As members for Chartered Accountants Ireland, we adhere to the strict code of ethics and maintain the highest standards of integrity, professional independence and confidentiality. Working in practice, we have a Practising Certificate and abide by the Public Practice Regulations, ensuring the highest level of service for our clients.
WHY A CHARTERED ACCOUNTANT?
Confidence. Confidence in the knowledge that, when you have a Chartered Accountant on your side, you’re getting the best advice. You’ll be building a long term relationship with an experienced professional who understands and can provide solutions.
In organising your financial affairs you need someone with professional qualifications, experience and integrity. It can take years before the mistakes made by an unqualified accountant come to light – and by then it may be too late to correct them. So for peace of mind and the best service, make sure your accountant is a Chartered Accountant.
Chartered Accountants are widely recognised as Ireland’s premier business professionals. They have come through a rigorous regime of training and examinations, combined with practical experience within a structured training programme. This is what makes a Chartered Accountant different to any other accountant and it is this unique training and experience which enables Chartered Accountants to give you high quality, objective advice on your financial affairs.
PARTNERS IN YOUR BUSINESS
A Chartered Accountant has got the knowledge and experience to advise on your business needs. Whether you are just starting up your business, expanding or transitioning to the next generation, a Chartered Accountant will be able to advise you on the financial and taxation implications of each step along the way.
Annual Accounts are required for Bankers, Tax Authorities, Grant Authorities etc and for filing with the Companies Registries. Accounts are usually produced to reflect what has already happened in a business. You may ask your Chartered Accountant to produce management accounts that will assist you in reviewing and controlling the profitability of your business, on a regular basis. A Chartered Accountant can also produce accounts which look to the future of the business, based on the information you can provide about current and future prospects. This can identify a need for more finance or for improving your debt collection for example. It is also information which your bank manager may find reassuring when you ask for further finance.
If you are operating as a limited company then you may be required to have your annual accounts audited by a Registered Auditor. Many firms of Chartered Accountants are Registered Auditors and can be expected to provide this service to the highest standards of independence and professionalism.
STATUTORY FILING REQUIREMENTS
The compliance obligations on many company shareholders and directors are becoming more onerous, with significant penalties being imposed for late or inaccurate returns or breaches of company law. In meeting these obligations, Chartered Accountants are well placed to assist clients in filing the required information to the Registrars of Companies in ROI and NI.
No one likes paying taxes. Effective planning can help manage your tax bill, but it requires professional advice. Even basic compliance with Revenue rules is complicated and failure to comply can be costly. All too often, tax consequences are only discovered after the transaction takes place, or poor tax decisions are taken on the basis of inaccurate or out of date information. Ensure you don’t accidentally increase your tax bill or leave yourself open to interest or penalties – make sure your accountant is a Chartered Accountant.
CAPITAL ACQUISITIONS, CAPITAL GAINS AND INHERITANCE TAX
With the high values placed on property and financial assets, professional advice should be sought from a Chartered Accountant before buying, selling or transferring property. Advice sought in advance can lead to substantial savings at a later date.
A Chartered Accountant can provide a wealth check for those people with property interests and/or investment portfolios, with a view to maximising current and future returns.
All businesses are subject to Revenue Audits. Chartered Accountants are familiar with the procedures, and the rights, of the tax payer and can guide the taxpayer through what can be a stressful time.
Accounts and reports are required for various grants available through state agencies. Familiarity with the various schemes is vital and Chartered Accountants play a leading role in obtaining the full entitlements for clients.
DEALING WITH BANKS AND OTHER FINANCIAL INSTITUTIONS
Chartered Accountants are very familiar with all aspects of small businesses and are therefore in a position to assist in negotiations with bankers, financial institutions etc. regarding the best terms and conditions for borrowings, leasing, hire purchase and other loans..
Whilst every effort has been made by CavanaghKelly to ensure the accuracy of the information here, it cannot be guaranteed and neither CavanaghKelly nor any related entity shall have liability to any person who relies on the information herein. Information given here is for guidance only. Detailed professional advice should be taken before acting on any information contained herein. If having read the guidance here, you would like to discuss further; a member of our team would be pleased to help you.