As a limited company in Ireland you have to appoint a company secretary. If you are a one-director company this has to be someone other than the director. They do not need any qualifications for the position, they just need to have the trust of the directors to carry out the company secretarial duties in a timely manner.
It is part of their responsibility to make sure that everything is filed as and when it should be. This includes the annual returns and all the submissions to Revenue. The fines for not doing this are substantial, and they can come from the Companies Registration Office or the Revenue, depending on which one receives their submissions after the due date.
Another part of the company secretarial service is to make sure any changes are notified to the relevant departments. Changes in directors, shareholding, or the registered office address should all be dealt with within a matter of days, not months.
Even dormant and non-trading companies have the same legal duties and will face the same fines if returns are not submitted when they should be.
Although company secretarial duties do not normally take up a great deal of time, they are vitally important. This is the reason many directors like having the peace of mind of using professional company secretarial services. If you have never been involved in a limited company before, the advice and information these services provide will keep you up to date and make sure you do not fall foul of any government departments.
Help With Your Payroll
The rules and tax rates regarding payroll change every year, and there are often changes to the employment laws as well. Payroll services will be able to process your employees’ salaries weekly, two weekly, monthly or a mixture of all three. They will also be able to do much more, such as:
- Registering new employers with Revenue
- Registering new employees with Revenue
- Issue forms P45, P60 and USC certificates
- Complete end of year returns, P30 and P35
- Obtain employee tax deduction certificates from Revenue
- Provide payslips either in printed or electronic format
- Calculate the amount due to Revenue and remind you of the date it has to be paid by
As well as all the payroll processing, they will also be able to advise you about your employees rights. Things such as maternity pay and leave, sick pay and leave, holiday entitlement, redundancy entitlements and employment contracts.
Good payroll services will take the pressure off you with regard to employees, their entitlements and getting their pay and deductions right. This is a big stress off the shoulders of any employer.
The Importance of Bookkeeping Services
When businesses start many of them are trying to keep the costs as low as possible, and they attempt to do the bookkeeping themselves. Then as they start to get busier it gets pushed to one side, as they always have more important things to do. This is a mistake. The importance of good bookkeeping cannot be understated, and it is vital that no matter how busy a business is it never gets left until another time, as that other time never comes.
Some people realise this and employ someone to do it for them, and others use professional bookkeeping services. Your business might be large enough to warrant having an employee to do your bookkeeping, or you might even be so large that you have a whole department dedicated to it.
No matter how small or large your business is it is something that cannot be ignored, and realising this is why so many business owners use expert bookkeeping services. They do not want the worry of making sure everything is in order.
It is so much easier just to gather all you paperwork and hand the responsibility to someone else every month, and to have the peace of mind of knowing that the work will be handled correctly. You can rest assured that your VAT will be calculated to the right amount, and that you will know exactly when it is due.
Using bookkeeping services can also reduce your accountancy bill, as the books and records will have been completed to a high standard. You might be good at paperwork yourself, but from an accountant’s point of view, and the fact they are putting their name to the final accounts, they would have to check more of the figures and calculations if the work had not been carried out by professional bookkeeping services.
Does Your Bank Want Management Accounts?
If your bank has loaned you some money, or given you an overdraft, it is not at all unusual for them to want regular management account, either monthly or quarterly. The would look to whoever is carrying out the company secretarial services to make sure these are provided, and they can become very awkward of they do not get them when they are expected.
Apart from keeping your bank happy, management accounts can give you an insight into how your business is progressing, rather than having to wait until the year-end. This way, if there are any problems that can be put right, it is easier to identify them sooner rather than later. Having more than one set of management accounts lets you compare the figures for improvements or to see if things are getting worse. This could be vital information throughout the year that could save your business from catastrophic financial difficulties.
Company Secretarial Services And Much More
At Kane Bergin and Company, we are able to offer company secretarial services and much more. We have experienced bookkeepers, an expert payroll department, tax consultants, liquidation specialists, and can also offer a complete audit and accounting service as well as financial control services.
In fact, whatever financial services your company requires, you should speak with us for the help you need.
Why not give us a call today for an informal chat. Our number is 01 969 6306