Tax Accountancy Services

 

Murray Cloney and Associates, Accountants provide tax accountancy services and advice for businesses in Cork. These services cover all tax needs for businesses to ensure that they meet legal requirements and have accurate information. It is an essential service for any business to ensure that all financial and legal documents are in order. The professionals providing these services have years of experience and dedication backing them up. You are guaranteed the highest quality services available when choosing us. Whether you want help in a difficult situation or you want basic services for tax assistance we are here to help you.

Services We OfferTax consultancy services

Our tax accountancy services cover nearly all areas of business taxes. Filing the proper paperwork, following and complying with the most current regulations and laws, bookkeeping and managing all tax documentation are part of this. Our knowledge and experience allow us to better serve you. We can provide services to get new businesses running and we can keep established businesses on the right track.

Our business advisers will make sure that your taxes are in order. Whatever problem or need you have, we are the team to choose. Our services focus on all business tax needs. For your finances and to keep your business compliant with all regulations we are the team you need on your side.

A Word with Us

Businesses looking for advice can come speak with us. We will assist you in whatever you need in a professional and confidential manner. We can look at your business and give you an informed and accurate direction for your tax plans. We are a team of knowledgeable, competent professionals who can advise you on all tax matters.

 

Services Available Now

Our services are available to you whenever you need them. Anyone in need of tax accountancy services, whether basic or urgent, can turn to us. Talk with us at length about these services, learn more about what we do and get your business the tax assistance it should have. We can help with bookkeeping, tax filing, urgent tax problems, and tax advice. Any tax-related concern that you have can be settled with us. Contact us now to learn more about these services and the ways that we can benefit your business.

Discover The Top 4 Advantages of Starting A Business Today!

starting a businessDo you want to start your business but cannot really see why you should? It is true that starting a business of your own comes with its own challenges but the advantages cannot be ignored in any way. Do you live in Ireland and are struggling to find the motivation behind why you should start your own business? Then you are at the right place because you are about to discover the advantages of starting a business today.

Flexibility of Schedule

Setting up a business in Ireland can be very useful in this regard. With your own business you become the master of your time. This is because it gives you the freedom to arrange you own schedule. This isn’t the case compared to when you when you work a 9 – 5 jobs where you have to tailor your time to meet the needs and requirements of such work. With your own business you can be rest assured that you dictate you own time.

Increase in Income

This is another aspect where setting up a business in Ireland becomes very tricky. Starting a business doesn’t just give you the room to control you own time but it also offers you a platform where you can increase you earnings. You will not start seeing the rewards straightaway but as time goes on you will see that you have the chance to expand your business which will lead to an increase in your monthly earnings.

Opportunity to Learn the Ropes of Management

If you really want to be a successful manager starting a business of your own is a very good option.This is because you will learn from experience what works and what doesn’t.

Management Consultants

 

Michael Murray - Murray Cloney AccountantsAnyone who works in the world of business wants their business to succeed. If you have been struggling to keep your business going Management Consultancy could really benefit you and aid the future of your company.

What Do Management Consultants Do?

Many people do not know what business management consultants can do for them. What benefits would you receive from Management Consultancy?

Here are just a few of the benefits:

  • Both you and your employee’s initiative skills and leadership roles will be promoted and taught for every level in your company.
  • You will be given specific and explained feedback about the strengths and weaknesses of your employees which will help to build competence and commitment to doing their very best.
  • Your staff will learn more about their specific roles and will have a chance to truly clarify their positions and keep in-tune with their work relationship.
  • Management Consultancy will help to bring any hidden information to the surface and break the habit of thinking inside the box.
  • It will also help to bring and give value to all of the organisation’s stakeholders such as employees, customers, and shareholders.

What we can do for you

We want to make sure you reach all of the goals that you have set out for your business. We will help you develop your business skills and put them to good use as you learn how to achieve the results you have been looking for. Our business management consultants work with you and customise your experience to your needs. We can work with anyone from private companies to public sector bodies and everyone will learn how to tackle the challenges that arise by using strategy, operations, organisation and technology.

The services we offer for you include:

 

  • Corporate restructuring.
  • Business Strategy.
  • Executive consultancy and mentoring.
  • Leadership and Management.
  • Business Development.
  • Business Start Ups.
  • Organisation Development.
  • Management Consultancy.
  • Financial Planning.

 

 

Whatever your final goal is we at Murray Cloney & Associates Management Consultants seek to help you and your employees find the best possible route to reach for whatever achievements you are seeking. We can help people at any level of business skills and show them the best way to hone their skills and better perform at their role.

Corporation Tax

Corporation Tax is charged on all profits wherever arising, of companies resident in the State and non-resident companies who trade in the State coroporation taxthrough a branch or agency.

 

How is a Company Taxed?

Companies pay Corporation Tax. This tax is charged on the company’s profits which include both income and chargeable gains. A company’s income for tax purposes is calculated in accordance with Income Tax rules. Chargeable gains are calculated in accordance with Capital Gains Tax rules.

What is the rate of Corporation Tax?

There are two rates of Corporation Tax:

  • The first rate is 12.5% for trading income unless the income is from an excepted trade in which case the rate is 25%
  • The second rate is 25% for non-trading income (e.g. investment income, rental income)

What is Corporation Tax charged on?

Corporation Tax is charged on all profits wherever arising, of the companies.

Basis of Assessment

  • Corporation Tax is assessed on the profits of a company’s accounting period at the relevant Corporation Tax rate in force during that accounting period.
  • Where the rate of Corporation Tax changes during an accounting period, the profits of that period are apportioned on a time basis and taxed at the appropriate rate for the purpose.

Accounting Period

An accounting period for tax purposes is a period of not more than twelve months and is usually the period for which the company makes up its annual accounts.

Paying Corporation Tax & Filing Obligations

The Self-Assessment system ‘Pay & File’ applies to companies. The obligations of a company with regard to paying Corporation Tax and filing its return are as follows:

  • Compute and pay its preliminary tax liability by the specified date.
  • Complete and file, online, a Form CT1 and where applicable a Form 46G.
  • Payonline any balance of tax due when lodging the return i.e. within nine months of the end of the accounting period, subject to the 21/23 day rule. (The specified return date and payment due date is the 21st day of the applicable month. This date is extended to the 23rd of the applicable month for companies who file their return and pay any associated tax due via Revenue’s Online Service (ROS)).

Preliminary Corporation Tax

  • A company is obliged to pay to the Collector General through ROS, the amount of preliminary tax appropriate to the accounting period.
  • The total amount of preliminary tax paid must be equal to or greater than 90% of the company’s final liability for the accounting period.
  • Special provision is made for small companies whose liability does not exceed €200,000 in the preceding chargeable period.

Small companies

A small company is a company whose Corporation Tax liability in the preceding accounting period does not exceed €200,000. A company such as this has the option of basing its preliminary tax on the corresponding Corporation Tax liability for the preceding accounting period.

New or Start-up companies

New or Start-up companies with a Corporation Tax liability of €200,000 or less for their first accounting period will not be required to pay Preliminary Tax in respect of that first accounting period and will instead be required to pay their final Corporation Tax liability for that accounting period at the same time as they are required to submit their Corporation Tax return, i.e. within nine months after the end of the accounting period, subject to the 21/23 day rule referred to above.

When is Preliminary Corporation Tax due?

  • For companies with a tax liability not exceeding €200,000 preliminary tax is payable in one instalment 31 days before the end of the accounting period, subject to the 21/23 day rule referred to above.
  • The new arrangements provides for payment of preliminary tax by large companies in two instalments.
  • The first instalment will be payable in the 6th month of the accounting period and the amount payable will be 50% of the corporation tax liability for the preceding accounting period or 45% of the corporation tax liability for the current accounting period.
  • The second instalment will be payable in the 11th month of the accounting period and the amount payable will bring the total preliminary tax paid to 90% of the corporation tax liability for the current accounting period.
  • The revised arrangements apply generally where the accounting period is more than 7 months in length (for shorter accounting periods, preliminary tax of 90% of tax liability is payable in one instalment as before)

 

 

Large companies [companies with a Corporation Tax liability exceeding €200,000 in their previous year].

In order to minimise the interest charges that would otherwise arise for large companies if their preliminary tax payments fell short of 90%, notional allocation of preliminary tax payments between group members for the purposes of assessing the adequacy of preliminary tax payments made by the group for interest charges purposes is now permissible. It is important to note, however, that for such aggregation to take place the claimant company must pay 100% of its Corporation Tax liability by its return filing date.

 

Writing a Business Plan for Success

Writing a business plan is important for many reasons. The primary justification for taking the time to prepare a solid plan for a business is to ensure that a well-researched plan of action is clarified. The research and thought involved in compiling a plan guarantees that business is starting with a complete understanding of competition, marketing, operational, legal and financial considerations. Continue reading “Writing a Business Plan for Success”

Online Shopping Tax

I do a lot of online shopping. What are the tax implications of buying products from outside the EU?

Online shopping is increasingly popular and in the run up to Christmas its popularity increases as a result of shoppers looking for bargains online.

It is helpful to know of the value of non-EU goods one can purchase before import duties i.e. Customs duty, VAT and excise duty, become payable: Continue reading “Online Shopping Tax”

Lets Make Running Your Business Easier!

The ideal solution is to outsource tasks outside the expertise of the business owner. Unfortunately for some, a lack of cash flow prevents them from making use of an expert.

Fortunately, it is not all doom and gloom. Due to the advent of cloud technology in recent years there are a lot of inexpensive tools out there (many of them free) that make many business processes a lot easier and less time consuming. It seems like there is an app out there these days for everything imaginable.

Here are a few tools that can make running your business a lot easier: Continue reading “Lets Make Running Your Business Easier!”