News - MC2

Budget 2025: Key Tax Changes and Business Support

The Irish government’s Budget 2025 introduces significant tax reforms aimed at supporting workers, businesses, housing, and climate action, while addressing the rising cost of living. Below is an overview of... Read more

We are Hiring a Payroll Manager

About UsMC2 Accountants, was set up in 2013 and has quickly established itself as a dynamic and progressive professional service firm. With a staff of over 50 highly experienced and... Read more

Cork’s leading accountancy firm, MC2 continues to grow

Credit: The Irish Examiner As one of the country’s fastest-growing cities with its population set to increase by 60% from 211,000 to 336,000 by 2040, Cork continues to attract both... Read more

Capital Gains Tax | Payment Deadlines

Payment Deadlines Under current tax legislation, any Capital Gains Tax (CGT) liability arising on the sale of a chargeable asset in 2023 must be discharged by the following dates. Disposal... Read more

Budget 2024 – What You Need to Know

Personal Tax Measures Effective from 1st January 2024, the following tax credits will increase by €100 p/a Personal Tax Credit €1,875 Earned Income Credit €1,875 PAYE Credit €1,875 Home Carers... Read more

Vacant Homes Tax | Update

The Vacant Homes Tax (VHT) was introduced in Budget 2022 as one of the latest measures taken by the Government to increase housing supply. VHT is an annual tax and... Read more

Announcing the Four Day Week at MC2

MC2 Accountants are proud to announce the introduction of a four day week as the new standard working arrangement for our team. Our journey to a flexible working arrangement has... Read more

Company Vehicles: New Benefit in Kind (BIK) Rules

As you may be aware, the Irish Revenue Commissioners have introduced a new method to calculate the BIK arising on Company Vehicles (i.e. cars and vans). Although the changes were... Read more

Employee Part of Share Incentive Schemes

If you are an employee in receipt of share options, it is important to ensure that you have dealt with all relevant tax obligations (e.g. Income Tax and Capital Gains... Read more

MC2 Acquires Parfrey Murphy Chartered Accountants

MC2 Accountants, one of Munster’s leading audit, tax and advisory firms, are delighted to announce their acquisition of Parfrey Murphy Chartered Accountants. The move means that Cork-based MC2 is now... Read more

Domestic Subsistence Allowances

In late 2021, the Department of Public Expenditure and Reform announced changes to the existing civil service rates. Day Allowances Effective from 1st December 2021, the subsistence rates applicable for... Read more

Small Benefit Exemption | What you need to know

It’s coming close to the end of what has been another difficult year for most businesses, and for employers the lead up to Christmas will be particularly busy managing annual... Read more

Capital Gains Tax | Payment Dates

Capital Gains Tax (CGT) | Upcoming payment dates are fasting approaching! Under current tax legislation, a person is obliged to pay CGT on the disposal of an asset if a... Read more

Budget 2022

Our Budget 2022 Summary is now available to download here: Read more

Local Property Tax (LPT) 2022

Overview Revenue will be contacting residential property owners in the coming weeks either by post or through Revenue Online Services (ROS) in relation to Local Property Tax (LPT) for 2022.... Read more

Employment Investment Incentive Schemes (EIIS)

What is EIISEIIS was introduced by the Government in 2011 as a replacement for the Business Expansion Scheme. EIIS aims to encourage individuals to provide equity-based finance to unquoted private... Read more

Statutory Sick Pay (SSP) from January 2022

Statutory Sick PayThe Government is currently drafting the Sick Leave Bill 2021 which will make it mandatory for employers in Ireland to provide Statutory Sick Pay (SSP) for employees. The... Read more

Extension to the Employment Wage Subsidy Scheme (EWSS)

Revenue have recently announced an extension to the Employment Wage Subsidy Scheme up to the end of 2021. To qualify for the extension, the employer must demonstrate to the satisfaction... Read more

Louise Sheane, Manager in the Medical Accounts Department, discusses her role and career progression with MC2

Introduce yourself – My name is Louise Sheane, I began working with MC2 Accountants in January 2021. Tell us about your role with MC2 – My role is working as... Read more

Stamp Duty Increase

Last week the Dail passed a financial resolution imposing a stamp duty charge of 10% on the multiple purchase of 10 or more residential units. As well as applying to... Read more

Temporary Wage Subsidy Scheme Reconciliation

Revenue commenced the Temporary Wage Subsidy Scheme Reconciliations on the 22nd of March 2021. Employers will receive a ROS inbox notification when their reconciliation is available on ROS. The reconciliation... Read more

Covid Restriction Support Scheme

If your business has been impacted by the latest public health restrictions, it may qualify for financial support through the Covid Restriction Support Scheme (CRSS). Read more

Preliminary End of Year Statements 2020

Commencing on Friday, 15th January 2021, all individuals registered on ROS MyAccount should receive a preliminary end of year statement for 2020. This statement will outline any latent income tax... Read more

Employee Wage Subsidy Scheme (“EWSS”) in 2021

Overview of the EWSS As the Country is in the middle of its third national lockdown, businesses are experiencing the economic fall-out from the pandemic. In order to protect their... Read more

Capital Gains Tax (CGT) – Upcoming payment dates fast approaching!

Under current tax legislation, a person is obliged to pay Capital Gains Tax (CGT) on a disposal of an asset, if a taxable gain arises, by the following deadlines: Disposal... Read more

TWSS Reconciliation Deadline- 31st October

Requirement for employers to provide subsidy paid data by 31 October 2020. Revenue requires employers to report the actual subsidy that they paid to employees on each pay date to... Read more

Budget 2021 Summary

The financial statement by The Minister for Finance was released on 13 October 2020. View or download the summary on the budgetary changes, COVID related schemes and supports, and tax... Read more

Debt Warehousing

In response to the significant financial challenges faced by businesses as a result of Covid-19, the Government has legislated to allow for debts associated with the pandemic to be deferred... Read more

Employment Wage Subsidy Scheme to replace Temporary Wage Subsidy Scheme

On 23 July 2020, the Government announced that the Employer Wage Subsidy Scheme (EWSS) will replace the Temporary Wage Subsidy Scheme (TWSS) from 1 September 2020 and is expected to... Read more

Revenue Checks Compliance of the Temporary Wage Subsidy Scheme

Revenue are currently undertaking compliance checks on all employers that have accessed the Temporary Wage Subsidy Scheme (TWSS). Here's what to expect from these compliance checks. Read more

MC2 on the ball for Cork ARC

MC2 Accountants presented a cheque for €2,250 to Cork ARC Cancer Support House on the back of their sponsorship of The Blarney 5’s, a five-a-side soccer tournament. More than 40 teams, comprised of local businesses, participated in the soccer tournament which took place on the Green in Blarney. Read more

Should businesses continue to trade- Jim McCarthy on Red Business

Speaking on the Red Business podcast, our managing partner Jim McCarthy and Jonathan Healy discuss the circumstances of when a business should continue trading and how to emerge stronger from present conditions. Read more

Temporary Wage Subsidy Scheme-Recent Amendments

Phase 2 (Operational Phase) On 15 April 2020, Minister Donohue announced further updates to the Temporary Wage Subsidy Scheme (TWSS). These changes will come into effect no sooner than 5... Read more

Introducing Chrysalis Corporate Planning from MC2

We’re proud to introduce Chrysalis Corporate Planning, a bundled service offering for corporate clients and owner-managed businesses which brings together our specialist skills in banking, financial planning, ... Read more

COVID-19 Business Supports Updates

Updated 9 April 2020 The Department of Business, Enterprise and Innovation (DBEI) and Revenue, along with their agencies, have announced a number of business supports to help businesses address the challenges... Read more

Frequently Asked Questions about the Temporary Wage Subsidy Scheme

The COVID-19 Temporary Wage Subsidy Scheme came into effect on 26 March 2020. The scheme allows eligible employers to continue to pay their qualifying employees during the COVID-19 pandemic. The... Read more

Employer COVID-19 Refund Scheme

On March 15th the Department of Employment Affairs and Social Protection encouraged employers to retain employees where possible and set up a refund scheme for employers to pay staff €203... Read more

Important information regarding Covid-19

Covid-19 At MC2 Accountants, we are closely monitoring the situation and adherence to the Government guidelines, where possible, we have activated our remote working policy, so we can continue to... Read more

Voluntary Pay Related Social Insurance (PRSI) Contributions

Paying social insurance can help you qualify for social insurance payments, such as the State Pension (Contributory). If you are an employee Pay Related Social Insurance (PRSI) deductions are made... Read more

Capital Gains Tax Deadline- 15 December 2019

Budget 2020

Provided below is a Financial Statement of the 8th October 2019 Budget. This commentary is published by Chartered Accountants Ireland as a service to Chartered Accountants. Read more

Register of Beneficial Ownership

Article 30(3) of the EU’s Fourth Anti-Money Laundering Directive (4AMLD) requires all EU Member States to put into national law the establishment of a Central Register of Beneficial Ownership of... Read more

2019 Tax Credit Certificates

Revenue are currently issuing 2019 Tax Credit Certificates (P2C’s) to all PAYE employees. We encourage you to review this important document now. The Tax Credits Certificates are available online on the... Read more

Capital Gains Tax – Payment dates fast approaching!

Domestic Subsistence Changes – From 1st Oct 2018

The Department of Public Expenditure & Reform has recently announced changes to Civil Service subsistence rates. These changes will take effect from 01 October 2018. The main changes include increased... Read more

PAYE Modernisation

What is PAYE Modernisation? Commencing on 01 January 2019, PAYE Modernisation is the most significant change made to the PAYE system. It is designed to make PAYE submissions more efficient.... Read more

Budget 2019

Provided below is a Financial Statement of the 9th October 2019 Budget. This commentary is published by Chartered Accountants Ireland as a service to Chartered Accountants. Read more

Your Energy – Your Business

MC2 in partnership with N.C.E. Insulation is hosting a breakfast morning at the Clayton Hotel, Lapps Quay, on Friday, 5th October. The aim of the event is to discuss and... Read more

Jim chats to Jonathan Healy on Red Business

Jim McCarthy enjoyed the opportunity to talk to Jonathan Healy on Red Business about how MC2 Accountants has progressed since its inception five years ago. The firm was built with the... Read more

Important Tax Deadlines For September 2018

Here in MC2 Accountants we are committed to helping you through the financial year. So we have summarised the key Revenue deadlines for tax returns and payments due in September... Read more

MC2 strikes a balance with new Director Announcement

Lights, Camera… Action! Our newly promoted Directors were able to celebrate with a glass of champagne today… Cork based MC2 Accountants has today announced the appointment of Richard Horgan and... Read more

GDPR – 25th May is Deadline Day

Unless you’ve been burying your head in the sand, you’ll now be aware that the 25th May is the deadline for businesses within the EU to become GDPR (General Data... Read more

MC2 sponsors CBC Hurling Team

We’re delighted to announce MC2 Accountants as proud sponsors of the Christian Brothers College Hurling Team. This is a monumental year for them as they compete in the Dr. Harty Cup semi-final.... Read more

Income Tax Deadline Fast Approaching.

The deadline for filling an income tax return for 2016 is only around the corner and unless your only income is a salary from and employment on which you pay... Read more

MC2 – Planning for 2018

Planning is often discussed by managers as being essential to an organisation’s success, but so many businesses neglect to give it the time and focus it deserves. The large organisations... Read more

Changes to Civil Service Mileage and Subsistence Rates from 1st April 2017

The Department of Public Expenditure & Reform has recently announced changes to Civil Service mileage and subsistence rates. These changes will take effect from 1 April 2017 and it is... Read more

Home Renovation Incentive Scheme

Home Owners and Landlords can claim the Relief. The Home Renovation Incentive Scheme (HRI) allows owner occupiers and landlords who engage tax compliant contractors to carry out qualifying work on... Read more

Revenue CLAMPDOWN on ‘Offshore’ Income or Gains

Tax Amnesty for Irish taxpayers with undeclared foreign income, assets, gains or bank accounts What is it? Revenue are clamping down on Irish taxpayers with undisclosed ‘offshore’ income or gains.... Read more

Corporate Finance – Narrowing The Funding Gap

Emergence of Alternative Lenders Over the past number of years we have experienced a changing landscape in finance. The current financial environment requires a variety of funding options to be... Read more