Budget Summary On 08 October 2018, The Minister for Finance Paschal Donohoe introduced the budget and spending measures proposed for 2020. Find out what new measures were announced and how they might affect you and your business. We have a video to view with a brief summary or an in-depth Budget Highlights download available. Contact our team with any queries you have +353 42 933 9955 or info@fdw.ie Watch our Video Highlights Download our Budget 2020 Highlights Contact our Tax Team Today Call Us +353 42 933 9955 Email Us info@fdw.ie #2019 #Budget #Budget2020 #BusinessinIreland

• UHY Farrelly Dawe White Limited (UHY FDW) expands their offering with the addition of Darren Connolly and Alison Gray UHY FDW has announced that it has expanded its team of professionals with the addition of Darren Connolly and Alison Gray formerly of BCK, an accounting firm located in Dublin that services a diverse range of clients. UHY FDW Managing Director, Alan Farrelly, comments “We are thrilled to welcome Darren Connolly and Alison Gray to the UHY FDW family. Darren and Alison have developed strong relationships with their clients over the years and we share a common vision of providing excellent client service every time.” “We welcome the expertise they will bring to UHY FDW, adding to our already strong team. This expansion will allow us to enhance our services to our existing and new clients through our combined capabilities and specialisms.” Michael Bellew, Director with UHY FDW comments, “For UHY FDW these additions are in line with our ambitions for the firm. UHY International is continually expanding globally and is now located in more than 300 major business centres in over 100 countries. We want to remain one of the top accounting firms in the Irish market and will explore all opportunities for growth across Ireland and beyond.” UHY FDW is an independent member of UHY, the 16th largest international audit, accounting, tax and consultancy network nationwide. This expansion increases our team to over 75 across offices in Dublin city, Balbriggan, Dundalk and Newry. Darren and Alison will move from their current location to our Dublin offices. Richard Berney commented, “This expansion has resulted in upgrading our Balbriggan office, as the majority of the team joining UHY FDW will operate from this location. We have also opened a new office at 4 Waterloo Road, Dublin, where a number of our team will be based. Darren Connolly comments, “We are excited to be part of a global organisation by joining UHY FDW, the Irish member firm of the UHY network. This move provides great opportunities for clients and our team. We look forward to expanding services to clients and are excited at the opportunities and resources available to our clients and team from an international network.” Alison Gray, also commented, “We share common values and visions with UHY FDW and I am confident this move will benefit our clients and our team.” UHY FDW will continue to provide the same high quality professional services to our current, new and future clients. Please contact a member of our team for more information. +353 42 933 9955 info@fdw.ie #2019 #UHYFDWTeam

In this issue of UHY Global we look in detail at: A NEW WORLD ORDER? IN NEED OF CHARITY INNOVATIVE AFRICA SUCCESS AND SUCCESSION View UHY Global Issue 8 #2019 #BusinessAdvisory #UHYGlobalIssue

In our Summer 2019 issue: Our Summer issue contains various interesting tax articles including: Cash In On Tax-Free Savings! IHT: Is Your Property ‘Related’? Business Loan Write-Offs: Not All Bad News? Marriage allowance Are the costs associated with having an empty rental property tax deductible? Are tax books an allowable tax deduction? Read the Summer Newsletter #2019 #UKNI

Do you have a Cyber Security Plan? 1 in 5 small businesses will suffer a cyber breach this year 81% of all breaches happen to SMBs 97% of breaches could have been prevented with today’s technology and best practice We have partnered with Sync IT to help you make your business secure. Talk to us about how we can help you protect your business against a cyber attack. Download the brochure Contact our Team Thomas McDonagh thomasmcdonagh@fdw.ie Brendan Rogers brendanrogers@fdw.ie Call: +353 42 933 9955 #2019 #Cybersecurity #UHYFDWTeam

Owners and occupiers of Commercial Property are entitled to tax relief (capital allowances) on certain assets within buildings under current tax legislation. Our specialist Capital Allowances Team can ensure your tax relief claims are both optimised and professionally managed. Read our brochure for more information. Contact Niall Donnelly, our Head of Corporate Tax Structuring, to discuss this service or any other tax queries you may have. Download the brochure #BusinessinIreland #2019 #CaseStudy #GrantScheme #TAX

Go-2-Tender Workshop – Dublin North Event Details Title: Go-2-Tender Workshop – Dublin North Date(s): 13th & 27th June 2019, 9.00am – 5.00pm Venue: Maldron Hotel Dublin Airport Price: £85/€100 per person About the Event Go-2-Tender is an InterTradeIreland programme which has been developed to give SMEs the confidence, knowledge and practical skills to tender successfully for public sector contracts in their own jurisdiction and on a cross-border basis. The programme is geared towards SMEs who are new to tendering or who want to improve their basic tendering skills. The course consists of a two day workshop and a half day of mentoring. This mentoring may be extended by up to 2 additional days and all mentoring is delivered by an experienced consultant to assist with tender development. This is a two-day workshop which will take place on 13th and 27th June 2019. The workshops will be held at the Maldron Hotel Dublin Airport, Corballis, Dublin, K67 T6P6. There are more upcoming workshops throughout the country if you are interested in attending. Find out more course details here #2019 #Events

• Duties now cost 1.24% of $8.3tn in G8 imports • ‘Trump tariffs’ on steel, aluminium could see duties rise even further The cost of customs duties in G8 countries rose 4% last year from $99 billion to $103 billion, even ahead of the global ‘trade wars’, shows a new study by UHY, the international accounting and consultancy network. The G8 countries’ import duties now amount to 1.24% of their approximately $8.3 trillion in annual imports. UHY studied 20 countries around the world, calculating the value of their imports and the cost of duties on those goods and services (see chart below). There is potential for the cost of tariffs to rise even further in the coming years due to the effects of global trade wars. In 2018, the United States introduced tariffs on a range of imported goods including steel, aluminium, washing machines, solar panels, and 818 categories of goods from China. Several US trading partners have since responded by imposing retaliatory tariffs on imports from the United States. This has raised fears of a trend towards protectionism, which would increase costs for businesses and consumers worldwide. UHY’s research shows that the biggest rise in the revenue from duties among major economies was seen in China, which registered a 26% increase from $37.8 billion in 2017 to $47.7 billion in 2018. China is one of the countries that levied retaliatory tariffs on US imports in mid-2018. However, the two countries agreed to postpone planned mutual increases in tariffs from 10% to 25% following talks in December. US duties cost increased by 6.7% from $62.3 billion in 2017 to $66.5 billion in 2018. On several occasions, President Donald Trump has raised the prospect of the ‘Trump Tariffs’ policy being extended further. This could affect US car manufacturers who build vehicles in Mexico, as well as European carmakers. Rick David, Chairman of UHY, comments: “In an increasingly globalised economy, a trade war could affect both businesses and consumers.” “If trade disputes cannot be resolved by negotiation and result in substantially increased tariffs, there could be an impact not only on the cost of goods, but also economic growth and employment.” Clive Gawthorpe, Partner at UHY Hacker Young in the UK, comments: “The UK is in a very precarious position when it comes to trade deals and tariffs, as it prepares to leave the European Union, the world’s largest trading bloc.” “Some politicians had suggested that the UK would have dozens of trade deals already in place by the time it leaves the EU, but that seems to have been challenging to deliver in reality.” “A no-deal exit from the EU could prompt the Government to waive customs duties on some imported goods, to prevent businesses and consumers from being exposed to a steep rise in costs.” UHY says that Israel is one country that is seeking to decrease the impact of customs duties, following a 14% increase in the cost of duties from $2.5 billion in 2017 to $2.9 billion in 2018. Kobi Shtainmetz, Partner at UHY Shtainmetz Aminoach & Co in Israel, says: “Israel is looking to buck the global trend towards increased barriers to trade that has emerged in recent years. The Israeli Finance Ministry plans to abolish customs duties entirely on a range of household items, at a cost of around $1 billion per year.” “That is in addition to expanding trade deals, such as an exemption on customs duties for vegetable imports from Turkey.” Thomas Wahlen, Partner at UHY Wahlen & Partner in Germany, says: “There is a lot of uncertainty in the EU about potential future tariffs with the UK.” The biggest rise in the cost of duties among major economies was seen in China, which registered a 26% increase from $37.8 billion in 2017 to $47.7 billion in 2018 Please contact our Dundalk Tax Manager Jane Jackson or a member of our Tax Team for more information. Jane Jackson Tax Manager +353 42 933 9955 janejackson@fdw.ie #2019 #Custom #TAX

Planning for Brexit… Revenue have recently issued an e-brief advising on important steps that businesses that export goods into, import goods from or move goods through the UK should take to prepare for Brexit. It is important that businesses involved in such exports and imports obtain an EORI number – this is a customs registration number. UHY FDW can assist you in obtaining this EORI number from Revenue using the Revenue Online Service. If you move goods to, from or through the UK, please contact us so that we can register you for customs, if you have not already done so. Check out our Be Brexit Ready service offering Please contact our Dundalk Tax Manager Jane Jackson or a member of our Tax Team for more information. Jane Jackson Tax Manager +353 42 933 9955 janejackson@fdw.ie #2019 #Brexit #Custom

The Department of Finance has confirmed that the valuation date for LPT would be deferred from 01 November 2019 until 01 November 2020. The last valuation date for properties was 01 May 2013. There will therefore be no increase in LPT bills until 2021. According to the Department, due to there being “geographically uneven increases in residential property price levels”, further consultation is required to ensure stability for all taxpayers and also that increases should be modest and affordable. The Department also wishes to make sure that the LPT system remains as simple as possible. Please contact our Dundalk Tax Manager Jane Jackson or a member of our Tax Team for more information. Jane Jackson Tax Manager +353 42 933 9955 janejackson@fdw.ie #2019 #Property #TAX #Tax2020

Please note that there will be an increase in RPN’s for employers from the week commencing Monday 8 April 2019. This is because Revenue will be updating employee records over this first weekend in April to take account of the increase in Social Welfare payments. The payments affected are Illness Benefit, Maternity benefit, Paternity Benefit and pensions, and the increase came into effect from Monday 25 March 2019. If you have any questions regarding the above, PAYE Modernisation or any other payroll matter please contact our Payroll team who will be happy to discuss the options available to streamline your payroll. Please contact our payroll team for more information. payroll@fdw.ie +353 42 933 9955 Jane Jackson Tax Manager +353 42 933 9955 janejackson@fdw.ie #2019 #Payroll

Since 1 January 2019, Revenue has received payroll information (pay and statutory deduction details) from over 153,000 employers. This includes agents submitting information on behalf of over 94,000 employers. Under Regulation 10 of the Income Tax (Employments) Regulations 2018 an employee’s pay and deductions must be submitted to Revenue on or before the date of payment. These details are used to populate monthly statements which are available on the Revenue Online Service (ROS) by the 5th of the following month. Employers can accept this statement as correct or submit correcting payroll data before the 14th of that month at which time the statement is deemed to be the statutory monthly Return. Full details of these obligations are set out in Tax and Duty Manual Employers’ Guide to PAYE. In a small number of cases, payroll information was not submitted until after the end of the month. This is not sufficient and does not meet the statutory requirements. Employers (or agents acting on their behalf) are required to submit the payroll information on or before the date payments of emoluments are made. Revenue will continue to provide assistance to any employer who is experiencing genuine difficulty in complying with the modernised PAYE system. However, employers who fail to engage with Revenue or who persistently breach the PAYE Regulations should be aware that they are subject to a €4,000 penalty per breach under section 987 of the Taxes Consolidation Act 1997. If you are experiencing any difficulties complying with the new obligations or have any questions regarding PAYE Modernisation please contact our Payroll team who will be happy to discuss the options available to streamline your payroll. Please contact our payroll team for more information. payroll@fdw.ie +353 42 933 9955 Revenue eBrief No. 052/19 13 March 2019 Jane Jackson Tax Manager +353 42 933 9955 janejackson@fdw.ie #2019 #Payroll #TAX