White Collar Crime – Beware! 

A new independent statutory agency with increased power and resources to investigate and prosecute white-collar crime is on its way. The Companies (Corporate Enforcement Authority) Bill 2021 is due to be published shortly and will establish the Corporate Enforcement Authority. The CEA will replace (and strengthen) the Office of the Director of Corporate Enforcement.

Significantly increasing personnel and allowing for more specialised staff will make the CEA, according to the Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar “an Irish FBI… [for].. white collar crime”.

KomSec Limited will be closed from midday on 22.12.2020 to 05.01.2021 inclusive.

Everyone in KomSec Limited wishes you all a very Happy Christmas, and hope you have a contented time with your family and friends. 

We look forward to working with you in 2022.

KomSec Limited will be closed from 19.12.2020 to 04.01.2021 inclusive.

Everyone in KomSec Limited wishes you all a very Happy Christmas, and hope you have a contented time with your family and friends.

Like everyone KomSec Limited is working around the impact of Covid-19 on business life. 

Standard company secretary work, e.g. managing Company Registers, and filing statutory forms continues as usual.  However, we are noticing clients becoming more cautious about formal gatherings be they seminars, workshops or board meetings.

To help manage these concerns KomSec Limited are facilitating clients by:

o   increasing conference calls instead of client visits;

o   virtual attendance at Board Meetings (mainly via Skype and Teams); and

o   have set up systems so that our staff can work from home if required.

Safeguarding the health of our staff and clients is naturally paramount but, if there is anything we can do to help support your Company please let us know.

Stay well and good luck as we all continue to adapt to this evolving situation. 

2019 KEY DATES

January 2019                                           

01.01.2019                                                New Year’s Day – last chance to relax before going back to work

01.01.2019                                                PAYE Modernisation

02.01.2019                                                Relax, you are one of the few people actually back at work

08.01.2019                                                Earth Rotation Day – commemorating Leon Foucault who determined Earth rotated on its axis in 1851.

                                                                Keep spinning!

28.01.2019                                                Global International Data Protection Day – yes more GDPR!

January                                                     Make sure you have set up dates for all quarterly board meetings during 2019

February 2019

01.02.2019                                                CAO applications deadline

02.02.2019                                                Six Nations Rugby England V Ireland

March 2019

17.03.2019                                                St. Patricks Day – one day in the year when everyone is happy to be seen in public with green face paint

                                                                and Shamrock Hats!

21.03.2019                                                Local Property Tax deadline – if paying full amount in one go.

3.03.2019                                                  Mother’s Day – do not give her flowers bought at the petrol station on the way home!

March                                                        Quarterly Board Meeting

April 2019

21.04.2019                                                Easter Day

22.04.2019                                                No groaning – you knew what you were doing when you eat all those chocolate Easter eggs

April                                                          Audit – make sure someone is actively managing the Audit which includes telling the Auditors!

May 2019

06.05.2019                                                Bank Holiday – May Day

09.05.2019                                                Europe Day

June 2019

03.06.2018                                                Bank Holiday

16.06.2018                                                Father’s Day

June                                                         Quarterly Board Meeting

July 2019

01.07.2019                                                International Kissing Day – why, what’s wrong with kissing every day?

02.07.2019                                                UFO Day – that’s more like it, bring it on ET!  

August 2019

04.08.2019                                                Single Working Women’s International Day 

05.08.2019                                                Bank Holiday

September 2019

30.09.2019                                                Annual Return Date for bulk of companies – panic or call us!

September                                                Quarterly Board Meeting

October 2019

28.10.2019                                                Annual Return – deadline for electronic filing

28.10.2019                                                Bank Holiday

November 2019

11.11.2019 – 15.11.2019                            Charity Trustee’s Week

23.11.19                                                   Pay first payment of Corporation Tax

December 2019

24.12.2019                                                Santa Claus is coming – go to bed

25.12.2019                                                Make sure the oven is on, and the turkey is in!

December                                                 Quarterly Board Meeting

All companies are required to keep adequate accounting records but, what precisely does “adequate accounting records” mean?

Adequate accounting records are records which:

• correctly record and explain transactions of a company;
• detail assets, liabilities, financial position, profit or loss of a company; and
• enable directors to prepare annual financial statements.

The type of information which must be contained within the accounting records should cover information such as outlined below.

• All monies received and spent
• All assets and debts
• All purchases and sales
• Records of stock held
• Records of services purchased or provided
• Record of all goods bought and sold, including a record of itemised invoices

Time is money so, handling all of the above personally may not be the most cost effective option for a company. 

Consider:

–          having a qualified book-keeper (part-time or full-time)

–          retaining information in a simple format – does not have to be a costly bespoke piece of software.

New Customer Portal in the Registry of Friendly Societies

The Registry of Friendly Societies (RFS) is responsible for the efficient and effective registration and general regulation of over 1,000 Friendly Societies, Industrial and Provident Societies and Trade Unions in Ireland.

The RFS first foray into an online presence occurred in 2012 so, the launch this month of a new customer portal is a timely and welcome enhancement to all users.  The portal will enable a substantial level of business to be carried out online such as:

• creating a new entity; and
• filing Annual Return and amendments.

Apart from the ease of online filing, Users will be able to avail of reduced fees for online filings.  Quite how valuable the reduction of fees will be to Users is questionable given the total average annual filing fees paid to the RFS appears to hover around €46,000 to €50,000 per annum.  As my Grandmother always said “Every mickle makes a muckle” so, improving filing capabilities whilst also providing for some cost savings can only be a good thing.

Ireland itself is seen to be in the top ten countries in the world for innovation with the highest population of Science and Engineering Graduates in the OECD. 

Companies considering Ireland as a potential location will have no difficulty amassing substantial information on the benefits of locating and working in Ireland.  The challenge is to find an efficient way through that labyrinth of seemingly contradictory material.

One of the first ports of call should be the IDA – Ireland’s inward investment promotion agency – which actively promotes and support Foreign Direct Investment into Ireland. The IDA will help companies considering setting up or investing in Ireland by facilitating Site visits, access to Universities, provide Advice, etc.

Apart from having IDA contacts in Ireland itself, the IDA has representatives around the world ensuring decision makers in Global Head Offices can access onsite visits and clear data on the benefits of locating in Ireland.

 The IDA highlights some interesting facts on businesses located in Ireland, and reasons why.

• 17 of the top 20 global software companies
• 14 out of 15 top medical tech companies
• 20 out of 25 top financial services companies
• 10 out of 10 top pharma companies
• 8 out of 10 top industrial automation companies
• 9 out of 10 top global software companies operate in Ireland
• 3 of 5 top games publishers based in Ireland
• 25% tax credits for Research & Development

Do not take our word for it, visit the IDA website https://www.idaireland.com/ and see for yourself.

Key dates during 2018

Month                        To Do

January                      02.01.2018 – drink coffee, organise desk 

                                    19.01.2018 – file Annual VAT 3 Return and Return of Trading details

                                    28.01.2018 – Global International Data Protection Day

 February                    01.02.2018 – CAO applications deadline

                                     08.02.2018 – Commencment of Companies (Accounting) Act 2017

 March                        17.03.2018 – St. Patrick’s Day wear Shamrock & large green hat

                                     21.03.2018 – Local Property Tax deadline (if paying full amount in one go)

                                     Quarterly Board Meeting – issue Agenda and Board Pack 

 April                            01.04.2018 – Easter Day

                                      02.04.2018 – Easter Monday recover from too much chocolate

                                      April – introduction of sugar tax, such timing!

                                      Audit – do not forget to ensure someone has engaged Auditors  

 May                             07.05.2018 – May Day

                                      25.05.2018 – General Data Protection Regulations goes live

 June                             04.06.2018 – Bank Holiday

                                       Quarterly Board Meeting – issue Agenda and Board Pack

 July                               July – Possible publication of Five Year Pension Reform Plan

 August                         06.08.2018 – Bank Holiday

                                       Last chance – go on holidays!

September                   23.09.2018 – Corporation Tax Return deadline for filing CT Return

                                       30.09.2018 – Annual Return Date for bulk of companies

                                       Quarterly Board Meeting – issue Agenda and Board Pack

October                        28.10.2018 – Annual Return deadline for electronic filing

                                       29.10.2018 – Bank Holiday

                                       October 2018 – Budget Announced

November                   Pension – consider topping up personal pension

December                    Quarterly Board Meeting – issue Agenda and Board Pack

                                       25^th December 2018 – do not forget to put Turkey in the oven

Do not be fooled by the title, this Act is not just for Accountants.  

The Companies (Accounting) Act 2017 was commenced on 08.02.2018 by means of S.I. 34/2018.   At first glance, with around 80 amendments to the Companies Act 2014 it looks more like an Act intended to clarify and qualify misconceptions or unintended errors arising since publication of the Companies Act 2014.

However, there are some excellent nuggets hidden in the Act not least of which is:

1. expansion of qualifying conditions to qualify as a Small Company; and
2. introduction of the concept of a Micro Company.

Small Company

S.280(a) now classifies a Small Company as one fulfilling two of the three following requirements.

o   Turnover                                                               – does not exceed €12m [up from €8.8m]

o   Balance Sheet total                                           – does not exceed €6m [up from €4.4m]

o   Average number of employees                    – does not exceed 50 [no change]

Micro Company

S.280(d) introduces the concept of a Micro Company where it fulfils the following.

o   Qualifies for Small Companies regime

o   Fulfils two or more of the following
(a)       Turnover                                                   – does not exceed €700,000

(b)      Balance Sheet Total                              – does not exceed €350,000

(c)       Average number of employees       – does not exceed 10

The change in Small Company and introduction of Micro Company have knock-on effects to the Companies Act 2014.  For example, substitution of S.352(1) dealing with exemption from filing certain information, and introduction of a new S.305A dealing with payments to third parties for services of directors.