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Roberts Nathan News

  Uncategorized

Debt Warehousing

Overview Revenue recently issued new guidance surrounding the debt warehousing of VAT, PAYE and Income Tax liabilities arising during a specified period of time and also the recovery of any overpayment of amounts received under the Temporary Wage Subsidy Scheme and Employee Wage Subsidy Scheme. We have set out a summary of the updated guidance below.  Details of the Scheme VAT and PAYE All VAT and PAYE liabilities arising during the pandemic can automatically be warehoused up until 31 December 2021 without the application of interest for businesses dealt with in the Personal and Business Division of Revenue. Businesses dealt with by the Large Corporates and Medium Enterprises Divisions of Revenue would need to apply to Revenue for inclusion in the scheme due to a reduction in trade.  There are 3 distinct periods outlined in the scheme;
  1. Period 1 - COVID-19 restricted trading phase
This period begins since the company first experienced cash flow trading difficulties due to the pandemic. For VAT this can apply as early as 1 January 2020 and for PAYE this can apply as early as 1 February 2020. This period ends on 31 December 2021.  Relevant tax debts incurred during this period can be warehoused. Relevant debts include the VAT and payroll liabilities arising when the business was restricted by the Covid pandemic (i.e. either stopped or significantly reduced).  During this period the interest rate being applied to unpaid liabilities is 0%. 
  • Period 2 – Zero interest period
This period runs from 1 January 2022 to 31 December 2022. During this period, the Interest rate being applied to unpaid liabilities is 0%.
  • Period 3 – Reduced interest period
This period begins in January 2023 and ends when the liabilities are paid. Interest at a rate of 3% is applied during this time.  Anyone availing of the debt warehousing scheme should contact Revenue with a repayment plan for warehoused debt before 31 December 2022. The repayment plan will be mutually agreed between Revenue and the taxpayer.  Returns should continue to be filed during this period. Income Tax Income Tax payments which fell due on 31 October 2020 and those falling due on 31 October 2021, subject to certain criteria, can avail of the debt warehousing scheme. The Income Tax liabilities affected are the 2019 Income Tax year balancing payment, Preliminary Tax and balancing payment for the 2020 Income Tax year and Preliminary Tax for 2021 Income Tax Year.  A declaration must be made to Revenue at the time of filing the return that total income for 2020 and 2021, as applicable, is expected to be at least 25% less than total income for 2019. The Income Tax Warehousing scheme contains 3 distinct periods, as follows;
  • Period 1 - COVID-19 restricted trading phase
This period runs from 31 October 2020 for paper returns or 10 December 2020 returns filed on ROS (in relation to their 2019 income tax returns) until 31 December 2021. This also applies for 2020 income tax returns that are due for filing on 31 October 2021 for paper returns and 17 November 2021 for returns filed on ROS.
  • Period 2 - Zero interest period
This period runs from 1 January 2022 to 31 December 2022. During this period, the Interest rate being applied to unpaid liabilities is 0%.
  • Period 3 - Reduced interest period
This period begins in January 2023 and ends when the liabilities are paid. Interest at a rate of 3% is applied during this time.  Anyone availing of the debt warehousing scheme should contact Revenue with a repayment plan for warehoused debt before 31 December 2022. The repayment plan will be mutually agreed between Revenue and the taxpayer. Income Tax Returns should still be filed before the filing deadlines of 31 October 2021 for paper returns or 17 November 2021 for returns filed on ROS. TWSS and EWSS The TWSS/EWSS warehouse scheme is available to employers who are obliged to refund amounts which are deemed to be overpayments of TWSS/EWSS following a reconciliation process undertaken by Revenue, and who are unable to refund these amounts because of the impact of COVID-19. The warehousing scheme for TWSS and EWSS is the same as the warehousing scheme put in place for PAYE & VAT. One of the most important aspects of the scheme for businesses is to ensure all tax returns are kept up to date while availing of the scheme. It is also important to monitor the interest free period as a payment arrangement would need to be put in place with Revenue in advance of the end of Period 2. Roberts Nathan tax team can help with all compliance requirements and liaising with Revenue while our corporate finance team can assist on cash flow management in order to assist on putting a payment schedule in place.
July 23, 2021
  Brexit

Half a Year on from Brexit

Six months have passed since the UK finally left the EU’s single market. We now know that many small business owners have experienced many difficulties that have affected their livelihood and have received little or no support or guidance from the British government or the EU authorities. Running an export business in the UK since Brexit has become a lot more challenging. Many business owners have told us that they have left Britain just to continue to grow their EU based business. Recently, they are telling us that the move has been successful in broad terms and that they are “benefitting from abundant skilled labour and practical help from the new country’s authorities.”  Since Brexit, additional barriers have come into play for UK businesses when trying to continue trading with their old EU customers. Many business owners have faced crippling delays in the shipping of goods into Europe, and in addition, have been made to pay higher costs to continue supplying their European customers. Several clients have told us they can no longer afford to continue trading with their EU customers under such circumstances as their profit margins have either eroded or have been eliminated entirely.  Other clients came to us to discuss the possibility of setting up an additional location for their business in Ireland to avoid the export delays and additional costs they were facing when operating the EU aspect of their business from the UK, and we are pleased to say they are now free from such headaches.  Meanwhile, other businesses approached us to request our help to set up an Irish subsidiary company that allows them to continue to service their European client base whilst operating from Ireland. This is the advice business owners are being told to follow from advisors in the Department for International Trade.  If you have a UK business whose EU export trade has been affected by Brexit and you need our help, feel free to get in contact as I’d be happy to hear from you https://www.robertsnathan.com/member/vivian-e-nathan/
July 22, 2021
  Taxation

Updates to EWSS scheme

The Revenue Commissioners recently issued new guidelines in relation to the eligibility of EWSS from 1 July 2021. The main change announced by Revenue was extending the turnover reference checks to 12 months rather than a 6 month period. This means that businesses whose trade was severely impacted due to government restrictions in the first half of 2021 can trade at higher levels for the second half of 2021 and still avail of the scheme, subject to meeting the scheme conditions which were already in place.  This adjustment means that a business would be looking at their turnover for the calendar year 2021 in full rather than on a 6 monthly basis. Businesses will need to review their actual monthly turnover for January to June 2021 and projected turnover for the months July to December 2021. The business is expected to experience a 30% reduction in turnover or customer orders due to the pandemic in the period from 1 January to 31 December 2021 compared to 2019 for pay dates on or between 1 July and 31 December 2021.  Therefore, in order to avail of the EWSS, you will need to provide the following;
  1. Actual monthly turnover details for January to December 2019, 
  2. Actual monthly turnover details for Jan to June 2021 and 
  3. Monthly projections for July to December 2021.
In addition to this, you will be required to complete an online Employer Eligibility Review Form (ERF) through ROS on a monthly basis, by the 15th of the following month. The initial ERF for the June period which will be used to assess eligibility for pay dates from 1 July needs to be completed and submitted online between 21 and 30 July 2021. Through ROS, you will need to provide details of actual monthly vat exclusive turnover or customer order values for 2019, together with the same detail for the first six months of 2021. They will also need to provide details of monthly projections for the remainder of 2021. On a rolling basis the projections can be updated monthly for the actual turnover figures and a business will be obliged to stop claiming the EWSS at any point where the expected 2021 turnover will exceed 70% of 2019’s turnover.  Revenue have advised, failure to submit the EWSS Eligibility Review Form that confirms the requisite reduction in turnover of 30% and related declaration will result in suspension of payment of your EWSS claims. Our tax team are available to discuss EWSS eligibility and applications at any stage, please use the link for contact details:  
https://www.robertsnathan.com/member/brendan-murphy/
July 21, 2021
  Uncategorized

BRSS Scheme

Revenue have recently published guidance on the new Business Resumption Support Scheme. Applications for this scheme can be made between 1 September and 30 November 2021. The scheme provides a once off payment to cover trading expenses of businesses which have reopened for business but have still seen turnover facing a significant decrease from pre-Covid times. The scheme will be available for corporates, individuals or partnerships that are actively trading.  Any business claiming the relief must not be entitled to claim the CRSS from 1 September 2021. Therefore, this scheme should be available for many non-essential retail providers that were forced to remain closed until 17 May 2021 but have now reopened for business.  The scheme will provide a once off payment up to a maximum of €15,000. To qualify under the scheme, a business must be able to demonstrate that the turnover from its trade, in the period from 1 September 2020 to 31 August 2021, will be no more than 25% of a reference turnover amount. This reference amount will be the turnover for the calendar year 2019 for any longstanding business.  The payment will be calculated as three times the sum of 10% of their average weekly turnover from 2019 up to €20,000, and 5% of any excess of average weekly turnover above €20,000. Subject to a maximum payment amount under the scheme of €15,000. Therefore a company with an average weekly turnover in 2019 of at least €80,000 should be in a position to claim the full €15,000.  As with other Covid supports the business must have a good tax compliance record and have an active tax clearance certificate. The application for the BRSS will be made via ROS and we would be happy to provide businesses with any advice and assistance needed in relation to the application using our details in the link provided.  https://www.robertsnathan.com/member/brendan-murphy/
July 19, 2021
  Business

How To Minimise Your Tax Liability As A Business Owner

We know that tax is a significant variable facing business owners, which is why we invest heavily in experienced, highly qualified tax advisors. Our team works with a wide variety of clients in businesses across various industry sectors to meet tax compliance obligations and provide beneficial tax strategies to all types of business owners. In today's blog, we wanted to look at some simple methods for lowering your tax liability as a business owner.  Taxes, like any other expense, can be controlled and lowered with our proper planning and guidance. Cashflow and money will always play a significant part in the potential success for any business so ensuring proper compliance and setup will be crucial for you. The Revenue Commissioners will always get their percentage from your personal and company wealth, but, here are some methods to help you minimise your business's tax obligations and reduce your tax liability as a business owner.

Methods to reduce tax liabilities as a business owner

  • Maintain systematic record 
While this may seem self-evident, many companies lose out on valid tax deductions or face unjustified add-backs or penalties as their accounting records are insufficient to identify and verify all of the expenditures they are allowed to claim.
  • Tax credit
A tax credit is an instrument that lowers your tax liabilities by decreasing the amount of tax you pay over a financial year. Some of these are provided automatically, while others must be claimed. Any credits that aren't claimed can't be refunded or carried over to the next tax year. By contacting us or by doing some research on your own, you can get to know what tax-deductible expenditures are suitable for your business.
  • Finance capital expenses for tax exemptions
If you buy equipment with cash or a loan, you may receive a 12.5% tax reduction across six and a half years. However, it may be more cost-effective to purchase equipment on a lease and claim tax benefits throughout the lease, usually three years.
  • Engage your spouse or any other family member
Employing spouses or other family members can also be tax beneficial if you can establish and explain their role in the business.
  • Change your company's accounting reference date
In some instances, altering your company's accounting reference date can be beneficial if your business is seasonal or if your profit measures are rising or falling.
  • Preliminary tax
Choose to pay your preliminary tax based on current year projections if your income is expected to decrease.
  • Travel and subsistence 
Revenue allows for the tax-free payment of mileage and subsistence as long as the proper paperwork is held.
  • Consider turning into a Limited Company
There are other factors to consider when starting a business, but if you're making more money than you need to cover your costs, it may be worth setting up a company to benefit from further tax reductions.
  • Generate management accounts before the end of the year 
Calculate your possible tax liability before the end of the year to allow yourself enough time to prepare and manage your tax payment.   The methods mentioned above will given you an idea of how you can minimise your tax liability as a business owner. However, as is often the case with financial planning, we look at every business owner individually and set out a plan that is customised and fitted for them. For expert assistance in maintaining your financial records,
digital accounting, beneficial tax strategies, auditing, and more intended to profit your business most productively, please reach out to me on shane.meade@robertsnathan.com or feel free to give me a call on +353 (021) 494 3977.
July 14, 2021
  Business Advice

Bidding On The Right Contracts

Our aim at Roberts Nathan is always to add value to your business and to support you as it grows. To do this effectively we listen and we understand. Only then do we offer expert financial and business performance advice to allow you make better decisions for you and your business. When it comes to our business advisory services, one specific challenge we help our clients overcome is around the correct process for bidding on new contracts. Making a bid is a time-consuming process that requires a lot of effort for any business. Hence, it's imperative that you carefully choose the projects you want to pursue. While you can see a lot of potentially lucrative contracts in your industry, there are some that won't be as suitable for your business. This is why it is really important you have a system and methodology to perform a comprehensive contract bidding analysis that is in accordance with your long-term plan and fulfils your company's objectives. Factors to consider to ensure bidding on the right contracts Here are a few variables you should evaluate before bidding on a contract to ensure that you are making a decision based on an agreeable logic.
  • Profitability
The main thing is that there's no contract bidding on a project if it doesn't generate enough profit. To accurately estimate your project expenses, ensure you have an accurate and detailed accounting of your yearly labor and equipment expenditures. Incorporate taxes, insurance, workers' compensation, holiday pay, tools and equipment, and any other perks you offer your employees when determining labor expenses. After determining how much it will cost to finish the project, you must examine additional factors such as location, contract requirements, expected construction technique, and so on to decide if the project will be lucrative if you make the winning bid.
  • Potential
After you've established that the project is beneficial for your business, you must evaluate if your business is capable of completing it. Examine your existing backlog of future projects to ensure that you have the workforce, equipment, crew, and other resources in place to devote to the project when construction is scheduled to begin and finish it on time. It is also important to verify that your business is financially competent to finish the project, which means that you have the necessary bonding capacity and cash flow to complete the job without compromising your other commitments.
  • Long-term planning
Check if the project you're interested in bidding on aligns with your business's long-term strategy and objectives. Whether you want to expand your business or to grow the business into new markets or geographical regions? Or maybe you want to switch to private work, or maybe you'd like to take on bigger projects, like hotels or hospitals. Irrespective of the company's long-term plans, make sure you're discovering and pursuing projects for contract bidding which support those objectives. Project location, duration, scale and nature, competitiveness, client, and designer are things to consider when deciding about the contracts to bid on. 

How can we help?

From comprehensive business advisory to making bids, we provide you with the assistance for each of these business aspects. When you choose us for your bidding solutions, we'll simplify the process and show you how to create winning bids that will incur the highest profits for your business. In addition, we'll assist you with identifying allocation bases and dividing pools of expenses, compiling indirect costs, and calculating fair and attractive rates for contract proposals.  By working with the Roberts Nathan team, you can rest assured that all your contract bids will be made after comprehensive, thorough analysis of your resources which will guarantee to deliver your business the best possible returns.  Please reach out to me on
shane.meade@robertsnathan.com or feel free to give me a call on +353 (021) 494 3977 if you have any questions in relation to any part of the contract bidding process.
July 7, 2021
  Brexit

Setting Up a Company in Ireland F.A.Q’s

What are the basics I need to know? Before they became clients of ours, many business owners had the following questions they needed answers to when considering setting up a company in Ireland. As a result, we have decided to answer the most frequently asked questions we regularly receive.  
  • What do I need to consider when registering for a VAT number in Ireland?
Difficulties can arise when registering VAT due to how common VAT fraud is and therefore the authorities can be slow to issue a VAT number. It helps if you have Irish-based clients, suppliers and/or employees as well as an Irish-based office. Registering for VAT is not mandatory and can take a number of weeks.  
  • Is it possible to set up a business bank account as a non-resident and what’s required?
A face-to-face meeting with the bank and an Irish director is required and typically we would arrange this and facilitate the meeting for you. Usually, this takes about 2 weeks after you meet with the bank.  
  • How long does it take to register a limited company?
Usually we find it takes 4 working days from when we receive all the signed documents from you.  
  • What are those documents? 
  1. A copy of your passport
  2. Proof of address
 
  • What paperwork is required to be filed annually for this company?
An annual return must be filed by all companies with the Companies Registration Office (CRO).  
  • Are the company directors required to be residents in Ireland?
No, it’s not a legal requirement, however, for tax residency purposes it is advisable to have an Irish-based director on the board of your company and we are able to provide that service for you should you require it.  
  • Do I need a company secretary?
All Irish Limited Companies are required to have a company secretary. We can provide this for you.  
  • How do I get a postal address in Ireland, do I really need it?
We can provide you with an Irish address in Dublin or Cork. Yes you need it, registered companies in Ireland must have an Irish address.  
  • How much does this all cost?
That all depends on what you need and want, no two businesses are the same, but rest assured we will advise and work together with you to minimize investment.   If you are considering registering a company in Ireland and would like our help in doing so, then please contact me, Shane on +353 21 494 3977 or
shane.meade@robertsnathan.com
May 13, 2021
  Business Advice

Covid Restriction Support Scheme

As many businesses begin reopening their doors this week, the Revenue have confirmed those eligible for the Covid Restriction Support Scheme should be able to avail of two weeks double payment of the scheme in order to assist with restarting their businesses. See details of the Revenue press release here. As Revenue have reiterated in recent times, all reliefs such as the CRSS require up to date tax clearance certificates which mean the taxpayer must have all tax returns filed and payments made or debt arrangements agreed. At Roberts Nathan we continue to assist our clients both applying for and maintaining Covid reliefs. Feel free to contact us if you wish to discuss any Covid supports or any issues arising for your business as the economy reopens over the coming weeks.
May 12, 2021