FAQ

FAQ

1. How are we different?
Our philosophy is quality and service dedicated to your needs. As a small company we can provide the personalized attention and professional care that your business requires. We pride ourselves on being attentive to our client’s needs.

2. How much does it cost?
Not as much as you probably think.image4 copy
PS Financial Services offered affordable accounting services before this became fashionable.
We can do this because we never over extended our selves and have very low overheads. At PS Financial Services you do not get charged for telephone queries and we can agree fixed fees for certain work or a combination of fixed and hourly with a floor and ceiling.

3. I am a PAYE worker with other income (rental income and dividends). Do I need to file a Tax Return?
Yes, unless the non-PAYE income is small and has been coded onto your PAYE certificate (Certificate of Credits & Standard Rate Cut-off Points) to collect the extra tax due you must file a tax return.

4. Are there any tax savings for the average PAYE worker?
Yes, such as certain un-reimbursed medical expenses and non routine dental costs, service charges paid for bin collection, trade union subscriptions etc

5. What Business Expenses can I claim?
Business expenses can be re-imbursed to the director as long as they have being wholly
and necessarily incurred as business expenses in accordance with Revenue Guidelines.

  • Travel & Subsistence – mileage in accordance with the civil service rates can be claimed. (However, the travel must not be related to travelling from your home to your principal place of work).
  • Training & Education – you can claim for any expenditure incurred for furthering your education as long as it is related to your principal employment, e.g. purchase of training manuals.
  • Hardware – You can be re-imbursed for laptops, computers & ancillary equipment purchased at start up.
  • Repairs of business equipment.
  • Other travel expenses relating to your employment, e.g. travel abroad for work, claim back flight &
    accommodation costs.
  • Professional fees.
  • Telephone, Broadband & Mobile phone.
  • Subscriptions & Memberships to professional or educational organisations.
  • Printing, Postage & Stationary – you can claim a proportion of home office expenses.

We can also advise you in relation to pension contributions and most tax efficient levels of contributions
to maximise your tax breaks.

6. When can you claim your Audit Exemption?
A claim for audit exemption does not arise when a new company is filing its first annual return (required to be made up to the six-month anniversary of the date of incorporation) as no accounts are required to be attached to the first annual return. Audit exemption may be claimed however at the time of the company’s first annual return with accounts or when subsequent annual returns are being filed.
Conditions to be satisfied
The conditions to be satisfied (revised) before a company will be able to claim the exemption from the requirement to have its accounts audited are set out in section 32(3) of the 1999 Act (as amended by the Companies (Auditing and Accounting) Act 2003 and the Investment Funds Companies and Miscellaneous Provisions Act 2006) and are as follows:
In respect of the financial year concerned:

  • The company must be a company to which the Companies (Amendment) Act 1986 applies i.e. a Private Limited Company;
  • The amount of turnover of the company must not exceed €7.3 million;
  • The assets of the company are less than €3.65 million at the end of its financial year;
  • The average number of employees must not exceed 50;
  • The company must not be a parent company or a subsidiary company;
  • The company must not come within one of 19 classes of companies listed in the Second Schedule to the 1999 Act; Please see Attorney Generals website for Second Schedule;
  • The company’s annual return, to which the accounts for the financial year in question are attached, must be furnished to the CRO in compliance with section 127 Companies Act 1963. This means that the return must be delivered to the CRO not later than 28 days after the company’s Annual Return Date, or where the return has been made up to an earlier date, within 28 days of that earlier date. i.e.it must not be late in the current year;
  • Furthermore, where an annual return to which accounts for the immediately preceding financial year was delivered to the CRO, that return must also have been filed on time. i.e. it must not be late in the previous year;
  • the year in question must be the current year – section 32 provides that the directors must be of the opinion that the company “will satisfy” the conditions – use of the future tense precludes the decision being taken in respect of a year that has already ended.
  • A company which satisfies the revised exemption threshold levels in a current financial year, the year in respect of which the audit exemption is being claimed, must also have satisfied those revised threshold levels in the preceding financial year.

Unless the financial year in respect of which the audit exemption is being claimed is the first financial year of the company, the company must also have satisfied all the conditions set out in section 32(3) in respect of the preceding financial year. For instance, if the most recent company’s annual return with accounts was delivered late to the CRO or if the current years return is being delivered late, the company is not entitled to the audit exemption, notwithstanding that it may satisfy all the remaining conditions.

Resources

Here are some useful resource websites:

CharteredAccountants.ie – Chartered Accountants Ireland is the largest and longest established accountancy body in Ireland. It has over 18,000 members and 6,500 students, and it is the leading voice of the accountancy profession in Ireland.
FingalCEB.ie – The CEBs were set up to meet a need, which was identified for support targeted specifically at the micro-enterprise sector. A key feature of the new CEB network was that it would include representatives of a range of local interests and have a wholly localised county-based focus to its mission.
Revenue.ie – Everything you wanted to know about tax in Ireland
CRO.ie – The authority for the incorporation of new companies and registration of business names in the Republic of Ireland. Also responsible for the receipt and registration of post incorporation documents, enforcement of the filing requirements of companies, and provision of information to the public.

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