Separate your finances - make separate bank accounts

   Most people nowadays still think of a bank account as something serious(and it is), something so great, that you should not have more than one. Wrong! Nowadays more and more the need of several bank accounts is noticeable, as people now work and have transactions of money with many institutions, including employer company, taxes institution, health organizations, loan-credit institution, and etc., etc. So imagine if you have to deal with all those institutions with just one account, where money come, go, come, go and you hardly can have any certain idea on what is going on. So here are our advices.
   First separate and define your money gain sources, and money spend targets. That way you will first have basic idea on where money are regularly spend, and you'll keep track on the specific payments you have received. When you have defined those institutions and their bank accounts, setup 2 bank funds - one for the incoming , and one for the outgoing money.
   The next thing to do is to find out if you have strictly defined monthly payments which you can separate into one single bank account made with one and only one purpose - to deal with the bills, loan-stacks and so on.
   So by this point you have 3 bank accounts - one for regular equal payments you have to make every month, one for your incomes, and one for everything else. That way you have separate statistics and invoices for all your earnings and expenses, and you can see far far better if something is wrong, or you can better optimize your expenses.

Tax/VAT refund services international

Speaking about business and taxation in Ireland, like in other 134 countries around the globe, is inevitable to omit the Value Added Tax (VAT). In 1965 only two countries had a VAT system, now because of the globalisation and the standardization of the taxation regulations, the number reaches 135 and is constantly and steadily growing. For a couple of decades the Value Added Tax has become an essential part of the company’s taxation and is indivisible element of the world’s transactions, business and economy.

Despite the fact that titles diverge from country to country and there is a significant variation in the VAT tax rates the essence is one and the same: The VAT is an indirect tax, a broad-based tax on sales, with systematic crediting of tax paid on inputs. The Value Added Tax covers almost all aspects of the world’s trade and production and is imposed on imports and on the purchase of goods and services as well.

The standard VAT rate in Ireland is 21% and is higher than the standard rate in China which is 17%. Ireland, like many other countries adopted a reduced VAT rates. The reduced rates are two – 13.5 % and 4.8 % respectively and in a few cases a zero VAT rate applies. All goods and services that are not exempt or liable at zero or reduced tax rate are liable to 21% of Value Added Tax.

In general the reduced rates apply to a specific group or groups of goods and services. In Ireland the reduced rate of 13.5 % is imposed on hotel and holiday accommodations, meals, certain entertainment and maintenance services, printing materials. The lowest 4.8% rate applies only to livestock, greyhounds and hire of horses. Zero-rated goods and services include exports, certain food and beverages, oral medicine and certain books.

The Value Added Tax affects all companies that undertake a business activity in Ireland. However there are significant differences between the taxation of resident and non-resident establishments. Resident companies in Ireland have to surpass certain turnover threshold in order to become liable to a VAT registration. This requirement does not apply to a non-resident company that has no fixed establishment in Ireland. Non-resident establishments are liable to Value Added Tax right after they commit a taxable business activity in Ireland.

On the other hand non-resident companies that take part in exhibitions, conferences or trade fairs in Ireland can, if certain requirements are met, obtain a Value Added Tax refund directly from the Revenue Commissioners. TAXBACK INTENATIONAL specializes in VAT refunds for business establishments and can get back the VAT you paid on the exhibition fees, fuel, printing materials, storage, office rent and many more! Moreover starting July 1st 2007 the VAT imposed on business accommodation in Ireland will be partly refundable too.

If incurred certain business expenses in Ireland and would like to know how much Value Added Tax is due back to you - TAXBACK International is the only thing regarding taxation you should know. Our tax advisors will give you the optimum rebate with minimum time and efforts from your side.

Our aim is to lead you through the whole VAT procedure - from VAT registration to the VAT refund itself in order to make your stay in Ireland pleasant and profitable for you and your business!

Economical and Banking analysis:

First to mention the impressive movement of the USD/EUR last week, noticed in New York in Thursday and Friday when the banks stated first a lowering of the EUR with respect to the USD first from 1.4822 to 1.4775 and then the second hit - from 1.4775 to 1.4629. First try for the American dollar to regain its positions but anyway there's a long way to go before reaching some levels it had in the past.
The second thing important from the last two weeks was the "reminder" statement of the HMRC in the United Kingdom for people with offshore bank accounts and earnings abroad to have in mind that have short time to declare their offshore earnings and balances in the bank accounts overseas. Of course, it was reminded also that the taxes paid in time will be smaller in comparison if you miss the deadline to declare your offshore banking.
Another big update for the UK. The worlds largest bank - Citibank releases a 10 billion GBP lifeline to the Northern Rock company dealing with mortgages. That favor from Citibank makes the company the most stable real estate loan giver in the UK
Apart from all that, the next movements in the currencies are all expected from the events in the USA.

Happy new year, happy new bank accounts!

   Merry Christmas to all of our past and future clients and Happy new Year with a little delay for those celebrations. We hope that though the last year we have pleased all you , who have used our offshore banking services, as we are very pleased with the number of registrations for a new bank account overseas in the TravelToWork. We will continue working hard in 2008 to satisfy all the financial needs you may have and mainly to open for you bank accounts internationally.
   We will use the occasion to announce the currently supported countries where we can open a bank account for you remotely. In time we are extending this list and we will in the future. So now we are glad to offer to you offshore banking in Australia, Canada, Ireland, New Zealand, Poland and UK (the United Kingdom). Here are links to the specific accounts:

  Australian bank accounts

  Irish bank accounts

  UK bank accounts

  NZ bank accounts

  Canadian bank accounts

  Polish bank accounts