The new note is the same size and is similar in appearance to the previous note.

New security features include:

• A portrait watermark of the Greek goddess Europa,
• raised lines along the sides of the note
• a shiny emerald colour number and
• a portrait hologram of Europa.

The new €5 note will circulate alongside the existing €5 note. There is no change to the status of our existing €5 notes which will remain legal tender.

When filing the return the Revenue gives property owners the option to pay their LPT for 2013 in one single payment or to phase their payments over the period from July to December 2013. One of the phased payment options being made available is the deduction at source from salary or occupational pension.

Therefore employers will be required to make this facility available to their employees from July 2013 onwards. Revenue will notify the employer, via the employers’ copy of the ‘Tax Credit Certificate’ (P2C), to deduct LPT from the employee’s net salary as appropriate.  The employer must commence deductions from July 2013 and spread the deductions evenly over the pay periods occurring between July and December 2013.

The employer will be required to account for and remit the deducted LPT to Revenue on Form P30 and the deductions will also be shown on the employees P60 and P45 where appropriate.

Further information is available on the Revenue website (Information for Employers/Pension Providers) on how the deductions at source will operate or you can contact the Employers helpline on 1890 25 45 65.

With the continued changes to payroll calculations and employer obligations it might now be time to look towards outsourced payroll solutions, so that you can focus more on your area of expertise, while ensuring that your payroll will be processed in a compliant and tax efficient manner.

If you need to discuss the above please call us on 021 – 4310266 or email us at pm@parfreymurphy.ie.

They usually hire a bookkeeper and a professional accountant to do their accounts and taxes and then forget about it.

A business where the owner understands the importance of good numbers is one of the main things that distinguishes a successful business from those that fail.

The following are the main reasons why business owners should have accurate and timely financials information:

• Lack of adequate record keeping is a major cause of business failure.
• If you don’t understand your numbers, you can’t manage them.
• Good accounting records provide the data needed to make informed, data-driven decisions.
• Good information allows business owners not to operate in a vacuum. They can spot trends much earlier.
• Good information helps prevent or detect fraud quickly.
• Companies with good records almost always make higher profits than a similar company with poor records.

Many of you are probably thinking, “I don’t have time to look into that.”

But let’s think about that.

If you were to utilise some new tools out there, you would probably have more free time to improve your business.

Tools that can improve the business’s efficiency include cloud computing, e-invoicing (cost savings), timesheets (controls on work performance) and many efficiency
apps.

These tools can save time and money. So it is vital to take the time to find out what tools work for you and your business.

A business owner’s time is valuable. By spending an hour or two researching tools that will benefit your business, you are really freeing up future time that will increase your efficiency, your customers’ experience and of course your bottom line.

1. The probability of selling to an existing customer is between 60% and 70% while the probability of selling to a new customer is between 5% and 20%.
2.  It is 6 to 7 times more expensive to acquire a new customer than it is to keep a current one.
3. 80% of companies say they deliver superior customer service while only 8% of people think these same companies deliver superior customer service.
4. 90% of Americans would pay more to ensure a superior customer experience.
5. 70% of buying experiences are based on how the customer feels they are being treated.
6. 78% of consumers have not made an intended purchase because of poor service experience.
7. 91% of unhappy customers will not willingly do business with you again.
8. It takes 12 positive experiences to make up for one unresolved negative experience.

Customers remember the service a lot longer than they remember the price so always do more than what is required of you.

A member of a company has the right to certain information concerning the company. Members are entitled, inter alia, to:

• A copy of the Memorandum and Articles of association of the company. Prospective members should read a company’s Memorandum and Articles of Association in order to inform themselves of their rights as members and the company’s rules and powers;
• Inspect and obtain copies of the Minutes of General Meetings and Resolutions;
• Inspect and obtain copies  of the various Registers kept by the company, including the Register of Members, the Register of Directors and Secretaries and the Register of Directors’ and Secretary’s Interests;
• Obtain a copy of the unabridged Financial Statements, directors’ report and auditors’ report (where applicable);
• Obtain copies of the unabridged Financial Statements of any subsidiary company for the preceding ten years.

Executive Directors are directors involved in managing a company e.g. Managing Director or Sales Director

Non-Executive Directors are directors not involved in the management of a company. They may be knowledgeable and experienced enough to be appointed to the Board of Directors to provide advice.

Alternate Directors are chosen by directors to act for them in their absence.

De facto Directors perform the duties of a director even though they are not formally appointed or registered.

Shadow Directors are not formally appointed as Directors but give instructions that are usually followed by the company’s directors. A shadow director has many of the legal responsibilities of an appointed director.

In a time where retailers can find themselves having to apply for a range of licences from various government bodies (for example licence applications can run into areas such as health and safety, consumer protection, environmental quality & competition to name but a few)  the introduction of an integrated Licensing application portal is welcomed. 

It will be initially developed for the retail sector, is due to be up and running by the end of 2013, with the view to expanding to other sectors of the economy thereafter. 

Its aim is to simplify the application for multiple licences. The single web based application portal will streamline licence applications allowing retailers to register once and apply for up to 25 separate licences.  It will reduce costs and improve the delivery of services for businesses. 

The project, an Enterprise Ireland and IDA Ireland initiative, is led by University College Dublin and also includes researchers from University College Cork, and Dublin Institute of Technology. It will use the funding to work with a group of companies to accelerate the development, deployment and adoption of data analytics technology.

Top-tier multinational and Irish ICT companies including eBay, Dell, Fidelity Investments and Hp will lead the research agenda, focused on developing ways of generating business, profit and ultimately jobs from the high-growth area of data analytics.

An online interactive guide is now available on www.revenue.ie to assist property owners in the valuation of their property and calculation of their LPT liability. This provides a guide to average market values of properties in a given locality and offers an indicative valuation band for properties depending on type, age and location. It does not provide market values for individual properties.

The guidance is primarily based on the market value of properties sold since the year 2010 in the area, adjusted for average price movements in the interim. If a property is smaller or larger than the average for the area, is in a significantly poor state of repair or has exceptional or unique features, this will have to be factored into the assessment of the valuation band of the property.