Parfrey Murphy
Chartered Accountants
Lee View House
South Terrace
Cork
Ireland
T: +353 (0)21 4310266
E:
pm@parfreymurphy.ie
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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
pm@parfreymurphy.ie
if you wish to do business with us
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BREXIT: VAT IMPLICATIONS FOR IRISH AND UK BUSINESSES UNDER A NO DEAL SCENARIO
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If the UK does not agree to a formal withdrawal agreement by 29 March 2019 then its status under EU law would change from that of an EU Member State of the European Union to that of a third country. The consequences of this change would result in the UK being outside the Single Market and Customs Union and have no trade or cooperation agreements in place with the EU.
There would be no transition period in which businesses can complete the necessary changes to accounting systems, compliance reporting and provide for the associated costs in adjusting to a new trading arrangement. Things will happen quickly.
It is best to consider the worst-case scenario and their consequences than ignore; regardless of how the UK leaves, it should be clear that they are leaving the EU and there will be changes come what may given that leaving means leaving the current EU trade arrangements and facilities provided for under the Single Market and Customs Union.
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| UK DIRECTORS IN IRISH COMPANIES - NO DEAL BREXIT |
 The Companies Registration Office has advised that if the UK leaves the European Union without any deal in place on 29 March 2019, Irish companies which have only UK resident directors will be required to comply with Section 137 Companies Act 2014 to have an EEA-resident director.
S137 BOND
However, the requirement to have at least one EEA resident director from a Member State does not apply to any company which holds a bond, in the prescribed form, in force to the value of €25,000 and which provides that in the event of a failure by the company to pay the whole or part of a fine imposed on the company in respect of an offence under the Companies Act 2014 or under the Taxes Consolidation Act 1997, there shall become payable under the bond a sum of money for the purpose of same being applied in discharge of the whole or part of the company's liability in respect of any such fine or penalty.
The bond must have a minimum period of validity of two years, commencing no earlier than the occurrence of the event giving rise to the requirement for the bond. The surety under the bond is normally provided by an insurance company.
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BREXIT ARGUMENTS - A LESSON FOR ALL OF US
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Seth Godin published a blog which can be applied to the current Brexit impasse.
When two people have a heated discussion about an issue, one of three things could be happening:
- One of them is wrong. At the moment, each of them are sure that the other person is the one who's wrong.
- Neither of them is wrong. They're arguing about something where right and wrong are relative, based on perspective. Or, perhaps...
- They're both wrong.
The thing is, our certainty of rightness is what makes heated arguments heated. Given how unlikely it is that we're always right and they're always wrong, the heated part of the conversation is probably worth avoiding.
Before you can begin to work on what you disagree about, you each benefit from working on the 'heated' part.
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TAX DEADLINES & REMINDERS
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By Claire Scannell
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Deadline - 14 March 2019
PAYE/PRSI
- Monthly return and payment for February 2019
PSWT
- Return and payment for February 2019
DWT
- Return and payment for February 2019
Deadline - 19 March 2019
VAT
- Annual VAT 3 return and payment for the period March 2018 - February 2019, together with the Return of Trading Details where the accounting period ends in February
- Monthly VAT 3 return and payment for February 2019, together with the Return of Trading Details where the accounting period ends in February
- Bi-Monthly VAT 3 return and payment for the period January - February 2019, together with the Return of Trading details where the accounting period ends between the 1st January and the 28th February
RCT
- Return and payment for February 2019
Deadline - 21 March 2019
LPT
- Single Debit Authority deduction from bank account
Deadline - 31 March 2019
INCOME TAX
- Deadline for claiming Seperate Assessment for 2019
- Deadline for nominating Assessable Spouse or Nominated Civil Partner for 2019
- Return of Share Options and other Rights for 2018
- Return of Information by the Trustees of an Approved Profit Sharing Scheme 2018
- Return of Information of an Approved Savings Related Share Option Scheme 2018
- Return of Information of an Approved Employee Share Ownership Trust for 2018
Deadline - 1 - 21 March 2019
Corporation Tax
- Preliminary Tax for accounting periods ending between 1-30 April 2019
- First instalment of preliminary tax for "Large Companies" with a financial year ending between 1 - 30 September 2019
- Returns for accounting periods ending between 1 - 30 June 2018
- Pay balance of tax due on accounting periods ending between 1 - 30 June 2018
- Returns of third party information for accounting periods ending between 1 - 30 June 2018
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 where relevant
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