Tax Implications for Airbnb hosts
May 22, 2017
Show all

Q2 2020 Newsletter Content

   
 

Welcome to the very first edition of our firm newsletter where we’ll be doing our best to keep you up to date on the latest events and announcements affecting you and your business. We would like to start by wishing all of you, the very best of health and well-being at this time of great uncertainty. We are acutely aware of the financial pressures many individuals and companies are facing during this period, but we place an even stronger emphasis on the physical and mental health of us all. With a bit of luck, brighter days lie ahead in the not too distant future…
 
In this edition, we’ll be updating you on: The latest developments from Revenue and the CRO in relation to their response to Covid-19 Upcoming tax dates for the diary Meet the team with Ciara Dodd Items of interest Some software tips updates and more  
As a fully cloud-based practice, the movement restrictions in place have had little impact on our ability to service our clients – in fact, we’re busier than ever!
 
Feel free to contact us at any time by emailing info@paddyquinn.ie as well as checking out the Covid-19 Resource Centre on our website as we navigate our way through this period together.  

         


COVID-19 Revenue & CRO Updates  

 

The government have issued a number of support packages to Irish workers and companies affected by the current crisis. In summary: A temporary wage subsidy to enable companies to continue to pay their employees. For pay runs up until 3rd of May 2020, this subsidy will be 70% of take-home pay up to a maximum weekly tax free amount of €410. This will increase to 85% from May 4th onwards for lower paid employees. 

Check here to see if your business fits the eligibility criteria.

There are many nuances to the calculation and processing of the subsidy to employers and care needs to be taken when processing payrolls at this time. One of the key issues to be aware of during this initial stage of the scheme, is that employers may receive a refund greater than the amount they will actually be entitled to with Revenue reconciliations to take place at a later point. 

Full guidance on the details of the scheme can be found here

Workers who have lost their jobs due to the crisis will receive an enhanced emergency Covid-19 Pandemic Unemployment Payment of €350 per week. Applying for this payment can be done quickly and easily online at this link. One downside of this payment for employers is that those workers who may have been on less than this amount prior to the crisis, or have seen their hours reduced as a result, may be financially better off by applying for it rather than remaining in their jobs. It’s not a fully equitable system, but in fairness to all involved, it has been a quick response that eases some of the immediate cash burden for many.

The changes to the scheme from 4 May 2020 onwards are designed to balance this out. The Covid-19 illness payment is now €350 per week. Find out who qualifies and how applications are to be made here.

The self-employed can also claim for the aforementioned Covid-19 Pandemic Unemployment Payment but this is only in instances where all income has been lost as a result of the crisis.   The Companies Registration Office (CRO) have also reacted to assist companies by extending the filing deadlines for all Annual Returns due at this time to 30th June 2020. This has been a much welcomed decision in the business community as it allows company directors and owners time to concentrate their efforts on other more pertinent matters.

The postponement of Revenue enforcement activities is also a positive development for cash-strapped businesses. Further details and updates from the CRO can be found here.


Software Updates  
 
Paddy Quinn & Co is a Xero Silver Partner and Champion, as well as a Receipt Bank partner. These are two fantastic systems that allow your finance function to be 100% cloud based and paperless. Some recent updates include the following: Xero bank feeds are now operational for Revolut bank accounts – click for more information Make it easy for your customers to pay your invoices by setting up your Stripe and Xero integration – click for more information.

Receipt Bank have recently launched an initiative called Keep Business Going, a purpose-built package designed to help small businesses in these testing times – click for more information

Brightpay have updated their website with some information on Layoff and Short-time Working under Covid-19 – click for more information.

  For information on how we integrate Xero and Receipt Bank to maximise efficiencies in your bookkeeping,  please get in touch.



Key Dates  
You can check out the upcoming tax return and payment deadlines in Q2 on our website here. Please note that whilst Revenue are not currently charging interest for late VAT and PAYE payments, we would strongly advise to settle these liabilities wherever possible to prevent a build-up of balances that will still be payable.



Meet the Team
 
Ciara Dodd – Account manager  

Tell us about your professional experience?
For the past 13 years I have worked within Corporate reporting teams of two large insurance companies and during that time I gained my ACCA qualification.

What led you to your career?
After completing 2 years of an IT course, I started working in the Fraud department of an IT company where I was exposed to their finance department. I soon realised that I was more suited to Finance than IT! I am happy with my choice of career and more recently have enjoyed the transition from Industry to practice at Paddy Quinn & Co.

What have been the strongest influences in your life?
My parents and grandparents have had a strong influence on my life as they have shown me through their own lives the value of hard work, integrity and dedication. I feel that has helped me through the years to get to where I am today.

Who would you like to have dinner with and why?
Today, under the current lock down situation I would love to go for dinner with my husband in any restaurant anywhere!

What is your hidden talent?
I enjoy creating Wedding video albums and have created several DVDs for friends and family that have brought a tear to many an eye!


Items of Interest

  Tax Free Allowance  

With many people now working from home, we would like to remind employees and employers that there is a tax free e-Working allowance of €3.20 that can be claimed – details to be found on the revenue.ie website

Free Course
   
GoProposal is a valued service partner that we use in our own business. They currently have an excellent personal development offering for all business owners that we would highly recommend. By using the discount code InThisTogether you can avail of their Practical Positivity Course for free. Give it a go by clicking here – it could be a game changer for you! view this email in your browser  



Our mailing address is: Paddy Quinn & Co 208 Botanic Avenue Glasnevin Dublin, D D9 Ireland
Add us to your address book

Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list.