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Parfrey Murphy
Chartered Accountants
Lee View House
South Terrace
Cork
Ireland

T: +353 (0)21 4310266
E: [email protected]
E-Newsletter
August 2017
Our aim is to help businesses grow, to increase their profitability, improve their  cash  flow and reduce their tax liabilities so that they have more disposable income. Please feel free to call us on   021 4310266  or email us at  [email protected]  if you wish to do business with us
EUROPEAN ECONOMIC INTEREST GROUPINGS (EEIG)
By Noel Murphy 

An EEIG is a mechanism through which businesses within the EU can engage in cross-border commerce.
 
The creation of the EEIG is an effort to develop economic activity throughout the EU and to create a single market offering conditions similar to those of a national market. It is designed to minimise the legal and fiscal difficulties that natural persons, companies, firms and other bodies face in cooperating across borders.
 
EEIG's are regulated under SI No. 191 of 1989 - European Communities (European Economic Interest Groupings) Regulations 1989, and SI No. 447 of 2010 European Communities (European Economic Interest Groupings) (Amendment) Regulations 2010. 
 
The purpose of the grouping is to facilitate or develop the economic activities of its members by a pooling of resources, activities or skills. This is intended to produce better results than the members acting alone.



FLOWERING SHARES
By Seamus Parfrey

Flowering shares are a class of ordinary shares issued by a company which entitle the shareholder (employee in this case) to capital generated by the future growth of the business above its current value.
 
Shares are issued at a day one value. When a company reaches an agreed level of future growth (which is known as the "hurdle") the shares will have an agreed value. This amount can be either variable (based on a percentage) or a fixed amount.
 
The shares are normally available for purchase at a nominal or small amount meaning only minimal outlay by the employees at the outset. 


SLOW DOWN AND STOP MAKING MISTAKES!
Seamus Parfrey
By Seamus Parfrey

Over the years I have found if I rush my work I am prone to making silly mistakes.  So I slow down and review what I have done to make sure it looks right.

A quick test for you:

You have just five seconds to answer these simple questions:
  1. What do cows drink?
  2. What's the opposite of 'not in'?
  3. How much dirt is in a hole measuring two metres squared, and three metres deep?
  4. What weighs more - a ton of concrete or a ton of feathers?
  5. How many of each animal did Moses take onto the Ark?
Time's over.


TAX DEADLINES & REMINDERS

By Claire Scannell

Deadline - 14 September 2017
PAYE/PRSI
  • P30 monthly return and payment for August 2017
Deadline- 14 September 2017
PSWT
  • Return and payment for August 2017
Deadline- 14 September 2017
DWT
  • Return and payment for August 2017
Deadline - 19 September 2017
VAT
  • Annual VAT3 return and payment for the period from September 2016 to August 2017 together with the Return of Trading Details  
  • Bi-monthly VAT Return and payment for period July-August 2017 together with Return of Trading Details
  • Quarterly VAT3 Return and payment for period May- August 2017 together with Return of Trading Details
Deadline- 23 September 2017
VIES
  • Return for August 2017
Deadline - 23 September 2017
RCT
  • Return and payment for August 2017                     
Deadline - 1 - 21 September 2017
Corporation Tax
  • Preliminary Tax for accounting periods ending between 1-31 October 2017
  • First installment of preliminary tax for "Large Companies" with a financial year ending between 1 - 31 March 2018
  • Returns for accounting periods ending between 1 - 31 December 2016
  • Pay balance of tax due on accounting periods ending between 1 - 31 December 2016
  • Returns of third party information for accounting periods ending between 1 - 31 December 2016
Where returns and payments for RCT, VAT, PAYE/PRSI and Corporation Tax are made electronically, the return and payment deadlines are the 23rd day of the month


Parfrey Murphy
+353 (0)21 4310266
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