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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
November 2016
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
IS PRICING LOW A GOOD IDEA?
By Noel Murphy

Especially when starting up a business the perceived wisdom can be that you should price low. If you price low you can win more customers. More customers mean more sales and that's the key to success......or is it?

The tendency is to think I'm new, I'm small, I can do it cheaper. But in fact there are four problems with this thinking:


THE KEYS TO UNDERSTANDING YOUR BALANCE SHEET
By Seamus Parfrey

Right from when you get your first set of management or annual accounts you'll probably notice that one of the reports is a balance sheet. Especially for new business owners you might wonder what exactly it is and what it has to do with balancing.

The balance sheet is a vital financial document for your business so learning what it means and how you can read it can make a big difference.


3 THINGS YOU NEED TO THINK ABOUT IF YOU'RE BUYING A BUSINESS
By Seamus Parfrey


One way to achieve growth for your business is to buy another business. Or perhaps you're thinking of starting up a business and buying an existing business seems like a better option than starting from scratch.

A big mistake that many in this position make is to look for opportunities at the lowest price. But price is only one of a number of factors that must be carefully considered. Failing to consider all these factors is likely to make it much more difficult for you to be successful in your purchase.

ARE YOU GETTING YOUR VAT RIGHT ON DISTANCE SELLING?
Seamus Parfrey
By Seamus Parfrey
 
If you sell goods to a person living overseas and is in the EU and who is not VAT registered, then Revenue class this as distance selling.

Whether the sales happen through mail order or from a telephone call or a sale made on your website the distance selling rules will apply.



TAX DEADLINES & REMINDERS
By Aoife Ní Dhubhghaill

Deadline - 14 November 2016
PAYE/PRSI
  • P30 monthly return and payment for October 2016

Deadline - 14 November 2016
DWT
  • Return and payment for October 2016  

Deadline - 23 November 2016
RCT
  • Return and payment for October 2016                                                  

     

Deadline - 1 - 21 November 2016
Corporation Tax
  • Preliminary Tax for accounting periods ending between 1-31 December 2016
  • First installment of preliminary tax for "Large Companies" with a financial year ending between 1 - 31 May 2017
  • Returns for accounting periods ending between 1 - 29 February 2016
  • Pay balance of tax due on accounting periods ending between 1 - 29 February 2016
  • Returns of third party information for accounting periods ending between 1 - 29 February 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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