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Frequently Asked Questions
Q: I am thinking about switching my accountant but don’t know where to start – is this process
A: Changing accountants is an easy process. We can write out to your current or previous accountant seeking professional clearance or you can advise you previous accountant that you are moving to our firm. The outgoing accountant is obliged to pass on any information we require once professional clearance is given.
You may also want to contact the old accountant yourself as a courtesy to say that you are switching but other than that the switch over process is completed between the two accountants.
Q: Am I entitled to a Tax Refund for overpayment of tax?
A: 75% of our new customers using this service have been found to be eligible for a refund. Tax refunds can result from overpayment of USC and income tax. You may also be able to claim tax back on tuition fees, dental or medical expenses paid over the last 4 years.
At Hoare Chartered Accountants if you are not owed any tax back, there is no fee applied.
Please complete the form in the tax rebate section on our website and we will be in touch in the coming days to process your claim.
Q: Why should you Outsource your Accounting Function?
A: Outsourcing lets you acquire the skills of experts without the heavy costs and time constraints.
Nowadays, more companies enjoy the benefits of outsourcing their accounting services.
Outsourcing your accounting services like payroll, accounting, accounts receivables and accounts payable lets you enjoy the following advantages:
-Reduce Costs – No Bookkeepers required. Hoare Chartered Accountants will manage your
finance function (bookkeeping & payroll). We can tailor our service to meet the needs of your business. This will eliminate a big cost and should organically produce further costs savings for your business.
-Time Saving – Business owners are the most valuable asset of a business. Our approach allows
owners to focus on the day to day operations of their business while we manage the finance
-Real Time Reporting – Real Time Reporting is a fundamental ingredient for a successful
business. We provide accurate up to date financial information.
-Professional Analysis – Our team of professionals ensure that financial information is expertly interpreted and analysed in real time. At Hoare Chartered Accountants, you will have direct access to our Senior Management Team.
-User Friendly – Financial Information can be accessed via Smart Phone/Tablot/Desktop. This
allows business owners to monitor business performance at all times in any environment.
Contact us today to receive a free 30 day trial or visit the Technology section on our website for more information.
Q: I am thinking of selling my Company. What advice would you give me?
A: If you are thinking of selling your business, there are lots of things you need to take into consideration, and many steps to prepare. Making strategic decisions will help you achieve the highest possible valuation for your company.
Here are some points to consider when planning the eventual sale of your business:
-Prepare Early – You need to start thinking about ways to maximize profitability before deciding to sell your business. Look for opportunities to remove non-business assets and focus on spending and expense control opportunities.
-Strong Financial Controls and Processes – Reliable financial statements and accurate, timely
reporting are attractive features that often influence a buyer’s decision. Presenting your
business with solid cash flows, strong management teams and lower capital expenditure
requirements, will position your business as an attractive acquisition.
-Reduce Customer Concentration – To many buyers, an ideal business has a broad customer
base with little customer concentration. Try to ensure that signed contracts with major
customers are in place. This will provide potential buyers with confidence that customers will
be retained post transaction.
-Realistic and Supportable Forecasts – To most buyers you’re selling the future and future
cash flows. Have a realistic and supportable forecast. This points to the credibility of
management and can further demonstrate the underlying value of a business
-Seek Professional Advice – Advice from professional advisors can provide you with sizable
savings and add value. Hoare Chartered Accountants advise on a number of Mergers and Acquisitions. We manage the process for our clients enabling them to continuing focusing on the core business. Our professional approach ensures that each transaction is structured in a tax efficient manner with an emphasis on creating value for our clients.
Q. What are the main advantages of making the move from a sole trade/partnership to a limited
A: The main advantages of trading through a limited company are the following:
-The 12.5% Corporation Tax Rate in Ireland is very appealing when compared to the income tax
rates applicable to Sole Traders;
-Greater access to tax efficient pension schemes;
-Attractive tax incentives are available– SURE Scheme, Corporation Tax Relief for first three years of trading for certain businesses;
-Greater access to funding;
-Limited Liability – The Company is a separate legal entity and the shareholders cannot generally be pursued for Company debts. This is not the case for Sole Traders who are personally liable for any debts built up.
Additional factors which should also be considered are that Financial Statements are required to be prepared and publicly filed in the Companies Registration Office. The Directors of the Company have legal responsibilities to which they must adhere and additional taxation may arise in certain cases.
Q: Do I need to register for Vat?
A: Currently, in Ireland, you are required to register for VAT if you provide, or believe you will generate turnover from the provision of services to the value of €37,500 in any continuous period of twelve months. This increases to €75,000 for the sale of products.
VAT registration is done using the following forms:
• Form TR1 is used to register an individual, partnership, trust or unincorporated body
• Form TR2 is used for registration if trading as a company.
We would always recommend you seek expert advice when registering for VAT as mistakes may be