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SCBI Covid 19 Working Capital Loan Scheme

Updated 29th March 20 @ 15.3

This loan is available via AIB, Bank of Ireland and Ulster Bank.

Loan Features
Amounts €25,000 to €1.5m
Max Interest Rate 4%
Loan Term 1 year to 3 years
Unsecured loan up to €500,000
Optional Interest only repayments at the start of loans

What can the loan be used for
Future working capital requirements
To fund innovation, change or adaptation of the business to mitigate the impact of Covid-19.

Covid-19 Criterion
The business is impacted by the Covid-19 virus resulting in business turnover/profitability being negatively impacted by a minimum of 15%

The steps to apply
Apply online via the below website, obtain an eligibilty letter from SCBI and then apply direclty with the bank, as the banks are responsible for

Here at Royal Canal FCS, we have applied for similar SCBI schemes are familar with the process, if you feel you are entitled to the above please contact Joe or Ronan and we can discuss further with you.

https://sbci.gov.ie/schemes/covid-19-loan-application

Click here to return to the FAQ’s

Budget 2020

8 October 2019

Last Updated: 8 October 2019

Please note that implementation dates for announced changes have been indicated below where available. Not all changes take immediate effect.

Personal Taxation (from 1st January 2020)
• REMINDER: The proposal to increase the minimum wage to €10.10 per hour from January 2020 is only being brought to Cabinet this week, and does not form part of the Budget day announcement.

•Dividend Withholding Tax (DWT) to increase from 20% to 25% from 1st January 2020. DWT is considered a payment on account with Revenue, where the 25% tax rate is now a more accurate average amount due when USC etc. is considered.

Brexit
• €1.2 billion package announced to respond to Brexit. Key areas: Agriculture, Enterprise, Tourism, Social Protection.

• Rainy Day Fund of €1.5bn created due to likelihood of a no deal Brexit.

Business Taxation & Regulation
• Earned income tax credit increased by €150

Relevant Contracts Tax and Construction Industry
• No changes noted

Indirect Taxes
• No changes noted

Stamp duty
• Non-residential property stamp duty rate increased from 6% to 7.5%. Transitional arrangements where the instruments are executed before 1 January 2020 where a binding contract existed prior to 8th October 2019.

Carbon Tax
• Increase in rate by €6 to €26 per tonne. Household fuels will not be affected until next May.

Capital Taxes
• Increase in the Group A inheritance tax threshold from €320,000 to €325,000

(Local) Property Tax (LPT)
• No changes noted

Miscellaneous Provisions & Announcements
• Excise duty on cigarettes increased by 50c on a pack of 20 cigarettes with a pro-rate increase on other tobacco products

•Monthly threshold for the Drugs Payment Scheme reduced by €10 per month.

• Medical card income threshold increased.

• Free GP care for children under eight, and free dental care for children under six.

• Additional €80m for the Housing Assistance Payment scheme.

• 100% Christmas Bonus in 2019.

• Limited increases in weekly social welfare payments: One Parent Family Payment + €15, Qualified Child Payment +€3 for children over 12, and +€2 for children under 12.

Summary Statistics

		Budget 2020	Budget 2019
Capital Gains Tax Rate		33%	33%

Capital Acquisitions Tax Rate		33%	33%
Income Tax Rates
	Lower	20%	20%
	Higher	40%	40%
DIRT Tax
		39% (39% – where payments made less frequently than annually)	39% (39% – where payments made less frequently than annually)
Tax Credits
	Single Person	€1.650	€1,650
	Married Couple	€3,300	€3,300
	PAYE Credit	€1,650	€1,650
	Home Carer Credit	€1,600	€1,500
	Earned Income Tax Credit	€1,500	€1,350
Rate Bands
	Single/widowed	€35,300	€35,300
	Single/widowed with dependent children	€39,300	€39,300
	Married -one income earner	€44,300	€44,300
	Married – two income earners	€70,600	€70,600
PRSI
	Contribution Ceiling	No limit	No limit
Universal Social Charge
	< €13,000	Exempt	Exempt
	€ 0 – €12,012	0.5%	0.5%
	€12,013 – €19,874	2.0%	2.0%

	€19,874 – €70,044	4.50%	4.50%

	€70,044 – €100,000	8%	8%
	Self employed income > €100,000	11%	11%
	PAYE income in excess of €100,000	8%	8%
	Age >70/medical card holders with income < €60,000 – Max rate	2.0%	2.0%

Whilst every care has been taken in the production of this budget summary, neither Royal Canal Financial Control Services nor Ronan Duffy and Co. can be held responsible for any action taken or deferred, resulting from any errors contained therein. For a more comprehensive summary please refer to the government press release.

Payslips

This page describes steps to ensure you can read your electronic payslip.

Common problems encountered and solutions are as follows:

Payslip is blank or otherwise unreadable: We highly recommend that you open your payslip using on Adobe Acrobat Reader. If you are using a PC or laptop you can download from the Adobe website here.

If you are using an Android device you can download Adobe from the Google Play Store here.

Payslip Not Received: Please check your junk mail settings and junk mail folder. Please add our email address to your safe senders list, see below for instructions.

Adding to Safe Senders in Outlook.com

Click the settings gear icon at the top right of Outlook.com.
Click View all Outlook settings at the bottom of the pop-out menu.
Go to Mail > Junk email.
Type a sender’s email address or domain into the text box in the Safe senders area.
1. Note: To enter a domain so that no emails from that domain are ever marked as spam, type just the text portion (not the “@” sign). For example, you’d enter royalcanalfcs.ie to unblock all messages from our office.
Click Add.
Click Save at the top of the page.

No Payslip PIN Dialog Box/PIN Not Working: Please ensure you are using the latest version of Adobe Acrobat reader. Other PDF readers can have difficulty handling password protected files.

If you are still experiencing problems with Acrobat Reader, please ensure your Regional Language Settings are set to English. Some other settings do not support PDF passwords.

If you are still experiencing difficulties please contact our office and we would be happy to advise you further.

Royal Canal Financial Control Services is not responsible for the content of external sites.

Employee’s First Time Registration With Revenue

September 2016

From 12th September 2016 the Revenue Commissioners require that first time employees use the myAccount service in order to register for tax credits with them. Until you register with Revenue you will be deducted emergency tax on your payslip, up to and including the highest tax rate (currently 40%).

Frequently Asked Questions

1. How do I register for MyAccount?

Go to www.revenue.ie and under the MyAccount section click on Register for My Account. The MyAccount link gives full details of the information required to validate the process

2. I’ve registered for MyAccount, what is the next step?

After logging into MyAccount, click on the Jobs and Pensions Service area. Follow the on-screen prompts to register your new employment. As your employer’s payroll service provider we will supply the following required information:

Employer’s name and tax number
Official start date of your employment
Employment frequency
Payroll ID number

3. I have already worked previously, why am I treated as a first-time employee?

If you have not registered fully with Revenue previously you will be treated as a first time employee by Revenue. This may occur where you did not complete the registration process on your first employment, and on starting your second employment you are still on emergency tax.

4. Where can I get further information?

The Revenue website contains information on the Jobs and Pensions Service area here. Alternatively send us back an email or contact us on 044 93 75 962 and we would be delighted to help.

Budget 2015

14 October 2014

Last Updated (bold type): 15 October 2014

Please note that implementation dates for announced changes have been indicated below where available. Not all changes take immediate effect.

Items marked TBC (To Be Confirmed) are attaching/related to taxation elements which were amended in Budget 2015. We await further details to confirm what changes, if any, apply to these related items.

Personal Taxation
• Artists’ Exemption increased by €10,000 to €50,000.
• Rent-A-Room Relief threshold increased to €12,000.
• Water charges tax credit of 20%, up to a maximum water charge of €500. Credit available in following year.

Business Taxation
• Corporation tax 3 year exemption extended to new businesses starting in 2015.
• 12.5% corporation tax rate being retained.

Relevant Contracts Tax and Construction Industry
• Home Renovation Scheme extended to rental properties where the landlord is subject to income tax.

Indirect Taxes
• Increase in Farmers’ Flat-Rate Addition from 5% to 5.2% from 1 January 2015.
• 9% VAT rate being retained.

Stamp duty
• No changes to note.

Carbon Tax
• No changes to note.

Capital Taxes
• Property purchases incentive (no capital gains tax if purchased property by 31st December 2014 and held for seven years) is not being extended.

(Local) Property Tax
• No changes to note

Miscellaneous Provisions & Announcements
• Extension of VRT relief on hybrid electric vehicles to 31 December 2016.
• Child benefit increased by €5 per child from 1 January 2015.
• Price of 20 pack cigarettes to increase by 40c from midnight (Other tobacco products pro-rata increase).
• 25% of Social Welfare Christmas Bonus restored.
• DIRT exemption on deposit funds for first time buyers, for private dwellings purchased from Budget night until 2017.
• No change in excise duty on old reliables – petrol/diesel, motor tax, VRT alcohol.

Summary Statistics

		Budget 2015	Budget 2014
Capital Gains Tax Rate		33%	33%

Capital Acquisitions Tax Rate		33%	33%
Income Tax Rates
	Lower	20%	20%
	Higher	40%	41%
DIRT Tax
		41% (41% – where payments made less frequently than annually)	41% (41% – where payments made less frequently than annually)
Tax Credits
	Single Person	€1,650	€1,650
	Married Couple	€3,300	€3,300
	PAYE Credit	€1,650	€1,650
Rate Bands
	Single/widowed	€33,800	€32,800
	Single/widowed with dependent children	€36,800 TBC	€36,800
	Married -one income earner	€42,800	€41,800
	Married – two income earners	€67,600	€65,600
PRSI
	Contribution Ceiling	No limit	No limit
Universal Social Charge
	< €12,012	Exempt
	< €10,036		Exempt
	€ 0 – €12,012	1.5%
	€ 0 – €10,036		2%
	€12,013 – €17,576	3.5%
	€10,037 – €16,016		4%
	€17,577 – €70,044	7%
	>€16,016		7%
	€70,044 – €100,000	8%
	Self-employed > €100,000	11%	10%
	Age >70/medical card holders with income < €60,000 – Max rate	3.5%	4%
	Age >70, income > €100,000 – Max rate	TBC	7%

Budget 2014

15 October 2013

Last Updated (bold type): 7 November 2013

Please note that implementation dates for announced changes have been indicated below where available. Not all changes take immediate effect.

Personal Taxation
• No change in tax rates so no major changes in net pay. However, changes in medical insurance relief and one-parent family credits will affect some individuals.
• One-Parent Family Tax Credit – replaced by Single Person Tax Credit from 1st January 2014. Of same value but now only available to one ‘principal carer’.
• Tax relief on private medical insurance limited to first €1,000 per adult subscription and €500 per child. Please note this threshold relates to the gross premium payable. Medical insurance is usually quoted net of tax relief at 20%. The portion of the gross premium above €1,000 will not qualify for tax relief. Where renewals have already been issued/paid a balancing statement will need to be issued by the insurer.
• Start your own business tax exemption available to long-term unemployed (at least 15 months). Income tax exemption of up to €40,000 per annum for the first two years.
• PRSI on all income of PAYE workers from 2014.

Business Taxation
• No change in corporate tax rate.
• Lower rate of employer PRSI was due to revert to 8.5% in 2014. This was funded by the pension levy which has not been abolished (see stamp duty below). There has been no announcement on reverting to the 8.5% PRSI rate. The increase to 8.5% employer’s PRSI from 1st January 2014 was confirmed in the Social Welfare Bill.

Relevant Contracts Tax
• No changes to note

Indirect Taxes
• No change in the 9% VAT rate for the tourism industry.
• Increase in cash receipts threshold for VAT to €2 million from 1 May 2014.
• Farmer’s flat rate addition increased to 5% from 1 January 2014.
• VAT Anti-Fraud Measures introduced such as reversal of input credit on invoices which are not paid within six months of supply.

Stamp duty
• Pension fund levy increased to 0.75% in 2014.
• Bank levy to raise €150 million.

Carbon Tax
• No changes to note

Capital Taxes
• Property purchase incentive extended to the end of 2014 (exemption from capital gains tax for properties purchased and held for seven years).

(Local) Property Tax
• No changes to note

Miscellaneous Provisions & Announcements
• Bereavement allowance of €850 has been abolished.
• Jobseekers allowance for those under 25 cut to €100, and new rate of €144 for those reaching age 25 in 2014.
• Free GP care for under 5s (i.e. GP only medical card).
• Air travel tax abolished (“reduced to zero”). This tax was introduced in 2011 and costed around €3 per flight.
• DIRT rate increased to 41% in 2014.
• No change in motor tax, no change in duty on petrol/motor diesel
• Prescription charge increased to €2.50 per item.
• Excise duty increases from midnight 15 October 2013: standard measure +10c, 75cl bottle of wine +50c, pack of 20 cigarettes +10c
• Telephone allowance to be abolished in 2014.
• Maternity and adoptive benefit to be standardised at €230 for new claimants in 2014.
• Illness benefit waiting period increased from 3 to 6 days.
• Home renovation incentive will allow taxpayers to claim relief at 13.5% on improvements to their principal private residence. This is designed to encourage the employment of tax compliant contractors. Spend bracket €5,000 – €30,000. Further details on this scheme is now available on the Revenue website here.
• Income threshold on over 70s medical cards has been reduced to €900 to week for a couple and €500 for a single person.

Summary Statistics

		Budget 2014	Budget 2013
Capital Gains Tax Rate		33%	33%

Capital Acquisitions Tax Rate		33%	33%
Income Tax Rates
	Lower	20%	20%
	Higher	41%	41%
DIRT Tax
		41% (41% – where payments made less frequently than annually)	33% (36% – where payments made less frequently than annually)
Tax Credits
	Single Person	€1,650	€1,650
	Married Couple	€3,300	€3,300
	PAYE Credit	€1,650	€1,650
Rate Bands
	Single/widowed	€32,800	€32,800
	Single/widowed with dependent children	€36,80	€36,800
	Married -one income earner	€41,800	€41,800
	Married – two income earners	€65,600	€65,600
PRSI
	Contribution Ceiling	No limit	No limit
Universal Social Charge
	< €10,036	Exempt	Exempt
	€ 0 – €10,036	2%	2%
	€10,037 – €16,016	4%	4%
	>€16,016	7%	7%
	Self-employed > €100,000	10%	10%
	Age >70/medical card holders with income < €60,000 – Max rate	4%	4%
	Age >70, income > €100,000 – Max rate	7%	7%

Umberella Company – Successful Submission

Welcome to Royal Canal Contractor Services and thank you for your application form, one of our team will be in contact within 1 working day.

A copy of your application has being emailed to you as well, please check your spam/junk mail folder.

What are the next steps…..

Our team will review the application and if there any questions or queries we will contact you directly.

We will contact your recruitment agency to arrange for contracts etc. to be sent to us.

We will set up an account on our client portal so you can upload expenses, see wages slips, invoices and status of your invoice and payment. You can access this site by clicking here.

Broadcasting Licences

The following are a list of the main licences and licence organisations that exist in retail (click on title for relevant external site):

Irish Music Rights Organisation Limited (IMRO)
An annual licence fee is payable to IMRO where music and other recorded material is broadcast in a public area including any work area. IMRO is a not-for-profit organisation which distributes the licence fee income among the performers, song writers and publishers.

Phonographic Performance Ireland (PPI)
A PPI licence is required where music and other recorded material is broadcast in a public area including any work area. This fee is payable to the producer of the broadcast, e.g. record company. An IMRO licence must normally be accompanied by a PPI licence except where there is no record company, e.g. concerts and pub performances.

TV Licence
Under the Broadcasting Act 2009 a television set is “any electronic apparatus capable of receiving and exhibiting television broadcasting services broadcast for general reception (whether or not its use for that purpose is dependent on the use of anything else in conjunction with it) and any software or assembly comprising such apparatus and other apparatus.”

National lottery commercial monitors/digital signs are exempt from the Broadcasting Act as they have no TV tuners installed. Franchisors in retail are introducing electronic advertising solutions where it is the responsibility of the retailer to purchase the equipment for the display. Care should be taken that a commercial monitor is purchased for this purpose in order to not fall foul of the requirement to purchase a TV licence.

Corporation Tax Exemption for New Start-Up Companies

Relief is available for new start up companies who are carrying on a new trade.

This is for new companies starting activity in 2011 and not trade that could be carried on in a current company or has been carried on in an old company.

The relief was available for all companies qualifying on their Corporation Tax payable in for the years 2009 and 2010 as per the Finance Act 2010. However there was a significant change in the Finance act 2011 which links the relief available to the amount of Employers PRSI paid in the year, capped at €5,000 per employee.

The following types of companies are not allowed to claim this relief as they cannot avail of de minimus State aid rules:

Activities in the fishery and aquaculture sector,
Primary production of agricultural products,
Processing and marketing of agricultural products,
Export-related activities,
Activities in the coal sector,
Road freight transport operations,
Undertakings in difficulty

Please click here for the link to Revenue’s website which further outlines the above and contains some good working examples.

However, please do not hesitate to contact us should you wish to discuss further.

Government Reforms to JLC/REA Agreements

28th July 2011

Richard Bruton today announced plans to furnish to the Dail a bill as early as possible after the summer recess, to reform the JLC/REA Agreements.

The main provisions of the bill are (Source: Department Website):
• The number of JLCs will be reduced from 13 to 6
• JLCs will have the power to set only a basic adult rate and two higher increments to reflect longer periods of service. JLCs previously set over 300 different wage rates
• JLCs will no longer set Sunday premium rates or any other conditions of employment covered by universal standards provided for in existing legislation, but the special position of Sunday working will still be recognised
• Companies will be able to derogate from EROs in cases of financial difficulty
• In setting rates, JLCs will have to take into account factors such as unemployment rates, competitiveness and wage trends here and in our major trading partners
• Record-keeping requirements for employers in these sectors will be reduced
• The constitutionality of EROs will be restored through inclusion of robust principles and policies.

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