Welcome to BYRNE CASEY & ASSOCIATES
Byrne Casey & Associates is a firm of Chartered Accountants based in Tullamore, Co. Offaly, providing a full range of proactive financial, taxation and commercial services and advice to our broad range of clients.
Our approach to the services provided is entirely client focused and service orientated. We are committed to providing our clients with the best available financial advice and services tailored to our clients specific needs and requirements.
Byrne Casey & Associates is ideally positioned to serve clients needs. Our aim at Byrne Casey & Associates is to provide a superior service in a cost effective manner. Our clients can draw on the vast experience, knowledge and skills of our multi disciplined team while retaining the personalised service and approach of a small firm.
As part of our continued expansion and success, Byrne Casey & Associates have recently moved to our new custom built offices at Clonminch Hi-Technology Park, Tullamore, Co. Offaly.
BUDGET 2014 ANNOUNCED
Minister for Finance Michael Noonan and Minister for Public Expenditure Brendan Howlin have delivered Budget 2014 on Tuesday 15th October, 2013 in the Dáil where €2.5bn worth of spending cuts and tax increases were announced.
On the evening of the Budget, October 15th, at 6:15pm in the Tullamore Court Hotel, Byrne Casey & Associates, together with the Offaly County Enterprise Board presented a detailed review and analysis of the taxation measures announced in Budget 2014, followed by a questions and answers session.
If you would like our 2014 Budget Summary please click here.
The €200 NPPR charge in respect of non-principal private residences (e.g. rental properties/holiday homes) for the year 2013 was due to be paid before 30th June 2013. The charge applies to non-principal private residences owned on 31st March 2013. The €200 is payable by the owners of the property to the local authority in whose area the property concerned is located.
Late payment fees arise if payment was not made by 30th June 2013. Any NPPR charges or late payment fees due on a residential property have to be discharged, in full, before a transfer or sale of the property can be completed.
Solid Fuel Carbon Tax and Turf
There has been much debate and media coverage of the solid fuel carbon tax which came into force on 1 May 2013. The solid fuel carbon tax applies to the first supply of solid fuel by a VAT registered supplier. As a result of queries raised by suppliers as to whether the solid fuel carbon tax applies to the sale of turf on a bog, we made a direct enquiry to the Revenue Commissioners for clarification on the matter.
The Revenue Commissioners have confirmed that if a supplier cuts turf on a bog, leaves the turf on the bog and sells that turf in the wet material state to a customer, that turf is not classified as solid fuel. As a result no solid fuel carbon tax liability would arise on the supply of the turf in the “wet” state.
For suppliers who are supplying dried turf (or saved turf) the solid fuel carbon tax will apply to such a supply.
Local Property Tax (LPT) Update
Although the deadline for filing the LPT Return has now passed, Revenue have indicated that it is still possible to file the return before 1st July 2013 without incurring any interest or penalties. After 1st July 2013 Revenue will begin writing to residential property owners to pursue the collection of the LPT. There are a number of options open to Revenue to pursue the LPT including mandatory deduction at source from salary, occupational pension and certain government payments (e.g. payments made by Department of Social Protection, payments made by Department of Agriculture, Food and the Marine). Self-employed property owners or companies who have not filed the relevant LPT Return(s) will not qualify for a Tax Clearance Certificate and may be liable for a late filing Income Tax/Corporation Tax surcharge.
If you elected to pay the LPT by Single Debit Authority you should ensure you have sufficient funds in your bank account on 21st July 2013 to cover the LPT. If you opted to pay the LPT through your wages, occupational pension or government payments, the deductions will commence from 1st July 2013. For those who opted to pay by direct debit, the direct debit deductions will be taken on a monthly basis commencing on 15th July 2013 and will be deducted on the 15th of each month up to 15th December 2013.
LPT for 2014
The LPT return filed in 2013 covers the years 2013 – 2016, as a result only a payment of LPT is required for 2014 and the value of the property does not need to be reconsidered. A full year LPT applies for 2014 (only a half year charge applied for 2013).
The key dates for 2014 are:
• 1 January - 31 December 2014: Continuation of phased payment arrangements (deduction at source from Salary / Occupational Pension or certain payments from the Department of Social Protection and Department of Agriculture, Food and the Marine and cash payments through certain payment service providers).
• 1 January 2014: If paying your LPT in full by cash, payment must be made by 1 January 2014.
• 15 January - 15 December 2014: Continuation of direct debits.
• 21 March 2014: Single Debit Authority payment deducted.
VODAFONE SHARES NEWS FLASH – 03 April 2013
THOUSANDS of Irish investors in Vodafone are set for a windfall after plans emerged for the company to be sold to a US telecoms giant. AT&T is believed to lining up a bid for Vodafone's business outside of the United States. At about $245bn (€192bn), the deal, which also involves another US carrier, would be the biggest ever takeover if it goes through. Vodafone's are some of the most widely held shares in the country. That dates back to Vodafone's purchase of Eircom's Eircell in 2000. Vodafone paid €4.5bn for Eircell but paid for it through new shares in Vodafone. That meant that Eircom shareholders received Vodafone shares as payment for Eircell. Eircom was famously one of the biggest flotations in the history of the State, with thousands of "ordinary" people investing in the company.
Vodafone shares are currently trading at close to their share price in 2000. Any deal, however, is likely to be at a premium of around 40pc of their current price, paving the way for huge profits for shareholders.
None of the companies involved would comment last night, but market sources have indicated that a number of investment banks have been brought in to put together a plan for the deal.
Deposit Guarantee Scheme (DGS) invoked for IBRC Limited
7 February 2013
The appointment of a special liquidator to IBRC triggers the Deposit Guarantee Scheme (DGS) and the Eligible Liabilities Guarantee for the remaining depositors at IBRC. The Central Bank will arrange the repayment of duly verified and eligible deposits, up to a limit of €100,000 per person, to eligible depositors at IBRC.
Depositors do not need to take any action; the Central Bank will make payments directly by cheque where applicable. It is expected that all such eligible deposits under the DGS will be repaid over the coming weeks. Further information on the DGS is available here.
Deposit amounts of more than €100,000 are covered by the Eligible Liabilities Guarantee, administered by the NTMA. Further information on that scheme is available at www.ntma.ie.
IBRC customers can contact the IBRC helpline at 1800 303 632 for further information.
Mortgage Arrears Information and Free Professional Advice Service
In a welcome announcement for homeowners in mortgage arrears Joan Burton TD, Minister for Social Protection, last month announced the introduction of free independent professional financial advice to homeowners in mortgage difficulty.
The free service is available to homeowners who are being offered long term resolution arrangements by their bank to their mortgage difficulties. The advice will be provided by accountants who have registered on the panel wishing to provide the service.
If the homeowner wishes to avail of the service, he or she can pick an accountant of their choice from the panel and the bank will pay a set fee of €250 to the accountant for the advice provided.
The scheme applies to a person’s principal private residence only. The accountant will explain the terms included in the proposed arrangement and will advise on the financial implications of the proposed arrangement. The final decision on whether to accept the proposed arrangement is the borrower’s.
When announcing the scheme the Minister said “Each family in mortgage arrears faces unique difficulties and we must have a range of solutions which can be adapted to resolve each family's difficulties.”
The Minister continued by saying “People experiencing difficulties with their mortgage need to contact their lender."
Welcoming this scheme, Hugh Byrne of Byrne Casey & Associates said “this measure provides a wonderful opportunity for distressed homeowners. We see how stressed homeowners who have fallen behind on their mortgage payments are. There is a risk that they will agree to an arrangement that is not appropriate for them. A consultation with an accountant who will be able to explain, in plain English, what is being proposed and the implications of accepting the proposal, will provide invaluable assistance to such families”.
In conjunction with the announcement of the free service, a website keepingyourhome.ie and a Mortgage Arrears Information Helpline (0761 07 4050) were launched. The website offers general mortgage arrears information and advice for distressed mortgage holders. The helpline provides general mortgage arrears information and guidance to mortgage holders, in particular to borrowers who are in arrears or pre-arrears on their residential property.
Byrne Casey & Associates is one of the firms of accountants participating on the panel.
Some of the information contained above is taken from the Citizens Information Board press release announcing the service.
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|Byrne Casey & Associates Budget 2014 A5 Booklet.pdf (684.68 KB)|