How to turn your financial goals into reality!


Register To Attend This Free Seminar Here

Date: Tuesday 29th May 2012

Venue: Imperial Hotel

Time: 6pm to 8pm

An evening seminar held in the Imperial Hotel Cork, on Tuesday 29 May will address many key issues relating to your personal and professional financial security whilst providing advice on good planning and how to make the most of your financial advisor.

•Do you clearly understand your personal and professional financial goals?
•Is your Financial Adviser or Accountant aware of these goals?
•Do you know what questions to ask when enquiring about financial options?
•Are you protecting your business interests?
•Do you want peace of mind knowing your loved ones are taken care of financially?
•Do you have a Pension?
•Are you saving for retirement?
•Have you recently carried out a Financial Health Check?

These questions and many more will be addressed on Tuesday, 29 May by guest speakers, Ms Carla Manning, Owner, CACM Accountants and  Sandra Maher, Managing Director, Inspire Financial.

Financial reviews are becoming more and more important in the current climate. It is advisable to put good plans in place which in the long-run will save money and ensure tax efficiency. Anyone interested in learning more about protecting their future financial well-being and gaining peace of mind should come along to this event on the 29 May. Light refreshments will be served at registration.

About The Speakers

About Carla Manning:

Carla Manning ADCA, CPA is the owner of CACM Accountants and Registered Auditors, a proactive and innovative accountancy practice based in Cork. As well as providing general accontancy services such as accounts preparation, audit and taxation services, we provide a full service for new business start ups. Carla has continually seen the areas where small and medium sized businesses struggle to develop and grow their business while also trying to maintain proper books and records and assess the financial affairs of their business. We pride ourselves in working closely with our client’s through the year so as to ensure that our client’s have the necessary support and advice needed in these clallenging times.

About Sandra Maher:

As Managing Director of Inspire Financial Options Sandra Maher has a proven history of giving Financial Advice in a wide range of personal and business situations. Having worked in Permanent TSB for twenty five years, Sandra has forged strong relationships within the industry. In her role as Senior Assistant Manager at permanent tsb she gained extensive expertise in risk assessment, lending, debt analysis, budgeting and customer relationship management. Sandra left the bank in 2006, setting up her own business as an independent financial adviser in Cork City.

Get more information

Register Here Now!


Health check for your business

Some easy things for you to check

Whether you are just starting out in business or whether you’ve been around for sometime, it is always worth taking time out to make sure you are claiming all deductions for allowable business expenses. When trying to figure out if an expense is allowed as a business expense or not, remember the basic rule – in operating your business, you are entitled to claim a deduction for any business expense you have incurred in order to earn your profit. There are many items that are clearly regarded as a business expense and include such items as:

-Purchase of stock for re-sale
-Wages and salaries
-Rent and rates of business premises
-Repairs and maintenance
-Light and heat
-The running costs of vehicles used in the business (service costs, motor tax, insurance)
-Accountancy fees
-Legal and Professional fees
-Advertising and marketing costs
-Interest paid on any monies borrowed to finance business expenses/items,

This list is not exhaustive – so it is worth checking all your outgoings regularly to make sure you are including all relevant business expenses.

Expenses Not Allowed

Unfortunately, there are certain expenses that cannot be claimed as a business expense at any time. You cannot claim for any private expenses or any expense, not wholly and exclusively paid for the purposes of the trade or profession. Such items include:

– Any private or domestic expenditure, e.g. your own food and clothing (except protective clothing)
– Income Tax
– Business entertainment expenditure which includes the provision of accommodation, food, drink or any other form of hospitality. Staff Christmas parties are allowed.

Confusion often surrounds the area of Food and Meal Expenses. The rules relating to food and meals are actually quite clear – the cost of meals taken at the place of business are not allowable for tax purposes. Meals consumed away from the place of business are, in general, not regarded as being wholly and exclusively laid out for the purposes of the business. Revenue’s view point on this is that everyone must eat in order to live and so whether you are working or not, you would still have to eat. However, where the nature of a business involves travelling or where occasional business journeys outside the normal pattern are made, then the cost of meals maybe allowed as an expense.

The cost of work clothing such as business suits are not allowable business expenses either. Again, the view point has been taken by Revenue that an individual has to wear something for heat, warmth and decency and so it has been held that any expenditure on clothing is not wholly and exclusively for the purposes of the business. The cost of any protective clothing is fully deductible.

Pre Trading Expenses

If you have only recently set up in business, you may have spent quite a bit before you ever started trading. The good news is that whether you are a limited company, sole trader or partnership, you can claim for certain pre-trading expenses. A deduction is allowed for pre-trading expenses which are incurred
in the three years prior to commencement of the trade or profession and would not normally be allowable, but would have been allowable if they had been incurred after the date of commencement of the trade or profession.
Examples of pre-trading expenses might include accountancy fees, advertising costs, costs of feasibility studies, costs of preparing business plans, rent paid for the premises from which the business operates. The allowable amounts are treated as having been incurred at the time the business commences.

Expenses Part Business, Part Private

When an expense is incurred and it relates to both business and personal/private use, then only the amount that relates to the business portion is allowed as a deduction. An example of such an expense would be telephone costs or light and heat costs where a business is operated from a home office. The total costs should be split between business and private and only the business portion is allowed as a deduction. For light and heat, the easiest way to apportion the cost is as a percentage of the total floor area of the house. It is worth bearing in mind though that if you sell your home (the profit from which is normally exempt from capital gains tax) the portion that was used for business purposes will be subject to capital gains tax.

The above is an outline of the principles surrounding business expenses and is intended for general guidance only.