KomSec Limited will be closed from 19.12.2020 to 04.01.2021 inclusive.
Everyone in KomSec Limited wishes you all a very Happy Christmas, and hope you have a contented time with your family and friends.
Like everyone KomSec Limited is working around the impact of Covid-19 on business life.
Standard company secretary work, e.g. managing Company Registers, and filing statutory forms continues as usual. However, we are noticing clients becoming more cautious about formal gatherings be they seminars, workshops or board meetings.
To help manage these concerns KomSec Limited are facilitating clients by:
o increasing conference calls instead of client visits;
o virtual attendance at Board Meetings (mainly via Skype and Teams); and
o have set up systems so that our staff can work from home if required.
Safeguarding the health of our staff and clients is naturally paramount but, if there is anything we can do to help support your Company please let us know.
Stay well and good luck as we all continue to adapt to this evolving situation.
2019 KEY DATES
January 2019
01.01.2019 New Year’s Day – last chance to relax before going back to work
01.01.2019 PAYE Modernisation
02.01.2019 Relax, you are one of the few people actually back at work
08.01.2019 Earth Rotation Day – commemorating Leon Foucault who determined Earth rotated on its axis in 1851.
Keep spinning!
28.01.2019 Global International Data Protection Day – yes more GDPR!
January Make sure you have set up dates for all quarterly board meetings during 2019
February 2019
01.02.2019 CAO applications deadline
02.02.2019 Six Nations Rugby England V Ireland
March 2019
17.03.2019 St. Patricks Day – one day in the year when everyone is happy to be seen in public with green face paint
and Shamrock Hats!
21.03.2019 Local Property Tax deadline – if paying full amount in one go.
3.03.2019 Mother’s Day – do not give her flowers bought at the petrol station on the way home!
March Quarterly Board Meeting
April 2019
21.04.2019 Easter Day
22.04.2019 No groaning – you knew what you were doing when you eat all those chocolate Easter eggs
April Audit – make sure someone is actively managing the Audit which includes telling the Auditors!
May 2019
06.05.2019 Bank Holiday – May Day
09.05.2019 Europe Day
June 2019
03.06.2018 Bank Holiday
16.06.2018 Father’s Day
June Quarterly Board Meeting
July 2019
01.07.2019 International Kissing Day – why, what’s wrong with kissing every day?
02.07.2019 UFO Day – that’s more like it, bring it on ET!
August 2019
04.08.2019 Single Working Women’s International Day
05.08.2019 Bank Holiday
September 2019
30.09.2019 Annual Return Date for bulk of companies – panic or call us!
September Quarterly Board Meeting
October 2019
28.10.2019 Annual Return – deadline for electronic filing
28.10.2019 Bank Holiday
November 2019
11.11.2019 – 15.11.2019 Charity Trustee’s Week
23.11.19 Pay first payment of Corporation Tax
December 2019
24.12.2019 Santa Claus is coming – go to bed
25.12.2019 Make sure the oven is on, and the turkey is in!
December Quarterly Board Meeting
All companies are required to keep adequate accounting records but, what precisely does “adequate accounting records” mean?
Adequate accounting records are records which:
The type of information which must be contained within the accounting records should cover information such as outlined below.
Time is money so, handling all of the above personally may not be the most cost effective option for a company.
Consider:
– having a qualified book-keeper (part-time or full-time)
– retaining information in a simple format – does not have to be a costly bespoke piece of software.
New Customer Portal in the Registry of Friendly Societies
The Registry of Friendly Societies (RFS) is responsible for the efficient and effective registration and general regulation of over 1,000 Friendly Societies, Industrial and Provident Societies and Trade Unions in Ireland.
The RFS first foray into an online presence occurred in 2012 so, the launch this month of a new customer portal is a timely and welcome enhancement to all users. The portal will enable a substantial level of business to be carried out online such as:
Apart from the ease of online filing, Users will be able to avail of reduced fees for online filings. Quite how valuable the reduction of fees will be to Users is questionable given the total average annual filing fees paid to the RFS appears to hover around €46,000 to €50,000 per annum. As my Grandmother always said “Every mickle makes a muckle” so, improving filing capabilities whilst also providing for some cost savings can only be a good thing.
Ireland itself is seen to be in the top ten countries in the world for innovation with the highest population of Science and Engineering Graduates in the OECD.
Companies considering Ireland as a potential location will have no difficulty amassing substantial information on the benefits of locating and working in Ireland. The challenge is to find an efficient way through that labyrinth of seemingly contradictory material.
One of the first ports of call should be the IDA – Ireland’s inward investment promotion agency – which actively promotes and support Foreign Direct Investment into Ireland. The IDA will help companies considering setting up or investing in Ireland by facilitating Site visits, access to Universities, provide Advice, etc.
Apart from having IDA contacts in Ireland itself, the IDA has representatives around the world ensuring decision makers in Global Head Offices can access onsite visits and clear data on the benefits of locating in Ireland.
The IDA highlights some interesting facts on businesses located in Ireland, and reasons why.
Do not take our word for it, visit the IDA website https://www.idaireland.com/ and see for yourself.
Key dates during 2018
Month To Do
January 02.01.2018 – drink coffee, organise desk
19.01.2018 – file Annual VAT 3 Return and Return of Trading details
28.01.2018 – Global International Data Protection Day
February 01.02.2018 – CAO applications deadline
08.02.2018 – Commencment of Companies (Accounting) Act 2017
March 17.03.2018 – St. Patrick’s Day wear Shamrock & large green hat
21.03.2018 – Local Property Tax deadline (if paying full amount in one go)
Quarterly Board Meeting – issue Agenda and Board Pack
April 01.04.2018 – Easter Day
02.04.2018 – Easter Monday recover from too much chocolate
April – introduction of sugar tax, such timing!
Audit – do not forget to ensure someone has engaged Auditors
May 07.05.2018 – May Day
25.05.2018 – General Data Protection Regulations goes live
June 04.06.2018 – Bank Holiday
Quarterly Board Meeting – issue Agenda and Board Pack
July July – Possible publication of Five Year Pension Reform Plan
August 06.08.2018 – Bank Holiday
Last chance – go on holidays!
September 23.09.2018 – Corporation Tax Return deadline for filing CT Return
30.09.2018 – Annual Return Date for bulk of companies
Quarterly Board Meeting – issue Agenda and Board Pack
October 28.10.2018 – Annual Return deadline for electronic filing
29.10.2018 – Bank Holiday
October 2018 – Budget Announced
November Pension – consider topping up personal pension
December Quarterly Board Meeting – issue Agenda and Board Pack
25th December 2018 – do not forget to put Turkey in the oven
Do not be fooled by the title, this Act is not just for Accountants.
The Companies (Accounting) Act 2017 was commenced on 08.02.2018 by means of S.I. 34/2018. At first glance, with around 80 amendments to the Companies Act 2014 it looks more like an Act intended to clarify and qualify misconceptions or unintended errors arising since publication of the Companies Act 2014.
However, there are some excellent nuggets hidden in the Act not least of which is:
Small Company
S.280(a) now classifies a Small Company as one fulfilling two of the three following requirements.
o Turnover – does not exceed €12m [up from €8.8m]
o Balance Sheet total – does not exceed €6m [up from €4.4m]
o Average number of employees – does not exceed 50 [no change]
Micro Company
S.280(d) introduces the concept of a Micro Company where it fulfils the following.
o Qualifies for Small Companies regime
o Fulfils two or more of the following
(a) Turnover – does not exceed €700,000
(b) Balance Sheet Total – does not exceed €350,000
(c) Average number of employees – does not exceed 10
The change in Small Company and introduction of Micro Company have knock-on effects to the Companies Act 2014. For example, substitution of S.352(1) dealing with exemption from filing certain information, and introduction of a new S.305A dealing with payments to third parties for services of directors.
Photo by Stephen Bergin on Unsplash
1. Ireland has been ranked as one of the best countries for business by Forbes Magazine.
In addition, the IMD World Competitiveness 2017 Yearbook ranked Ireland;
– 1st in the world for investment incentives for foreign investors
– 1st in the world for labour flexibility and adaptability of the workforce
– 2nd most competitive country in Eurozone
2. Native English Speakers
Post-Brexit, Ireland will be the only native English-speaking member in the EU with access to the European Market of 500 million consumers.
3. An unrivalled Hub for Foreign Direct Investment
In 2017 Ireland was named the best country in the world for attracting high-value foreign direct investments for the sixth year in a row. Many of the world’s
high performing global companies are doing business in Ireland including Google, Facebook, Paypal, Intel, Twitter, Pfizer, Citi, Huawei and Novartis.
4. Well Educated Workforce
Ireland’s workforce is well educated, flexible and adaptable. Ireland also has the highest proportion of science and engineering graduates in the OECD.
5. Attractive Tax Regime
Ireland offers 12.5% corporation tax and 25% R&D Tax credit and other taxation benefits. The country also has exceptional intellectual property (IP)
and holding company regimes.
For facts about Ireland, click IDA Facts about Ireland
KomSec Limited will be closed from 24.12.2018 to 02.01.2019 inclusive.
Everyone in KomSec Limited wishes you all a very Happy Christmas, and hope you have a contented time with your family and friends.
Our families seem even more important at Christmas. Sadly though people die regardless of the season. When that death happens overseas it adds an unexpected burden of logistics, costs, and bureaucracy to an incredibly emotional time.
This year KomSec Limited has made a contribution to the extraordinary Kevin Bell Trust which helps alleviate the financial burden of repatriating a family loved one.
