Wednesday, January 4, 2012
This time on the Morning Show we talked about ideas for personal finance in the new year, how to get ‘financially fit’ and some simple steps to help get you there.
Also filed in ACCA, Accountancy, Advisors.ie In the Press, Credit Cards, Debt, Financial Advice, Insurance, Investment, Savings
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Tagged credit cards, debt, financial advice, financial planner, karl deeter, martin king, money, mortgages, personal finance, sybil mulcahy, tax advice, tax planning, the morning show, tv3
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Tuesday, November 15, 2011
The normal cut off date for tax returns is the 31st of October unless you do the return electronically via Revenue Online Service (ROS) in which case it is today. However (and we never found out why) Revenue have recently determined that the 16th of November will instead be the final date. This means that anybody who has non-PAYE income to declare for 2010 still has a little time left to make the return on time.
If you don’t you’ll face a 5% surcharge on the tax bill up to December after which the surcharge rises to 10%. If you get the surcharge it means your rate of tax effectively rises by 10% (not absolute, but relative ie: 20% goes to 22%, 41% goes to 45%)
Also filed in ACCA, Accountancy, Income Tax, Taxation
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Tagged accountant dublin, do a tax return, financial audit, pay less tax, paying taxes, revenue online service, ros, tax audit, tax deadline, tax return 2010, tax return 2011, tax return deadline, taxation
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Monday, September 26, 2011
We were delighted to be this weeks ‘Insider’ at the Sunday Business Post, we looked at the mortgage market statistics and the idea of recovery without austerity.
The truth is a hard thing to suppress. Last week, we had another stark revelation about the mortgage market after RTE reported that there are now e20 billion in home loans with some level of arrears. That represents about one in six loan accounts.
Also filed in ACCA, Accountancy, Advisors.ie In the Press, Banking, Economics, Wealth
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Tagged economics, finance, marshall auerback, mmt, modern monetary theory, recovery without austerity
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Tuesday, September 6, 2011
high low method of cost accounting, management accounting, accountants in dublin 2, financial advice, financial advisers, financial advisors, accountancy
Operations manager with Irish Mortgage Brokers, Karl Deeter said banks will claim they are lending but on the ground it’s an “entirely different story”. “They don’t want to know except where you are a public sector worker or the type of person who banks would always lend to anyway,” he said. “With figures showing that 80% of mortgage applications are being rejected, it puts the banks in the enviable position of being able to cherry-pick only the best applications, declining even cases that fit criteria but are marginal. “This is contrary to giving the taxpayer back a return on our national investment because they need to lend to make profit, but equally, our pillar banks are charging artificially low rates versus the rest of the market, so not only are they cherry-picking but there is an implicit subsidy being paid to those who borrow via taxpayers who fund the banks. It’s a crazy set-up,” he added.
Also filed in Accountancy, Advisors.ie In the Press, Banking, Debt, Mortgages
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Tagged bank lending, banking figures 2011, brokers, credit growth, first time buyers, irish banks, loan origination, mortgage statistics, property
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Director of client advice firm, advisors.ie, Karl Deeter, said that ‘personal retirement savings accounts’ or PRSAs were created in an attempt to get more people to save for their retirement. He said they were billed as a universal solution with fixed fees and low costs, along with flexibility.
Also filed in ACCA, Accountancy, Advisors.ie In the Press, Investment, Pensions, Savings, Taxation
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Tagged accountants, benefit in kind on PRSA, bik, how to save, pension advice, pension planning, personal retirement savings account, prsa, savings advice, where to save
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Ask anybody ‘what would you do with some extra money?’ and you’ll get a lot of different answers, but this week it is your turn to decide. Because over the last three weeks we have shown you how to take a snapshot of your financial situation then how to use that as a blueprint in finding ways to save money. Without too much effort an average savings of €2,000 is possible simply by re-jigging some of your spending patterns, so where to from there? In finance there is a hierarchy that advisors tend to adhere to and in rank and order it is as follows: Protection, Investment, Savings, Retirement planning and Mortgages.
Also filed in Accountancy, Advisors.ie In the Press, Financial Advice, Gold and Silver, Investment, life assurance, Mortgages, News of the World, Pensions, Precious Metals, Savings
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Tagged building a financial portfolio, financial advice, personal finance, portfolio
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When a bank holds a loan worth €200,000 it is an asset valued at that figure. Even if the security for the loan is a property that has fallen in value to €100,000.
So it is no surprise that banks will do whatever it takes in order to avoid turning their asset into a 50 per cent loss. In fact, even if the loan getting into trouble it doesn’t get written down to €100,000 -that only happens after the asset value has been realised. This is in part why we have three repossessions per 100,000 mortgages, while Britain has 65 times more, at about 200 per 100,000. At the same time, there has been huge political pressure via politicians and the Central Bank (formerly the Financial Regulator), via the thrice reworked Code of Conduct on Mortgage Arrears to ensure that we don’t allow people to get their homes repossessed as long as they engage’ with the lender.
Also filed in Accountancy, Advisors.ie In the Press, Banking, Debt, Economics, Financial Advice, Mortgages
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Tagged debt forgiveness, distressed debt, distressed mortgage, distressed seller, imb, mortgages, problem loans, provision for bad debt, writedowns
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Wednesday, April 13, 2011
The enormity of the black hole facing banks and taxpayers is summed up by Economist David McWilliams today who says that “the banks will take €500 million a week out of the economy for the next two years”. It is a gloomy summary of our predicament – and a crisis that has squeezed homeowners, taxpayers and businesses. One sector has been given a glimmer of hope by AIB. The bank yesterday suggested that it might write off the debt of struggling borrowers. Debt forgiveness for those with mortgages they can’t repay. Joining Pat was Karl Deeter, Operations Manager with Irish Mortgage Brokers and Jim Power Chief Economist with Friends First.
Also filed in Accountancy, Advisors.ie In the Press, Financial Advice, Mortgages
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Tagged debt forgiveness, debt management, debt reduction, debt writedown, jim power, karl deeter, mortgage debt forgiveness, pat kenny
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Half Rule sample letter… Under Section 63 of the Consumer Credit Act 1995, I wish to exercise my right to terminate the above agreement under the ‘half rule’.
Please acknowledge receipt of this letter and forward details of what must be done to proceed and , I would ask that you do so in writing or by email.
Also filed in Accountancy, Advisors.ie In the Press, Financial Advice, News of the World
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Tagged car finance, car loans, consumer finance, half rule, handing back keys, interest rates, money expert, section 63 of the consumer credit act
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