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Solutions for your business to help start 2020 positively…

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Firstly, let us take the time to wish all our clients and friends a very happy and prosperous New Year. 2020 comes to us all with a lot of uncertainty but we will weather any financial storms that may result from Brexit with our patented Irish resilience. As we have bid farewell to the previous decade and turned the page into a new one, thoughts often turn to change and what we can do to change our selves, our positions in life and our career trajectory. We here at EcovisDCA know that all of our clients and friends are incredibly hard working and focused and as such do not wish to start the decade off on a negative footing with a list of changes to be made, rather we have decided to focus on solutions to make your business and financial life run smoother in the years ahead.

 

Update your Payroll System:

As we are all aware, there has been a major overhaul to the PAYE system that has recently come into effect in Ireland. We have discussed these changes in detail in the past, and how they will affect the day to day running of your business, and whilst your payroll staff have long been setting up for this event, it is a good idea to start this new decade off with a review of your new system in case there are ways in which it can be more efficient for you. These PAYE changes are the perfect opportunity to update your current payroll software if needed.

2019, The Year in Review:

Whilst it is important not to dwell entirely on the past, whether 2019 was a more positive or negative financial year for your business it is essential to take a glance into the rearview mirror and assess how your finances were in 2019. Perhaps there are areas here that can be utilised more to your benefit.

Goals, Goals, Goals:

A new year always comes with new personal goals, and a new decade is the perfect opportunity to set some business and financial goals for your business. What are the daily/weekly/monthly steps you can take over the next 12 months to get your business closer to that end goal? Goals can be an essential method of planning out the future of your business.

Deadlines:

As we have spoken about before, Revenue have been overhauling their tax systems and clamping down on evasion and late filing. As we start this new year, take note of all the essential deadlines for the coming year and begin working towards meeting them.

These are just some small ideas to start this new decade of your business off on a positive and energetic note and start as you mean to go on.

Should you have any concerns or queries on any business or financial matters, please don’t hesitate to contact us here at EcovisDCA. We are looking forward to working with you all during the new roaring 20’s.

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~ DCA PARTNERS, DECLAN DOLAN & EAMONN GARVEY

CRO Getting Tougher On Non-Compliance

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We have spoken in the past about the many ways in with Revenue are beginning to clamp down on tax issues in a massive way in recent months. With tax return deadlines having been extended the belief is now that there should be no excuse for late filing so there is set to be a massive tightening on deadline rules from this point on.

Recently the CRO (Companies Registration Office) have announced that they will begin prosecuting companies who have not filed or are late in filing their Annual Returns and Accounts. In previous years there was a certain level of profiling involved with selecting companies or directors for prosecution, the idea being that such severe punishment was not needed for first time offenders. It is thought that the same system will be in place on this occasion, with persistent defaulters being the first to be targeted and dealt with.

Any company summoned in this way is liable to face fines of up to €5000 plus costs. These fines will be in addition to any normal CRO late filing penalties. The CRO are also set to clamp down on companies requesting their own extension on filing in order to avoid prosecution.

This is a much tougher stance than the CRO have taken on these issues in the past. Far from being a campaign of ‘scare tactics’ however, this is a campaign meant to encourage persistent late filers to begin to file on time each year in order to avoid these unnecessary penalties and further heartache.

As always, our own advice remains to get all documentation in order throughout the year and ensure that your returns are filed on time, even avoiding utilising the extensions if possible so that you will be certain that everything is in order. It is critical to keep well organised files on everything throughout the year to avoid a last minute scramble before the deadline.

As always we are available for any advice or guidance you may require on business or finance matters.

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~ DCA PARTNERS, DECLAN DOLAN & EAMONN GARVEY