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Tax Tips May 2017

Keep your company compliant

When you incorporate a limited company in Ireland, one of your main concerns should to be to keep the company (and directors) fully compliant from a legal, company secretarial, taxation and accounting perspective. With the level of corporate regulation continuously increasing in Ireland, it is of vital importance to the company and its officers to ensure all such legal responsibilities are met. If you are the director of an Irish company, these tips can help you and your company stay on the right track.

Hire a good Accountant

One of your main priorities as a business owner is to oversee your company’s accounting and tax obligations. A good Accountant is worth their weight in gold, and can take a huge burden off your shoulders. They can take care of your company’s annual returns, payroll, VAT returns, CT returns and statutory annual accounts. It is vital that you choose a dependable Accountant to carry out these tasks as mistakes can be costly.

Ensure your company secretary is capable and experienced

By law, every Irish company is required to appoint a company secretary. The main duties of a company secretary are to ensure that the company complies with the law, manage the company’s daily administration and any additional duties that company directors may delegate. Whilst there is no qualification requirement for this role, it is important that your company secretary possesses the skillset and knowledge required to keep your company compliant.

Understand your role as a director

Company directors’ have a wide range of responsibilities which can be quite diverse. Company directors have to comply with the Companies Act 2014 and have duties under Common law. If a director is found to have breached company law, he or she can be liable to penalties that can range from a fine up to €500,000 or a maximum jail sentence of 10 years. There are different categories of offences ranging from 1-4 under the Companies Act.

Know the requirements for company letterheads and websites

One requirement that often gets overlooked is the requirement for Limited companies to list their full legal title on company letterheads. This includes the company name, company number and registered office address. As well as this, the company directors must also be listed by name in the footer. Both forename and surname must be included and the nationality in brackets beside any director who is in not Irish.

Company websites are another location where a company’s details must be displayed. This includes the company name, number and place of registration. This must be located on the website’s homepage or must be on an alternative web page that is too linked to from the homepage which is easily accessible.

Know what other legislation is relevant to your business

Depending on what industry you operate in, there may be other legislation that you need to comply with. For example, directors of construction companies need to comply fully with health and safety legislation. Should you have employees, it is very important to have a staff handbook to cover legislation and have policies on dignity and respect at work, whistleblowing, leave, health and safety, internet usage, etc.