Message from / The CEO ISME Welcomes / New Members ISME / News FAQs / What you need to know about GDPR ADVANTAGE / New Affinity Members Introducing / The bISME Training Courses / May Dates Finance Article / A Cashless Society CSR Feature/ Benefits of a diverse team Tax Update / Dates for the diary
A MESSAGE FROM OUR CEO: Dear member, It’s great to get back to you this month, not long now till our Annual Lunch in Croke Park, with Patrick J. Rigney of Gunpowder Gin as our guest speaker. As you know, we’re celebrating our 25th birthday this year, so we want as many of you as possible to join us. It’s been a busy month since I wrote to you last. We were delighted for the assistance of Council members Marcella O’Reilly and Billy Tyrell at our presentation to the Low Pay Commission. I can’t say that our message about reducing the costs of living is getting through- they are fixed on rising wage rates as the solution to all evils. But we got our point across, despite a cold reception from the trade union side. Insurance remains a big issue for us. Despite the fact that motor insurance premium increases appear to be under control, we hear at the same time that EL and PL costs are rising. Now is not the time to take our foot off the pedal. Our colleagues in the Alliance for Insurance Reform (AIR) gave their presentation and 10-point plan to the Joint Oireachtas business committee on 18th April. It was received very well, by all parties. AIR are now fundraising to cover the costs of their upcoming promotional, lobbying and meetings activities. We urge you to assist their fundraising efforts, with whatever contribution you can make, small or large. If you have any CCTV, or dashcam footage showing fraudulent claims activity, please let us know. We’ll take care to ensure privacy concerns are addressed. You can forward funds, or indeed CCTV footage, to the AIT at contact@insurancereform.ie We intend to participate in three more ‘town hall’ meetings on insurance, in Gorey, Dublin and Portlaoise, to ensure that Ministers D’Arcy, Donohoe, and Flanagan don’t ignore our calls on insurance and more. I’ll ask for your help with these when we have dates. On the same topic of insurance, we asked the Central Bank to publish the 'Blue Book' annual summary of insurance company data they used to publish until 2015. They sent us a long-winded, technical excuse as to why they are no longer able to do so, because of the changes in the Solvency II regulations. These excuses are of no interest to us, and we will take the matter further. We took a hard line in our submission to the Department of Business and Enterprise on the Sinn Féin Extreme Weather Bill. This ill-thought and populist measure would not just have shut down every business during a Status Red storm warning, it would force employers to treat all employees as if they had been at work. As of now, Fine Gael and Fianna Fáil have said they will not support it, so it is going nowhere. Lastly, we’ve taken advice on our pre-budget submission, and have been told to get it lodged before the end of May. If you think there’s anything major missing from our Budget 2018 submission, please let us know immediately. Neil McDonnell, CEO
Neil McDonnell CEO neil@isme.ie
New members:
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A & T Drain Services Ltd. t/a Drain Doctor Allens China & Wallpaper Limited Amplify Digital Ltd. Anchor Safety Limited Aska Sykes Barrett Private Insurances Big Red Cloud Cameo Products Ltd. Clickworks DGP Intelsius Teo Directing Marketing ECDL Foundation EDS Training Solutions Ltd. Emma's So Natural Crafts Envisage Cloud Euro Access Freightrained Galway Tool & Mould Ltd In Control Ltd. t/a DFM Systems INI Intern - National Ireland Ltd. Inver Designs DAC Irish Travel Agents Association Lawne's Motor Factors Perenco Photocall Picture Agency Ltd. t/a Photocall Ireland Rathmore Country House & Holiday Village Redkey Technology Ltd. Renssen Engineering Services Limited The Optical Centre
News Departmental Submissions ISME Annual Lunch – May 25th It’s not too late, there are still some spaces left for The ISME Annual Lunch on Friday 25th May in Croke Park. Mix & mingle at this event and be inspired by guest speaker Patrick J. Rigney who is the founder of The Shed Distillery of PJ Rigney and the creator of super-premium Irish drinks brands including the now iconic Drumshanbo Gunpowder Irish Gin. Tickets: €70 per ticket, table of 10: €650
ISME has been lobbying Government departments and respective authorities on the issue of insurance. We have made submissions both to the Department of Finance and Central Bank on the need for urgent reform, click here to read our concerns to the Minister of Finance. We will keep members updated on these developments.
Tickets Available here
Taking ADVANTAGE of ISME Membership We are delighted to add three more partners to the existing ADVANTAGE programme. Glennon Insurance have tailored two of their Insurance products to fit ISME members - Cyber Risk Insurance and Directors and Officers Liability Insurance. Members can avail of discounts, bespoke solutions, Personal Claims Handling Service and more. Pinergy have recently launched Smart Business which enables SMEs to manage and monitor their energy consumption across locations to build greater insights into their electricity consumption. ISME Members will receive an exclusive discount off electricity, a free energy audit, flexible payment options and one to one account management. HRLocker, HR & Recruitment IT system, are offering Members 15% off a HRLocker Annual License Fee and First-Call HR Support. See more here:
ISME Data & GDPR We will be contacting members and database subscribers in the coming weeks in order to update our records and to ensure that we are GDPR compliant. Therefore, in order for you to receive emails, get news and information including ISME publications, we will be asking you to select (via a tick box) the type of data you would like to receive. Please note that if you do not opt-in, you will not receive any more correspondence from ISME.
News Irish SMEs digitisation survey The Innovation Value Institute (IVI) at Maynooth University, Ireland, Ulster University (UU), N. Ireland and Anglia Ruskin University, England are undertaking research on the extent of digitization within SMEs. To help with this research, please take click on the link here.
Extreme Weather Bill 2018 ISME recently made a submission to the Department of Business, Enterprise and Innovation on the recently proposed Bill by Sinn Féin, ‘The Extreme Weather Bill 2018’. ISME highlighted its concern of said Bill to Minister Heather Humphrey’s office. Click here to read our submissions. Business Trends Q1’18 report Thank you to those who completed our Q1’18 Business Trends survey, the results of which will be available soon. For the results of our Q4’17 report click here.
Innovation and Growth in the Business sector conference Our CEO Neil McDonnell will be speaking at the Banking Payments Federation Ireland conference ‘Innovation and Growth in the Business sector’ on Wednesday May 9th 2018. ISME members can avail of the BPFI member rate by clicking on the link here.
News
Alliance for Insurance Reform The Alliance for Insurance Reform which is a consortium body made up of businesses, charities and other organisation’s appeared before an Oireachtas committee on the high cost of insurance. ISME as a member of this consortium made representations to the committee. Following this presentation, we issued a press release outlining the actions needed by government to the committee. Available Summer Interns (Unpaid) – 6 Weeks (Mon–Thurs) This programme attracts students in top tier undergraduate business schools in the United States across disciplines such as finance, accounting, marketing, public relations and business analytics. The interns are available from Monday 18 June through to Thursday 26 July. If you are interested in hosting unpaid interns, please contact quinnsummerinternships@ucd.ie or 01 716 4716/4756
€300m Brexit Loan Scheme Launched The €300 million Brexit Loan Scheme was launched on March 28th 2018 by Minister Heather Humphreys, Minister Michael Creed and Minister Paschal Donohoe. The application process is divided in two stages. Firstly, businesses need to complete the eligibility form, on the Strategic Banking Corporation of Ireland (SBCI) website (www.sbci.gov.ie). Secondly, eligible businesses must engage with their preferred participating finance providers (Bank of Ireland and Ulster Bank, with AIB to follow in June) to begin the standard loan application process (using the eligibility reference number). For further queries regarding the scheme, you can contact the SBCI at applications@bls.sbci.gov.ie.
News:
Survey: Irish Employers and Mental health Please take 5 minutes to complete this important short survey on Irish Managers/HR Staff/Employers experience & understanding of mental health issues. Click here to complete survey. An Erasmus+ SME Survey This survey is being conducted in order to understand what the needs of SMEs are in order to develop an online educational resource to allow them to benefit from open software digital transformation. Please take a few minutes to complete this survey here. This research is conducted by the FOSS4SMEs Consortium Click here to complete the survey.
Amplify Digital Conference Amplify is a one day event on May 24th that brings together 16 digital marketing experts from Paddy Power, Musgraves, Irish Times, Leading Social & more to share next-level tips, tactics and strategies in Social Media, SEO, PPC, PR, Video Marketing, GDPR, and Content Marketing. Join 400 other businesses on the day.
Future Heath Summit
Email sarah@amplifydigitalconference.ie for a discount code
Collaboration is key to excellence in Healthcare. The event is organised by Investnet Healthcare an independent Irish Healthcare Managed Services Provider.
Tickets Available here
The Global Gathering for Healthcare is taking place at The Convention Centre Dublin on the 28th- 29th of May. For more information and to purchase ticket click here.
FAQs
WHAT YOU NEED TO KNOW ABOUT GDPR:
Niamh Heneghan HR Advisor niamh@isme.ie
GDPR stands for the General Data Protection Regulations-a new EU wide regulation that will repeal and replace existing Data Protection legislation across all EU Members States. GDPR will become directly applicable across the EU on 25th May 2018. From this date every organisation will need to ensure full compliance with GDPR or risk significant fines. With this deadline quickly approaching we are receiving more and more questions on this increasingly significant topic. Some of the most frequently asked questions are summarised below:
Is my organisation likely to be affected by GDPR? It is highly likely that your organisation will be affected. GDPR will apply to any organisation that is based in the EU and is processing Personal Data, or is based outside of the EU but is offering goods or services within the EU. The terms “personal data” and “processing” have both been given a wide definition. Personal data is defined as any information relating to an identifiable, living individual. This could include (for example) a name, address, contact number, email address from any number of people (including employees, clients, customers, web-users etc.) The processing of such data could mean anything from collecting or storing data, to adapting, disclosing or destroying data.
Do I need to have Explicit consent to Process data? Not necessarily. While consent is one basis upon which you can legitimately process data, consent may not be necessary in every circumstance. There are a number of “legal basis” upon which you can justify your entitlement to process data. Outside of consent, you may process data on the basis that: •
It is necessary to fulfil a contract with the data subject
•
It is necessary to comply with a legal obligation
• •
To protect the vital interests of the data subject or another person It is necessary to perform a task carried out in the public interest
•
It is necessary for your legitimate interest. This right is limited however, by the requirement to consider the protection of the individual’s personal data. In order to rely upon this right a Legitimate Interest Assessment would need to be conducted.
Where you cannot rely upon any of the above categories however, explicit consent will be required.
FAQs Where explicit consent is required, what type of consent will be considered valid under the legislation? In order to rely upon consent as a legal basis for processing personal data you need to be able to show that the consent was: •
Freely given
•
Given for a specific purpose
•
Understood (i.e. the person under the purpose(s) for which the data is being collected)
•
Confirmed by way of a positive action on the part of the Data Subject (e.g. a tick box that has not been pre-populated; a signature etc)
In addition, you would need to be able to show that the individual was informed of the possibility to withdraw their consent at any time, and ensure that the option to opt-out or withdraw consent is as easy as the option to opt-in.
Where I have gathered personal data over the past number of years, do I need to ask data subjects to reconsent to their data being used? This depends on whether the consent conditions outlined above have been met previously. If the consent provided by the Data Subject prior to GDPR is in line with the GDPR conditions then there may be no need to ask again for the individual’s consent. However, if you are in any doubt as to whether you can prove that these conditions have been met it is advisable to re-confirm consent with the data subjects before continuing to use their data.
Do I need to ask my employees for consent to process their personal data? Should a consent clause be included within a contract of employment?
Generally the answer is no. Most personal data you collect from your employees will be required to fulfil legal obligations or to fulfil a contract with the data subject. Therefore, there should be no reason why specific “consent” is required in these circumstances. Instead, an Employee Privacy Notice should be available to all employees outlining to them what data you collect, for what purpose it is collected and whether this information is shared with any third parties.
How long am I allowed to retain Personal Data? Data should be retained for no longer than is reasonably necessary. This may be outlined in legislation for some data (e.g. tax/employment law records). Where retention periods are not outlined in legislation, careful consideration should be given to how long is reasonably necessary to retain the data. The Data Subject should be aware of how long their data will be retained.
How will Data Access Requests change with the implementation of GDPR? Under GDPR the timeframe for responding to Data Access Requests will be decreased from 40 days to 1 month. In addition, in most circumstances, there will no longer be an option for organisations to charge a fee of €6.35 per Data Access Request.
What are the sanctions for failing to comply with GDPR? One of the most significant changes from a GDPR perspective is the increased sanctions that companies may face for failing to comply with GDPR. An administrative fine of 4% of Global Annual Turnover or €20 million (whichever is the greater) can be imposed. In addition, data subjects will have the right to claim compensation for any damages (material or otherwise) that results from a Data Protection Breach.
Visit the members portal for your copy of the ISME GDPR GUIDE.
ADVANTAGE
ISME MEMBERS HAVE THE ADVANTAGE One of the biggest challenges facing SMEs is rising business costs with many business owners cutting corners to reduce outgoings – often to the detriment of their business. These costs can come in many forms, from insurance, utilities, IT and day to day office expenses. “Some companies find that, rather than using services or products such as insurance, recruitment and telecommunications, which can enhance their business, they are keeping their spend to a minimum and potentially impacting the performance of their businesses,” Neil McDonnell, Chief Executive, ISME.
Last October, we launched the ADVANTAGE Affinity Programme by negotiating preferential rates, added services and companies across a range of industries. This in turn means that members can reduce their costs and add value to their business through the buying power of ISME. “Many of our schemes in the finance sector are popular with our members. These include business, home, and life insurance; ISME Advantage Pension Scheme, along with office supplies, recruitment and online newspaper subscription provided by ISME partners including JLT Insurance, Halligan Insurance, Codex Office Supplies, Jobs.ie and the Sunday Business Post” said Mc- Donnell. We are pleased to announce the addition of more programmes for ISME Members in May from Glennon Insurance, Pinergy and HRLocker.
Glennon Insurance - Cyber Risk Insurance SMEs are being targeted online and many do not have the capacity or financial resources to deal with this. The introduction of GDPR from 25th May, will increase a firm’s obligations to manage its cyber related risks. Glennon Insurance are offering ISME Members a minimum 10% discount for their Cyber Risk Insurance. They provide a bespoke Insurance Solution that ensures the correct cover is provided to meet ISME members’ specific needs. It also provides personal advice at source, a First Response Package that can mitigate loss and reputation damage, a Personal Claims Handling Service and GDPR and other cyber risks cover.
Glennon Insurance - Directors and Officers Liability This Directors and Officers Liability Insurance package incorporates discounted premiums and policy protection that will be relevant for ISME Members irrespective of size. The insurance ensures that your personal assets are adequately protected, and that you have expert assistance and financial support when there is an unexpected legal action. Members will receive a minimum 10% discount, a bespoke Insurance Solution, personal advice at source and a Personal Claims Handling Service.
ADVANTAGE Pinergy - Electricity HR Locker – HR & Recruitment IT Members can save time and money with HRLocker's smart, cost-efficient cloud solution for HR. The system offers Absence and Holiday Management, Timesheets, Performance Management, CPD/Training and Applicant Tracking. You will receive 15% discount on HRLocker annual license fee and First-Call HR Support (on Profession & Premium plans only).
ISME members will receive 10% exclusive discount off electricity, a free energy audit, flexible payment options and one to one account management through their new Smart Business product. Smart Business enables SMEs across Ireland to manage and monitor their energy consumption across locations to build greater insights into their electricity consumption. Pinergy can also help your business with innovative energy services such as Solar, Wind, Refrigeration, LED bulbs & Heat Pumps that can help you to be more energy efficient and ultimately reduce your costs.
Find out more here. ISME members can access full details when they log into the Member’s portal on the website
The bISME:
INTRODUCING OUR NEW PUBLICATION Here at ISME we have been working hard to create a new digital magazine to replace The Owner Magazine (TOM). We hope you enjoy browsing our new exciting content and fresh layout in the bISME. In the first issue: •
An Interview with Patrick J. Rigney from the Shed Distillery about building brands and the opportunity for Ireland in the global gin market.
•
5 Steps to successful succession.
•
A guide to overcoming HR challenges and recruitment.
•
ISME News, Business News and so much more, including:
There is an opportunity for our members to advertise in the bISME at a special rate. You can view the members advertising rates here: For more information on prices and promotion opportunities please contact: BryanBeasley@ifpmedia.com
You can view the first edition of the bISME by clicking here.
Course
Date
Venue
Fees
Sales Planning & Lead Generation
02/05/2018
ISME, Dublin.
€230 ISME Member €325 Non Member
Cold Calling & Appointment Making
31/05/2018
ISME, Dublin.
€230 ISME Member €325 Non Member
Customer Service & Complaints Handling
11/06/2018
ISME, Dublin.
€230 ISME Member €325 Non Member
Practical Project management
27/02/18 & 28/02/18
Buswells Hotel, Dublin.
€395 ISME Members €495 Non Members
Recruitment Skills for SMEs
16/05/2018
ISME, Dublin.
€230 ISME Member €325 Non Member
Handling Inbound Sales Enquiries
03/05/2018
ISME, Dublin.
€230 ISME Member €325 Non Member
Business Writing & Email Etiquette
09/05/2018
ISME, Dublin.
€230 ISME Member €325 Non Member
Finance Article:
A CASHLESS SOCIETY? The prospect of Ireland being a cashless society by 2030 is ever increasing. The advent of new assisted payment technologies has transformed the way in which we spend and do business. This advancement was accelerated in 2015 when the Government introduced contactless payments at €15 per transaction, which later increased to €30 in 2016 Budget. The objective of this was to support Irish retailers in terms of the processing the costs of electronic payments. Two years later, we can without doubt recognise the success of the innovative payments methods. ‘54% of Irish consumers are using contactless’ Bank of Ireland July 2016
Recent research by Bank of Ireland and EVO payments international shows 54% of Irish consumers are using contactless payments. In February alone, there were over four million (4.25M) contactless transactions, jumping from 1.7M recorded in February 2017. In 2015, Cork piloted a scheme to become the first cash-free city. While the campaign didn’t achieve its end result, it did increase the number of contactless payments by 522%.
The evidence is there, we cannot ignore it, but yet, we do. Recent research in the UK by Barclaycard showed some interesting results. It showed some businesses are reluctant or averse to introducing digital assistance when making transactions. This study found that small retailers in particular do not embrace new forms of payment. This reluctance leads to a loss in sales and profitability margins. The lack of innovative payment assistance by SMEs creates the potential loss of 1.6bn pounds in sales. With contactless payments methods becoming the norm, it is vitally important for small business to adapt to this new cultural change. Making these changes needn’t be complicated or time consuming – with support from their payment provider, SMEs can ensure they have the right solutions for their business while satisfying the ever-growing group of tech-savvy, digitally-minded shoppers. Our own in-house research shows there is a significant number of members who are not online. This failure is depriving businesses of significant profit losses. As we enter into a world of increased digital transactions and payments, members should explore the benefits of putting their business online and engage with online payment transactions. Finally, a recent paper by the Banking Payments Federation of Ireland has shown the significant increases in the number of contactless payments. These figures along with the two aforementioned reports are indicative of a prospective cashless society and provide plenty of food for thought.
Michael O'Flanagan Research Officer michaelo@isme.ie
CSR Feature:
KEYSTONE PROCUREMENT An Employer Disability Information case study: Keystone Procurement is a specialised procurement advisory business established in 2014 and an ISME member. Their aim is to be innovative in the solutions that they propose to clients, whether they be from the public or private sector, whether they are small or medium enterprises or even larger organisations. Ross McCarthy, Managing Director at Keystone Procurement, describes his sector as a looking-glass that reflects society at large; a snapshot of the policies and priorities of a State at a given time. Knowing this, it is no wonder that Ross and his colleagues are so vocal and proactive in the area of inclusive employment. When Ross was recently asked about his diversity policy and inclusive workspace he replied instantly, insisting there is no ‘policy’ just the need to embrace diversity: ‘While naturally, we are aware of and compliant with employment law and equality legislation we do not a have specific policy, it is just what we do. Culture is what you do every day so we do not think it’s necessary to write anything specific as it is in our nature to treat staff equally and to embrace diversity’. What seems like an obviously beneficial outlook is not typically replicated by other Irish SMEs operating globally. Ross views his staff as assets to the team, each one bringing a unique viewpoint on projects and proposals. He does not see hiring staff with a disability as a CSR strategy: ‘We hire people based on their ability to do the job. The essential skills required are to analyse and assess – nothing manual or physically demanding. A physical disability wouldn’t impede someone working in our sector. I’m hiring qualified, motivated people and that’s what’s most important.’
As society changes and technology improves, many employers are seeking more mobile working solutions for employees. This shift in working conditions can make the workplace more accessible for employees especially those with a disability: ‘Our business lends itself well to flexible working for staff. So much of our work is done via email, videoconferencing, smart cloud-based tools and the phone. Our business is primarily dependent on internet access not access to transport or office space.’ The need to be a flexible employer does not just apply to staff with disabilities. Ross recently highlighted that employers are constantly proving they can be flexible when it comes to employees from looking after young children to caring for elderly parents. Accommodating someone’s disability should be no different. In his experience, he has found it is probably less difficult to accommodate someone’s disability than other categories of staff. While speaking about the members of his staff with a disability he said: ‘They’re simply an integral part of our company and we value all our staff regardless of disability.’ Ross was keen to address the misconception and debunk the attitudinal barriers that workers with disabilities have lower productivity than their non-disabled peers. This stereotypical viewpoint is damaging and holding back a large pool of talented and work ready individuals who are hungry for success. He highlighted that all staff at some stage of their careers will need additional support or training:
CSR Feature:
‘All staff need support such as education, training, mentoring and coaching – not just staff with disabilities.’ As well as the attitudinal barriers that exist, there are also structural and systematic barriers that have led to unemployment in the community. By not adapting our environment for people who need additional supports we are limiting a person’s capability to contribute meaningfully to society: ‘Disability affects all parts of someone’s life. It would be interesting to see a longitudinal study or even meta study of surveys over time with a composite longitudinal focus to see what has changed and what has not changed over say the past 30 years. I suspect that some of the largest barriers have barely been addressed like transport and aligning skills training with for instance, distance learning or entrepreneurial / start your own business programmes.’ Many traditional recruitment practices lead to situations where people get defined by their disability and as a result don’t receive the same equal opportunities are non-disabled people, regardless of talent and experience: ‘People with disabilities represent the deepest untapped reservoir of talent and are half as likely as their non-disabled peers to be unemployed.’ Keystone Procurement attracts entrepreneurial types of people, who are motivated and think outside of the box. They are exactly the kind of people who are used to getting things done. Ross describes the staff at Keystone Procurement as, ‘Innovative and adept at problem solving, just like people with disabilities’
When looking to the future we must start to build workplaces where people are not disabled by their environment but are instead empowered to achieve their full potential. Government schemes need to be updated, according to Ross. Ireland need schemes that are compatible with the modern economy – “21st century solutions for 21st century companies.” ‘The existing Government support schemes are blunt instruments that only focus on supporting full time employees. People with certain disabilities can often find it difficult to do those long days. It would make more sense for the Government supports to go directly to the people with the disabilities and not the employer. I’d also like to see much stronger support for people with disabilities to become entrepreneurs in their own right. At least to enrol in start your own business courses that should be available per annum per area. They could be available to people with disabilities to follow by webcam with tutoring at a time and place that suits the people taking part.’
Ross McCarthy, Managing Director (01) 485 1280 info@keystonepg.ie
http://keystonepg.ie If you are an employer and want to tap into a new diverse talent pool and want to know how, please contact Seònaid Ó Murchadha from Employer Disability Information. seonaid@employerdisabilityinfo.ie
The Employer Disability Information service provide employers with a source of advice and information on employing staff with disabilities.
CALL edi: 01-6762014 Take the first step today
www.employerdisabilityinfo.ie This service is managed by employers for employers
Tax update: IMPORTANT TAX DATES FOR MAY 2018 Dividend Withholding Tax 14th
Due date for payment and filing of returns of withholding tax on dividends paid by companies in April 2018.
PAYE/PRSI/USC/LPT 23rd
Payment of PAYE/PRSI/USC/LPT deductions for April 2018(ROS filers).
VAT 23rd
Payment of March/April 2018 VAT liability and filing of related VAT return.
Corporation Tax 23rd
Company year end 30th June 2018: Preliminary tax due, minimum 90% of total liability for the year. Small companies can pay 100% of previous year’s liability. Company year end 31st August 2017: Payment of balance of corporation tax and filing of corporation tax return.
Company Secretarial 28th
Filing of Annual Returns dated 30th April 2018.
Corporation Tax 31st
Company year end 30th November 2016: Close companies with undistributed profits may have to make a distribution by this date to avoid surcharge.
31st
Company year end 31st August 2017: Filing of ‘Return of third party information’ (Form 46G).
Company Secretarial 31st
Company year end 31st August 2017: Final date for holding Annual General Meeting and latest possible Annual Return date for 2017.
Tax update:
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.
Prepared for ISME by: Byrne & McCall Tel: (01)612 0580 Fax: (01) 620 5625 email: info@byrnemccall.ie www.byrnemccall.ie
Accountants & Tax Advisors, Core B, Block 71, The Plaza, Park West, Dublin 12.