Entries by Jim

Allowable Motor Expense Rates (2017)

Allowable Motor Expense Rates (2017) Revenue amended the rates for claiming motoring expenses with effect from April 1, 2017. Given that most businesses use these rates as the basis for Revenue-approved motor expense claims for businesses, you should be aware of the changes. The key changes are: They have increased the number of distance bands […]

What tax/accounting returns do I need to make for my business?

This is a common question? To answer it, the first thing we have to do is to identify the form of your business.  Are you a sole trader, a partnership or a limited company? This table summarises the key reporting areas. Sole Trader Partnership Company Income Tax Yes Yes n/a Corporation Tax n/a n/a Yes […]

Is Xero right for your business?

What is Xero? Xero is a cloud accounting application that provides similar functionality as most of the standard accounting packages such as Sage 50 or QuickBooks. Being a cloud service, the data resides in the cloud and the application is accessed via a web brower.   Xero is  an example of software that are classed as […]

Struggling with your work-life balance?

One of the most common problems for self-employed people is achieving or maintaining a good work/life balance. I recently had a client who was finding that he was overwhelmed by the amount of work that had to be done and was seriously considering pulling back from the business because of work life balance issues.  So, […]

How to prepare financial projections

Feedback I get regularly from the clients is that they don’t know where to start with the financial projections. So in this article I want to give you a framework and an overview of how I go about doing projections. My approach is something that has built up over time.  To help myself remember the […]

Decision-making and the importance of understanding cash flow

As I said in my last blog post, one of the most common areas where my business clients want advice is around decision-making – knowing which of the options they’re faced with will be most beneficial for their business. Whether you’re a brand new start-up business, or an established family business, it’s vital to make […]

Why a good budget is vital for every business owner

In one of my recent blog posts, I mentioned the need for a business to create an annual budget. One of my readers contacted me, saying “I don’t really know why I’d need a budget if I’m already doing the basic bookkeeping”. So, in this post, I’m going to set out why I think budgets […]