Top Tips

Knowledge Development Box

One imminent piece of legislation which will be of interest to companies involved in developing Intellectual Property (IP) and R&D is the proposed reduction in corporation tax applicable to income streams arising from IP.

While the introduction of the 25% tax credit in respect of R&D activities gave a major incentive to companies on their R&D expenditure; the proposed introduction of the Knowledge Development Box (KDB) will give a reduction in the tax rates applicable to the income arising from the commercialisation of IP activities.

Anecdotally, it is expected that the rate of corporation tax will be reduced to somewhere between 5% and 6.25% for qualifying income; although the definition of what qualifies still needs to be finalized.

It is hoped that the introduction of the KDB will be a further boost to Ireland’s attractiveness to locate FDI’s.

OSMS can  advise on the impact that this will have for your business– for a free consultation please email mmolloy@osms.ie or call 087 278 3860.

Companies Act 2014 – update

The Companies Act 2014 will be implemented imminently which promises to modernise company law and reduce the administrative burden on business. However, it also places more responsibility on company directors.

In summary, the Companies Act 2014 creates 7 new company types – of which the two most popular will be :

1. Private Company Limited by Shares (LTD)
2. Designated Activity Company (DAC)

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Tips for a Healthy Relationship With Your Bank

It has become very apparent that BOI and AIB in particular are open for, and are looking for business. Now is a good time for businesses to consider their funding requirements for the future as well as reviewing the current facilities that they have with their bank. Companies should also implement a strategy for dealing with their bank, and invest the time in developing a productive relationship with their Account Manager.

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Prompt Payment Tips

Cash is the life-blood of businesses and yet it is sometimes viewed as being an unpleasant activity which is undertaken by the Accounts Department. Sometimes the perception is: Sales guys are there to sell and the Accounts guys are there to call the customer to get paid !!
In order to be effective, there needs to be clear policies and procedures in place so that Sales, Customer Services and Finance departments of the company work together to ensure that customers pay promptly.

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HR: Talent Retention & Acquisition

In recent months there has been a noticeable pickup in employment “moves” – ie employees who have been employed under job-bridge programs, or employees employed under temporary contracts being offered permanent positions. Likewise, employees who stayed in positions during the downturn that they would not otherwise have stayed in, are now looking for positions that they feel will be more satisfactory for their career aspirations.
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