Welcome to IFAC Accountants
The IFAC service is unique, an experienced book-keeper will call to your premises and complete all or part of your book-keeping requirements. This will relieve you as owner/manager to get on with the job of running your business. We will tailor the service to your needs. By availing of our book-keeping service, we will provide you with pre-end of year accounts (9-10 months) which are essential for tax planning. Because your book-keeping is done on a continuous basis, end of year accounts are completed promptly. 160 bookkeepers provide this service nationwide, many are with us over 25 years.
Our value for money service is hard to beat !
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- Topical Information
WHAT'S ANOTHER YEAR - TAX AND OTHER CHANGES IMPACTING ON FARMLAND.
Declan McEvoy, Senior Tax Consultant with IFAC Accountants outlines recent changes which impact on land sales and transfers.
NEW 80% WINDFALL TAX ON REZONED LAND
Introduced in the NAMA Act the purpose of this change is to charge income tax and capital gains tax at a rate of 80% on profits from the rezoning of land.
What is meant by rezoning?
Rezoning means a change in the zoning of land in a Development Plan or Local Area Plan made or varied on/after 30th October 2009 from non-development land-uses to development land-uses or from one development land-use to another development land-use including a mixture of such uses.
GET THE BEST DEAL FROM YOUR BANK
Customers should not be afraid to negotiate interest rates when they are taking out loans. It doesn't matter if it is to re-structure existing loans or to take out new ones. Too often, customers are so happy to have found a solution that they accept whatever interest rate is going. Banks are more focused on margins and have moved to pricing loans based on the cost of funds of a mix of one, three and six-month money. Customers who maintian a good relationship with their bank are in a stronger position to negotiate the best rates.
So what interest rates can you expect to negotiate? Find out the current Euribor rate and add a bank margin of 2 to 4%. Anything over this is bad value.
TAX PAYMENT DECISIONS FACING FARMERS
John O'Callaghan, Branch Manager of the IFAC Accountants Blarney Office for the past 26 years writes on the tax payment decisions facing farmers currently.
Because of low produce prices in 2009 and limited availability of credit from the banks the level of the 2009 preliminary tax payments and the financing of these payments is of significance to most farmers.
Impact of Levies and Income Averaging on the level of 2009 tax bills
The drop in 2009 farm incomes from 2008 will not necessarily mean there will be a proportionate reduction in 2009 tax bills because of
- Income and Health Levies, and,
- Income Averaging
BANKS LOOK AFTER THEIR OWN INTEREST - WHILE FARMERS PAY UP TO 19.75% INTEREST
Pat Comerford an IFAC Accountant for over 15 years and Manager of IFAC Accountants Carlow, outlines his concerns about bank charging practices.
An increase in the banks profits from its Irish Domestic Operations is central in their economic fight back. My concern is that many farmers will end up contributing to the banks higher profits through charges in the following areas:
- Current Account Penalty Surcharges of between 6 to 12%.
- Bank Loan Protection Insurance costs which may be reduced by up to 40%.
Current Account Penalty Surcharge
Bank current account penalty surcharges vary from 6 to 12% and are in addition to the normal interest on overdraft balances. This means if you do not comply with the fundamental current account rule you will be severely penalised.
Using Your Accounts Information More Effectively In Dealing With Your Bank Manager
Management of Farm Finance & Communication with Banks
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Stability & Experience are the hallmarks of the IFAC Service
Business owners and managers want to build a professional relationship with their accountant. They need sound practical advice to help run their business and they need this service on a continuous basis from practitioners they know and trust. 21 Branch Managers, the majority with over 15 years experience, with back up from Joe Hickey (National Taxation Manager) and Declan McEvoy (Senior Tax Consultant) provide this service.