May 2010 « Irish Business Advice from O'Mahony Donnelly

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Archive for May, 2010

Company Secretarial Update

Monday, May 31st, 2010

I was at a recent meeting on the subject of company law and the responsibilities of the company secetary within the limited company. This meeting of accountants in cork plus other professionals re-affirmed some key issues as follows:

1. The legal obligation on companies to maintain the 7 statutory registers (minute book). The O.D.C.E. (office of director of corporate enforcement) could request sight of this register at any time!

2. Company Directors who think they can walk away from a company are now more likely to face legal sanctions brought by the ODCE. There is a legal procedure to dispose of a limited company and if it is not followed then Directors could be prosecuted.

3. A new companies consolidation bill 2010 is in process and expected to become law sometime in 2014.

The new Act will likely bring single director companies, a constitution to replace the existing Memorandum/Articles of Association, new company name and certificate of incorporation.

If you would like to discuss any issue surrounding company law or directors obligations then contact me at O’Mahony Donnelly….Michael O’Mahony FCCA

Tags: accountants in cork, Certificate of Incorporation, companies consolidation bill 2010, Company Directors, company law, company name, company secetary, Directors, limited company, Memorandum/Articles of Association., minute book, O.D.C.E., ODCE, office of director of corporate enforcement, responsibilities of the company secetary, single director companies, statutory registers
Posted in Irish Limited Companies | No Comments »

Dividend Witholding Tax Exemption for Non-Resident Corporate Shareholders

Monday, May 24th, 2010

I was discussing with a new client today the new process for non-resident corporate shareholders to receive dividends from their Irish subsidiary. The latest Finance Bill has simplified the process of paying dividends free of Irish witholding tax, currently at 20% of the gross dividend.

Providing the non-resident company is located either in the EU (except for Ireland) or a double tax treaty country – DTT (of which there are currently 48 in force) and a declaration has been made in the prescribed format then it is possible to pay dividends in this way.

How the dividends are then taxed in the recipients country of residence depends on the tax laws of that country.

If you would like assistance with this process either in Ireland and/or in the recipient country See O’Mahony Donnelly contact details.

We can also introduce you to one of our associated firms in Enterprise Worldwide who can assist with advice in the parent company’s country.

Tags: Dividend Witholding Tax, Dividend Witholding Tax Exemption, dividends, double tax treaty, double tax treaty country, Enterprise Worldwide, Finance Bill, Irish subsidiary, Irish witholding tax, non-resident company, Non-Resident Corporate Shareholders, parent company's
Posted in Taxation | No Comments »

Business Registration in Ireland

Tuesday, May 11th, 2010

The next quarterly newsletter of Enterprise Worldwide is due for publication around May 17th. Today I was finishing my own contribution to the newsletter on ‘Business Registration in Ireland’.

This is a brief article that outlines the typical business registration options and associated accounts compliance requirements with the companies registration office (CRO).

The main areas focused on include, place of business, branch, limited company, business name and limited liability partnership registration. All of these company set-up processes and ongoing services are covered by our firm on a regular basis. If you would like to discuss with us how we can assist your own business please see O’Mahony Donnelly contact details. A copy of the article is available on our website at http://www.omahonydonnelly.ie/business-registration-ireland.html

Tags: accounts compliance, Branch, business name, business registration, Business Registration in Ireland, company registration office, company set-up, CRO, Enterprise Worldwide, limited company, limited liability partnership registration, place of business
Posted in business registration | No Comments »

Employer Deadline Approaching for PAYE Return of Benefits in Kind

Wednesday, May 5th, 2010

I was preparing a return for a client today who had made medical benefit payments on behalf some employees. These payments are normally required to be returned on the monthly payroll as benefits in kind (BIK). However in this case certain employees had left the company. Because there was a commitment to pay the full term of the medical payments, which did not become apparent until the employees had left, some of them were omitted from reporting through the regular payroll run.

A P11D, employer return of benefits in kind, is obligatory where the employee has left and also where there may be other benefits not reportable through the payroll. Such benefits may include employer PRSA payments, where the total employee and employer PRSA payments exceed the maximum tax free % normally allowed for an individual. The deadline for a P11D for year ended 31/12/2009 is 31 May 2010. This is just over 3 weeks so if you require any assistance from us with your P11D compliance see O’Mahony contact details.

Tags: Benefits in Kind, BIK, P11D, PAYE, payroll, PRSA, tax free
Posted in Benefits in Kind | No Comments »