Frequently Asked Questions
Why should I pick a Chartered Accountant? Here are 5 Reasons from Chartered Accountants Ireland:
1. Get the best advice for your business
Choosing a Chartered Accountant gives your business the edge, giving you outstanding knowledge, skill and commitment. It’s the assurance of leading expertise that’s constantly developing, and delivery of the highest ethical and professional standards. Chartered Accountants are individuals with a proven, tested ability to think with vision, create bold new solutions and achieve high performance in real-life circumstances.
By choosing a Chartered Accountant you’re already ahead.
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2. Regulation and professional standards
Unfortunately, many people in business do not realise that anyone can call themselves an accountant. Despite calls from Chartered Accountants Ireland, the designation ‘Accountant’ remains unregulated.
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Chartered Accountants like McHugh Accounting and Consultancy are:
Professionally qualified
Undertake mandatory professional development
Bound by a code of ethics and professional standards
Monitored by quality reviews of their professional practices
Required to have professional indemnity insurance in place
Required to have a complaints procedure in place
Subject to disciplinary procedures by Chartered Accountants Ireland Professional Standards. (see below)
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Chartered Accountants on the island of Ireland are regulated by Chartered Accountants Ireland Professional Standards. All members, working either in business or in practice, are subject to regulation by Professional Standards.
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3. Breadth of experience
The training of Chartered Accountants places a unique emphasis on generating experience from a wide range of business areas and client companies. The importance placed on real-life business experience is a hallmark of the training programme undergone by Chartered Accountants and sets apart the members. With that experience comes insight, commercial acumen and professional judgement.
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4. Trust and integrity
Your working life is busy enough without having to worry about how your accountant is delivering for your business. Chartered Accountants are bound by a code of ethics to uphold the highest professional standards. This means that they will always put their clients’ interests before their own.
Ethics and integrity are core values that direct and inform every aspect of members’ professional lives.
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5. A mentor and advisor in your corner
Leadership can be a lonely place, but being a director or owner shouldn’t mean you’re on your own.
More than just doing your tax and year-end returns, your accountant should be able to help you sustain and grow the business, as well as to protect the business and manage risk.
Can I work with you wherever I am based in the Republic of Ireland?
Yes! McHugh Accounting and Consultancy work on a virtual basis and can take clients from any area in the Republic of Ireland. All meetings can be completed virtually however if preferred we can meet clients in person where travel allows.
How do I know if McHugh Accounting and Consultancy is right for my needs?
At McHugh Accounting and Consultancy we will help decrease stress and worries by answering your business questions and providing clarity and reassurance. We will listen to you, support and encourage you and help your business achieve its goals.
McHugh Accounting and Consultancy offer a free, no obligation, 30 minute virtual meeting. During this meeting we will discuss your business needs and questions. McHugh Accounting and Consultancy will then talk about what we can offer you and how we could work together and move forward. If you are not happy, there is no obligation (and no hard feelings!)
Accountants can be expensive, I'm afraid I can't afford your fees
Here at McHugh Accounting and Consultancy we believe in giving each client a high quality personalised service. Our hourly rate is dependent on the work required and we only charge for hours worked which means you're always in control of the cost. For larger pieces of work we will agree a flat fee with you so you will know the cost before the work begins.
We offer a high quality one-to-one service with an experienced Chartered Accountant so why not book a free 30 minute, no obligation consultation meeting to find out more.
I am an individual with some tax questions - can I work with McHugh Accounting and Consultancy?
Absolutely! McHugh Accounting and Consultancy are open to individuals as well as businesses. From Capital Acquisition Tax and Capital Gains Tax to Income Tax returns, we can help you.
I'm starting my own business and I'm not sure what business structure is right for me?
There are 2 options for businesses when they are starting out, sole trader or Limited Company (a separate legal entity to the owners/shareholders)
Sole Trader:
Pros
It is very cost-efficient to set up
Simple tax set up and can be done online and compliance requirements are less than Ltd Co.
Public does not get to access accounts.
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Cons
Unlimited Liability
Profit is taxed at higher individual rates, up to 52%.
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Limited Company:
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Pros
Limited liability
Easier for companies to get financing from banks/institutions
Company tax rate is 12.5% and it is therefore more tax efficient.
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Cons
Compliance and filing requirements with CRO and Revenue
The public can see filings, such as summary accounts, for a small fee.
I have to file an Income Tax Return, when is the deadline?
The deadline for filing your Income Tax Return (Form 11) is October 31st the following year. E.g. Income tax for 2019 has to be filed by 31st October 2020. Revenue extends the deadline to mid-November for people using ROS.
Are there any government grants available to new businesses?
There are a range of grants available through your local Local Enterprise Offices (LEOs). These grants are designed to assist with the set-up and/or growth of businesses employing up to ten people.
Grants include:
If you'd like to find out more, why not get in touch with us.
There are so many bookkeeping software packages out there, I'm not sure which one is for me.
It is true there are a lot of accounting and bookkeeping software packages on the market. The package you choose depends on your business and your needs. McHugh Accounting and Consultants have worked with SAP, Quickbooks and are certified Sage Business Cloud Accounting Application Specialists for 2020. We will discuss your needs and then we can advise you on the best option for you.
If you have more questions, we'd love to hear them.
Get in touch or book a free Discovery Call today on the Services Page.
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