July Insights - Gallagher Keane
Gallagher Keane Chartered Accountants
Expert accountants with deep sector knowledge delivering true value
1. How Can a Company Wind Up Voluntarily?
In the world of business, circumstances can arise where a company finds itself considering the option of voluntary winding up. At Gallagher Keane, we understand that this process can seem complex, which is why we’re here to shed light on how a company can wind up voluntarily. From the intricacies of Voluntary Strike Off (VSO) to the necessary steps involved, this blog post will serve as your compass through the journey of responsible voluntary winding up:
Eligibility for Voluntary Strike Off (VSO):
Companies that have assets and/or liabilities valued at less than €150 and have filed all required returns with the Revenue and Companies Registration Office can apply for VSO. This strategic option offers a smooth pathway for companies to conclude their operations responsibly. The Essential Steps in Voluntarily Winding Up are:?
1. Closing the Company Bank Account:
To prevent funds from being frozen upon the company’s strike-off, it’s imperative to close the company’s bank account. This precautionary measure ensures a seamless transition as the wind-up process commences.
2. Filing Outstanding Annual Returns:
Prior to initiating the VSO process, all pending Annual Returns must be filed with the Companies Registration Office. This prerequisite underlines the significance of staying current with administrative obligations.
3. Settling Tax Obligations:
Clearing any pending tax returns with the Revenue and de-registering the company for taxes is an essential step. This demonstrates your commitment to financial integrity and adherence to tax obligations.
4. Asset and Liability Evaluation:
Companies considering voluntary winding up must ensure that their assets and liabilities remain below the €150 threshold. This financial evaluation contributes to the eligibility for VSO.
5. Ceasing Business Names:
Discontinuing any business names associated with the company is a vital aspect. This action streamlines the process and aligns with legal requisites during the winding-up journey.
6. Securing a Letter of No Objection:
Gaining a Letter of No Objection from the Revenue Commissioners is a testament to the company’s compliance with tax regulations. This step underscores your company’s commitment to responsible winding up.
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2. How to Claim a Tax Refund
Many people are put off by the paperwork involved when trying to claim tax refunds but with improved Revenue facilities and systems, it is a much easier process now. The majority of filers will find that most of the information on tax forms is not applicable, making the process easier than ever. In this blog, we have outlined the steps required to claim a tax refund and highlighted some of the available tax reliefs and credits.?
Step 1: Complete Form 12 (For PAYE Workers)
For the majority of PAYE workers, completing Form 12 is essential for claiming a tax refund. This form has become a requirement since 2019, especially for those claiming medical expense relief. Don’t worry; it’s not as complicated as it sounds, and Revenue facilities are designed to guide you through the process effortlessly.
Step 2: Set Up a ‘MyAccount’ on Revenue.ie
If you haven’t already, set up a ‘MyAccount’ on the Revenue.ie portal. This account is your gateway to managing your tax credits and claiming reliefs. By logging in, you can see your available tax credits, which can significantly reduce the amount of income tax you pay. Revenue will automatically apply for these credits after calculating your tax.
Moreover, ‘MyAccount’ allows you to apply for tax reliefs that are not automatically provided by Revenue. This way, you can optimize your tax benefits and ensure you’re not leaving money on the table.
Step 3: Receive Your Balancing Statement
Once you’ve completed the necessary steps and submitted your claim, Revenue will issue you a balancing statement. This statement outlines Revenue’s calculation of the tax that should have been deducted from your income versus what was actually deducted after applying the new credits. It’s a final confirmation of your tax refund or any additional payment owed.
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3. SBCI Loans Available
As businesses navigate the ever-evolving landscape, access to targeted financial support is crucial for growth and sustainability. The Strategic Banking Corporation of Ireland (SBCI) understands these needs and offers valuable solutions to businesses. In this blog post, we’ll delve into two distinct loan options provided by SBCI: the Energy Efficiency Loan Scheme (EELS) and the Growth and Sustainability Loan Scheme. Let’s explore how these initiatives empower businesses to achieve their goals.
Loan 1: Energy Efficiency Loan Scheme (EELS):
Efficiency is the cornerstone of progress. The EELS from SBCI is designed to help businesses embrace energy efficiency measures. From adopting environmentally friendly technologies to reducing energy costs, this loan enables companies to enhance their operations while contributing to a greener future. Businesses can secure financial assistance to invest in renewable energy sources, implement energy-efficient solutions, and ultimately reduce their carbon footprint.
Key Benefits of EELS:
Loan 2: Growth and Sustainability Loan Scheme:
SBCI’s Growth and Sustainability Loan Scheme caters to businesses aspiring to expand their horizons. This loan offers vital financial support to boost growth, improve infrastructure, enhance productivity, and foster innovation. By providing accessible capital, the scheme empowers companies to capitalize on opportunities, implement strategic upgrades, and ensure long-term viability.
Key Benefits of the Growth and Sustainability Loan Scheme:
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4. Five Key Indicators of Effective Business Money Management
In this blog post, our Financial Accountant?Arijana Sabljo?highlighted five key signs that indicate your business is excelling in money management and positioned for continued success.
1. Regular and Detailed Financial Reporting:
One of the fundamental pillars of strong financial management is maintaining regular and detailed financial records. This involves diligently recording all financial transactions, including income, expenses, and investments. By staying on top of your financial data, you gain valuable insights into your business’s performance and can make informed decisions to optimize resources and identify potential areas for improvement.
2. Positive Cash Flow:
Positive cash flow is the lifeblood of any thriving business. It occurs when the money flowing into your business through sales and other revenue streams surpasses the money going out to cover expenses. Consistently maintaining positive cash flow ensures that your business can meet its financial obligations, seize growth opportunities, and weather economic downturns with confidence.
3. Effective Budgeting and Financial Planning:
It helps you allocate resources wisely, set realistic financial goals, and monitor progress toward achieving them. With effective budgeting, you can identify unnecessary expenditures, plan for investments, and ensure that your business operates within its means.
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5. Meet our Team
Met Irina Eastwood, a distinguished accounting professional who holds an ACCA qualification and boasts an impressive career spanning more than 15 years in the accounting industry. Irina is highly experienced in the restaurant and bar industry as well as other sectors.?
Connect with Irina on LinkedIn: Irina Eastwood