KPW & Company

Chartered accountancy and audit work in Ireland

Operating from Dublin, KPW & Company brings chartered accountancy and registered audit work to small and growing firms. The Institute of Chartered Certified Accountants in Ireland recognises the firm for audit and accountancy work across the country. The firm offers accounts and records for small businesses, with bookkeeping software that links to online banking, and audit work, including help for smaller companies that qualify for audit exemption. It says its team's practical experience and personal service are the basis for long-term client relationships.

Payroll, payslips and year-end returns

The payroll service covers weekly and monthly payslips, and it prepares the P30, P35 and P60 returns that employers must file. Employee expenses and benefits can be run through payroll as well, so they are recorded with the wages rather than separately. The firm presents this as a way to keep staff pay and the related filings in one place.

Limited company or sole trader

The firm's guidance for people starting out begins with whether the business is viable, meaning what it costs to run and what income it needs just to break even. It then takes the choice between a limited company and sole trader status. Its view is that cost matters less than tax, because administrative costs are similar either way. If the owner plans to reinvest profits to grow the business, a company may suit better because company tax is lower than personal tax, but a director pays tax monthly on the salary taken from the company, while a sole trader pays one annual bill based on profit.

Banking habits that keep the numbers clear

KPW & Company says many small businesses run on too little information, and that an owner who does not know the true costs of running the business, by month, week, day or hour, is more likely to set poor prices. It recommends one bank account for the business, electronic fund transfers in place of cheques, a Visa debit card rather than a credit card or cash, and accounting software that works with the business's online banking. It says it provides that link to all its clients as standard.

Payroll taxes, VAT and construction tax

The firm is direct about the tax load. There is little scope to reduce payroll taxes, VAT or relevant construction tax, but the business has to administer them correctly, because it is responsible for collecting and paying them. Many small firms wrongly count tax money sitting in the bank as their own, and the firm says owners should be clear about how tax affects their costs and what their income is before VAT. Revenue reviews returns against market norms, so an unusual return can prompt an audit or a request for clarification.

Retail, construction and professional clients

The firm says it works across retail, construction, professional services and non-profit organisations, and it positions trusted business advice as more important in a difficult economy. Its stated goals for clients are higher profits, stronger cash flow and steady planning throughout the year.