3/15/2024 0 Comments Is cogs a revenue accountThe big downside here is that the account balance is capped at €5,000 which makes it pretty useless for what you intend. On the paperwork side, you will need the child’s birth cert and proof of identity and address for the adult and the child as well as the PPS number for both. They will need to provide proof of their identity, address and PPS number.ĮBS, which is now part of AIB, will allow accounts in joint names with a parent or grandparent although, again, the parent will need to attend in branch to open it. That adult can be a parent, a grandparent – or even a neighbour. The last of the three big banks, Permanent TSB, also insists any account for children under seven is opened in the adult’s name with the child’s name just noted on the account paperwork. So you will, in effect, have to set up a direct debit or standing order to pay €250 a month into the account to achieve your intended €3,000 annual gift. However, while it would allow you to make lump sum payments of up to €10,000 a time – more than enough to cover the small gift exemption, it does require regular monthly lodgements. It allows accounts to be opened in the name of either a parent or grandparent although, as with AIB, the parent will need to visit a branch to open the account and provide poof of ID, address and their personal public service (PPS) number. It does not allow the child to be named – regardless of what parents agree to – although the name of the child can be noted on the account as the intended beneficiary which should work for you – and Revenue. I gather AIB has some accounts that can be opened in the joint name of the child and the grandparent but you’ll need to ask them for more details if that’s relevant for you.Īt Bank of Ireland, the rules are quite different and, in general, more restrictive. They will require the child’s birth certificate and proof of identity for the child and the parent(s) or legal guardian(s) as well as proof of address. Most importantly, even if it is a grandparent gifting the money, you’ll need the parents as only they can open the account and will have to be physically present in the branch to do so. Speaking of interest, my experience of these accounts is that the interest available on most of them is fairly derisory but that appears to be the price you pay for having the account focused on the minor.Īt AIB, an account can be opened in the name of the child, even where they are under the age of seven with the consent of their parents. Not all of the options are ideal as some do have fairly modest upper limits – at least for people like you who may wish to put up to €3,000 into such an account each year until the child reaches a certain age.ĭoing so for 16 years, for instance, would see an account of €48,000 even before you take account of interest. The final profitability calculation, which shows a company's actual net profits or net profit margin, subtracts interest, taxes, gains, or losses from investments, as well as any other extraneous costs the company may have incurred, that weren't included in the calculations for gross margin or operating margin.How you do so can be convoluted to a greater or lesser degree, depending on the institution. The figure that remains after subtracting these values is known as the operating margin, which is also known by the phrase "earnings before interest and taxes, or EBIT." To further refine this profitability metric, a company next generally deducts all of its common overhead and operating expenses, including wages, as well as any administrative, facilities, marketing, and advertising costs. Gross margin is merely one measurement of a company's profitability because it solely factors the costs of doing business directly related to production. Gross Margin = ( Revenue Revenue − COGS ) × 100 where: COGS = Cost of goods sold The calculation for gross margin is expressed by the following equation: Unlike gross profits, which are expressed as absolute dollar amounts, gross margins are expressed in percentage forms. In finance, a company's gross margin is simply the difference between revenue and cost of goods sold (COGS) divided by that revenue figure.
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