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Cuddy, O’Leary, Foley

Ireland’s leading Accounting Technician body introduces an innovative path to professional accountancy.

About Us

We are an accountancy firm based in Cork City and County. Our goal is to provide an excellent accountancy service for all of our clients. Please feel free to browse our website, and contact us if you have any queries on any matter. Feel free to call into our offices in Cork or Midleton for a consultation.

Our Services

Audits

We undertake the annual audits of corporate business clients and provide on-time annual audited financial statements in accordance with recognised accounting standards and Irish Company Law.

Capital Gains Tax

Capital gains tax regulations place the onus on the taxpayer to calculate and pay capital gains tax at two different intervals throughout the year as follows:

  1. Payable by the 31 October in each year– capital gains tax on disposals of chargeable assets in the period from January to September of that year
  2. Payable by the 31 January in each year – capital gains tax on disposals of chargeable assets between the previous 1 October and 31 December of each year.

Capital gains tax is under self-assessment and a return must be made to the Inspector of Taxes by the 31 October in each year.
We can assist with the calculation, payment and return of any capital gains tax due, and ensure that any available relief against your capital gains is claimed.

Examinership

The partners in the firm are willing to act as examiners where requested and implement the preparation of a proposal for the High Court to put the company into examinership, advise on the application for examination orders and advise on necessary meetings and other matters which will require to be carried out in the period of examinership, with a view to bringing the examinership to a successful conclusion.

Retirement

Planning for retirement and passing on your assets is best done with the aid of an expert. The firm has significant expertise in this area having dealt with individuals with small and medium enterprises over the last thirty years.

We offer advice on the reliefs available to minimise the potential Capital Gains Tax and Capital Acquisitions Tax arising on the transfer of wealth to others.

Even if you are just starting out in business, it is never too early to plan for your retirement.

Payroll

We provide clients with a safe, secure and reliable way of paying employees with a host of built-in validation features. We can run your wages department, prepare the payroll, and arrange payment to all employees’ personal accounts through electronic banking.

Capital Acquisitions Tax

Capital acquisitions tax is payable on gifts or inheritances in excess of specified thresholds, which vary depending on whom the gift or inheritance is taken from.

Careful planning is very important for any person who intends to dispose of a business or farm by way of gift or inheritance.

We can advise and assist clients to achieve the most efficient methods of giving or receiving gifts or inheritances.

Corporation Recovery

The partners in the firm will assist in the reconstruction of companies in order to advert a winding up situation. We would prepare a review business and cashflow projections, develop a recovery action plan, assist with refinancing of assets and give advice in relation to balance sheet restructuring.

Management Services

In today’s business environment, successful medium sized businesses keep a close watch over financial returns on capital employed. Some are unable from their own resources to engage the full time services of a qualified accountant. Clearly these are at a disadvantage over their competitors.

We provide a cost effective solution in the provision of expert accountancy supervision over any computerised accountancy department. We will join the management team in providing explanations for the various financial figures arising and in helping to develop a strategy of measures aimed at securing an improvement in the firm’s financial performance.

Corporation Tax

Self assessment tax regulations place the onus on Companies to file an annual Corporation Tax return no later than nine months after the financial year end.

Under the current pay and file regulations two instalments of preliminary Corporation Tax for each accountancy period must be paid on time to the Revenue Commissioners.

We can assist in calculating the relevant preliminary tax payments due and in ensuring they are returned to revenue on time.
We can also assist in completion of the annual return and calculation of any balancing tax due / refundable. We are fully integrated with the Revenue On Line system and can file and pay on line for all our clients.

VAT

Value added tax is payable on supplies of chargeable goods by registered persons. VAT returns are made bi-monthly and are due by the 19th of the following month. An annual VAT return must also be made to the Revenue Commissioners to cover
each accounts year. VAT legislation can be complex, especially in such areas as VAT on property.

We can assist you with value added tax as follows:

In certain circumstances the direct debit scheme in relation to VAT may be availed of. Under this scheme direct debit payments are made to the Inspector of Taxes for VAT each month. The advantage of this is that bi-monthly VAT returns do not have to be made. We can assist with your application to avail of the direct debit scheme for VAT and with the calculation of the relevant amount for the direct debit payment.

Tax Reliefs

There are a significant number of tax reliefs available against various charges to tax.

Some of them were commonly encountered reliefs are business relief and agricultural relief, where the transfer of business assets or farming assets is either partially or fully relieved for capital gains tax purposes. A number of conditions attach to these reliefs.

We can analyse your situation and proposed transaction and let you know if it will qualify for tax relief. We can also outline the qualifying conditions that must be met in order to avail of the relief and therefore put you in a position to plan to minimise your tax liabilities.

Scheme of Arrangement

The partners in the firm will advise on the possibility of entering into a scheme of arrangements with company creditors, prepare the necessary financial statements, agree a plan of action, oversee the implementation of the plan of action and the convening of all necessary meetings with the company’s creditors.

We prepare annual accounts for clients with books and records that are kept by means ranging from the proverbial “Shoe Box” to sophisticated integrated computerised packages.

We dedicate one partner to each client whose team takes care of all that clients needs, from accounts preparation to taxation, payroll, audit and company secretarial matters.

This means that you have the comfort of having an extremely experienced partneroversee all your affairs, recognise the interaction between various matters, and provide a “one-stop shop” for your queries.

Artists

Cuddy O’Leary & Foley is supporter of the Arts hosting exhibitions in our Midleton office for local artists. We are pleased to assist artists with claims to the Revenue for Artists Exemption and have spoken on Radio about this matter.

Income Tax

Self assessment tax regulations place the onus on the taxpayer to file an annual tax return that is accurate and complete, by the 31st October in each year. We can assist with the preparation and filing of income tax returns. We are fully integrated with the Revenue On Line system and can file and pay on line for all our clients.