Pearse Trust Blog



Tax Deductions For Irish Trading Companies

Posted by Pearse Trust on Monday, May 09, 2016

An Irish trading company is entitled to claim tax deductions for expenses incurred “wholly and exclusively” for the purposes of its trade. 

The following expenses are generally tax deductible for Irish trading companies:

  • Professional expenses incurred such as accountancy fees, consultancy fees, etc.
  • Advertising costs incurred with regard to promoting the business.
  • Operating expenses such as payroll, rent, insurance and office supplies.
  • Repairs not involving material improvement.
  • Certain pre-trading expenses.

Where an expense is not incurred wholly and exclusively for trading purposes, the expense is disallowed when calculating the Irish corporation tax liability.

Read More

Tags: Ireland, Accounting, Tax

New Simplified Reporting For UK Micro Entities

Posted by Pearse Trust on Monday, Feb 15, 2016

Following pressure from Europe the Financial Reporting Council (FRC) published a new standard, FRS 105 - The Financial Reporting Standard applicable to the Micro-entities Regime for use by those micro-entities choosing to adopt this simpler regime. This new standard is applicable for companies with accounting periods commencing on or after 1 January 2016 with the option for earlier adoption.

Read More

Tags: Legal, Incorporation, United Kingdom, Accounting, Tax, Audit

Execution Of UK Company Documents

Posted by Pearse Trust on Monday, Jun 09, 2014

In the normal course of business, a company will be required to issue and execute many documents throughout its lifetime.

Read More

Tags: Legal, United Kingdom, Accounting

Changes To Financial Reporting For New Zealand Companies – 1 April 2014

Posted by Pearse Trust on Wednesday, May 14, 2014

From 1 April 2014, changes to the financial reporting legislation for New Zealand companies means that most SMEs are no longer required to prepare General Purpose Financial Reports (“GPFRs”) for the Inland Revenue Department (“IRD”).

Read More

Tags: Legal, Accounting, New Zealand

Audit Exemption & Financial Reporting For New Zealand SMEs

Posted by Pearse Trust on Wednesday, Sep 11, 2013

Requirement To Prepare Financial Statements

Under the current rules, all active small and medium-sized companies registered under the Companies Act 1993 in New Zealand, are required to prepare general purpose financial statements within five months of the end of each accounting period, in accordance with New Zealand Generally Accepted Accounting Principles. There is no requirement to file these financial statements at the Companies Office or with any other authority, provided that the company is neither a large company, a subsidiary of an overseas company or does not offer its shares to the public by prospectus.

Read More

Tags: Legal, Accounting, New Zealand, Finance

FRSs 100–102 New Irish/ UK GAAP

Posted by Pearse Trust on Wednesday, Aug 28, 2013

This material is intended to give the reader an overview on the up-coming changes to the UK/IRL GAAP (Generally Accepted Accounting Principles).

Read More

Tags: Ireland, United Kingdom, Accounting

A Refresher On Irish Tax Filing Deadlines

Posted by Pearse Trust on Wednesday, Jul 03, 2013

This material is provided in order to give the reader a general update and reminder of the more important tax filing and payment deadlines under the Irish self-assessment tax system. 

Read More

Tags: Ireland, Accounting, Tax

Is Your UK Company Now Audit Exempt?

Posted by Pearse Trust on Wednesday, Nov 14, 2012

UK Business Secretary, Vince Cable, has announced that over 100,000 companies in the UK may save millions of pounds in administration and accountancy costs through a reduction in auditing and financial reporting requirements.

Read More

Tags: Legal, United Kingdom, Accounting, Audit

Criteria For Availing Of Audit Exemption For Irish Companies

Posted by Pearse Trust on Monday, Jun 25, 2012

All Irish Companies are required to have their financial statements audited, except where they meet the criteria for, and actually claim, the audit exemption.  

Read More

Tags: Ireland, Accounting, Audit