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Business/Tax Updates
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McMahon Keyes & Co.
Accountants and Tax Consultants
Statutory Audit Firm
042-9663384

http://www.mcmahonkeyes.ie

Business/Tax Updates

August 2016
Dear Reader,
Please take a couple of minutes of your time to read this. It may be of some help to you.
 
Income Tax Returns
Reminder that Income Tax returns are due on the 31st October 2016 (10th November 2016 online). Please gather all required information and forward to your accountants as soon as possible.

It is also the deadline to claim any tax due back in 2012. This includes any claims for medical expenses, tuition fees and mortgage interest.
 
Tax Credits & Reliefs
If you got married recently, you need to be aware of the different tax treatments for income tax.

For tax purposes, both spouses or civil partners continue to be taxed as two single persons in the year of marriage or civil partners was registered. However, if the tax you pay as two single persons in that year is greater than the tax which would be payable if taxed as a couple in a marriage or civil partnership, a refund of the difference can be claimed.

In subsequent years tax returns you can be assessed by one of the following options:
  • Joint Assessment
  • Separate Assessment
  • Separate Treatment (Assessed as Single Persons)
Once you inform Revenue of your marriage, they'll automatically put you in the joint assessment category. Being jointly assessed lets you transfer tax credits and standard rate cut off points to suit your particular circumstances, but this doesn't prevent you from electing for either of the other options.

To find out more, please click on the link below:
http://www.revenue.ie/en/personal/circumstances/marriage.html
 

Revenue requirements for Cash Registers

Requirements are as follows:

  • That the cash register meets the nature, size and complexity of your business activities
  • All entries to be uniquely identifiable by sequential number, date and time
  • That all records are kept physically or electronically for 6 years
  • The records are to be properly physically secured/backed up in the event of fire, theft or breakdown
  • That all z readings at the end of the day reconcile with the money lodged to the bank
To find out more, please click on the link below:
http://www.revenue.ie/en/tax/vat/leaflets/cash-registers.html
 
Companies Act 2014
 The deadline for conversion to Companies Act 2014 is the 30th November 2016. Failure to convert to Companies Act 2014 will mean that the company will not have an up to date constitution. Banks and other financial providers require a company to be fully compliant with Companies Act 2014 before finance is approved.

Please contact our office for more information on the conversion process.
 
 
If you would like any further information on the above then please give us a call.
Please feel free to forward this to any of your colleagues.

 

Sincerely,

McMahon Keyes & Co.
 
Copyright © 2016 McMahon Keyes & Co., All rights reserved.


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