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At this busy seasonal time, An Garda Síochána wishes to advise of the continuing existence of Invoice Redirect Fraud and urges businesses to remind employees to treat any request to change supplier bank account details with extreme caution. Losses amounting to over €700,000 have been reported to Gardaí in the last month. Invoice Redirect Fraud is a crime targeting businesses working with suppliers and businesses that regularly perform online financial transactions.

Business owners, self-employed persons, entrepreneurs, however we like to label ourselves, we have three things in common: Most of us love what we do. And we love getting paid for it. It’s the bits in between we don’t care for much.

It is said that “charity begins at home”.  It is also said “look after the pennies and the pounds look after themselves”.  Maybe this has been updated for cents and euros I’m not sure but as part of the recent Budget documentation, a report on the VAT cost for charities was released by the Department of Finance.  Its main findings and representations were put forward by the Irish charities Tax Reform Group, a working group formed to examine proposals of reducing the VAT burden on charities in Ireland. 

Irish businesses improved their payment performance by almost four days in the first quarter of 2014, according to the latest insights from Experian, the global information services company.

From 1 January 2014, businesses which have not paid for supplies (either in full or in part) within a six month period will be required to repay to Revenue the VAT previously reclaimed on these supplies. This is mainly an anti-fraud measure, however it is hoped that it will encourage prompt payments, thus increasing cash flow for suppliers, as we all know that cash is king!! Where the supplier is subsequently paid, the amount of deductible VAT can be reclaimed by the customer again. This is measured on a pro rata basis.

Irish businesses are overpaying thousands of euro in VAT due to a lack of familiarity with the complexities of Ireland’s VAT regime, according to research conducted by business software and services provider Sage.

Businesses in Galway are the fifth slowest in Ireland to pay their bills, averaging 28.44 days beyond terms in the first quarter of the year.

Irish businesses improved their payment performance by nearly three and a half days in the second quarter of 2013, according to the latest insights from Experian, the global information services company. The research also shows that businesses in Mayo are seventh fastest to pay their bills, with an average 20.25 days beyond terms.

ISME, the Irish Small and Medium Enterprises Association, has issued a warning to all businesses to be extremely vigilant, particularly during the holiday period, as international fraudsters are targeting the Irish enterprise community.

Fine Gael councillor Peter Flynn at Monday’s April meeting of Mayo County Council, during an item discussing the financial review of the first three months of the year, raised a number of issues that are of serious concern to him. Speaking in the council chamber he said: “The current capital expenditure is quite worrying, it’s about €5 million this year. Five years ago this would have been €40 million, this is a really serious issue. It also raises serious questions as to what are people doing [council staff]. We have also three town councils to take in and services are gone to the Road Safety Authority [RSA].”