monthly return and payment for December 2009
P30 quarterly return and payment for October/December 2009

DWT: Return and payment of DWT for December 2009

PSWT: F30 monthly return and payment for December 2009

RCT: RCT 30 monthly return and payment for December 2009
19th January
 

VAT:
Bi-Monthly VAT 3 return and payment (if due) for period November/December 2009
Bi-Annual VAT 3 return and payment (if due) for period July/December 2009
4 Monthly VAT 3 return and payment (if due) for period September/December 2009
21st January
 

Corporation Tax:
Preliminary tax for Accounting Periods ending between 1-28 February 2010
CT Returns for Accounting Periods ending between 1-30 April 2009
Pay Balance due on Accounting Periods ending between 1-30 April 2009
31st January
 

Returns of Third Party Information for Accounting Periods ending between 1-30 April 2009
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PRINCIPLE CONTRACTORS
 

The filing date for the 2009 RCT 35 (Relevant Contractors Tax)is 15th February 2010.
 

Revenue have advised that:
• Forms that are not completed correctly will be returned for correction, which may result in your return missing the filing deadline.
• The principal contractor must sign the declaration.
 

RCT 35 Compliance Programme
Revenue's compliance programmes that identify and pursue non-filers include the Form RCT 35. The RCT programme provides for the referral of RCT 35 non-filer offences for criminal prosecution. A number of these cases are currently going before the Courts.
To avoid penalties, a possible tax audit or criminal prosecution, file the RCT35 on time
 

Employers:
The filing date for the 2009 P.35 is 15th February 2010. If your P35 is ready for submission but you don't have the payment to accompany it, you still need to file your P35 return before the due date. If you are experiencing cash flow difficulties, you should contact Revenue as soon as possible in order to try to set up an instalment arrangement. Instalment arrangements are granted on a case by case basis. 
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SERVICES CACM Accountants PROVIDE

Taxation Service & Advice - Accounts Preparation - Audit  - Payroll Services  - New Business Start Up  - Company Secretarial  - Outsourced Accounting Services
 - Management and Business Advisory Service - Litigation & Forensic Accounting
 

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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.

CACM Accountants, Atrium Business Centre, Blackpool,Cork. To ensure our emails reach your inbox please add News@CACMaccountants.ie to your address book. To unsubscribe from our ezine send us a reply e-mail by clicking here. This E-zine is intended to provide a general guide to the subject matter and is in a condensed form. Advice should be sought from a professional advisor before acting on any information in it.
© CACM Accountants
 

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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