May 2012
1st May
Carbon Taxes
Effective date for Budget 2012 increases in carbon tax on home heating oil
VAT - Due date for extension of VAT reverse charge mechanism to supplies of construction services between connected persons.
14th May
PAYE - P30 monthly return and payment for April 2012. (ROS extension to 23 May 2012)
PSWT - F30 monthly return and payment for April 2012. (ROS extension to 23 May 2012)
19th May
VAT - Bi-monthly VAT3 return and payment for the period March/April 2012 (ROS extension to 23 May 2012)
Four-monthly VAT3 return and payment for the period January-April 2012 (ROS extension to 23 May 2012)
31st May - NPPR charge
Payment of €200 NPPR charge (Irish residential properties that are not principal private residences) for 2012. According to www.nppr.ie the additional one month period of grace is available in 2012.
Companies
14th May - Dividend Withholding Tax
Return and payment of DWT for distributions in April 2012
21st May - Corporation Tax
Return and final payment for accounting periods ended 31 August 2011. (ROS extension to 23 May)
Preliminary tax for accounting periods ending 30 June 2012. (ROS extension to 23 May)
First instalment of preliminary tax for ‘large’ companies for accounting periods ending 30 November 2012. (ROS extension to 23 May)
31st May - Form 46G – Return of Third Party Information
Form 46G for accounting periods ended 31 August 2011
June 2012
14th June
PAYE- P30 monthly return and payment for May 2012. (ROS extension to 23 June 2012)
PSWT - F30 monthly return and payment for May 2012. (ROS extension to 23 June 2012)
30th June
NPPR Charge
Payment of €200 NPPR charge for Irish residential properties that are not principal private residences for 2012.
Companies
14th June - Dividend Withholding Tax
Return and payment of DWT for distributions in May 2012
21st June - Corporation Tax
Return and final payment for accounting periods ended 30th September 2011. (ROS extension to 23 June)
Preliminary tax for accounting periods ending 31st July 2012. (ROS extension to 23 June)
First instalment of preliminary tax for ‘large’ companies for accounting periods ending 31st December 2012. (ROS extension to 23 June)
30th June
Form 46G – Return of Third Party Information
Form 46G for accounting periods ended 30 September 2011
Great Business ideas are frequent but converting great ideas into successful businesses is a much more difficult. Most of us look at successful businesses and wonder how their simple idea hadn't been thought of before or we see businesses closing and wonder why those business ideas didn't take off.
Evaluating your business idea is a vital first step for any business and there are some important questions which will challenge your idea:
1. Is there a market for your idea?
Market research will allow you to determine the size of your market, the competitors in the market, the prices on offer and how the product or service is delivered to customers.
The announcement of the new Credit Guarantee Bill was warmly welcomed last week as it will provide much needed credit to an expected 1800 Irish businesses. The scheme will facilitate up to €150 million a year of additional lending to SMEs and will provide State guarantee for up to 75% to banks against losses on loans to firms with growth potential.
Industry experts and trade agencies are still questioning some aspects of the scheme including the issue that the duration of the Credit Guarantee Bill of 3 years may be too short of a loan time for many businesses. The scheme launch date is still unclear but it is thought to come into play at the end of the Summer.
What Business can and Cannot avail of the Credit Guarantee Scheme?
- Overdrafts, property related activities and agriculture are all excluded from the scheme.
- Food and drink sectors will be able to apply for the scheme.
- Business must be able to demonstrate that they have a good company record and have the ability to grow but just lack enough funding to reach their potential.
- In the case of start-ups, they will need to demonstrate the potential of the business to achieve sales should they be funded in order to receive funding under the scheme.
- To qualify, a firm must not employ more than 250 employees.
According to the business group ISME, small businesses are in danger of closing due to delayed and late payments from large firms and State agencies. ISME’s quarterly Credit Watch survey showed that the average payment period in Ireland for small and medium sized enterprises is 71days.
- 40% of companies are waiting 3 months or more
- 12% of companies are waiting over 120 days
The Credit Watch survey has shown that Ulster businesses are suffering most and are waiting 79 days while Dublin businesses are waiting 68 days. With regard to business sectors, construction firms are waiting on average 77 days to be paid while services are waiting 67 days.
Cashflow management is essential for the health of all businesses and it should never be ignored.
Survival and failure of any business comes down to a huge number of reasons from financial restrictions right through to the viability of the business idea itself.
One reason that some businesses fail is that entrepreneurs and business owners think that they can be all things to all people. Many feel that no one else will carry out the work to the same standard and find it difficult to release control of the business in order for it to grow.
In a start up situation this is understandable and manageable as the needs of the business are limited but there are two main issues:
1. Holding on to control of all areas of the business restrict its growth as the business owner can be consumed by the business and they end up working “in” the business the entire time and forget to work “on” the business to develop it.
2.
First-Step Microfinance provides loans of up to €25,000 to start up or expanding new businesses. First-Step is an not for profit organisation which gives more people a chance to realise their dreams as entrepreneurs. Starting a new business can be even more difficult due to the lack of finance given out by the banks as a result of the recession.
Labour Market Activation
In addition to this, First-Step has received additional funds from the Labour Market Activation campaign.
We would like to wish everyone a Happy Christmas and a Prosperous 2012 from all the Partners and Staff at Amatino Partners.
Our offices will close on Friday the 23rd of December and reopen on the 3rd of January 2012.
