An article in the Financial Times, 16.08.2011 gives a more optimistic view of the fundamentals that will drive the Irish Economy into recovery mode.
Click on ‘Ireland’s unexpected economic recovery’ in our Blogroll.
BMS Blog
Archive for the ‘News’ Category
BMS on the move
November 25 2010Business Management Solutions is on the move…
From humble beginnings BMS has relocated to Navan town in Co Meath.
The new address and contact details will soon be updated on the website, however for the time being please note that the office address is as follows:
Business Management Solutions
Chartered Management Accountants
11 Brews Hill
Navan
Co Meath
I would like to thank all our customers for their continued support.
Government Four Year Plan Highlights
November 25 2010Business Incentives
- Corporation Tax remains at 12.5%.
- Minimum wage to be reduced to €7.65.
- Reduce cost on business from government energy costs and encourage renewable energy
- Improved broadband access.
- Facilitate cost reductions for legal and medical services
- Government to implement 15 day prompt payment policy for all government activities
- Reduce regulatory burden by 25% in 2011
- Local Government to reduce rates
- Reform of Social welfare rates to incentivise work
- Companies to be supported in Skills Development and Internship placements
- Overhaul of BES scheme
- Overhaul Bankruptcy legislation
Tax Changes
Personal Tax Changes -Income
- Social Charge to replace PRSI, Health & Income Levies
- Marginal tax rates to remain unchanged; effective top rate of 52% (PAYE) and 55% (self-employed)
- Reduction in tax credits for PAYE employees of €600 (single person) between 2011-2014
- Implied reduction of €6,000 in Standard Rate band to €30,400 (single person) between 2011-2014
- 65% of the Income Tax adjustments will come in 2011
Personal Tax Changes -Property Tax
- In 2012 interim ‘Site Value Tax’ of €100 per household
- From 2013 to be based on value; expected average just over €200 per household
- Commercial rates to also be based on site value
Restrictions on Reliefs
- Approved Share Option Schemes abolished
- Relief on Trade Union subscriptions, Rent relief, Age Credit, Age Exemption all abolished
- Artists Exemption to be capped at earnings of €40,000
- Ex-gratia termination payments above €200,000 to be taxed
BUSINESS TAXATION
- Corporation Tax rate of 12.5% to remain
- BES to be replaced by new ‘Business Investment Targeting Employment Scheme’
- Patent Royalties exemption to be abolished from 2011
CAPITAL TAXES
- CGT: Current rate of 25%. Varied rates for different levels of gains from 2012
- CAT: Thresholds to be reduced from 2012
- Reliefs & Exemptions: CGT, CAT and Stamp Duty to be either abolished or ‘significantly reduced
PENSIONS
- Tax-free pension lumpsum on retirement capped at €200,000 from 2011
- Reduction in Pension Relief from 41% to:
- 34% in 2012
- 27% in 2013
- 20%in 2014
- Earnings limit for contributions to be reduced from €150,000 to €115,000 in 2011
- Propose reduction in maximum value of fund
- PRSI & Health Levy relief on contributions abolished from 2011
INDIRECT TAXATION
- VAT Standard rate to be increased to 22% in 2013 and 23% in 2014
- Review of the 0% rate
- No change in 13.5% rate Other Taxes
- Carbon tax to be doubled
- Review of Motor Tax rates
Business Management Solutions (BMS)
March 5 2010BMS Chartered Management Accountants was set up by Raymond Gibbons. A Chartered Management Accountant, Raymond has over 15 years relevant experience gained in a variety of industries including Manufacturing, Retail and Logistics. Having operated at both Management Accountant and Financial Controller levels, he has built up excellent business acumen with the ability to focus in quickly on the core issues facing an organisation.
BMS offer a range of services that include the production of Management Accounts with robust reports designed to be informative and enable you the owner to make informed decisions.
Our Management Accounts pack is designed with you in mind. Identifying the Key Performance Indicators on profitability and performance on a regular basis is vital to ensure the decision you make have the right impact on your business.
Visit Management Accounting Services for more information.
Business Planning is critical for you business success. As such, BMS offer a business budgeting services designed to get your departments working together to achieve a common goal or set of targets.
Business Plans vary in their detail, but what is critical is that you as the owner are aware of the resources available to you and that you utilise them efficiently and effectively to ensure your business prospers.
Visit Strategic Business Planning or Budgeting Services for more information.
Cost Reduction/Improvement is at the top of all companies agendas. Ensuring value for money expenditure and that you have full control over expenditure is critical to your success.
Cost reduction programmes can be implemented almost immediately and with some positive affects.
However it’s only by analysing costs more closely that you see the real savings that can be made. At BMS we construct Cost Improvement Programmes for our clients designed to reduce costs without impacting on the quality of the product or service that you provide.
Visit Cost Improvement Programmes for more information.
BMS also offer Payroll & Bookkeeping Services to our clients. The outsourcing of non-critical functions can be a source of financial savings and lead to improved productivity in other parts of your business as you re-direct resources to more critical areas.
Let BMS manage all your Bookkeeping requirements with a Bookkeeping Service that will add real value to your company. Competitively priced our Bookkeeping Services will leave to do what you do best, run your business.
Equally at BMS we provide a Payroll Service for companies with up to 250 employees. You simply have to provide us with the weekly/monthly payroll details for your staff and let BMS do the rest.
Visit Bookkeeping Services or Payroll Services for more information.
Starting a business is one of the most challenging and rewarding things you will do. It’s vital to get it right and at BMS we can help. We have experience in Business Start Ups. We know the pitfalls of getting it wrong.
We can take the stress out of starting a business by giving you sound and practical advice on what type of business you should set up.
To find out more visit our Business Start Up section.
