Why Tax Mistakes Happen

Most tax errors are not deliberate. They often arise from complex rules, changes in legislation, poor record keeping, staff changes or simply the pressure of running a business. Some are discovered when preparing year-end accounts, others during a change of accountant or when reviewing systems ahead of a sale or investment.

Whatever the cause, Revenue’s approach recognises the difference between genuine errors and deliberate wrongdoing, and it rewards taxpayers who take responsibility for putting things right.

Understanding Revenue’s Compliance Framework

Revenue operates a structured framework for compliance interventions, set out in its Code of Practice. Interventions range from lighter-touch contacts, such as self-review requests and aspect queries on specific issues, to more formal risk reviews and audits, and, in the most serious cases, investigations.

The level of intervention affects the options available to you. In general, the earlier you identify and correct an error, and the less Revenue has already done, the more favourable the outcome.

Self-Correction: Fixing Errors Early

For some errors, businesses can simply correct the mistake themselves without any penalty, provided it is done within set time limits and before Revenue has notified an intervention. This is known as self-correction. You will still need to pay any tax due along with interest, but no penalty applies.

This is one of the strongest reasons to review your returns regularly. Catching an error within the self-correction window can turn a potentially costly problem into a straightforward adjustment.

Qualifying Disclosures: Prompted and Unprompted

Where self-correction is not available, a qualifying disclosure can substantially reduce penalties. There are two main types.

An unprompted qualifying disclosure is made before Revenue has notified you of any intervention or started any enquiry into your affairs. Because you have come forward voluntarily, this attracts the greatest reductions in penalties.

A prompted qualifying disclosure is made after you have been notified of an audit or certain other interventions, but before the intervention begins. Penalties are still reduced, though not as much as for an unprompted disclosure. Strict time limits apply once you receive notification, so it is important to act quickly and seek advice as soon as an audit letter arrives.

What a Qualifying Disclosure Must Include

To count as a qualifying disclosure, it must meet certain conditions. It must be made in writing and signed, it must be complete, covering all errors for the relevant tax and period, and it must be accompanied by payment of the tax, interest and penalty due, or an agreed payment arrangement.

A partial disclosure that leaves out known issues will not qualify, and you could lose the benefits entirely. For this reason, it is wise to carry out a thorough review of your affairs before making a disclosure, so nothing is missed.

How Penalties Are Calculated

Penalties depend largely on the nature of the behaviour that led to the error. Revenue distinguishes between careless behaviour without significant consequences, careless behaviour with significant consequences and deliberate behaviour, with the standard penalty increasing at each level.

A qualifying disclosure can reduce these penalties dramatically. For careless errors disclosed without prompting, the penalty can fall to a small fraction of the standard rate. Even where behaviour is considered deliberate, a qualifying disclosure can significantly reduce the penalty that would otherwise apply. Genuine innocent errors and technical adjustments may attract no penalty at all.

Interest is charged on late-paid tax regardless of whether a disclosure is made, so the sooner the tax is paid, the lower the interest bill.

The Wider Benefits of Coming Forward

The advantages of a qualifying disclosure go beyond lower penalties. In most cases, taxpayers who make a qualifying disclosure will not have their names published in Revenue’s list of tax defaulters and will not face prosecution. For a business owner, protecting your reputation can be just as important as limiting the financial cost.

What to Do If You Discover an Error

If you suspect a mistake, avoid the temptation to ignore it and hope it goes unnoticed. Gather the relevant records, identify the periods and taxes affected and quantify the amount involved. Speak to your accountant before contacting Revenue, so the correct route is chosen, whether that is self-correction, a qualifying disclosure or another approach.

Equally, take the opportunity to fix the underlying cause, whether that means improving your bookkeeping, updating payroll settings or reviewing how VAT is applied, so the same error does not happen again.

Turn a Mistake Into a Managed Situation

Discovering a tax error is never pleasant, but it does not have to become a crisis. Acting early, being open and making a complete disclosure can greatly reduce penalties, protect your reputation and give you peace of mind.

At Burke Accountants, we help business owners review their tax affairs, correct errors and manage disclosures to Revenue carefully and confidentially.

If you would like to discuss your business, contact us on or email liam@burke.ie or visit burke.ie.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

The post Made a Tax Mistake? How Revenue’s Disclosure Rules Can Help Reduce Penalties appeared first on Burke Accountants.

The Remote Working Daily Allowance

Employers can currently pay employees a remote working allowance of up to €3.20 per day without deducting income tax, USC or PRSI. To qualify, the employee must be working from home under a genuine remote working arrangement agreed with the employer. Occasionally taking work home in the evening or working from home now and then on an informal basis does not count.

The allowance is intended to contribute towards the extra costs an employee faces, such as heating, electricity and broadband. Employers can choose to pay more, but any amount above the tax-free limit must be processed through payroll as normal pay. Paying the allowance is optional, so it is worth considering whether it fits your wider approach to rewarding staff.

What Happens If No Allowance Is Paid?

Where an employer does not pay the daily allowance, or pays less than the tax-free amount, employees may be able to claim tax relief themselves. Relief is generally available on a portion of their vouched electricity, heating and broadband costs, apportioned according to the number of days they worked from home during the year. Employees can claim this through their annual tax return.

Employers are not responsible for making these claims, but explaining the position to staff is a simple way to add value to your remote working arrangements, particularly where you have decided not to pay an allowance.

Equipment and Home Office Costs

Many employers provide equipment to help staff work effectively from home. Items such as laptops, monitors, printers, office chairs, desks and mobile phones can generally be provided without creating a taxable benefit, provided they are supplied mainly for business use. Some incidental personal use is usually acceptable.

The position is different where an employer pays for something that is primarily for the employee’s personal benefit, or gives cash in lieu of equipment. Cash payments are generally treated as taxable pay. Keeping a clear record of equipment provided, and having a written policy on its use and return, helps demonstrate that items are genuinely provided for work.

Travel Expenses and the Hybrid Commute

Travel is one of the most misunderstood areas of hybrid working. Many employees assume that because they work from home on some days, travelling to the office on other days counts as business travel that can be reimbursed tax free. In most cases, this is not the position. Journeys between home and an employee’s normal place of work are generally treated as ordinary commuting, regardless of how many days they spend at home.

There are exceptions, for example where an employee travels from home directly to a client site or temporary workplace, or where the nature of the role genuinely requires home to be a place of work. Employers who reimburse travel costs should make sure their expenses policy reflects these rules, as incorrect tax-free payments can lead to liabilities for the business.

Employees Working From Abroad

Remote working has made it easier for employees to work from other countries, whether for a few weeks or on a longer-term basis. This can create significant tax complications. Depending on the circumstances, an employee working abroad may become liable to tax in another country, and the employer may have payroll, social insurance and reporting obligations there.

In some cases, an employee working overseas could even create a taxable presence for the business in that country. Before agreeing to any request to work from abroad, employers should check the tax and social insurance position carefully. A clear policy setting out when overseas working is permitted, and for how long, can prevent costly problems.

Reporting and Record Keeping

Since 2024, employers have been required to report tax-free remote working allowances to Revenue as part of the Enhanced Reporting Requirements. Details of payments must be reported on or before the date they are made, alongside other reportable expenses such as travel and subsistence.

Good records are essential. Employers should keep copies of remote working agreements, records of the days employees work from home and details of any allowances or equipment provided. These records support the tax treatment of payments and make it easier to respond if Revenue raises questions.

Have a Clear Remote Working Policy

Employees also have the legal right to request remote working, and employers must consider such requests properly and respond within set timeframes. A written policy that covers eligibility, allowances, equipment, travel, overseas working and reporting helps ensure requests are handled consistently and that the tax treatment is correct from the outset.

Getting the Details Right

Remote and hybrid working can benefit both employers and employees, but only when the tax rules are applied correctly. Reviewing your allowances, equipment, travel policies and reporting processes now can prevent errors and give your team confidence that their arrangements are properly managed.

At Burke Accountants, we help employers set up compliant remote working arrangements, manage payroll and reporting obligations and make the most of the reliefs available.

If you would like to discuss your business, contact us on or email liam@burke.ie or visit burke.ie.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

The post Remote and Hybrid Working: The Tax Rules Irish Employers Should Understand appeared first on Burke Accountants.

We here at Burke Accountants know how quickly the final weeks of the year disappear. Between busy trading periods, staff holidays and the run-up to Christmas, financial planning often slips down the list until it is too late to make a difference. Yet for businesses with a December year-end, and for every sole trader whose tax year follows the calendar, the decisions made in the coming weeks can shape your tax bill, your cash position and how well prepared you are for the year ahead.

Why Timing Matters

Once your financial year closes, most of the opportunities to influence the outcome close with it. Your accountant can record what happened, but they can no longer change it. Taking stock in November gives you time to act while there is still room to manoeuvre, without the pressure of a last-minute rush.

Start With an Up-to-Date Picture

Good decisions depend on accurate figures. Bring your bookkeeping up to date and prepare a set of management accounts showing your results so far, along with a realistic forecast for the remaining weeks. This gives you an estimate of your profit for the year and, importantly, an early indication of the tax that may fall due. Knowing that figure now is far better than discovering it when the bill arrives.

Consider the Timing of Investment

If you were already planning to buy equipment, machinery, vehicles or technology, making the purchase before year-end can bring the tax relief forward. Capital allowances are generally available for an accounting period once the asset has been acquired and is in use in the business by the end of that period. However, spending money purely to reduce tax rarely makes sense. Any purchase should be one the business genuinely needs and can afford.

Review Pension Contributions

Pension contributions remain one of the most tax-efficient ways for business owners to extract value from their company. Employer contributions to an approved scheme are generally deductible in the accounting period in which they are actually paid, so a contribution made before year-end can reduce this year’s taxable profit. Sole traders and other individuals may also be able to obtain relief on personal contributions, subject to age-related limits. It is worth reviewing the position with your accountant and pension adviser while there is still time to act.

Plan Bonuses, Rewards and Director Pay

Year-end is a natural time to reward staff, and the way you do it matters. Cash bonuses are taxed through payroll in the usual way, while the small benefit exemption allows employers to provide qualifying non-cash vouchers up to a set annual limit without tax for the employee. For directors, it is a good moment to look at the overall balance between salary, dividends and pension, and to check the position of any director’s loan account, since an overdrawn balance can have tax consequences if left unresolved.

Tidy Up Debtors and Stock

Review your outstanding invoices and chase anything overdue before the year closes. Where a debt is genuinely irrecoverable, writing it off may reduce taxable profit, and VAT relief may be available on certain bad debts. Similarly, a careful stock count allows obsolete or damaged items to be written down to their true value, giving a more accurate picture of profit.

Use Allowances Before They Lapse

Some reliefs and exemptions work on an annual basis and cannot be carried forward. The capital gains tax annual exemption is one example. If you are considering selling an investment or business asset, timing matters too, as gains made in December are payable by the end of January, while gains made earlier in the year are payable by mid-December. A short conversation before any disposal can help avoid surprises.

Look Ahead to the Budget Changes

Budget 2027 has now been announced, and many of its measures will take effect from 1 January. Reviewing how the changes affect your payroll, pricing, investment plans and personal tax position means you can plan for 2027 with confidence rather than react once the year is underway. In some cases, it may make sense to bring a decision forward or hold it back depending on when new rules apply.

Prepare for January

For many businesses, January brings quieter trading alongside tax payments and annual renewals. Building a simple cash flow forecast for the first quarter, and setting aside funds for known liabilities, helps ensure a strong year-end is not followed by a difficult start to the new one.

Taking Action Now

A short planning meeting in November can deliver far more value than a hurried review in late December. Bring your up-to-date figures, your plans for the year ahead and any questions about investment, pay or tax, and use the remaining weeks of the year to put your business in the strongest possible position.

If you would like to discuss your business, contact us on or email liam@burke.ie or visit burke.ie.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

The post Getting Ahead of Year-End: Financial Decisions Worth Making Before December appeared first on Burke Accountants.

The challenge for many retailers, restaurants, cafés, pubs and hotels is that the costs of Christmas are paid upfront, while much of the benefit arrives later. Stock must be bought, extra staff hired and premises prepared well before customers spend. Then, just as trade eases off, tax bills, rent and supplier invoices fall due. Here are five cash flow checks we recommend before the festive rush begins.

1. Build a Week-by-Week Cash Flow Forecast

A monthly forecast is rarely detailed enough to manage the peaks and troughs of the Christmas period. Instead, map out your expected cash inflows and outflows week by week, from now until the end of February. Include stock purchases, wages, rent, utilities, loan repayments, tax payments and any planned spending on marketing or decorations.

Base your sales estimates on previous years, adjusted for current trading conditions and any changes such as new opening hours or pricing. Once complete, your forecast will show exactly when cash is likely to be tight and give you time to act, whether that means adjusting stock orders, negotiating payment dates or arranging a facility with your bank before you need it.

2. Buy Stock With January in Mind

Stock is one of the biggest drains on cash for retailers and hospitality businesses at Christmas. Over-ordering ties up money that could be needed elsewhere and can leave you discounting heavily in January just to clear shelves, eroding the margin you worked so hard for in December.

Review your sales data from previous years to identify what sold well, what sat on the shelves and when demand peaked. Speak to your suppliers about payment terms, staggered deliveries or the option to top up stock if demand is strong rather than committing to everything upfront. For perishable goods in hospitality, accurate ordering is essential to keep waste and costs under control.

3. Get Your Staffing Costs Right

Seasonal staff, extra shifts and overtime are often essential at Christmas, but they can quickly become one of your largest costs. Plan your rosters around your expected trading patterns, and make sure you budget for the full cost of each hour worked, including employer PRSI and any premium rates you pay.

Public holidays require particular attention. Christmas Day, St Stephen’s Day and New Year’s Day all carry public holiday entitlements for eligible employees, which can add to costs if staff are working or entitled to a paid day off. Remember also that pay runs are often brought forward before Christmas, which means wages leave your account earlier than usual. Factor this into your forecast so it does not catch you out.

4. Manage Deposits, Vouchers and Payments Carefully

Deposits for Christmas parties and group bookings can provide a welcome boost to cash flow, but they should not be treated as spare money. The booking may still need to be fulfilled, and if it is cancelled you may need to refund it. Deposits and advance payments may also have VAT implications, so make sure they are recorded correctly.

Gift vouchers are hugely popular at Christmas and can bring in significant cash before any goods or services are provided. However, vouchers represent an obligation your business must honour in the future, often when trade is quieter, and Irish law requires most gift vouchers to remain valid for a minimum period. Track voucher sales separately so you know how much is outstanding. If you invoice corporate clients for events, agree clear payment terms and chase overdue amounts promptly, as unpaid December invoices can leave a real hole in January.

5. Ring-Fence Money for January Bills

January is when the true test of your Christmas trading arrives. VAT on strong November and December sales, payroll taxes on festive wages, rent, loan repayments and supplier invoices for Christmas stock can all fall due within a few weeks of each other, just as takings fall sharply.

One of the simplest and most effective steps you can take is to set aside a portion of your December takings in a separate account to cover these liabilities. Knowing that your VAT, PAYE and key bills are already covered removes a great deal of stress and prevents strong Christmas sales from being mistaken for profit that can be spent. If you can see a gap in your forecast, talk to suppliers, your landlord or your bank early, as arrangements are always easier to agree before a payment is missed.

Make This Christmas Count

A busy festive season should strengthen your business, not leave it under pressure in the new year. By forecasting carefully, buying stock wisely, controlling staffing costs, managing deposits and vouchers properly and setting money aside for January, you can enjoy the benefits of Christmas trading well into 2027.

At Burke Accountants, we help retail and hospitality businesses plan their cash flow, prepare for seasonal peaks and start each new year on a firm financial footing.

If you would like to discuss your business, contact us on or email liam@burke.ie or visit burke.ie.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

The post Christmas Trading: Top 5 Cash Flow Checks for Irish Retail and Hospitality Businesses appeared first on Burke Accountants.

Capital Gains Tax applies when you dispose of an asset and make a gain, broadly the difference between what you paid for it and what you received. The standard rate is 33%, which means even a moderate gain can create a significant tax bill. For business owners, disposals can arise in many ways, including selling shares, transferring property, passing assets to family members or restructuring a business. Here are five points every Irish business owner should understand before 15 December.

1. Know the Deadlines and When a Disposal Happens

Capital Gains Tax has its own payment calendar, separate from the income tax Pay and File deadline. Tax on gains made on disposals between 1 January and 30 November must be paid by 15 December of the same year. Tax on disposals made in December is due by 31 January of the following year. The disposal must also be reported on your tax return, which is due by 31 October of the following year.

Crucially, the date of disposal is generally the date of an unconditional contract, not the date the sale completes or the money arrives. A sale agreed in late November that completes in January may still fall into the earlier payment period. If you are close to the 30 November cut-off, the timing of the contract can determine when your tax is due and give you valuable time to manage your cash flow.

2. Make Use of Your Annual Exemption and Losses

Each individual is entitled to an annual exemption on the first €1,270 of chargeable gains. While modest, it is lost if not used in the year, and it applies to each person separately. Where assets are jointly owned by spouses or civil partners, both may be able to use their own exemption.

Losses can be even more valuable. Capital losses made in the same year can be offset against gains, and unused losses can generally be carried forward to future years. If you hold assets that have fallen in value, selling them before the year end could crystallise a loss that reduces the tax on a gain made elsewhere. Be aware that anti-avoidance rules can restrict losses where the same shares are sold and bought back within a short period, and losses on disposals to connected persons can be limited.

3. Check Whether Entrepreneur Relief or Retirement Relief Applies

Business owners selling or passing on a business may be entitled to valuable reliefs. Entrepreneur Relief can reduce the rate of Capital Gains Tax to 10% on gains from qualifying business assets, up to a lifetime limit. To qualify, conditions must be met around how long you have owned the business, the size of your shareholding and the time you have spent working in it.

Retirement Relief can reduce or eliminate the tax payable when individuals aged 55 or over dispose of qualifying business or farming assets, whether to a family member or a third party. The limits depend on your age and who you are transferring to, and these rules have changed in recent years. Both reliefs have strict conditions, and failing to meet just one can mean losing the relief entirely, so they should be reviewed well before any transaction takes place.

4. Remember That Gifts and Family Transfers Are Still Disposals

Many people are surprised to learn that giving an asset away can trigger Capital Gains Tax. When an asset is gifted or transferred to a connected person, such as a child or other relative, the transaction is generally treated as taking place at market value, even if no money changes hands. This means you could face a tax bill on a gain you never received in cash.

Transfers between spouses and civil partners are generally exempt, which can be useful in planning. Where a gift also gives rise to Capital Acquisitions Tax for the person receiving it, a credit may be available to reduce the overall tax payable, provided certain conditions are met. Family transfers of business assets need careful planning to make sure the right reliefs are claimed and the combined tax cost is kept to a minimum.

5. Keep Records and Claim Every Allowable Cost

The gain is not simply the sale price minus the purchase price. You can generally deduct the costs of acquiring the asset, the cost of improvements that added to its value and incidental costs such as legal fees, valuation fees and estate agent charges. For assets held for many years, adjustments may also apply to the original cost.

To claim these deductions, you need evidence. Keep purchase documents, invoices for improvement works and records of selling costs. It is also important to remember that a disposal must usually be reported even where reliefs or the annual exemption mean little or no tax is due, as reliefs often need to be claimed on your return.

Plan Before the Deadline, Not After

Capital Gains Tax is one of the areas where advance planning can have the biggest impact. Once a disposal has taken place, the options for reducing the tax are far more limited. If you have made a gain this year, or are considering a sale or transfer before the end of 2026, now is the time to review your position, confirm your payment deadline and make sure every available relief and deduction is claimed.

At Burke Accountants, we help business owners plan disposals, claim the reliefs available to them and meet their Capital Gains Tax deadlines with confidence.

If you would like to discuss your business, contact us on or email liam@burke.ie or visit burke.ie.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

The post Capital Gains Tax Before 15 December: Top 5 Points Irish Business Owners Should Know appeared first on Burke Accountants.

At Burke Accountants we believe that knowing the true value of what you own is the foundation of every good financial decision. For many business owners, the business itself is their most valuable asset, often worth more than their home. Yet when asked what it is actually worth, most can only offer a rough guess. Whether you are planning to sell, bring in a partner, pass the business on or simply want to understand your position, it pays to know what drives value and how a buyer will see it.

Why Knowing Your Value Matters

A business valuation is not only for owners preparing to sell. It can be useful when raising finance, agreeing terms with a new shareholder, planning succession within the family or deciding how much you need to put aside for retirement. Understanding your value well in advance also gives you time to improve it, rather than discovering weaknesses when a buyer is already at the table.

Profit Is the Starting Point

Most small and medium-sized businesses are valued primarily on their earnings. A common approach is to take a figure for sustainable annual profit and apply a multiple that reflects the risk and prospects of the business. The more confidence a buyer has in future profits, the higher the multiple they are likely to pay.

Reported profit is rarely used exactly as it appears in the accounts. Adjustments are usually made to reflect the true earning power of the business, for example adding back one-off costs or adjusting the owner’s salary to a market rate. This process, often called normalising, can change the picture significantly, which is why it is worth working through it with your accountant before anyone else does.

Consistency and Quality of Earnings

Buyers pay more for profits they can rely on. A business with steady results over several years will generally be valued more highly than one with a single strong year following a run of weaker ones. Recurring income, such as contracts, subscriptions or long-standing customer relationships, adds further value because it makes future revenue more predictable.

Concentration and Dependency Risks

Two risks consistently reduce value. The first is reliance on a small number of customers. If one client accounts for a large share of turnover, a buyer will worry about what happens if that client leaves. The second is reliance on the owner. If the business depends on you for sales, key relationships or day-to-day decisions, a buyer may question whether it will perform as well once you step away. Building a capable team and documented processes can make a real difference here.

The Strength of Your Financial Records

Clear, accurate and up-to-date accounts give buyers confidence and make due diligence far smoother. Regular management accounts, reliable forecasts and well-organised records suggest a business that is well run. Gaps, inconsistencies or delays tend to create doubt, and doubt usually leads to lower offers or tougher terms.

Assets, Debt and Working Capital

While earnings drive most valuations, the balance sheet matters too. Debts are typically deducted from the value a buyer will pay, and they will expect the business to be handed over with a normal level of working capital, meaning enough stock, debtors and cash to keep trading. Equipment, vehicles and intellectual property such as a strong brand or customer database can all add to the overall picture.

Where Property Fits In

Property often plays a significant role. If your business owns its premises, the building is usually valued separately from the trading business, since its worth depends on the property market rather than on profits. Some owners choose to sell both together, while others retain the property and lease it to the buyer, creating a rental income for retirement. Each approach has different tax and financial consequences, so it is worth exploring the options early.

If your business operates from rented premises, the terms of the lease can affect value too. A secure lease at a fair rent with a reasonable remaining term reassures buyers, while a short or uncertain lease can be a concern. In either case, an independent property valuation provides a clear and credible figure to support negotiations.

Building Value Over Time

The most valuable businesses are rarely built in the months before a sale. Improving profitability, broadening your customer base, reducing reliance on yourself and keeping your records in good order are steps best taken over several years. Starting the conversation early with your accountant, and with a property professional if premises are involved, gives you the best chance of achieving the value your hard work deserves.

If you would like to discuss buying or selling a property, contact us on or email liam@burke.ie or visit burke.ie.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

The post What Is Your Business Really Worth? The Financial Factors That Drive Value appeared first on Burke Accountants.

Not every announcement will affect your business, and some will matter far more than others. The challenge is working out which changes apply to you, when they take effect and what you should do about them. Here are five practical actions we recommend every Irish SME owner takes in the weeks after the Budget.

1. Update Your Payroll and Employment Cost Forecasts

Employment costs are often where Budget changes are felt first. Any changes to the national minimum wage, PRSI, tax credits, rate bands or USC will feed directly into your payroll from January, and changes at the lower end of the pay scale tend to ripple upwards as experienced staff expect to maintain their differential.

Recalculate the full cost of each employee for 2027, including employer PRSI, auto-enrolment pension contributions and any benefits you provide. Check that your payroll software will be ready for the new rates from the first pay run of the year. If costs are rising, now is the time to plan how you will absorb or recover them, rather than discovering the impact in your January figures.

2. Review How You Pay Yourself

Changes to income tax, USC and PRSI affect business owners personally, not just their staff. If you run a limited company, the mix of salary, dividends and pension contributions you take may need to be revisited in light of the new rates. If you are a sole trader or partner, changes to bands and credits will affect the tax you pay on your profits and how much you should set aside for preliminary tax.

Before the end of the year, sit down with your adviser to review your remuneration strategy for 2027. Pension contributions remain one of the most effective ways for many business owners to extract value from their business tax efficiently, and the timing of those contributions can make a real difference.

3. Rework Your 2027 Budget and Pricing

The national Budget is a natural point to revisit your own business budget for the year ahead. Changes to VAT rates, excise duties, energy supports or other costs can affect both what you pay and what you charge. Even modest changes, combined with rising wages and supplier costs, can put real pressure on margins that are already tight.

Update your 2027 forecast with the measures that apply to you, and check whether your prices still deliver the margin you need. If a price increase is necessary, giving customers notice early in the new year is generally better received than a sudden change later. If a VAT rate affecting your sector has changed, make sure your systems, price lists and contracts reflect it from the correct date.

4. Check the Timing of Key Decisions

Budget measures do not all take effect at once. Some apply from midnight on Budget night, many take effect from 1 January, and the full detail of others only becomes clear when the Finance Bill sets out the legislation in the weeks that follow. A few may be subject to consultation or later commencement.

This timing can create both opportunities and risks. If a relief is being enhanced from next year, it may make sense to defer an investment until it applies. If a relief is being restricted, bringing forward a decision, such as an equipment purchase, a pension contribution or the disposal of an asset, could be worthwhile. Avoid acting on headlines alone, though. The detail in the Finance Bill can change how a measure works in practice, so take advice before committing to any significant decision.

5. Identify New Reliefs, Grants and Supports

Every Budget includes spending measures as well as tax changes, and some of these may benefit your business directly. New or expanded grants, training supports, sector-specific schemes, energy efficiency incentives or improvements to existing reliefs could reduce the cost of plans you already have in mind.

Make a list of the supports that could apply to your business, then check the eligibility criteria, application processes and deadlines as the details are published. Many supports go unclaimed simply because businesses do not realise they qualify or miss the window to apply.

Turning the Budget Into a Plan

The Budget sets the framework for the year ahead, but its real value depends on what you do with it. By updating your payroll costs, reviewing your own remuneration, reworking your budget and pricing, checking the timing of key decisions and identifying the supports available, you can turn Budget 2027 from a news story into a practical plan for your business.

At Burke Accountants, we are reviewing the Budget 2027 measures in detail and helping our clients understand exactly what they mean for their businesses and personal finances.

If you would like to discuss your business, contact us on or email liam@burke.ie or visit burke.ie.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

The post Budget 2027: Top 5 Actions Irish SME Owners Should Take Now the Measures Are Known appeared first on Burke Accountants.

How Benefit in Kind on Company Cars Works

When a company provides a car that is available for a director’s or employee’s private use, the private element is treated as a taxable benefit. This Benefit in Kind is added to the individual’s pay and is subject to income tax, USC and PRSI through payroll, while the company also pays employer PRSI on it.

The taxable amount is calculated by applying a percentage to the car’s original market value, which is broadly its list price including VAT and VRT when first registered. The percentage depends on two main factors: the car’s CO2 emissions and the number of business kilometres driven in the year. Lower emissions and higher business mileage generally result in a lower charge. The charge is designed to reflect the overall cost of providing the car, including running costs such as insurance, motor tax and servicing where these are paid by the company.

1. Emissions Matter More Than Ever

Under the current system, emissions have a direct effect on the Benefit in Kind rate. A higher-emission car with the same list price as a cleaner alternative can produce a considerably larger annual tax bill, and that difference is repeated every year you drive it.

Electric and low-emission vehicles have benefited from additional reliefs in recent years that reduce the value on which Benefit in Kind is calculated. These reliefs have changed over time, and the level available depends on when the car is first provided, so check the current position before committing. Emissions also affect the capital allowances your company can claim on the car and, in some cases, whether any VAT is recoverable, so a greener choice can pay off in more than one way.

2. Business Mileage and Good Records

Higher business mileage reduces the Benefit in Kind percentage, but only if you can prove it. Revenue expects detailed records of business journeys, including dates, destinations, the purpose of each trip and the kilometres travelled. Commuting between home and your normal place of work does not count as business travel.

If you drive substantial business mileage, keeping an accurate log could reduce your tax bill noticeably. If your records are incomplete, you may be taxed at the higher rate that applies to lower mileage. A simple app or logbook, updated as you go, is far easier than trying to reconstruct a year’s travel at year end.

3. Company Car or Personal Car?

A company car is not always the most tax-efficient option. For some directors, it can make more sense to own the car personally and have the company reimburse business journeys using the approved civil service motor travel rates, which can be paid tax free when supported by proper records.

This approach often suits directors with relatively modest business mileage or those who prefer a car with higher emissions, where the Benefit in Kind cost would be high. Conversely, a low-emission company car driven for significant business mileage may work out better. Comparing the full after-tax cost of both options, including Benefit in Kind, running costs, allowances and reimbursements, is the only reliable way to decide.

4. Buying, Leasing and Timing

How the car is acquired also matters. Where a company buys a car, capital allowances can be claimed over a number of years, but these are capped and may be restricted further depending on emissions. Where a car is leased, similar restrictions can apply to the deductible lease payments. VAT on cars is generally not recoverable, although a portion may be reclaimable on certain lower-emission vehicles used mainly for business.

Timing can make a difference, too. Changes to reliefs, rates or thresholds can affect the cost of a car depending on when it is first registered or provided. If you are planning a change, consider whether the timing works in your favour, particularly around year end or the start of a new tax year.

5. Consider the Alternatives

For some businesses, a commercial van may be more appropriate than a car. Vans are subject to a different Benefit in Kind regime, and in certain circumstances, where private use is prohibited and the van is essential to the work, no Benefit in Kind may arise at all. Strict conditions apply, so these should be checked carefully.

Other arrangements, such as employer-provided charging facilities for electric vehicles, can also have their own tax treatment. Understanding the full range of options helps you choose the arrangement that best fits both your business needs and your personal circumstances.

Plan Before You Change

A company car can be a valuable benefit, but it can also be an expensive one if the tax implications are overlooked. Before changing vehicle, compare the options, check the emissions, consider how you will record your mileage and understand the reliefs that currently apply. A short review now could save a significant amount over the years you drive the car.

At Burke Accountants, we help directors compare company car options, calculate the real cost of each and make choices that suit both their business and their personal tax position.

If you would like to discuss your business, contact us on or email liam@burke.ie or visit burke.ie.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

The post Company Cars and Benefit in Kind: What Irish Directors Should Consider Before Changing Vehicle appeared first on Burke Accountants.

For a small, open economy like Ireland, international trade is essential, and many SMEs depend on customers in the United States, the United Kingdom and further afield. Even businesses that do not export directly can be affected if their customers or suppliers are exposed to new tariffs or trade barriers. Here are five financial checks we recommend for any Irish SME with international sales.

1. Understand Your True Exposure

Start by mapping exactly where your revenue comes from. What proportion of your sales goes to each overseas market? How dependent are you on a small number of international customers? Which of your products are most likely to be affected by tariffs or trade restrictions?

Look beyond your direct exports, too. If you supply an Irish business that sells into the US, or rely on imported materials that could become more expensive, you have indirect exposure that may be just as significant. Make sure your products are correctly classified for customs purposes and that you understand the rules of origin that apply, as these determine the duties charged and can affect whether your goods benefit from preferential treatment. A clear picture of your exposure is the foundation for every other decision.

2. Review Your Pricing, Margins and Contracts

When tariffs rise, someone has to absorb the cost. It may be your business, your customer or a combination of both. Review your margins on international sales and model how they would change under different tariff scenarios. Some products may still be profitable after a price increase, while others may no longer be viable.

Check your contracts and delivery terms carefully. The agreed Incoterms determine who is responsible for duties and customs costs, and a small detail in a contract can decide whether an unexpected tariff lands on your business or your customer’s. For new or renewed contracts, consider including clauses that allow prices to be reviewed if tariffs or duties change significantly.

3. Manage Your Currency Risk

Currency movements can have as much impact on export profitability as tariffs. If you invoice in US dollars or sterling, a shift in exchange rates can reduce the euro value of your sales before you have even been paid. Equally, if you buy materials in foreign currencies, rising costs can squeeze your margins.

Review which currencies you trade in and how much exposure you carry at any given time. Tools such as forward contracts can help you lock in exchange rates for future transactions, bringing greater certainty to your planning. Some businesses also reduce risk by matching foreign currency income with foreign currency costs. The right approach depends on your volumes and appetite for risk, but doing nothing is itself a decision with consequences.

4. Stress Test Your Cash Flow

Trade disruption often affects cash flow before it affects profit. Customs delays can slow deliveries, customers under pressure may take longer to pay, and you may need to hold more stock to protect supply. Each of these ties up cash that your business may need elsewhere.

Build a cash flow forecast that includes realistic worst-case scenarios. What would happen if your largest export market fell by a quarter, or if payments from overseas customers were delayed by an extra month? Review the credit terms you offer international customers and consider whether credit insurance would provide useful protection. Speaking to your bank early about working capital facilities is far easier when trading is stable than when pressure has already arrived.

5. Diversify and Use the Supports Available

Over-reliance on a single market is one of the biggest risks an exporter can carry. Consider whether there are opportunities to grow sales in other markets, including the EU single market, where Irish businesses can trade with hundreds of millions of customers without customs barriers. Reviewing your supply chain for similar concentration risks can also improve resilience.

Irish SMEs do not need to navigate this alone. Enterprise Ireland, Local Enterprise Offices and other State bodies offer advice, market research, training and financial supports to help businesses explore new markets and manage trade challenges. State-backed loan schemes may also help with working capital or investment. Many businesses are unaware of the support available until they ask.

Preparing for an Uncertain Future

Trade uncertainty is unlikely to disappear any time soon, but businesses that understand their exposure, protect their margins, manage currency risk, plan their cash flow and diversify their markets will be far better placed to adapt. Reviewing these areas now, and revisiting them regularly, turns uncertainty from a threat into something your business can manage with confidence.

At Burke Accountants, we help Irish exporters review their financial position, model different trading scenarios and plan with greater certainty.

If you would like to discuss your business, contact us on or email liam@burke.ie or visit burke.ie.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

The post Trade Uncertainty and Tariffs: Top 5 Financial Checks for Irish SMEs Selling Abroad appeared first on Burke Accountants.

We here at Burke Accountants regularly work with business owners who are weighing up big decisions, from buying or selling a commercial premises to relocating, expanding or investing in property for the future. In almost every case, the owners who feel most confident about their choice are those who spoke to their accountant before committing rather than after. Asking the right questions at the right time can turn a leap of faith into a well-informed decision.

Why Bring Your Accountant in Early

Accountants are often involved only once a deal is done, when the paperwork needs to be recorded and the tax return filed. By then, the opportunity to shape the decision has passed. Involving them at the planning stage gives you an objective view of the numbers, highlights risks you may not have considered and can reveal better ways to structure the same decision. Here are five questions worth asking before you sign anything.

1. What Will This Do to Our Cash Flow?

A decision can look profitable on paper and still put serious strain on the bank account. Buying premises, taking on a new lease or hiring staff all involve costs that arrive before the benefits do. Ask your accountant to map out the cash position month by month, including deposits, fit-out costs, professional fees and any delay before new revenue comes in. Understanding when the pressure points will fall allows you to plan for them rather than be caught out, and to decide whether the timing is right or whether waiting a few months would make the move more comfortable.

2. What Are the Tax Implications?

Most major decisions have tax consequences, and the timing and structure can make a significant difference. Selling a property or business asset may give rise to capital gains tax, buying commercial property carries stamp duty, and the way an asset is purchased affects the allowances available. In some circumstances reliefs may apply, for example where an owner approaching retirement disposes of qualifying business assets. Your accountant can explain the position and whether a different approach, such as holding property in a separate entity or adjusting the timing of a transaction, would be more efficient.

3. How Should We Fund It?

Paying from cash reserves, borrowing, bringing in investors or using asset finance each carries different costs and risks. Ask how each option would affect your balance sheet, your ability to borrow for other purposes and your personal exposure, particularly if a lender is likely to seek a personal guarantee. Interest rates, repayment terms and any early repayment penalties matter as much as the headline amount. If you are also planning a personal property purchase, it is worth considering how business borrowing and the way you draw income might affect a mortgage application.

4. What Happens If It Does Not Go to Plan?

Optimism is essential in business, but good decisions are tested against less favourable outcomes too. Ask your accountant to model a downside scenario. What if sales grow more slowly than expected, interest rates rise or a key customer leaves? How long could the business sustain the new commitment before it became a problem? Knowing your break-even point and your exit options gives you a safety margin and often makes lenders more comfortable as well.

5. How Does This Fit With My Long-Term Plans?

Every major business decision should support where you want to be in five or ten years’ time. If you intend to sell the business, pass it to the next generation or retire, a decision made today can either help or hinder that goal. For example, owning the premises your business trades from can be a valuable asset in retirement, but it can also complicate a sale if a buyer wants the business without the building. Your accountant can help you see how today’s choice connects to your wider financial picture.

Getting the Most From the Conversation

Come prepared with as much detail as you can. Quotes, projections, draft lease terms or a property brochure all help your accountant give practical advice rather than general observations. Be open about your personal goals and concerns, and allow enough time before any deadline for the figures to be reviewed properly. A short meeting at the right moment can save far more than it costs.

Where property is involved, pairing your accountant’s advice with up-to-date local market knowledge gives you the fullest picture. Understanding realistic values, rental levels and demand in your area helps ensure the figures your accountant is working with reflect what is actually achievable.

If you would like to discuss buying or selling a property, contact us on or email liam@burke.ie or visit burke.ie.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

The post Top 5 Questions to Ask Your Accountant Before Making a Major Business Decision appeared first on Burke Accountants.