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Employment Wage Subsidy Scheme (EWSS) – Main Points for Employers
Tax clearance from Revenue in order to be eligible for the scheme.
Employers can check their current tax clearance status through Revenus Online Service (ROS).
Application can be made online and assessed in real time through the ROS e Tax clearance service.
To qualify for the scheme, as well as having tax clearance, employers must be able to demonstrate that:
The comparison to prove the reduction in turnover or customer orders is performed relative to:
Employers are required to undertake a review on the last day of every month to ensure they continue to meet the eligibility criteria. If they no longer qualify, they should de-register for EWSS with effect from the following day (first day of the following month).
From the 1st September 2020 the standard rate of VAT will be reduced from 23% to 21% for a period of 6 months.
Traders who account for VAT on the sales or invoice basis and who have transactions with other VAT registered businesses must apply the rate of VAT in force at the time they issue an invoice.
Traders who have transactions with persons who are not registered for VAT must apply the rate of VAT rate in force at the time of the supply.
Traders accounting for VAT on the basis of moneys received must apply the rate of VAT rate in force at the time of the supply.
Any VAT credit note relating to the supply of goods, should show VAT at the rate in place at the time the original invoice was issued.
Everyone knows how hard it can be to have a good work life balance. Especially anyone who works for themselves know that trying to work a normal 9 – 5 day rarely if ever work. That’s why having a good structure in place and to follow this as best you can helps to make life a whole lot easier. Rather than always running from meeting to meeting and watching the clock and still having too much work to get to, a solution may be to delegate more, outsource some of the operations of the business, automate procedures and if a business can afford it to take on new staff even on a part time basis. This can be easier said than done but by working on this over time and making small changes it can make life a lot more enjoyable.
Going into work every day with a smile on your face or with a not so happy face can make a big difference to your important clients and also to you staff. Sure being a business owner brings a lot of pressures and deadlines like is there enough turnover to keep going, can all bills be paid on time, getting or losing clients. This all goes with the territory but sometimes once we have one problem sorted we look to where the next problem is because we feel we always have to be worrying about or thinking about a problem. As the saying goes if you have a problem and if you have a solution for it then it’s not a problem.
By starting a healthy habit it can have huge benefits not only on how you feel but also for your health. It has been said that it takes 21 days to form a habit and 90 to make it a permanent lifestyle. Regardless it’s not easy to stick at it. What is a good motivation to sticking to something is by telling family or friends that you are starting a new habit or routine and this way you are held more accountable when they ask how it is going for you. Better still if you can get others to do the same activity as you then this increases the chances of being able to stick with it. Whatsapp groups can be set up where everyone logs their activity and this can act as motivation also.
The morning is an excellent time to do something. It may mean getting up earlier but the trick is to go to bed earlier by reducing tv and social media time. Getting at least 7 hours sleep really helps. The range of activities is endless but this is all down to the individual. You could start by doing meditation. Here is a link to Dermot Whelan Meditation which has a 3 minute meditation to get you started. (Look for “Meditate with me” half ways down the page).
https://www.dermotwhelan.com/start-meditating
Other options are yoga, pilates, fitness class, spinning, run, walk, swim, gym stretches or workout. The list is endless but the result is feeling much more alive and content. Another good way to get that start in your day is to finish off your shower with the temperature turned down to the coldest option for 30 seconds. That’s a real wake me up.
VAT is a tax charged on the sale of goods and services. The rate of VAT varies depending on the goods and services provided. The standard rate of VAT for goods is 23% and services is 13.5%.
When a businesses turnover in a calendar year exceeds or is likely to exceed the VAT threshold then they are required to register for VAT. If the turnover is less than the VAT threshold limit you may elect to register for VAT.
The principal thresholds are:
You can register for VAT through ROS (Revenue Online Services)
For an extensive list of VAT rates just click on the link below:
https://www.revenue.ie/en/vat/vat-rates/search-vat-rates/VAT-rates-database.aspx
VAT Rates:
23% VAT rate is called the standard rate of VAT. Popular items that fall into this bracket would be diesel, petrol, alcohol, electronic equipment and hardware items. (VAT registered business are not entitled to recover VAT on the purchase of petrol for running of vehicles).
13.5% VAT rate known as a reduced rate of VAT is for items including electricity, heating oil, building services (e.g. Plumber) hairdressing, restaurants and hotels.
9% VAT rate is called a special reduced rate for newspapers and sporting facilities.
4.8% VAT rate is a reduced rate of VAT specifically for agriculture.
0% VAT includes children’s clothes and shoes, tea, coffee, milk, bread, books, oral medicines for humans and animals, vegetable seeds, fertilisers and large animal feed.
VAT needs to be filed by the 23rd of the month following the end of each taxable period. Returns are due on a bi-monthly basis but revenue can authorise to change this to a four monthly, six monthly or an annual basis depending on certain criteria.
VAT on goods and services used for the purpose of your business can be reclaimed. Certain criteria needs to be followed which is set by revenue on what can and cannot be reclaimed.
This is just a very brief description of VAT. Each business sector can have a different criteria to follow depending on the service or product they provide. Feel free to contact me if you have and queries at info@cahillbookkeeping.ie