Ready to Transform Your Business?

businessbuddy August 24, 2016 No Comments

If you are ready to transform your business and maybe your life as well then read on! Recently I came across a brilliant free e-book on the web which I think is an absolute must read for all business owners out there.  The e-book is aimed at ambitious business owners who are stuck and need help in figuring out how to get to the next level without having to photocopy themselves two or three times over to get there. The book explores how you can apply the 80:20 principle to transform your business from ugly ducking to golden goose.

The 80:20 Rule you will remember (I hope!) from your school days was developed by the Italian economist Pareto who observed that in his garden 80% of the peas were to be found in 20% of  the pea-pods. The rule evolved from that simple observation and states that for many events, roughly 80% of the effects came from 20% of the causes. It is a common rule of business that 80% of your sales comes from 20% of your customers but where else can the principle be applied?

 Do you face any of the following business problems?

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Tax Refunds for Startups

Startup Tax Refunds for Entrepreneurs (SURE) 

Tax refunds

SURE is a tax refunds for startups incentive scheme for entrepreneurs investing and working full-time in a new business.

How does it work?

The scheme offers a potential income tax refunds of up to 41% of the capital that is invested in a new business. Depending on how much you invest you may be entitled to tax refunds for the six years prior to the investment in the new business.

General conditions

To avail of the SURE scheme you (the “Investor”) must:

  1. Establish a new company carrying on a qualifying trade (the “Company”);
  2. Invest in the Company for the purchase of new shares
  3. Have mainly PAYE income in the previous 4 years. This would include a person currently in PAYE type employment, an unemployed person, a person recently made redundant or a retired person; and
  4. Take up full time employment in the Company either as a director or an employee for a period of at least 12 months.

For Example

Claire makes a qualifying SURE investment of €100,000 in 2016 after being made redundant at the end of 2015.

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New Tax Appeals System

businessbuddy March 21, 2016 No Comments

From today taxpayers that disagree with a decision from a tax inspector will no longer have to lodge an initial appeal with the Revenue Commissioners, instead they can go directly to the new tax appeals system. The change is part of a major reform of the tax appeals system, which comes into law today.

Under the new tax appeals system, the right of the taxpayer to have a full rehearing of a decision in the Circuit Court will also disappear. Both the taxpayer and the Inspector can still appeal to the High Court  but only on a point of law in a decision.

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