FORM P35 2016 – END OF YEAR EMPLOYER DECLARATION Click Here to Download Our Top Tips For Starting Your Payroll In 2017 Each registered employer in Ireland is obliged by law to account each year for the PAYE, PRSI, USC and LPT deducted from his or her employees. An annual form is used for this purpose which is commonly known as a Form P35. A Form P35 can be filed electronically to the Revenue Commissioners through the Revenue Online Service (ROS) or manually on paper if you are not a mandatory e-filer. The deadline for submitting Form P35 is the 15th February following the year ending 31st December. Failure to file Form P35 by this date will result in fines . This deadline is further extended to the 23rd February for ROS only customers who file and pay online. Forms and details enclosed on P35 return: Form P35 – this is a summary of gross pay, PAYE, PRSI, USC and LPT together with details of Taxable benefits and Pensions etc. Form P35L – this is a detailed listing of each employee (with PPS number) total pay for the year together with address, start and leave dates (within the tax year), insurable weeks etc. Form P35/T – as above for employees (without PPS number). P35/LF – (Paper only) and covers BIK and pension details. All paid persons in your employment during the tax year must be included on the P35 including family members and directors. Only one record per PPS number should be present. If you have an employee who worked first part of year, left and started later in the same year you must aggregate their details. A form P60 must be prepared and given to all employees still in employment on or after 31st December. This is a statement of earnings which an employee will need if requesting a P21 balancing statement or applying for a mortgage etc. Sample p60 Key items to be aware of when completing P35: Ensure you payroll information is up to date and accurate (Address, DOB etc). Check your P30 payments throughout the year to ensure you have paid enough. Ensure you mark that a week 53 applies (if applicable). Ensure you mark who is a director (if applicable). Ensure you hold a valid tax credit certificate (P2C) for all employees and that it is in operation. Ensure your BIK items are correct (make any end of year adjustments). Ensure you have completed the Medical Insurance fields correctly (see operational manual for how to record “Premium Eligible for Tax Relief paid by the Employer”) Ensure you have recorded Illness Benefit paid to an employee. Ensure you don’t record Maternity or Paternity payments on P35 as this is reflected real time by an amended P2C reducing cut-off point and tax credits. Click Here to Download Our Top Tips For Starting Your Payroll In 2017 #2017

Tuesday’s Tip – Maximise How You Use Your Tax Credits Continuing our Tax Credit Series, this week we look at Tax Relief of College Fees. At this stage most Leaving Cert students and college hopefuls will have submitted their CAO forms hopeful for a place in a college this September. This can be an expensive time in a students’ and parents’ life, so how can you reduce the cost of third-level education? Tax relief is available at the standard rate of income tax (20%) for the cost of fees paid for third level courses for qualifying institutions. The course must be approved by the Revenue Commissioners, and appear on its list of approved courses and colleges. View the list here Who can claim? An individual can claim tax relief on fees paid for Third Level courses in respect of any person as long as he or she has paid the qualifying fees. Qualifying fees means tuition fees (including the Student Contribution, post 2011), but not examination fees, registration fees or administration fees, in respect of an approved course at an approved college. Amount of Relief Tax relief is available at the standard rate of income tax (20%) for qualifying tuition fees. The maximum limit on qualifying fees for the academic years 2016 / 2017 is €7,000 per individual per course. The amounts of qualifying tuition fees shown in the table below are disregarded in respect of each claim. [table id=17 /] #2017

FINANCIAL PLANNING – The Road To Your Future Life is like a highway or road you may have already travelled. It’s rarely a continuous straight stretch without having many twists and turns, humps and bumps and even the dreaded pot hole which we are all quite accustomed to. Smooth surfaces don’t come as a guarantee as we make our journey through life and more than likely we will all encounter the same obstacles along the way. Most of our significant life goals, such as retirement, putting a child through college, marriage or buying a house can be found on that journey and these events can heavily impact on our finances. Having a financial plan in place will ensure you are ready to deal with whatever life brings you and it will help you achieve those goals. It also makes sure you are prepared for the expected and equally the unexpected. There are many factors to consider when analysing your current financial situation and planning for the future. Reviewing savings, investments, taxes and cash flows, and attempting to align them with your goals can be time consuming and daunting. Ultimately, you are responsible for your own finances, but it is important to ask yourself if you have the time and expertise to deal with all your financial matters – many people will postpone making important financial decisions because they lack confidence, and feel they aren’t fully informed. A professional financial planner will offer an expert, objective opinion, and will analyse your current financial situation to prepare a comprehensive financial plan aligned with your goals and objectives. Having a plan in place will provide you with peace of mind, and a greater sense of control over your finances Working with a professional will help you determine what your financial goals really are, and whether those goals are achievable. A comprehensive financial plan can reveal opportunities to make or save money that you may not have previously considered. By allocating income and investments effectively, you can avail of significant tax savings and increase your overall wealth. A financial planner will also be able to identify risks that you might not have previously considered, and what impact they could have on you, your family or indeed your business partners and associates. Serious illness, death or disability could place extreme strain on your finances, but those risks can be minimised with appropriate cover. Knowing that your family will be protected in the event of a tragedy provides peace of mind. People retiring today are living longer and fuller lives than ever before. A financial plan will help determine when you can retire, and what action needs to be taken to achieve your retirement goals and enable you to maintain your current lifestyle and enjoy retirement. At One Finance our advisors are Certified Financial Planners ® and have the knowledge and experience required to help you develop a clear understanding of your current situation, and future needs. Contact Martin McDonnell of One Finance to plan your future martin@onefinance.ie  Click Here To Download Our 6 Steps For Financial Planning in 2017 https://www.fdw.ie/services/business-services/ #2017

International Incentive Travel Summit Offers Global Tips for Irish Businesses Wednesday’s International Incentive Travel Summit Offered Global Tips for Irish Businesses interested in #BusinessTourism. Key players in Ireland’s Business Tourism and Events sector gathered on Wednesday at a top level briefing for key players in the MICE industry which is being run in conjunction with the global SITE (The Society of Incentive Travel Excellence) Summit at the Royal Hospital Kilmanham, Dublin. This joint event saw Irish businesses benefit from the Society’s global insights, trends and tips. Infograph Courtesy of Failte Ireland. Among some of the key takeaways for Irish businesses included: Best practices for selling to the MICE Market Inside the Incentive Agency – Understanding the Sales Cycle and Travel Management Programme Future proofing your Business Strategies for success Going above and beyond – enhancing site inspections and Programme operations Travel trends and the future of the MICE industry Stressing the importance of securing the SITE Summit to Ireland, Ciara Gallagher Head of Business Tourism & Events with Fáilte Ireland said: “Securing the hosting of SITE’s Executive Summit was a real coup for Ireland and bringing these key influential leaders within the industry to share their insights and expertise is a real learning opportunity for our business tourism trade. This is the largest educational forum for incentive travel to ever take place in Ireland and it will really assist us in growing revenue from the incentive travel segment and ensuring Ireland’s sustainability as a leading destination.” The theme for the forum ‘Think Global, Act Local’ dovetails with Fáilte Ireland’s own approach to pursuing growth in business tourism. Find out more on Failte Irelands Website #2017

HR CORNER – EMPLOYMENT LAW TIPS AND REQUIREMENTS FOR EMPLOYERS Ensuring your organisation has all the required Employee policies & procedures makes good business sense. Not only does it ensure you maintain control over your choices and decisions but it also protects you against any claims of breach of employment law. The following outlines the do’s and don’ts of disciplinary processes.  It is strongly advisable that all companies, regardless of size, have a disciplinary policy.  It is thereafter, equally important that the policy is followed to the letter during disciplinary proceedings. Here are a few very important do’s that all employers should take heed off when considering disciplining or firing an employee: Do Do refer to your policy and don’t deviate from it Do ensure the employee has a written letter inviting them to an investigatory interview regardless of the situation. All employees are entitled to the right to defend themselves regardless of the misconduct Do ensure the employee has the right to have a witness Do ensure the employee is told of the allegation or reason for the investigation and given a copy of any statements or evidence prior to the meeting Do ensure the investigatory meeting is conducted by a Manager who is aware of the correct procedure and questioning approach Do ensure verbatim notes are taken at the meeting and a copy given to the employee Do ensure that the employee is able to cross-examine witnesses if requested Do ensure you hold a separate disciplinary meeting at a date after the investigatory meeting Do ensure you give the employee notice and the right to have a witness Do ensure a different manager conducts the disciplinary meeting. Do ensure the employee is made aware of all evidence and provided with documentation regarding the allegation Do allow the employee to question information at this meeting Do close the meeting prior to making a decision and inform the employee that they will be advised of the outcome. Do ensure the sanction warrants the conduct and be consistent with all employees. Do give the employee the right of appeal Here are a few things employers shouldn’t do when considering disciplining or firing an employee: Don’t Don’t suspend the employee unless it is justified in your policy Don’t judge the situation in the investigatory meeting. This is purely to gather facts. Don’t use the same manager for judge and jury Don’t keep information hidden from employee Don’t discuss with other workers Disciplinary proceedings can be complex matters and careful planning is essential.  It is advisable to contact a trained specialist for support. If you require advice in relation to any of the above you can contact Áine Fox, FCIPD, UHY FDW’s   Strategic HR Partner on +353 86 380 7206 or aine@hrpartner.ie #2017

Tuesday’s Tip – Maximise How You Use Your Tax Credits Continuing our Tax Credit Series, this week we look at Home Carer’s Tax Credit. The Home Carer’s Tax Credit is paid to families where one person stays at home to mind children, or a dependent relative. In many cases you will automatically be granted the tax credits and reliefs you are entitled to, but if you are entitled to a tax credit such as Home Carer’s Tax Credit, you will have to inform Revenue of your entitlements. Am I Entitled To This Tax Credit? Requirements: The Home Carer’s Tax Credit is only available to married couples or civil partners The married couple or civil partners must be jointly assessed for tax One spouse or civil partner must work in the home caring for one or more dependent person You cannot claim for caring for your own spouse The home carer’s income must be under €7,200 (a reduced tax credit applies where their income is between €7,200 and €9,400) A dependent person is defined as: A child who you are entitled to Child Benefit for A person aged 65 or over A person with a disability who requires care Further information: Carer’s allowance and carer’s benefit are not taken into account when determining the home carer’s income but they are taxable sources of income. You cannot claim the Standard Rate Cut-Off Point for dual income couples and the Home Carer’s Tax Credit. What Do I Do Next? If you think you may be entitled to claim this tax credit and would like assistance, please contact a member of our team on +353 42 933 9955 or email our Tax Manager janejackson@fdw.ie [table id=16 /] #2017

Guest Blog Featuring Joe Lavelle FINTECH INCUBATORS: AN OPPORTUNITY FOR IRELAND? The global FinTech sector has experienced rapid growth with the investment in FinTech start-ups resulting in the introduction of niche technologies producing unique service offerings tailored to specific consumer and business needs. Successful entities have benefited greatly from Government support while the existing large payment sector players are choosing to adapt and work alongside these start-up enterprises with a view to embracing their model and innovative approach by supporting “incubators” to nurture start-up entities through their early stage development. Such initiatives have in many instances also received the support of Financial Regulators such as the approach adopted by the UK Financial Conduct Authority “FCA” who have played a key role in ensuring a practical approach to complex financial regulatory compliance obligations which for these low risk classified start-up Companies can prove to be a major hurdle. Incubators have to date provided startups with invaluable support through mentoring, support services, stakeholder connections and investment in research and development. Developing, testing and researching is key to assessing any opportunity with new ideas taking an average of 100 days to pass through innovation funnels such as that at Visa. Dublin has long been renowned for its commitment to investment and ability to attract research and development opportunities while the Irish English speaking labour force has achieved global recognition for its high degree of skill and expertise in areas such as technology and finance and support services such as IT hosting. The rapid innovation in the FinTech sector presents the perfect opportunity for Ireland to become a significant hub for attracting high potential FinTech Companies. Ireland has successfully attracted technology giants such as Facebook, Google and Airbnb however it has been noted to “lag behind” in its ability to attract and nurture FinTech Companies by failing to adopt a “joined up strategy” that would encompass private business, Government Agencies and the Regulatory Authorities. In a recent interview David Page, Innovation Partner at Visa Europe Collab outlined his views on the important role of FinTech incubators and indicated where the emerging European capitals of FinTech were located. According to Page the established innovation hubs include London, Berlin, and Tel Aviv noting that London has being highly successful in becoming recognised as one of the global capitals for FinTech innovation supported by its practical approach to financial regulation, strong startup community in Tech City, early-stage investors and government support allowing new FinTech businesses to thrive. Israel is widely considered to be the ‘startup nation’, with more startups per capita than any other region globally while Berlin which is seen as slightly different as “a creativity hotspot”. Stockholm is becoming the FinTech capital in the Nordics while there are some exciting startups coming out of Barcelona. This trend indicates the significant opportunity for Dublin to join this innovation race and become one of the leading FinTech Capitals in the world. The strong FinTech incubator presence in London, Tel Aviv, Stockholm and Berlin demonstrates the significant opportunity for Ireland to attract high potential start-up FinTech Companies however, if this is to be achieved, the approach taken by the Government and the Authorities will be a major factor in determining if Ireland will indeed be successful in joining in the emergence of this truly innovative FinTech race which is transforming the way global citizens pay for goods and services by exploring technologies to innovate the payments sector. Joe Lavelle ( joelavelle@pay-reg.com ) is Founder and Director of Cloud Payments. He writes on Fintech incubators and opportunities for Ireland for  www.fintechireland.com . A chartered accountant and payments sector regulatory consultant, Joe also specialises in successfully establishing FinTech entities in Ireland, the UK and Malta as authorised financial institutions. #2017

BREXIT: IRELAND AND THE UK IN NUMBERS Following the vote by the electorate in the United Kingdom (UK) to leave the European Union (EU) in June 2016, the CSO compiled a suite of aggregate tables which describes the relationship between Ireland and the UK in numbers. Here are some of the main points from the report from the CSO. Business: Flows of direct investment into Ireland were €169.8bn in 2015 and the United Kingdom had a disinvestment of €4.1bn. Direct investment flows abroad from Ireland were €149.9bn in 2015 and there was a flow of direct investment into the UK from Ireland of €0.5bn. Irish stocks of direct investment abroad were €815.2bn at the end of 2015 and the UK accounted for 10.9% of this. The stock of direct investment into Ireland was €795.6bn at the end of 2015, of which investment from the UK accounted for 4.6%. The value of Irish residents’ holdings of foreign securities was €1,935bn at the end of December 2014 and UK issued instruments accounted for €343bn, or 17.7%, of the total holdings. The number of persons engaged in Irish owned foreign affiliates was 307,999 in 2014 and 86,180 (28%) were located in the UK. The turnover of Irish owned foreign affiliates was €99bn in 2014 and of this €37.6bn (38%) was in the UK. Trade: Ireland exported €101.8bn in services in 2014 and €18bn (18%) of these exports went to the United Kingdom. Imports of services amounted to €109.4bn in 2014 and €11.4bn (10%) of these imports were from the UK. In 2015 Ireland exported €112.4bn of goods and €15.6bn (13.9%) of these goods went to the UK. The  top 5 categories of goods exported to the UK in 2015 were: Meat & meat preparations (€1.9bn), Medical & pharmaceutical products (€1.5bn), Organic chemicals (€1.0bn), Essential oils, perfume materials; toilet & cleansing preps (€0.8bn) and Dairy products & birds’ eggs (€0.8bn). Imports of goods amounted to €70.1bn in 2015 and €18bn (25.7%) of these imported goods arrived from the UK. The top 5 categories of goods imported from the UK in 2015 were: Petroleum, petroleum products & related materials (€1.9bn), Gas, natural & manufactured (€1.1bn), Miscellaneous manufactured articles n.e.s. (€1.1bn), Essential oils, perfume materials; toilet & cleansing preps (€0.8bn) and All other commodities and transactions (€0.7bn). Wondering How Brexit Will Affect Your Business? Contact UHY Farrelly Dawe White Today For Business Advice. #2017

CYBERCRIME & PROFESSIONAL SERVICES FIRMS CYBERCRIME: Criminal activities carried out by means of computers or the Internet. Cyber threats come in many forms such as Malware, Ransomware, Trojan Horse, Spyware, the list goes on. Research carried out on behalf of Big Red Cloud in 2016 found that 40% of SMEs in Ireland have fallen victim to cyber-attacks leading to theft or loss of company data. In Ireland we have seen a vast increase in the last few years in the amount of attacks on professional service firms. The Central Bank of Ireland warns that regulated financial firms in Ireland are not implementing “sufficiently robust” IT systems and controls and must increase their resilience to technology failures to “minimise the potential impact on their business, reputations and the wider financial system.” The Irish Law Society states that any deficit arising in client moneys held by a practice is the personal responsibility of the partner / principal of the practice, whether caused by a solicitor or staff member, or as a victim of cybercrime.” So what steps can be taken to protect your firm from cyber-attacks? There are many steps firms should be taking to protect themselves and their clients. Every firm should look at their own operations and at how they carry on business to assess what vulnerabilities apply to them and what actions they need to take. Click Here To Download Our 10 Steps To Improve Your Cyber Protection #2017

**Tuesdays Tip – Joint Assessment** For married couples or civil partners, joint assessment is normally the favoured form of tax assessment. Generally, a couple will pay less tax when they are jointly assessed compared to being assessed as a single person. Through being jointly assessed you can allocate tax credits or tax bands to suit your circumstances. If only one spouse or civil partner is working some of the tax credits and lower rate band of the non-working partner are given to the working spouse.  This often creates a greater tax saving. Check your tax credits Check you are using the correct tax credits you are entitled to. You can go to back to The Revenue Commissioners and claim the tax credits you have failed to take advantage of in the previous 4 years. Bands of taxable income: In the case of married couples or civil partners with two incomes, the standard rate band is €67,600 (made up of €42,800 plus an amount of €24,800 which may be transferred between spouses; if one spouse earns less than €24,800 there is a loss of some of the benefit of the higher band. Contact our Tax Team and help us help you with your savings today. #2017

NEW GOODS VEHICLES LICENCED FOR FIRST TIME HIGHEST SINCE 2008 The Central Statistics Office released new figures this month showing the number of vehicles licenced for the first time in 2016 compared with previous years. 2016 showed an increase of 22.6% in the number of new goods vehicles licenced in 2016, the highest since 2008 (See Chart Below) There was also an increase in the number of private cars licenced in 2016 of 17.8% compared with 2015. The number of used (imported) private cars licensed rose by 46.9% to 69,381 in 2016 compared with 47,217 in 2015. This is the highest annual number of used (imported) cars licensed on record. (See Chart Below) When compared with December 2015, the number of new private cars licenced in December 2016 fell by 18.3% to 692. The number of used (imported) private cars licenced in December more than doubled to 6,357. Every county showed an increase in the number of new cars licenced in 2016, with 14 counties having over 3,000 new cars licensed in 2016.  Almost half (47.9%) of all new private cars licenced in the country in 2016 were licensed in Dublin (35.2%) and Cork (12.7%) combined. Read the full CSO statistical release https://www.fdw.ie/sectors/motor-transport-distribution/ #2017

The Start Your Own Business scheme provides for relief from Income Tax for long term unemployed individuals who start a new business. The scheme will provide an exemption from Income Tax up to a maximum of €40,000 per annum for a period of two years to individuals who set up a qualifying business; having been unemployed for a period of at least 12 months prior to starting the business. It runs from 25 October 2013 to 31 December 2018. Who qualifies for this relief? You may qualify for this relief if: You have been unemployed for twelve months or more, and During that period you were in receipt of any of the following: Crediting contributions Jobseeker’s allowance Jobseeker’s benefit The one-parent family payment Partial capacity payment Periods of time spent on certain training courses and schemes will be treated as part of a period of unemployment. If you were entitled to jobseeker’s allowance or jobseeker’s benefit immediately before starting on the training course or scheme, then any allowance paid for attending such a course will be treated as if it were jobseeker’s allowance or jobseeker’s benefit. Examples of training courses and schemes would include FÁS training courses, Community Employment Schemes, Job Initiative and Back to Education Schemes. If you are unsure as to whether or not you qualify as long term unemployed please read the following examples or contact your local Social Welfare office. Example 1 John was in receipt of jobseeker’s allowance for 6 months. He then went on a Back to Education Scheme for 1 month after which he was again in receipt of jobseeker’s allowance for 5 months. He is planning on setting up a new business. Can he avail of this relief? Yes. John has been unemployed for 12 months (6 months + 1 month + 5 months) and has been in receipt of jobseeker’s allowance for that period. Example 2 Joan was in receipt of jobseeker’s allowance for 10 months. She found a job but it didn’t work out and after 2 months working, she is back in receipt of jobseeker’s allowance for the last 4 months. She is planning on setting up a new business. Can she avail of this relief? Yes. Joan’s 10 month period of unemployment is linked to her 4 month period giving her a total period of unemployment of 14 months. Note that this link only exists where the two periods of unemployment are separated by less than 12 months. Are there any restrictions for my business under this scheme? If you qualify for this relief, the restrictions under this scheme are: The business must be set up between 25 October 2013 and 31 December 2016 by a person that qualifies for the relief. It must be a new business and not a business that is bought, inherited or otherwise acquired. It must be unincorporated, that is, it must not be registered as a company. How do I apply for the relief? This relief does not require pre-approval unlike the Back to Work Enterprise Allowance scheme which is administered by the Department of Social Protection. Instead, you claim this relief by completing the relevant section of your annual Income Tax return form each year. For more information about: Self-employment Registering for Income Tax Paying and Filing your annual Tax Return Self Assessment go to: Running a Business . You should note that ROS, Revenue’s Online Service, is an easy way to deal with your tax obligations. ROS even provides you with a calculation of the amount of income tax, USC and PRSI that you owe. If you do not want to use ROS to file your tax return, if you file a paper tax return before 31 August, Revenue will send you a calculation of the amount of tax, USC and PRSI you owe to help you meet your payment obligations. The Start Your Own Business relief only applies to Income Tax; it does not extend to USC and PRSI. USC and PRSI will be payable on any profits earned in the new business. If you would like to further information or would like to discuss any tax matters please contact our Tax Manager, Jane Jackson Contact us on +353 42 933 9955 Or email  janejackson@fdw.ie . For Quick Access of Current Rates, Exemptions and Reliefs Click Here #2017