CACM Accountants — Certified Public Accountants

Dear Reader,

Many of you may now be planning for your well deserved and long anticipated two week summer holiday. For those that have decided to holiday in Ireland this year, well done for supporting our own. We have so much on our own doorstep. Fingers crossed that this fantastic warm sunny weather will keep up for a bit longer so we can enjoy all that is on offer! Some good news from the latest CSO reports today which announced the first positive growth in GDP since the winter of 2007. Technically, this means we are out of recession. Recovery will no doubt be slow and gradual, but we will start to see the light at the end of the tunnel at last.

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 Don’t forget, you can follow CACM Accountants on LinkedIn, Twitter and become a fan on facebook by clicking the links on the left of the page. As always, please feel free to pass this e-zine onto anyone you feel may benefit from any of the articles.

Carla Manning ADCA, CPA

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KBC Ireland/ESRI Consumer Sentiment Index improves again in June.

The overall KBC Ireland/ESRI Consumer Sentiment Index increased in June to 65.3. This compares to a figure of 65.3 in May and at its all time low in July 2008 when the index was at 39.6.

Commenting on the results David Duffy, ESRI, said,
· “Consumer sentiment improved slightly in June. This recent increase brings the index to its highest level since October 2007.
· “The improvement reflects a more positive assessment by consumers of both the current situation and also the forward looking components of the index. The Index of Current Conditions rose to 88.4 compared with 82.5 in May, while the Expectations index increased to 54.1 from 53.7 in May.”
· “Expectations rose as there was some improvement in consumers’ perception of the economic outlook. However, consumers remain concerned about the outlook for employment and for their household finances over the next 12 months”

In addition, Austin Hughes, KBC Ireland, noted:

· “The June Consumer sentiment results are encouraging. Although they suggest Irish consumers are still very cautious and conditions remain difficult, they also hint that fear is fading and many consumers are beginning to sense an improvement in general economic conditions and their own circumstances. These results point towards an economic recovery that may be modest and fragile and one that is not being felt by all, but, nonetheless, they suggest the Irish economy is moving in the right direction.”
· “Consumer sentiment improved modestly in Ireland and the US in June but morale among European consumerswas hit by growing concerns that living standards will weaken as pension and welfare entitlements are cut. For the past couple of years, European consumers have been cushioned to a notably greater extent from the fallout of the financial crisis. Now, as Irish consumers appear to see a little more light at the end ofthe tunnel, their continental counterparts are beginning to contemplate a more difficult future.”
 

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.

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RETURN AND PAYMENT DATES FOR THE MONTH OF July 2010

14th July 2010
PAYE/PRSI:
P30 monthly return and payment for June 2010
P30 quarterly return and payment for April/June 2010

DWT: Return and payment of DWT for June 2010

PSWT: F30 monthly return and payment for June 2010

RCT: RCT30 monthly return and payment for June 2010

19th July 2010
VAT: Bi-Monthly VAT 3 return and payment (if due) for period May/June 2010

VAT: Bi-Annual VAT 3 return and payment (if due) for period January/June 2010

21st July 2010
Corporation Tax:

Preliminary Tax for Accounting Periods ending between 1st to 31st August 2010

Returns for Accounting Periods ending between 1st to 31st October 2009

Pay balance due on Accounting Period ending between 1st to 31st October 2009

31st July 2010
Returns of Third Party Information for Accounting Periods ending between 1st to 31st October 2009
 

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SUPPORT FOR EMPLOYERS AND JOB SEEKERS

Employer Job (PRSI) Incentive Scheme

The Employer Job (PRSI) Incentive Scheme, announced in the Budget 2010, will support job creation, and counter the drift of people into long-term unemployment and welfare dependency by exempting employers from liability to pay their share of PRSI contributions – 8.5% or 10.75% of gross pay.

Any job created in 2010 which meets the scheme criteria will be able to benefit from the exemption. Qualifying jobs created in 2010 but before the scheme comes into operation will benefit from the exemption for 12 months from the scheme launch date. Qualifying jobs created after the scheme launch will benefit from the exemption for 12 months from the date the employment commences.

To qualify for the Employer Job (PRSI) Incentive Scheme both the job you create and the person you employ must meet certain criteria. The person you employ must be on the FÁS Work Placement Programme for at least 3 months or be getting one of the following social welfare payments for a continuous period of at least 6 months:

Jobseeker's Benefit
Jobseeker's Allowance
One-Parent Family Payment
Disability Allowance
The job must be created in 2010 and be a new and additional post/job. It must be for at least 30 hours per week and last for at least 6 months. You can only get an exemption from employer’s PRSI for a limited number of employees. This limit is 5% of your existing workforce or, for smaller companies, a maximum of 5 new jobs.

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THE NON PRINCIPLE PRIVATE RESIDENCE CHARGE - 30TH JUNE DEADLINE.

This is the second year of the €200 annual charge on non principal private residences. It is payable by the owners to the local authority in whose area the property concerned is located. Please note that you must pay the NPPR charge for 2010 on or before the 30th June to avoid late payment fees. You can renew all your NPPRs in a single visit to the site www.nppr.ie. There is no need to renew separately with each local authority.

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SERVICES CACM Accountants PROVIDE

• Taxation Service & Advice
• Accounts Preparation
• 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.

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