Compiled by Andrew Carey
CONSUMER – Retail sales on the up
THE volume of retail sales increased by 0.5pc in September 2013 when compared with August 2013 and there was an increase of 1.0pc in the annual figure, latest CSO figures showed this week.
If Motor Trades are excluded there was no change in the volume of retail sales in September 2013 when compared with August 2013 and there was a decrease of 0.3pc in the annual figure.
The sectors with the largest month on month volume increases were Fuel (+3.2pc), Food, Beverages and Tobacco (+2.3pc) and Hardware, Paints and Glass (+2.2pc). The sectors with the largest monthly decreases were Furniture & Lighting (-6.7pc), Books, Newspapers & Stationery (-2.8pc) and Non-Specialised Stores (-1.9pc).
There was an increase of 0.5pc in the value of retail sales in September 2013 when compared with August 2013 and there was an annual decrease of 0.5pc when compared with September 2012. If Motor Trades are excluded, there was a monthly decrease of 0.5pc in the value of retail sales and an annual decrease of 1.8pc.
TAX – Don’t get spooked by Halloween deadline
WITH the option to extend the tax deadline to November 14 next, Limerick’s self employed are urged not to get spooked by the Halloween date for returns.
For approximately 600,000 self assessed income tax payers across the country the bank holiday weekend may have brought a rush of last minute administration work. The panic is now on to find receipts, check credits and finally complete your tax return.
Limerick based tax Advisors, TaxAssist Accountants, notice a very specific trend when it comes to tax returns. Commenting on clients burying their head in the sand Roy said, ‘Unfortunately, most people leave it until the last minute to file their tax returns. It’s not unusual to get new clients on the week of the 31st of October desperate to get their tax affairs in order. The good news is we still have time to register people with Revenue so that they can avail of the extended deadline of November 14’.
The bad news for procrastinators is that if you fail to file your tax return on time the Revenue Commissioners will apply an initial late filing surcharge of 5% (within two months of the deadline) or 10% of your tax liability if you are later than this.
As well as late filing surcharges the Revenue Commissioners can also levy interest on the late payment at a rate of 0.0219% per day which equals interest of 7.99 per cent per annum.
Encouraging clients to get going earlier Roy commented’ I’d always advise people not to wait until the night before to discuss their tax return – you will need time to discuss your liabilities and the options available to you to minimise your final tax bill. Using an experienced accountant will allow you to extend the deadline and will bring you some piece of mind’.
ACQUISITION – GGL Security acquires Securikey
GGL Security, an international security company with headquarters in Limerick, today announced its acquisition of the security business of Securikey Ltd, a company also based in the Mid West. The acquisition gives GGL the ability to expand its customer base in the region and provide customers with a greater service offering.
“This acquisition combines the power of GGL’s established security services, innovation and technology, with Securikey’s quality and extensive service provision within the security sector,” said Derek Tobin, Managing Director, GGL Security.
“By blending Securikey’s local services with our existing customer base and our technology driven International Monitoring Centre, we believe we are creating an unmatched offering that will provide a complete security solution to domestic and commercial customers alike. This synergy combines a strong presence on the ground with a high end monitoring and command centre offering electronic installers across the Mid-West and Nationwide a robust flexible solution to assist in monitoring their connections and offer a wider solution to their end users.”
Securikey Ltd was formed in 2001 to meet the growing demand for high caliber security personnel. The security business, which includes on-site risk management officers, has grown in this time to become the approved provider of security services to government, financial, local authorities and multi-nationals nationwide.
“Everyone in the Securikey business is excited about the future as part of an organization as strong as GGL Security,” said Securikey Managing Director Patrick Keogh. “We are looking forward to continuing to provide our customers with the best possible solutions to their security needs and this union will allow for this.”
With this acquisition, GGL Security will increase its direct workforce in Ireland by 15% securing the existing jobs in Securikey as a result. GGL also provides security management services in the UK, the Netherlands, Russia, South Africa and the USA and operates extensive logistics security services throughout mainland Europe.
