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  • 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 ...

  • Watch out Donald there’s a new President in town

    Take a minute to listen to this Pep Talk from the effervescent "Kid President" (AKA Robby Novak). He reminds us that we all have work to do, "and we can cry about it or we can dance about it... It is everybody's duty to give the world a reason to dance." What will you do today to give the world a reason to dance? http://www.karmatube.org/videos.php?id=3789

  • Reimbursement of Expenses and Travel and Subsistence to Office Holders and Employees

    On May 31st 2017 Revenue has provided an update regarding the rules on the reimbursement of Expenses and Travel and Subsistence to Office Holders and Employees. There has been a lot of uncertainty in this area of the last number of years. Following numerous consultations with the relevant professional bodies and Revenues own data from the National Contractors project,  Revenue summarised their position on the circumstances in which travel and subsistence expenses may be reimbursed free of tax. See link here to the Revenue document and also TRA’s summary document, which you ...

  • New Mileage and Subsistence rates from April 1st 2017

    Revenue have issued new mileage and subsistence rates effective from April 1st 2017. In light of this we also separately provide an update on Revenues view of the tax treatment of the reimbursement of Expenses and Travel and Subsistence to Employees. Our mileage and subsistence workbook has also been updated with the new rates. We will be emailing this out separately but please contact us if you need a copy. Details on mileage provided first. See subsistence below New Rates per Km Engine Size 0-1200cc 1200-1500cc 1500cc and ...

  • Build Assets, Not Liabilities.

    This simple principle, which is borrowed from a chapter of Robert Kiyosaki’s best-selling book, “Rich Dad, Poor Dad”, at first doesn’t actually sound that informative or effective. But after it is explained, it can transform the way you look at your future, and in turn, how you plan for it. Essentially, what separates a “Financially Free person" from a “Financially Dependent person” is that the Financially Free person ensures their money works for them. They look at the long term. Assets are wealth-generating machines. The Financially Free individual may have many different income ...

  • Loving your Enemies. What Does It Mean? Can It Be Done?

    The next time you feel a sense of friction between yourself and someone else, take a moment to consider that there are always things you can't see about the other person. Reflect on the fact that their perspectives and personality have been shaped by many forces. Allow yourself to respect their reality, whilst being aware that differs to your own. See below an interesting article on this topic with some helpful insights and tips http://www.dailygood.org/story/1528/brother-david-steindl-rast/

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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 »