Dundalk Chamber of Commerce is hosting a highly anticipated ESG & sustainability event, set to take place on Wednesday 12 February, 9am at The Fairways Hotel. Bringing together industry experts and forward-thinking organisations, the event aims to foster meaningful dialogue on Environmental, Social, and Governance (ESG) practices and their role in shaping a sustainable future. The event will be sponsored by UHY Farrelly Dawe White Limited (UHY FDW), one of Dundalk Chamber’s corporate sponsors, a local accounting firm with their head office in Dundalk, and by AIB. There will be engaging panel discussions and presentations on topics such as corporate sustainability strategies, insights into the Corporate Sustainability Reporting Directive (CSRD) and the latest reporting requirements to help businesses stay compliant and transparent. It will also provide a unique platform for networking, collaboration, and the exchange of ideas among business leaders and ESG advocates. (L – R): Tracy Corkey, Audit and ESG Assurance Manager, UHY FDW, Martina Gribben, Audit Director and Head of ESG and Sustainability, UHY FDW, Thomas McDonagh, Dundalk Chamber of Commerce, Conor McClenaghan, AIB, Relationship Manager Business Banking “As a firm deeply committed to supporting businesses in navigating the evolving ESG landscape, we’re proud to sponsor this event," said Martina Gribben, Audit Director and Head of ESG and Sustainability, UHY FDW.  "Events like these are critical for fostering collaboration and equipping organisations with the tools and knowledge needed to embrace sustainable practices and meet regulatory requirements like the CSRD.” Highlights of the event include: Keynote Speakers:  Renowned experts will share their insights and expertise on sustainability in business with speakers from AIB , UHY Farrelly Dawe White, NSAI (National Standards Authority of Ireland), ENSO and Pulse Market . Panel Discussions:  Featuring prominent industry leaders addressing critical ESG challenges and opportunities with speakers from Wuxi Biologics , Enerview Solutions , & Eco Energy Improvements . Networking Opportunities:  A chance for attendees to connect with peers, sponsors, and speakers. Event Details: Date: Wednesday 12 February Time: 09:00 – 12:30 Location: The Fairways hotel, Dundalk Registration is now open. Secure your spot at https://www.dundalk.ie/event/esg-conference-2025/ to be part of this pivotal conversation on ESG and the future of sustainable business practices.

Dundalk, 12 February, 2025 – The highly anticipated ESG & Sustainability in Business event, hosted by Dundalk Chamber of Commerce at The Fairways Hotel on Wednesday, 12 February, proved to be a resounding success. With an impressive turnout of over 100 attendees, the event sparked valuable conversations, facilitated important networking opportunities, and fostered collaboration among business leaders and ESG industry experts. (Back row L – R): Francis Murphy (Dundalk Chamber), Conor McClenaghan (AIB), Michael O'Shea (PulseMarket), James Atherton (Wuxi Biologics Ireland), John McGeown (AIB), Donal Quinn (ENSO), James Stapleton (NSAI) (Front row L - R): Harriet Hodgson-Grove (UHY Hacker Young), Martina Gribben (UHY FDW), Hanna Laatio McDonnell (Dundalk Chamber), Mairéad Dennehy (NSAI), Denise O'Connor (Enerview Solutions) The event, sponsored by UHY FDW and AIB, featured a dynamic panel of discussions and thought-provoking keynote addresses focused on Environmental, Social, and Governance (ESG) practices and their critical role in shaping a sustainable future. Attendees gained insight into essential topics such as corporate sustainability and ESG strategies, standards that can be used to support ESG reporting, and the latest reporting requirements under the Corporate Sustainability Reporting Directive (CSRD). "It was incredible to see such a passionate and engaged group of professionals gathered here today to discuss sustainability in business," said Martina Gribben, Audit Director and Head of ESG and Sustainability at UHY FDW. "With 100 attendees from a wide range of industries, the event underscored the growing importance of ESG practices and how we can collectively work toward a more sustainable future." The event included keynote presentations from experts in the field, including representatives from AIB , UHY FDW , NSAI , ENSO , and Pulse Market . In addition, panel discussions, lead by MC Michael Bellew, Director at UHY FDW, with leaders from Wuxi Biologics , Enerview Solutions , Eco Energy Improvements and UHY Hacker & Young provided valuable insights into the challenges and opportunities businesses face as they implement sustainable practices. At the ESG event, speakers highlighted that while smaller businesses may not be directly impacted by the CSRD, they could still face indirect effects as part of a larger company’s supply chain. Many organisations required to report under CSRD will be seeking suppliers that can provide the necessary ESG data to meet their compliance obligations. This aspect, discussed during the event, highlighted that smaller businesses should begin preparing by understanding their environmental and social impacts, tracking relevant metrics, and aligning with sustainability standards. Proactively addressing these requirements will not only strengthen business relationships but also create new opportunities in an increasingly ESG-driven market. Following this impactful event, businesses should now focus on taking the next steps in their ESG journey. This includes assessing supply chain emissions, enhancing social responsibility initiatives, and strengthening governance frameworks. UHY FDW remains committed to supporting businesses in navigating these complexities and implementing effective ESG strategies. For more information on ESG value chain reporting and how your business can take meaningful action, contact Martina Gribben at martinagribben@uhyfdw.ie .

The world of corporate reporting is undergoing a major transformation, and Environmental, Social, and Governance (ESG) considerations are now at the heart of financial and non-financial disclosures. In Ireland, businesses are increasingly required to integrate sustainability measures into their reporting processes due to evolving regulations such as the Corporate Sustainability Reporting Directive (CSRD) . While some companies see ESG reporting as a compliance burden, the reality is that it presents significant opportunities for business resilience, competitive advantage, and stakeholder confidence. Understanding CSRD and Its Impact on Irish Businesses What is CSRD and Why Does It Matter? The CSRD , which came into effect in January 2023, expands sustainability reporting requirements for businesses across the EU, including Ireland. It replaces the Non-Financial Reporting Directive (NFRD) and introduces more detailed reporting obligations aligned with the European Sustainability Reporting Standards (ESRS) . Key changes under CSRD include: A broader scope, applying to large companies first and eventually to SMEs in the coming years. A requirement for third-party assurance (auditing) of ESG disclosures. Mandatory reporting on environmental impact, social responsibility, and governance structures. A stronger focus on how sustainability affects financial performance and vice versa. Many Irish businesses, particularly SMEs, may assume they are not affected by these new rules. However, ESG reporting has a ripple effect  throughout the supply chain, and businesses of all sizes will need to adapt. This blog series is designed to help Irish businesses navigate ESG reporting with confidence. Stay tuned for deeper dives into specific reporting requirements, value chain impacts, and practical implementation strategies  in upcoming articles. Stay tuned and start your ESG journey today! Book a place at our ESG & Sustainability in Business Event

Making Waves – Client Support in Full Flow The 16th edition of UHY Global magazine is now available to read online . UHY Global draws on current analysis and commentary, including input from UHY’s member firm experts across the international network, to provide insight for today’s global business community. This thought-provoking, upbeat and engaging read explores the issues and challenges of international business, themes you may well be grappling with in today’s uncertain world. Topics explored in the new issue include developments in ESG reporting, managing cross border expansion, the growing dilemma of data management and the shape of professional services firms in the future. Four client stories are featured in this issue – a supplier of river sport equipment and apparel based in the US whose expansion into Europe was supported by UHY firms in three countries (cover story), a rural bank in the Philippines, a supplier of robotic hog barn cleaners for farms and a Central American packaging business. Other content includes a round-up of global news and a celebration of people and firms across our network. You will also find valuable information on the UHY network itself including service and contact listings. The print version is downloadable as a PDF from the online menu bar. Read it now . Read more about A Sustainable Stride Forward in this PDF document. Contact our team with any queries you may have T: +353 42 933 9955 E: info@fdw.ie #2023 #UHY #UHYGlobal #UHYGlobalIssue

As the deadline for Capital Gains Tax (CGT) payments approaches, it is essential for individuals, partnerships and sole traders in Ireland to ensure they are prepared. The key date for your diary is 31st January 2025 , the deadline for paying CGT on chargeable gains made during the period from 1st December to 31st December 2024 . If you have sold assets such as property, shares, or other investments and made a profit during this time, you may owe CGT. As your trusted advisors, we can guide you through what you need to do to stay compliant and avoid unnecessary penalties. What is Capital Gains Tax (CGT)? CGT is a tax on the profit (or "gain") made from the sale or disposal of certain assets. You are only taxed on the gain , not the entire amount you receive. For example, if you purchased an asset for €50,000 and sold it for €70,000, the gain subject to CGT would be €20,000. The current CGT rate in Ireland is 33% . However, there are various reliefs and exemptions available that can help reduce your liability.   When to Pay Your CGT For disposals made between: 1 January and 30 November (the initial period), you must pay CGT by 15 December of the same year and 1 December and 31 December (the later period), you must pay CGT by 31 January of the next year. For disposals made under a written contract, the time of disposal is usually the date of the contract. Key Exemptions and Reliefs Annual Exemption : Each individual is entitled to an annual CGT exemption of €1,270 . This means the first €1,270 of your gains in a year are tax-free. Principal Private Residence Relief : If you’re selling your main home, the gain is usually exempt from CGT, provided specific conditions are met. Entrepreneur Relief : This allows qualifying individuals to pay a reduced rate of 10%  on gains from the disposal of certain business assets, up to a lifetime limit of €1 million. Steps to Take Before the January Deadline Review Your Transactions : Identify any disposals made during the period 1st December to 31st December of the previous year. Calculate the gains or losses for each transaction. Apply Reliefs and Exemptions : Ensure you take full advantage of any applicable reliefs, such as the annual exemption or specific reliefs for certain asset types. File and Pay on Time : Use Revenue’s Online Service (ROS) to file and pay your CGT. Late payments can result in interest charges of 0.0219% per day , and penalties may also apply. Why Early Action Matters Leaving your CGT preparation until the last minute can lead to unnecessary stress and the risk of errors. Early planning allows you to: Fully evaluate potential reliefs. Ensure all documentation is in order. Avoid penalties or interest for late payments. Need Help? We’re Here for You CGT calculations can be complex, especially if you’re dealing with multiple transactions or intricate reliefs. Our team is here to help you navigate these complexities, ensuring your liabilities are accurately calculated and submitted on time. Don’t hesitate to get in touch if you need assistance or have any questions about your CGT obligations. Source: Revenue.ie

The liability date Local Property Tax (LPT), a charge arising from the ownership of a residential property in Ireland falls on 1 November each year. This means that if you owned a residential property on 1 November 2024, your property is liable for LPT for 2025. It is important to note that even if you sell or transfer your property between 1 November 2024, and 31 October 2025, you are still the liable individual for the LPT for 2025. What do you need to do? What actions you need to take for 2025 will depend on whether your property: was liable for LPT in 2024 or has become liable for LPT for the first time in 2025 You should have already valued your property and submitted your LPT return by 2 December 2024. If you have not yet filed your return, you should do so immediately.   Your payment options If you have previously paid your LPT by a non-recurring payment method, you need to make arrangements to pay your LPT for 2025. You will need to access your Revenue property record and choose your preferred payment method for 2025. If you are spreading your payments over 2025, you should have confirmed your payment method to Revenue by 2 December 2024. If you have not yet done so, you should do so immediately. Log into the LPT Portal to make, or arrange to make, your payment online. If you pay your LPT by Direct Debit or Annual Debit Instruction (ADI) and recently changed your banking provider, you should update your bank details for LPT. If you pay LPT by a recurring payment method, this will automatically be carried forward to 2025. Recurring payment methods include: Direct Debit (monthly or annual) Deduction at source from your: salary, wages or occupational pension Department of Social Protection payments Department of Agriculture, Food and the Marine payments.   Payment date If you chose to pay your LPT charge by debit or credit card, your payment will have been processed on the date it was submitted. The date by which you need to pay your LPT charge depends on the payment option you choose when filing your return: January 2025  - phased payments start for deduction at source and regular cash payments through a payment service provider. 10 January 2025  - latest date for paying in full by cash (through a payment service provider), cheque, credit or debit card. 15 January 2025  - monthly direct debit payments start, and continue, on the 15th day of every month. 21 March 2025  - deduction date for ADI payment.   How to determine your LPT liability The LPT charge you incur is based on the valuation of your property as of 1 November 2021. This valuation not only determines your 2025 LPT charge but also remains applicable for subsequent years until any new valuations are carried out or changes to your property occur.   For more information, check out the official guide on Liability for LPT . Source: Revenue.ie

UHY Farrelly Dawe White (UHY FDW) are delighted to announce its continued support of Dundalk F.C. through our proud sponsorship of the club for the upcoming season. As part of this ongoing partnership, we are thrilled to have our logo featured prominently on the back of the team’s new jersey. This collaboration highlights our longstanding commitment to the club, as we have proudly supported Dundalk F.C. in various ways over the years. The new jersey will be available for pre-sale starting Thursday, with delivery expected before Christmas, giving fans the opportunity to wear the team’s new kit in time for the festive season. Our partnership with Dundalk F.C. is a reflection of our shared belief in the power of local football, community engagement and achieving a better future together. “We have had the privilege of supporting Dundalk F.C. for many years in different ways, and we are excited to continue this journey alongside them,” said Managing Director, Alan Farrelly, UHY Farrelly Dawe White. “Being a part of the club’s success story and helping promote local talent is something we are truly proud of. We’re excited for the new season and to see the club rebuild, thrive and grow.” “We are delighted to have our new logo featured on the Dundalk F.C. jersey and we are proud to be featured alongside two other community focused sponsors on the jersey, main sponsor Zoma and also Blackstone Motors.” The sponsorship reinforces our ongoing commitment to grassroots sports and further strengthens the bond between UHY FDW and the local community. With the new manager, Ciarán Kilduff, at the helm, we wish the club all the best for the upcoming season. We also extend our congratulations to the board for their dedication to the club and its supporters. “We are excited for the new season under Ciarán Kilduff's leadership,” added Alan Farrelly. “The future looks bright for Dundalk F.C. and we’re proud to continue our partnership with the team and its loyal fans.” The Dundalk F.C. jersey featuring the UHY logo will be available for pre-order https://shop.dundalkfc.com/   Be sure to place your order and support the team as they head into an exciting new season. For more information about the sponsorship and to purchase the new jersey, visit https://shop.dundalkfc.com/

Organisational change is not easy. According to one survey of workers in the US, employees who experience change at work are more likely to report chronic work-related stress, and more of them plan to leave their organisation within a year*.   As we all know, stressed employees are less productive, and replacing experienced members of staff can be expensive and disruptive. With those facts in mind, it is clear that the better your business handles organisational change, the more manageable and successful that change is likely to be. What do we mean by change? It can mean anything from a merger with another business to implementing a new IT system. It might mean an office move, or a comprehensive restructuring of business teams. Whatever the change, it needs to be handled in a sensitive and collaborative way. The days when senior management could demand change and expect everybody to just get on with it are well and truly over.   Change Requires Trust The key to successful change is trust, the key to trust is communication, and the key to effective communication is clarity of purpose.      Articulate your goal Change is disruptive. It will impact the working lives of your employees, and just the prospect of change can lead to confusion and anxiety. To counter that, explain in detail and well ahead of time what the purpose of the change is, and what it will mean for the business. Then dig deeper – articulate the benefits of the change at the department, team and individual level. Help colleagues to understand the benefits of a successful change and the positive impacts on them.   Stress the importance of collective action When change projects fail, it is often because employees do not have any immediate input into the change process. By contrast, when staff take ownership of change they are more likely to commit to its success. Stress the need for collective action, involve all relevant employees at the planning stage and then for the entirety of the change process, and give key members of staff specific roles and responsibilities.   Invite debate Not everyone will agree with what you want to do or how you intend to do it. You need to take these opinions on board. Discussion and debate is healthy, and may actually lead to a better project. Outside consultants can be helpful, but employees who have insider knowledge on specific obstacles to change in your organisation – and ideas on how to do things more effectively – are invaluable. Create project-specific communication channels and give your teams the opportunity to critique, debate and smooth the path to change.   Keep talking One mistake organisations often make is to offer opportunities for discussion and feedback at the start of a change management process, but not thereafter. By keeping the channels of communication open you are more likely to get early notice of upcoming roadblocks or growing staff frustration. People who have experienced the first phase of a large project will be in a better position to suggest ways of making the following phases flow more easily.   Slice large projects into smaller chunks Working towards a distant goal can be demoralising – so split projects into sections and bring goals forward. Large change projects may naturally divide into multiple phases with distinct milestones. Even if they don’t, create milestones with interim goals to your overall objective and celebrate the successful completion of each phase. When a milestone is reached, recognise the achievements of those who contributed.   Accept setbacks Inevitably, there will be challenges. When activities do not go to plan, accept it, learn from it and move on. Trying to hide challenges will only frustrate employees who are working valiantly to overcome them. Be transparent and open to fresh suggestions, whether a project is going smoothly or not.   Be sensitive to changes in culture Change can have a significant impact on the culture of an organisation and individual teams. It can make people uncomfortable and less responsive to the challenges ahead. Be aware and be ready to listen and respond if you detect a rise in tension or if an employee raises an issue that requires focused, positive action. Change is a reality for businesses of all sizes, and how effective organisations are at managing it can make the difference between survival or decline. At UHY we try to embrace change in an open positive way, which means we can always be receptive to new methods of working – an approach that has served our member firms and their clients well.   Strong, Focused Leadership None of this will happen without strong, focused leadership. It is up to your leadership team to create a culture of change that prioritises collaboration on the path to a common goal. Positive change is essential as firms evolve to meet new challenges and grasp new opportunities, so learning to manage change effectively is the key to future-proofing your business. * https://www.apa.org/news/press/releases/2017/05/employee-stress

The adage that businesses develop, or die has always been true, but the phrase feels especially fitting during a time of rapid technological change.   In accountancy, that change is clear to see. We are witnessing the replacement of labour-intensive manual activities with automated workflows at a dizzying speed. Many entry-level bookkeeping tasks have already been taken over by computers. With the growing sophistication of machine learning and AI, technology will soon be creeping into some higher-level functions, too. Master technology for better service How do we respond to this new technological revolution? One way is to make sure we are using new applications as effectively as possible, so we can give our clients the most professional and efficient service. At the same time, we have to acknowledge that the automation of even routine functions is likely to be disruptive. AI and machine learning tools have the potential to increase competition and reduce revenue in a number of areas. Clients may choose to take some easy-to-automate activities in house. If not, more and more competitors – and not necessarily accountants – will be bidding for the work, and fees are likely to fall. So, we must continue to offer a complete range of services, and make sure our teams have the skills they need to adopt new technology and use it in the most beneficial way. And our ability as accountants to adopt new technologies and still to maintain the personal, client engagement is what often sets UHY member apart from many competitors. But we also have to adapt, which means developing new service lines that create added value for clients, make full use of our spectrum of skills and are not in danger of becoming obsolete. Accountants have the skills to evolve As accountants, we are lucky to have a number of potential paths to follow. Different UHY member firms have already expanded their service line offer to include non-financial auditing and reporting (especially in regard to sustainability and ESG), cybersecurity assessments and management consultancy. Adding business advisory services to technical accountancy skills is a logical step for many firms. But a logical step is not necessarily an easy one. Developing new service lines demands detailed research and planning – it is by no means a quick win. The first step is a shift in mindset. As an industry, we should be talking about offering new solutions rather than services, based on in-depth knowledge of what our clients need. That means researching the local market (because challenges in one jurisdiction may be different from those in another), polling current clients about the issues they face, and scanning the horizon for emerging threats and opportunities. At its most basic level, we are talking about the need to develop a customer-centric culture, rather than one focused on service delivery. Firms need to be agile enough to create solutions tailored to the needs of individual clients, rather than offering the same limited range of off-the-shelf accountancy services to everyone who walks through our (physical or virtual) doors. This important flexibility is best achieved by developing an agile base of technical and value-add services that can be mixed and matched to create complete client solutions. Getting ahead of the curve None of this happens overnight. At a practical level, colleagues need to be trained. If you want to offer ESG auditing as part of a rounded solution, you need to have ESG specialists in house or a very good relationship with an external contractor. UHY leads the way on joined-up thinking towards developing a cohesive network of accessible experts providing solutions for our clients. For every new service line, processes need to be clearly mapped and rigorous feasibility testing put in place. Considerable thought needs to be given to the ‘how’ and ‘who’ of service delivery, as well as the ‘what’. It is imperative that nothing is offered to clients before it is ready. Everything from the technicalities of new services to the way you want to talk about them as a business should be in place before they are presented to clients. Do not throw away years of accumulated goodwill because of one poorly designed or hastily implemented service line. The good news here for clients is that forward-thinking accountancy firms are already ahead of the curve. Throughout the UHY network, member firms are accumulating the skills, knowledge and technology to become business advisors and strategic partners as well as technical accountants. New client-focused solutions that combine accountancy and advisory services are coming on stream. UHY is embracing its future so we can help our clients embrace theirs.

Say hello to our new look... UHY Farrelly Dawe White adopts new global branding amid 25% staff growth   UHY FDW has introduced a new visual look as all UHY branded firms worldwide unite under one global brand identity. UHY, ranked in the top 20 networks worldwide, has member firms in 96 countries, employing over 9,700 people.   Managing Director Alan Farrelly said that UHY is an agile, people first business, driven by innovation and global perspective. “That’s why it’s time for all UHY branded firms worldwide to unite under one global brand identity,” he added.   “While our brand’s visual identity - logo, colours, website etc - has transformed, nothing changes day-to-day. Our purpose – ‘Achieve a Better Future Together’ - remains unchanged.   “UHY clients will continue to work with the same teams and receive the same expert service. What’s new is a visual identity that represents the bold, modern firm we have become today,” Farrelly stated.   In tandem with the rebrand, UHY FDW is also launching a new website, uhyfdw.ie .   According to Farrelly, the green colour in the new UHY FDW corporate branding symbolises strength, prosperity, and growth.   “Our choice of green also reflects our commitment to ESG principles, which are the foundation of the responsible and prosperous future we are building for our clients, teams and communities,” Farrelly explained.   UHY FDW is led by a team of eight directors and employs over 75 people. Several of the principals have a ‘Big 4’ background, and the firm provides services to a diverse portfolio of clients which includes several large local and international groups.   Winner of Best Professional Service Award at the recent Louth Business Awards 2024 , UHY FDW currently act as auditors to over 250 companies in Ireland and the UK.   “We are proud of our accomplishments but even more excited about the growth and opportunities that lie ahead,” said Farrelly. “As we continue to expand, we want UHY to be recognised not only for our expertise and service levels but also for our positive and proactive embrace of wellbeing, ESG, and Equality, Diversity and Inclusion.”   UHY FDW is recognised by ACCA as a Gold Accredited employer and last year launched a new Corporate Advisory department.   “We invested in a leading professional in the field, to join the board of directors, specialising in corporate advisory services. Over the last 12 months he has built a team of professionals who have advised on deals valued at over €100m. “   “This director-led team of three seasoned experts is dedicated to providing bespoke advisory services that address the complex and evolving needs of our corporate clients,” said Farrelly.   Farrelly added that the past year UHY FDW has increased headcount by 25% and experienced significant growth in the charity and not for profit sector.

Are you facing tough decisions about the future of your business, whilst trying to plan for a peaceful and happy retirement? As clients approach retirement and begin planning for the future of their business, they have many questions about the options available to them that will allow them exit from their company whilst unlocking its value in a tax efficient way. Liquidation can often present as a strategic option—especially when there’s no successor or potential buyer in place. This option requires careful navigation of the liquidation process, particularly when it comes to Capital Gains Tax reliefs. In this blog, will explore the key reliefs available to retiring shareholders, which we discuss with clients when guiding them through a liquidation. Tax Considerations When a company is liquidated, the distribution of assets or cash to shareholders is treated as a disposal or part disposal of the shareholder’s shares, which are considered chargeable assets for Irish Capital Gains Tax (“CGT”) purposes. This distribution is classified as a capital distribution, meaning Irish CGT may apply if the proceeds received from the disposal exceed the base cost of the shares. In such cases, two key Irish tax reliefs can help reduce the Irish CGT liability: Revised Entrepreneurial Relief; and Retirement Relief. These reliefs are particularly relevant in liquidation scenarios, offering shareholders potential tax savings when winding down the company and distributing its assets. Revised Entrepreneur Relief A common question is whether Entrepreneurial Relief applies during a company liquidation, a scenario not explicitly covered in Irish tax legislation. Generally, capital distributions made to shareholders during liquidation do not qualify for relief, as the company is typically not considered a “qualifying business” at the point of liquidation. Even when a liquidator is appointed, the company may not be actively trading or may have significantly reduced its operations. However, Irish Revenue offers a limited concession in its CGT Tax and Duty Manual. They state that relief can apply if the company was conducting a qualifying business until the liquidator’s appointment and if the liquidation is completed within a reasonable timeframe. Specifically, if the liquidation is finalised within two years of the liquidator’s appointment and the company was still trading up to the point of the liquidator being appointed, relief may be available, provided all other conditions are met. Notably, this concession does not apply to holding companies, as they do not operate a qualifying business before liquidation. Retirement Relief There are two types of Retirement Relief, depending on whether you dispose of your business or farm to your child or someone outside your family (such as a liquidation). Normally for the relief to apply your company must be a trading company. However, Section 598(7) of the Taxes Consolidation Act 1997 (“TCA 1997”) specifically provides for Retirement Relief to apply in the case of a liquidation. The following conditions must be met to qualify: The disposal must be made by an individual, not by a company. The disposal must involve qualifying assets, such as business assets or shares in a family company. The qualifying assets must have been held for at least 10 years immediately before the disposal. The individual must be aged 55 or older, with relief reduced if they are over 70. In the case of family company shares, the individual must have served as a working director for at least 10 years, with at least 5 years in a full-time capacity. Relief may apply to holding companies in certain circumstances unlike entrepreneurial relief above. In the event a company’s liquidation distribution consists solely of assets, without any cash or if the proceeds exceed €1 million, Retirement Relief and marginal Retirement Relief may not apply. The appointment date of the liquidator is often considered the effective date for the disposal of chargeable business assets, meaning any assets held on that date will be included in the disposal. Revenue provides a concession, however, allowing assets sold within six months of the date of the liquidator’s appointment to be included in the calculation of chargeable business assets. This applies to both business and non-business assets. However, since this is only a concession, it’s important to handle these situations with caution.   At UHY FDW, we offer expert guidance on the tax implications and planning strategies for company liquidations. With a deep understanding of the tax considerations during liquidation, and many years of experience providing these services, we are well-positioned to ensure the process runs smoothly and efficiently. It can take time to implement an exit strategy such as a liquidation but with proper planning, a liquidation can be structured and timed to maximise tax efficiency. If you need support with planning your retirement, our team is ready to assist, simply reach out to us using the form below.

Budget 2025 was announced today, Tuesday 1 October, by the Minister for Finance, Jack Chambers. Ahead of a general election in 2025, Budget 2025 provided a crucial chance for the Government to aid businesses and individuals grappling with rising costs in recent times. With a Budget package of €10.5bn, workers and households emerged as the primary beneficiaries with a “something for everyone” approach. While there was some support for private businesses, it lacked substantial tax measures to help them manage increasing costs, regulations, and complexities. More pro-growth initiatives are necessary to encourage entrepreneurship. Budget 2025 also sought to boost Ireland’s competitive position on the global stage and address infrastructural limitations amid global uncertainty and competition for inward investment. Budget 2025 contained significant additional investments in housing, energy and transport which are very welcome announcements however there is much more to do that will require the ongoing commitment from the next Government. Check out our in-depth Budget 2025 Summary to find out how Budget 2025 will affect you and your business. There may be further changes in the Finance Bill next week, so ensure to keep an eye out for further updates from our team. If there are any items you wish to discuss with our team, just give us a call on +353 42 933 9955 or email info@fdw.ie