Changing your Accountant is Easier than you think. We do all the work! Book An Appointment NOW! Is It Time To Change Your Accountant? Questions to ask: Accessibility Is your accountant easily accessible to you? Do you have to wait more than a day for a response or are your calls/emails returned the same day? Are your accountants available to meet as often as required? Informed/Expertise Are you fully confident in your accountant? Can they deal with any issue you have in an informed/expert manner? Are they knowledgeable about new regulations and up to date on all business areas? After asking for advice, do you feel that the information you get, not that helpful in resolving the issue you have? Customer Service Do you feel sometimes that the advice is more beneficial to your accountants needs than in solving your issue? Do you feel sometimes that you are left more confused after asking for advice, than before, or are your accountants very clear and precise in communicating the answer in a way you can understand? Do you feel like you are an important client to your accountant/business advisor? Approach: Proactive/Reliable Do you feel your accountant is on your side rather than the side of the revenue or other 3rd party when issues crop up? Is the advice you get proactive and strategic for your business or is it just answering the specific questions you ask? Is your accountant passionate about your business too? Would you classify your accountant as your business advisor or just an accountant? Is your accountant creative, innovative and willing to weigh the risks and rewards of decisions that may or may not result in a tax liability, minimising your tax liabilities and giving recommendations but at the same time making you fully aware of your risks? If an issue arises based on a recommendation by your accountant, is your accountant always well-versed in the position you’ve taken and ready to provide a solid rationale, ready to stand by you? (If not, they are not a partner, but a tax return service). Value for money Do you feel like you are getting a really good service for the fees you are paying? Your accountant should be on your side. If not, it is time to change! Find out how easy it really is to change accountants and how much it will positively impact your business. The move to UHY FDW is easy and pain free. We will help you along that journey. Book a no obligation appointment now with UHY FDW. UHY FDW are your business and tax advisors, not just your accountants! UHY FDW have been serving businesses for 25 years through our experienced advisers, helping you pinpoint issues your business may be facing, providing solutions and identifying opportunities for your business to grow and save money. Contact us Today. Request A Call Back Book An Appointment Now Call Us Today #2017

Is your business covered from a compliance perspective for 2017? There are many key compliance priorities. Here is a quick list of some of them. Register of Beneficial Ownership Companies (Accounting) Bill 2016 End of the Transition Period Digital certificates of Incorporation Company Seal and headed paper Annual General Meeting (“AGM”) Audit Exemption: Mandatory E-filing – 1st June 2017 Your Company Secretary Due diligence Download the full details of what each of the above refers to and what it means to your business How many hours does your business spend focusing on being compliant? And at the end of the process, are you always confident that everything is compliant? Would your business benefit From using the professional corporate compliancy services of a firm like UHY FDW, who are focused on getting the right outcomes for your business, ensuring you are fully compliant. If you and your staff could focus on your business objectives and driving your business forward, with the reassurance that you have a reliable partner like UHY FDW looking after your compliancy? From improved efficiency and reduced risk? View: Should Your Business Outsource Compliance Operations? Talk to our compliance experts now about what is relevant to your business and find out more about why working with a partner like UHY FDW will help drive your business forward this year. #2017

An IHT Escape No-one Wants! It is said that nothing is certain but death and taxes. However, there are exceptions in respect of inheritance tax (IHT) on death in certain circumstances. Departing together… The general law (in England and Wales) provides that where two or more people have died and it is unclear if one of them has survived the other, they are normally presumed (subject to any court order) to have died in the order of seniority, i.e. the younger is deemed to have survived the elder (LPA 1925, s 184). This is often referred to as the ‘commorientes’ rule. For IHT purposes, without a relieving provision the potential effect of the commorientes rule could be double (or multiple) IHT charges on such deaths (albeit that ‘quick succession relief’ may be available for chargeable transfers). The IHT legislation therefore provides that where it cannot be known which of two or more persons who have died survived the other(s) they shall be assumed to have died at the same instant (IHTA 1984, ss 4(2), 54(4)). The transferable IHT nil rate band can potentially improve the IHT position for married couples (or civil partners) in commorientes circumstances, if both spouse’s estates pass to each other under their wills. HMRC guidance in its Inheritance Tax manual confirms that because the nil rate band of the elder spouse is effectively unused, the younger spouse’s estate can potentially benefit from it, assuming that it has not been used up by lifetime transfers (IHTM43040). The interaction of general law and tax law can have interesting results. The following is based on an example in HMRC’s Inheritance Tax manual (at IHTM12197). Download Full Article Here For Example or successively? Separate IHT provisions (see IHTA 1984, s 92) concerning survivorship clauses in wills, etc., address the different potential problem of double (or multiple) IHT charges on successive deaths. It applies to deaths which are not simultaneous, but follow within a short time period. This rule broadly provides that if (under the terms of a will or otherwise) property is held for a person on condition that (s)he survives another for a specified period of not more than six months, and another beneficiary becomes entitled to the property because the original beneficiary did not satisfy the survivorship condition, the IHT position is the same as if that other beneficiary had taken the property from the outset. UHY FDW have been serving businesses for 25 years through our experienced advisers, helping you pinpoint issues your business may be facing and provide solutions and identify opportunities for your business to grow and save money. Contact us Today. Request A Call Back Get A Quote Call Us Today #2017 #UKNI

Request A Call Back Get A Quote Call UHY FDW Today Do you need Debt help? Can you cope with the stress of debt? Debtors frozen with panic shouldn’t feel alone, after a study revealed 43% of those in serious debt were too scared to take action. The UK study cited fear of family’s reaction as the number one concern about revealing financial problems; causing those in trouble to wait longer before taking action and often adding to their debt burden. Nearly a quarter of people in debt take at least a year to deal with it and debilitating worry is often a side-effect. 40% polled believed they were unable to move on with their life because of their debt problems. “The main concern is that while the fear factor is preventing people from talking about debt and seeking help, their debts continue to mount.” By seeking advice early, they can stop the problem from escalating, and prevent the stress caused by serious debt taking over their lives. People get stuck in a vicious circle of fear and inaction, which in reality only makes the problem bigger. The new “Abhaile “Scheme offers assistance to people who find it difficult to start the process of debt negotiation and are in mortgage arrears on their family home. The services offered by Personal Insolvency Practitioners are comprehensive – covering everything from family home debt, business debts, Credit Union debts and all other forms of debts including revenue debt. By working with a debt specialist, debtors can get debt written off, so they can move on with their lives. The key according to Eugene McDarby Managing Director of UHYInsolvency.ie is to not ignore the problem “As a nation we need to get over the idea that being in debt is shameful and something we should hide”. Guest Blog Eugen McDarby UHY Insolvency Not too long ago, the concept of debt negotiation, insolvency and bankruptcy did not really exist in Ireland; except in extreme circumstances, and usually where a business had failed. Our home repossessions and insolvency rates were virtually non – existent. However, we now know that under all this exuberance of wealth was a society that borrowed in excess, to fund its lifestyle. In Ireland, all forms of debt have risen substantially. The Facts In 1995 Ireland was ranked 17th in the world table of household debt Vs disposable income.  In 2008 Ireland was ranked 4th.  This is a 267% increase. (Source Goodbody) Household debt is typically home loans, credit cards, car loans, credit union loans and other personal loans. People have changed their spending patterns and tightened belts, but this is having a minor effect on their overall net income. In the past we borrowed our way out of debt.  With rising property prices, one could easily sell the property, pay off the debt and still make a profit. This solution no longer exists.  Many who bought property in the last 10 years are still in negative equity, and banks have tightened credit, so facilities are not available. One point is certain in the current environment, “Debt is a matter of fact, assets are a matter of opinion” So what happens when. Made Redundant Unemployed Huge drop in income Cashflow problems Reduction in rent You need to know the extent of the debt problem. Mortgage, car loan, credit card, credit union, business, revenue etc. Never mind the financial consequence, the emotional and psychological impact will be detrimental and, in extreme cases, suicides have happened. The lender/creditor response is not enough! The banks and building societies, overall, have been mildly responsive to clients who genuinely are financially stretched. There are still over 80,000 in arrears on their family home mortgages in 2016, and many lenders are now selling their bad books of debt to so called Vulture Funds. It is important to know your rights and all institutions must comply with Central Bank codes in relation to mortgage debt specifically on family home mortgages. Communication between you the bank and other creditors is very important. You need to be very upfront about your predicament and inform the bank at the earliest possible point. The bank may base their solution on a “can’t pay, won’t pay” principle. This means that if the client just cannot pay, they will, in all circumstances, be sympathetic.  If they won’t pay, the client may end up in court. Typical Debt management and Insolvency advice would be to: Prioritise your debt Separate debt between secured eg Mortgage and unsecured eg Credit card. Prioritise household expenditure. Consider lifestyle and spending patterns Get some legal advice on your debts Consider your Insolvency options The main flaw in the code is that it only applies to lending activities on principal private residence, so investment properties and unsecured debt are not covered. Most people have all forms of debt, so the respite from the banks on private homes is generally not enough and negotiation of all the debt is required. The bottom line with your creditors is that they still want their money back and may well only give temporary respite, depending on the circumstances. “My advice is to get your life back and get in control of your finances”. #2017

UHY FDW – We are your business advisors, not just your accountants Find out more —>  Business Advisory Services Staff Feedback: The key to hanging on to your talent Part of our business advisory article series  Whether you are a small business owner or a senior manager in a large company, developing a high-trust culture in your team is essential to hanging onto your talent and maximising the opportunities in your teams. The labour market is changing and it is harder to attract good people unless you have an offering that will excite them and a job that inspires and challenges them to grow and evolve. People who are ambitious want to grow and evolve. They are interested in learning about how they can improve and how they are perceived by their peers and superiors.   If they are not getting feedback that is enabling them to develop and grow or they are being micro managed and held back, you are in danger of losing them to another company. We are all motivated by different things but the one thing all employees want to know on a regular basis is: How am I doing? Developing a high-trust culture is an investment in building collaborative relationships, that give and receive honest feedback which is aimed at developing self-awareness and exploring opportunities. You are entrusting your customers and business to your staff on a day to day basis, ignoring their levels of motivation at work is a recipe for failure. If staff are not energised, lacking enthusiasm, and have no drive to achieve the company objectives you have a problem. The solution to the problem is to gather the facts by asking for feedback and genuinely listening to the feedback.  If staff are not performing or you feel frustrated at the results here are some questions to reflect on: Have they been given clear instructions as to what is expected of them? Are they being engaged in regular conversation about their progress? Do you listen to the challenges they are facing? Do you know what they find motivating about their work? How do they feel about you as their Manager? Do your management interventions demotivate or inspire them? How are mistakes dealt with? Do they feel they can be honest with you as their boss / Manager? A lot of managers/ business owners don’t ask these hard questions because they don’t want to hear the truth or they don’t want to change. But that is like not asking your customers why they don’t want to buy your products.  It won’t change the outcome. We have to allow people to grow and change. 2017 is the time to create a culture in Irish businesses that will truly enable us to offer world-class services, products and customer experiences.  This can only be achieved by creating healthy, transparent and collaborative relationships between managers and staff and removing the barriers to change.  The question starts with you as a manager.  How am I doing as your boss? How can I help you to reach your potential? UHY Farrelly Dawe White, work with businesses to drive growth and profit, through our Business Advisory Services . We like to recommend articles, tools and events which will assist your business to tackle any business areas that may need attention. If you wish to learn more or you want to develop your ability to build collaborative relationships at work check out the leadership workshops offered by Fox Leadership, See http://foxleadership.ie/events-list/ Written by Guest Blogger: Aine Fox from Fox Leadership #2017

Get the tax system working for your business Do you want to reduce your corporate tax bill? Following are 6 ways of reducing your corporation tax bill. However, there are many others that your business may quality for. Are you claiming all of your business expenses? Directors and employees spend money on behalf of the business and don’t get around to claiming it back. If you are a director of the company and you are not using your annual tax-free allowance elsewhere, you can take a combination of salary and dividends out of your business. If you use your personal car for business trips you can claim the mileage back from the company. Pension contributionsare tax deductible when they are paid. Claim R&D tax relief on qualifying research and development costs. Claim deductions on share options and awards; relief is available on employee share options. Companies in the creative industry can claim a higher rate of corporate tax relief if they pay corporation tax. Reduce your tax bill. Benefit from all tax relief available to your type of business. Talk to our tax advisors now and get the tax system working for your business Book a no obligation appointment now by completing our short form . Call Mairead in our Dublin Office on 01 849 1633 or call Jane in our Dundalk Office on 042 9339955. #2017

Good financial management is critical to the success of any business, but it is particularly important in small to medium enterprises (SMEs) where the risk of insolvency is often little more than an unpaid invoice away.. 1) A key concern for small business owner-managers is cash flow management. Small business owner-managers can enhance their firm’s profitability through the improvement of how efficiently they manage their working capital. 2) SME owner-managers can enhance their firm’s profitability through more efficient management of accounts receivable and payable, plus the monitoring of inventory. 3) SMEs, particularly firms engaged in growth, need to learn how to maintain financial records and use financial reports to make business decisions. Timely reporting on cash flow, liquidity and other key performance indicators (KPI) remain essential to the firm’s survival and success. 4) Most small businesses work with an accountant. However, as firms grow larger the need for outsider support increases, but it is the quality of that advice and support that is important. Work with an accountant who offers proactive strategic advice and direction to help you achieve your overall business objectives. Finance management and the efficient management of cash flow and working capital are critical to survival. They also help to boost profitability and this can in turn facilitate growth. Owner-managers who are experiencing growth or financial stress need to seek outsider assistance. Talk to UHY FDW who not only offer financial management advice, but also business advice to drive your businesses success. Courtesy of cemi.com.au . #2017

Look to the future – develop the company financial vision and communicate it across the business. Implement forward-looking and scalable systems that will both help you grow and grow with you. Keep a tight focus on cash – monitoring and updating cash positions and cash flow forecasts daily if necessary. Keep your management team and board informed – regular updates let them know you are in control and encourage them to support you as your financing needs grow. Use experts wisely – be prepared to pay for valuable advice but do not squander money by wasting experts’ time on trivia and inefficiency. Financial management is not just technical – ensure your team have the right soft skills as well. Make finance a key part of board discussions and decision making Be proactive – encourage your finance team not just to respond to support requirements but to identify ways in which they can help other areas of the business. Match capabilities to business objectives – use your strategy to identify the skills and systems you need. Communicate effectively and encourage different departments to share information and build integrated systems that make sharing information easy. Develop commercial awareness across the company – ensure that everything understands the importance of managing costs across the business as well as meeting revenue targets. (Source ACCAglobal.com) Seek objective external expertise, direction and advice in order to identify weaknesses, maximise opportunities and drive strategies to optimise your businesses performance. Talk to FDW today. #2017

The Chancellor Philip Hammond presented his first and last Spring Budget on Wednesday 8 March 2017. To save you having to trawl through hundreds of pages of Government and HMRC press releases, UHY Hacker Young have produced a summary of the main changes that will quickly bring you up to speed. UHY Hacker Young have broken the summary down into the areas that are most likely to be of interest to you, including personal, business, employment and capital taxes. If you have any questions, please do not hesitate to contact UHY Farrelly Dawe White for advice. UHY Hacker Young have also produced a tax card to provide you with a useful point of reference through the coming tax year. A hard copy of the tax card should be on its way to you by Tuesday 14 March, however, if you do not receive this please let us know and we will send another. Click here to download UHY Hacker Young’s 2017 Spring Budget Summary and click here to download UHY Hacker Young’s 2017/18 Tax Card. #2017

Companies cannot attract, nurture or retain the finance leaders of tomorrow in the same way as the leaders of today. That is the core theme of ACCA’s ground-breaking study of Generation Next, the youngest generation of finance and accounting professionals – those who are 36 years of age or younger Understand the work preferences and career aspirations of the youngest generation in accounting and finance today. Access to and development of talent is still critical for company growth. So both parties have a vested interest in making the relationship work in a much more sustainable way. This survey raises new questions – and presents a few possible answers – as to how best to engage and nurture young professionals to “future proof” the talent pipeline. How can finance provide more sustainable, fulfilling career development opportunities in the face of a rapidly changing business landscape? The opportunity to learn new skills and career progression opportunities top the list. Yet other factors are important too. Financial remuneration is ranked highly as both an attraction and retention factor which perhaps reflects the financial challenges this generation believe they face in the current economic climate. Interestingly the employer brand is ranked as the least important factor. Not enough capacity in the organisation, or roles they want available is cited as the primary impediment, which may be a reflection of changing career path ambitions. The problem is compounded given their desire for promotion rather than sideways moves. Adding to the issue are concerns over transparency of career paths, an issue previously noted in ACCA’s work on talent management. Other important impediments were noted too, including insufficient reward as well as learning opportunities, yet these are also issues identified as important. More on this on AccaGlobals website How can we help? Contact UHY Farrelly Dawe White to discuss the potential opportunities awaiting  your business as you grow and expand. #2017

UHY Capability Statement 2017 This new edition of our annual capability statement illustrates how we have continued to strengthen our close working relationships with our clients locally, internationally or cross-border throughout sectors, specialisms and geographical regions – and, more importantly, it includes what our clients say about our services. Also read about Why Growing Businesses Need A Global Tax Partner. Read Here #2017 #CapabilityStatement #UHYGlobal

What is a Company Director? A company Director is usually appointed by the members of a company to manage the business of the company on their behalf. In most “LTD” companies the Directors and the members are the same people, however, every person who plans to become a Director, should be familiar with the legal obligations and responsibilities that come with the position. On appointment every Director signs the following consent: “ I acknowledge that, as a Director, I have legal duties and obligations imposed by the Companies Act, other statutes and at common law ”. Under the Companies Act 2014, Directors fiduciary duties are now codified into the following: Act in good faith in what the director considers to be the interest of the company; Act honestly and responsibly in relation to the conduct of the affairs of the company; Act in accordance with the company’s constitution and exercise his or her powers only for the purposes allowed by law; Not benefit from or use the company’s property, information or opportunities for his or her own or anyone else’s benefit unless the company’s constitution permits it or a resolution is passed in a general meeting; Not agree to restrict the director’s power to exercise an independent judgment unless this is expressly permitted by the company’s constitution; Avoid any conflict between the director’s duties to the company and the director’s other interests unless the director is released from his or her duty to the company in relation to the matter concerned; Exercise the care, skill and diligence which would be reasonably expected of a person in the same position with similar knowledge and experience as a director. A director may be held liable for any loss resulting from their negligent behaviour. Have regard to the interests of employees and members. Statutory Duties of Directors: This section will deal with the 5 most common statutory duties, that Directors must comply with. Failure to comply with such obligations, will be treated as a breach of the Companies Act 2014 and can give rise to prosecution. [accordions id=”3629″] #2017