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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
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Experience:  10 years experience
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Irish Tax Expert or Accountant needed. Please see the below

Customer Question

Irish Tax Expert or Accountant needed.

Please see the below Question I had earlier on this site and the answer to it:

Question: If the shareholders / directors of the business invest their own time to design e.g the website of the Company (as one of the directors are a creative designed) and/or write contents for the Companies website etc. How can we record these charges in the books of the company? Should we issue more shares i.e if the companies website would cost as €5000 if we appoint an independent designer, (but we do it ourselves) can the company just issue shares for the value of the service and assign those shares to the director/shareholder who completed the job. My point is how can we claim that as a expense or start up cost etc.

Answer: THERE ARE SEVERAL WAYS OF DOING THIS. THIS COULD EITHER BE TREATED AS UNPAID EXPENSE IN THE COMPANY. MORE LIKE WHEN YOU HIRE SOMEONE INDEPENDENT AND YOU DON'T PAY THEM. THE CREDITOR/SHAREHOLDER LOAN ACCOUNT IS RECORDED AS UNPAID AMOUNT. THIS CAN BE SETTLED WHEN THE COMPANY HAS ENOUGH FUNDS OR THIS CAN BE CONVERTED TO SHARE CAPITAL DOWN THE LINE (OR NOW). ALTERNATIVELY YOU COULD ISSUE MORE SHARES OR INCREASE THE VALUE OF EACH SHARE OR SIMPLY SHOW THAT AS SHARE PREMIUM SO THAT THE SHARE CAPITAL OF THE COMPANY INCREASES. IN ACCOUNTING TERMS THE OPTIONS ARE THAT YOU DEBIT THE EXPENSE IN THE COMPANY'S BOOKS AND CREDIT SHAREHOLDER LOAN/CREDITOR
OR DEBIT THE EXPENSE AND CREDIT SHARE CAPITAL.

Of course there are a few tax implications if you start charging the company whether the expense is paid or simply accrued. To understand the tax implications I need advice from an Irish accountant or Tax expert.

Thanks
Submitted: 3 years ago.
Category: Tax
Expert:  Lindie-mod replied 3 years ago.

Hello,

I'm Lindie, and I’m a moderator for this topic.

We have been working with the professionals to try to help you with your question. Sometimes it may take a bit of time to find the right fit.

I was checking to see if you had already found your answer or if you still needing assistance from one of the professionals.

Please let me know if you wish to continue waiting or if you would like for us to close your question.

Also remember that JustAnswer has a multitude of categories to help you with all your needs from Health, Pets, Computers, Cars, Finance, Law, to Home Improvement, and more.

Thank you,

Lindie

Customer: replied 3 years ago.

Hi Lindie, I would like to wait for an Expert to advise me on this as I need to know how can we charge the company for the time and work we invest to start up the company. Thank you

Expert:  Lindie-mod replied 3 years ago.

Hello,

Thank you, we will continue to look for a professional to assist you. Please let me know if I can be of any further assistance while you wait.

Best,

Lindie

Customer: replied 3 years ago.

Hi Lindie, How long will it take for an expert to give me an advice on this matter?

Expert:  Rachel-Mod replied 3 years ago.

Hello again,

We are still working with the professionals to find you the best possible match. I wanted to touch base to see if you still needed a professional’s assistance.

Please let me know if you would like to continue to wait or if you would like to cancel your question at this time. We sincerely apologize for the extended wait time.

Thank you,

Rachel

Customer: replied 3 years ago.

I'd like to wait

Expert:  Wendy-Mod replied 3 years ago.
Hello,

I'm sorry to say we have exhausted all our efforts at this time to find the right professional to assist you with your question.

While we were not able to assist you with this question, please keep in mind that JustAnswer has multiple categories, from Cars, Medical, and Computer to Home Improvement, to assist you with any question you may need answered.

Best,
Wendy