What is outsourcing?
What kind of companies outsource?
Generally we work with small to medium sized companies who do not need a full time accounts team but still require the input from experienced accountants and tax advisors. More and more larger companies are outsourcing now as well. There is a shift in this process as everything is now online and digital and much easier to outsource.
More and more companies are turning to outsourcing for it’s flexibility in offering the correct resources and service to manage and build your business and allow you focus on the core business functions. With technological advances including cloud accounting we are able to offer a cost-effective approach allowing you to manage costs more transparently.
How much time and head space is taken up with finding and retaining good reliable staff. It’s not easy. Everyone finds this a huge and EXPENSIVE headache. Outsourcing takes that pain away and keeps that recruitment fee in your pocket.
There is big cost involved in training your staff. Our staff come fully trained and have a huge support network of accountants and tax advisors to guide you through all business decisions. We are proactive and are continuously looking at new softwares and ways of making your accounting systems work better for you. It can be hard to find one individual that is skilled in multiple areas to work in house.
Here at PKF you will be outsourcing your accounting needs to experts who know all your accounting obligations and will ensure everything will be filed on time. We get to know our clients so we can give you that personal valued added service.
How do we fit into your business?
Accounting is not just a compliance exercise. Different clients like a different level of service. We can work on the client’s site or with online accounting we can do the work remotely which everyone is very familiar with now. Some clients prefer an email with accounts laying out results but others prefer a face to face meeting which in our opinion works the best. Only when you get to know the client can you really offer the advice that they need. Everyone is different and we understand that.
In any business, key financial decisions by management must be based on accurate data. This makes it vital to have effective management reporting.
We can set up your chart of accounts to ensure that you receive the correct management reports when you need them. We can prepare management accounts monthly or quarterly as appropriate. We can prepare VAT returns based on these reports and assist with the preparation of financial projections. We can also prepare year-end accounts for you, with a fully cross-referenced working paper file ready for submission to the auditors.
Our diverse sector experience means we can also offer you added-value commentary based on variance analysis. With PKF, your management’s decisions will always be fully informed.
Value Added Tax (VAT) is an indirect tax. For most businesses, this is a “pass-through” tax where the taxpayer is effectively a collection agent for Revenue. In some instances where a business is below the registration criteria or is in an exempt activity, there is no further vat obligation. However, for the majority of Irish businesses, there are bi-monthly returns and payments or claims to be made. Vat returns can also be; quarterly, four monthly, six-monthly and annually depending on your business and your compliance history with the Revenue Commissioners.
We at PKF provide a range of vat services including;
- Vat registration, initial registrations and EORI registrations
- Vat rate review to determine the applicable rate of vat for your business
- Submission of vat returns on your behalf. This can range from a fully outsourced service from our outsourcing team to a pure submission of the return based on your records, and everything in between
- Submission/preparation of Annual Return of Trading Details
- By liaising with our specialist advisory teams we can provide support on Vat on Property Transactions, Vat on Digital sales and cross border transactions
RCT is a withholding tax that applies to certain payments by principal contractors to subcontractors in the construction, forestry and meat-processing industries. The rates of tax are 0%, 20% and 35%.
If you are a principal contractor it is essential that you comply with revenue rules on registering a contract, obtaining a contract number and obtaining approval prior to making any payments to sub-contractors. The first step in the eRCT system is to input a “contract notification”. A Principal must notify Revenue online each and every time a new relevant contract is entered into with a contractor. Specific details regarding the contractor engaged and the contract itself is required. The Principal will receive a unique contract reference number and an indication of the applicable deduction rate for the contractor. A principal will need to obtain documentary “evidence of identity” from subcontractors for any new contracts.
Prior to making each payment, a principal must obtain a deduction authorisation by inputting a Payment Notification on the eRCT system. A principal should indicate the full amount of the payment due to be made to the contractor.
Where a principal makes a payment without first obtaining a deduction authorisation the principal is liable to RCT at 35% regardless of the deduction status of the subcontractor to whom the payments have been made. In addition to the RCT amount, a penalty up to €5,000, may also be payable in certain circumstances.
At PKF we will work with you and help ensure you meet the complex requirements for RCT which must be filed through the eRCT Compliance System. We can submit your monthly RCT payments and help ensure you or your subcontractors do not lose the RCT credit if this is not submitted on time.