No, this is not an article about motor maintenance; however, maintaining your accounting system is similar to changing the oil in your car. In short, if you don’t maintain them both, they will cost you more money in the long run.
In today’s market where cash is king it’s important to have a greater control over your cash flow and to look at ways to improve it. One way to improve cash flow is to look at your system of recording and paying VAT.
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Shock and horror as the government announce the details of the €85 billion bail-out by the IMF & EU but is it all as bad as the media are making out? Do we need to draw down the full amount of the contingency fund? What does contingency mean? How many zeros make up a billion? All these questions and no answers…
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This is the time when all proprietary directors must file a form 11 by the 31st October 2010 for the tax period ending 31st December 2009. However, this is not just limited to proprietary directors! Anyone with additional income will need to file a tax return also.
An uncomfortable silence spread through the board room as the directors mulled over the presented year end financials until the managing director spoke up with a strong rhetorical question… “Why have we produced a seventy thousand euro loss?”
October 31st 2010 is the deadline for the self employed, Directors and people declaring other forms of income outside of PAYE, for example, Investment rental properties!
The reason why I’m writing this article is as follows, I have been a practicing accountant for over eight years and every year I am baffled by the amount of people that come to me in a panic on or around the 31st Oct, needing to complete their tax returns from the previous year. Yes, you read correctly, from the previous year!
This means that the 31st Oct 2010 is the deadline for all worldwide incomes to be declared to the Revenue Commissioners for the year ending 31st December 2009. Therefore, you have ten months to get your act together.
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