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Parfrey Murphy
Chartered Accountants
Lee View House
South Terrace
Cork
Ireland

T: +353 (0)21 4310266
E: pm@parfreymurphy.ie
E-Newsletter
January 2018
 
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
GENERAL DATA PROTECTION REGULATION
By Noel Murphy

The new General Data Protection Regulation (GDPR) will be coming into force across the EU on May 25 next. The Regulation makes significant and in some areas radical changes to current policies which have been based upon the existing EU Data Protection Directive.
 
The new Regulation transfers ownership of an individual's personal data from the data holder to the individual concerned, the data subject. In future all companies and organizations are legally bound to respect not only the data but also the rights of the individual over all of his or her personal data. These rights will determine the manner and purposes for which personal data is collected and processed.
 
While non-compliance with GDPR may lead to significant fines by the Data Commissioner (up to 4% of annual turnover or €20 M) or legal cases in the courts, compliance with GDPR ought to be seen as not only essential for business reputation, for morale in the workplace and above all for demonstrating commitment to the highest levels of respect and concern for customers and clients.
 
SHAREHOLDERS AGREEMENT
Seamus Parfrey
By Seamus Parfrey

A shareholders agreement may be loosely defined as an agreement (contract) between some or all of the shareholders in a company and sometimes the company itself, which is intended to govern the rights and obligations of the parties thereto. Frequently, shareholders agreements will also deal with the management of the company.
 
When setting up a new company the provisions of a shareholders agreement should be agreed between the shareholders before the business commences.
 
The advantages of using a shareholders agreement are:

 
SOLE TRADER V LIMITED COMPANY CONSIDERATION
Seamus Parfrey
By Seamus Parfrey
 
So you have a new business idea and have sketched a brief business plan.
 
What are your options in terms of structure and how do you decide which one is right for you?
 
There are two main options open to entrepreneurs setting up in Ireland - sole trader or limited company.
 
I will briefly outline the differences between the two and the issues you need to consider when making a decision on which structure to choose.


TAX DEADLINES & REMINDERS
By Claire Scannell

Deadline - 14 February 2018
PAYE/PRSI
  • P30 monthly return and payment for January 2018
Deadline - 15 February 2018
PAYE/PRSI
  • P35 Annual Return for the year ended 31 December 2017
  • Make available P60 for 2017 to each employee
Deadline - 14 February 2018
PSWT
  • Return and payment for January 2018
Deadline - 15 February 2018
PSWT
  • F35 Annual Return for the year ended 31 December 2017
Deadline - 14 February 2018
DWT
  • Return and payment for December 2017
Deadline - 19 February 2018
VAT
  • Monthly VAT 3 Return and payment for January 2018 together with the Return of Trading Details where the accounting period ends in January
  • Annual VAT 3 Return and payment for the period February 2017 - January 2018 together with a Return of Trading Details where the accounting period ends in January  
Deadline- 23 February 2018
VIES
  • Monthly Return for January 2018
  • Quarterly Return and payment for October - December 2017
Deadline - 23 February 2018
RCT
  • Return and payment for January 2018
Deadline - 23 February  
2018
 
Income Tax
  • SARP Employer Return for the year ended 31 December 2017         
Deadline - 1 - 21 January 2018
Corporation Tax
  • Preliminary Tax for accounting periods ending between 1-31 March 2018
  • First instalment of preliminary tax for "Large Companies" with a financial year ending between 1 - 31 August 2018
  • Returns for accounting periods ending between 1 - 31 March 2018
  • Pay balance of tax due on accounting periods ending between 1 - 31 May 2017
  • Returns of third party information for accounting periods ending between 1 - 31 May 2017
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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