Outside England ‘s Bristol Zoo there is a parking lot for 150 cars and 8 buses. For 25 years,it’s parking fees were managed by a very pleasant attendant. The fees were for cars (£1.40),for buses (about £7). Then, one day, after 25 solid years of never missing a day of work, he just didn’t show up; so the Zoo Management called the City Council and asked it to send them another parking agent. Continue Reading
As austerity measures kick in & disposable income reduces, we are very conscious of the ongoing struggle to keep business afloat. Noone Casey is offering you a free financial review to assess the key financial issues you are facing.
Many IT, Engineering and other Professional Contractors who use composite company structures may be facing large PRSI liabilities as Revenue and DSFA challenge the PRSI status of such contractors.
Contractors who hold only15% of the shares in a composite company may not be entitled to Class S PRSI status; employers PRSI of 10.75% will fall due in those circumstances. Class S status is only applicable to those shareholder/employees who control their companies. A 15% shareholding with up to 6 other contractors who may not know each other does not suggest control.
Noone Casey has developed I-Finance an online realtime accounting solution for professional contractors to address this concern & to legitimately maximise the tax advantages of contracting.
Have a look at our short video here to get a better understanding of the issues involved. If you feel this affects you, contact Noone Casey for an independent assessment of your position.
I-Finance uses the Limited Company type structure thus avoiding the employers PRSI issue. The table below gives you an idea of how each of the common contracting structures compare.
Company Structure Type
Limited Company
Umbrella Company
Composite Company
Ownership
You own 100% of your own company
You have no ownership
You own 15% of an externally controlled company
Directorship
You and your appointee are directors of your own company
You have no directorship
You and up to 6 others are directors of the company. You may not know the other directors.
Employment
You are the employee of your own company
You are an employee of the umbrella company
You are an employee of the composite company
Expenses
You are entitled to tax deductible expenses through your own company
You are not entitled to any expenses
You may be entitled to a lesser amount of expenses
Tax planning
You can use your own company to assist in appropriate tax planning opportunities
You cannot use the umbrella company to assist in your tax planning
You cannot use the composite company to assist in your tax planning
Tax appropriateness
We ensure you manage your affairs in full compliance of all taxation and PRSI legislation
You are treated as an employee and have taxes deducted appropriately
The Revenue Commissioners are examining the appropriateness of the PRSI structures of composite companies
Awareness of tax breaks and incentives available for start-up businesses can be the making or breaking of any new enterprise, writes accountant Anthony Casey of Noone Casey, sponsor of this news-round up, in The Sunday Business Post.
“It is good practice for start-ups to learn as much about the tax breaks and incentives they can avail of, as the tax charges they are liable to pay,” Casey advises. Continue Reading
Irish Entertainment & Media to grow by a billion dollars over the next five years to 2014 – says PwC at the launch of its 11th Entertainment & Media Outlook
Overall, Irish E&M will grow by 4.1% compounded annually over the next five years to 2014 reaching US$5.6 billion. Continue Reading
There is good news at the door for small-scale businesses operating in Ireland. County & City Enterprise Boards (CEBs) are continuing to provide a range of financial supports designed to assist with the establishment and/or growth of businesses employing up to ten people. Continue Reading