News

PKF-FPM ROI Newsletter

To download Issue One of our 2016 ROI Newsletter please Click Here  

Business motoring – tax aspects of outright purchase, leasing or hire purchase

Question:  I run 2 businesses, one as a sole trade and the other through a limited company. What are the different ways that I can purchase vehicles for these businesses and what are the tax implications? Answer: Motoring costs, like other costs incurred which are wholly and exclusively for the purposes of your trade are tax deductible but the timing of any relief varies considerably according to ...

Making tax digital – where are we heading?

Question: I am a self-employed building contractor with a small team of men working for me. My accountant completes my accounts and tax return in January each year. I have read about HMRC’s new digital system and that I might have to do my accounts up to four times a year. Can you explain what is changing?   Answer: In the Budget speech on 18 March 2015, the ...

Beware Child Benefit and tax if you have a high income

Question: I am married with two kids and I have recently earned a promotion at work and my annual pay has increased from £48,000 to £52,000. I still receive child benefit and I have read that I may have to pay more tax due to my increase in salary. Is this correct? Answer: Child Benefit has always been paid to families with children, regardless of household ...

Client Matters Issue 39

Please see link below to a copy of Client Matters Issue 39 – the newsletter from PKF-FPM Accountants together with Issue 39 of Tax Matters. Client Matters Issue 39 Tax Matters Issue 39 This issue covers topical business interest stories including: Family Business; Willie Walsh to be guest speaker at Leadership Talk; HMRC Liabilities on Voluntary Arrangements; PKF-FPM Client Successes; and Bye, Bye, Buy to let? For further information contact PKF-FPM Accountants at info@pkffpm.com.

VAT registration – should I register voluntarily?

Question. I am thinking of starting my own business and I would like to know more about my obligations for registering for VAT. What are the rules and what do I need to do to comply with these rules? Answer. It is usually clear whether a business should register for VAT as soon as it starts trading. This might be because it has a large amount of ...

Family Business Succession Seminar

PKF-FPM and Fingal Dublin Chamber would like to invite you to the Family Succession Business Breakfast seminar on Thursday 21st January 2016 at 9.30am in the Graham Bell Room, Grand Hotel, Malahide. Our Managing Director, Feargal McCormack will deliver the presentation which promises to be an insightful look not only at family businesses but the DNA and culture that is in place in successful growth businesses. It ...

Revenue note on tax payments and flood relief published

In light of the recent flooding, Revenue has clarified that property owners whose principal private residence has been flooded and who are in receipt of assistance through the Department of Social Protection Humanitarian Relief Fund can apply to have their 2016 LPT payment deferred. You must contact the LPT Helpline on 1890 200 255 if you are seeking a deferral. Business owners who have suffered flood ...

HMRC provides leeway for flood victims

Those affected by the December floods won’t have to meet the January 31 self-assessment deadline, HMRC has said. An HMRC spokesman explained: “No taxpayer affected by flooding will have to pay a fine if their return is late. We will accept a customer has a reasonable excuse if the delay is caused by flooding at their premises or their agent’s premises and the return is ...

Higher allowances could increase tax demands

Question. I have recently retired from running my own business but I continue to make regular monthly contributions to my favourite charity under a Gift Aid declaration. With the increased personal allowance and the £5,000 tax-free band I am no longer paying tax on my savings and dividends. Can the charity still continue to claim tax relief on my donations? Answer. The accelerated rise in the income tax ...