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  • Brexit

    Appreciate everyone is worn out with Brexit and its domination of our airwaves. There are two areas below that may provide helpful information from a Revenue and bank loan/grant aid perspective. We would have looked at these previously so just sending his as a refresher EORI Number. If you import or export from the UK or plan to then you should apply for an EORI number You can register for an EORI number on Revenue’s EORI online registration service through My Account or ROS See below a link to resources that may be of assistance including loan and grant schemes. There are ...

  • Tax fee protection insurance Ireland

    In the past, we were able to obtain a practice policy which provided cover for clients at cost-effective rates. Unfortunately, the overall issues with the insurance industry seem to be affecting this area too. There were only ever two providers and one has pulled out of the jurisdiction. The cost of a blanket policy is now working out at an average premium of €4,000 per business per annum. This makes no sense and we wouldn’t be recommending this to clients. Other options However, this type of insurance may be something that comes as standard with your office insurance/ business insurance or as a ...

  • Get the Eye of the Tiger

    I am of the Rocky generation. I must have watched those movies 100 times when I was young. It all came back to me when I watched the 2006 Rocky Balboa movie recently. It's the one where Rocky comes out of retirement to have one last crack at it even though he is something like 60 years old. It’s a bit corny yes, however, this movie has one of my favorite quotes ever in it... “It ain't about how hard ya hit. It's about how hard you can get hit and keep moving forward. How much you can take and keep moving forward. That's how ...

  • How to Live a More Courageous Life

    How to Live a More Courageous Life When confronted with fear, the brain will seek relief in the form of old coping habits if left to its own devices. However, there are things we can do to help it change course. If we set the stage for courage, our awareness of what happens to us becomes our greatest ally. "The more you interrupt the old fear-based habits and replace fear-based responses with responses to boost courage, the more you create a 'courage habit.' By living your life with courage, you'll be more likely to make the changes that will lead to ...

  • Tax Saving Tips for Directors and Employees

    Tax Saving Tips for Directors and Employees We have 15 excellent tips on how you can reduce tax when providing benefits to directors and employees. Tax-Free Voucher for Employees Revenue’s Small Benefits Exemption Scheme allows you to give employees a small benefit of up to €500 in value, tax-free, each year. This benefit must not be in cash.  If more than one benefit is given in a year, only the first one qualifies for tax-free status. Unused allowance amounts cannot be carried over.  Please note tax-free vouchers or benefits can be used only to purchase goods or services. They cannot be redeemed ...

  • Finding Purpose

      What is 'purpose'? William Damon, the director of the Stanford Center on Adolescence, defines purpose as “a stable and generalized intention to accomplish something that is at the same time meaningful to the self and consequential for the world beyond the self.” See a link below to an article by Patrick Cook-Deegan regarding Seven Ways to Help High Schoolers Find Purpose http://www.dailygood.org/story/1861/seven-ways-to-help-high-schoolers-find-purpose-patrick-cook-deegan/ In summary, they suggest to Prioritise internal motivation over external achievement Foster collaboration See teachers as mentors and coaches Take students out into the world Learn from “failure” Value students’ inner ...

  • KEEP -Key Employee Engagement Programme (“KEEP”)

    KEEP was recently introduced in Budget 2018. Please note that this is subject to EU State Aid approval, will be available for qualifying share options granted between 1st January 2018 and 31st December 2023, The advantage with this is that any qualifying share options under the scheme will be exempt from a charge to Income Tax and rather subject to a charge to Capital Gains Tax (“CGT”) at the rate of 33%. The income tax charge would normally arise when the employee exercises (takes up) the option. The CGT will ...

  • Tax Free Voucher for Employees

    Under Revenue’s Small Benefits Exemption Scheme you can give employees a small benefit of up to €500 in value, tax-free, each year. This benefit must not be in cash. If more than one benefit is given in a year, only the first one qualifies for tax-free status. Unused allowance amounts cannot be carried over. Please note tax-free vouchers or benefits can be used only to purchase goods or services. They cannot be redeemed for cash. Conditions: The gift voucher must be purchased by the employer.  An employee cannot purchase a voucher ...

  • Awareness and practice of the 80/20 rule

    The 80/20 rule — the Pareto principal — says that 20 percent of your efforts will generate 80 percent of your income. The same principal applies to all other areas also and studies have shown it almost always happens. For example Financial Freedom is influenced more by psychology than the actual mechanics of implementing a plan or idea. Anthony Robbins believes that 80% is based on psychology while the remaining 20% is influenced by the mechanics of implementation. Like in sport, the best “financial athletes” have a certain belief, image, internal dialogue ...

  • Budget 2018

    Budget 2018 Summary, Analysis & Key Points Paschal Donohoe’s 2018 Budget proved to be as expected. Mr. Donohoe announced some €1.2 billion in new spending and tax cuts, split on roughly a 2:1 basis in favour of spending. A much-leaked budget, with few surprises, the main revenue generator for Budget 2018 is a hike in stamp duty for commercial property transactions from 2% to 6% which is expected to generate revenue of €376 million per annum. A restriction to intangible asset relief could adversely impact Ireland’s FDI offering, however, changes to the nation’s corporation tax could have been much worse considering the pressure ...

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Little About Us

Joe Cunnane Practice Owner TRA Professional Services       Qualifications:  FCA Chartered Accountant & AITI Chartered Tax Advisor Joe has over 20 years experience working in both private practice and industry ... Read More »