Ireland’s Future Manufacturing Industry The manufacturing industry in Ireland is a crucial component in the Irish economy. In terms of employment, the sector employs 159,000 people between 4,000 manufacturers across Ireland. In addition to being the second largest employer in Ireland, the manufacturing industry has a net export figure of over €45bn and is an important source of revenue for the country. In 2016, Ibec launched the Irish Manufacturers Association (IMA) with an ambition for Ireland to have an international reputation for manufacturing across all key sectors through sharing best practise, developing deeper cross sectoral collaboration, choosing policies that strengthen our workforce and addressing business costs. The Irish Manufacturers Association (IMA) is an umbrella association drawing from Ibec’s Food and Drink, Pharmachemical, Medical Technology, ICT, Software, Plastics and Engineering sectors to engage with industry and government. One of the main areas of focus for the IMA association is ‘The Factory of the Future’. There is an awareness within the industry of how important advancements in technology are and more importantly, the adoption of new technologies, for continued growth in the industry. One key aspect of the ever-evolving manufacturing industry is the adoption of automation. Industry 4.0 is the direction of manufacturing globally. Industry 4.0 uses technologies such as digital fabrication, the Internet of Things, cognitive and cloud computing, robotics and artificial intelligence to make manufacturing “smarter”. Currently, Industry 4.0 has been adopted by 35% of companies, in five years it is said to rise to 76%. The future of manufacturing is heavily rooted in investment and developments in technology and Ireland is shaping itself to be at the forefront of this industry. The implementation of Industry 4.0 in Ireland will be aided by the developments of assisting industries like artificial intelligence and the Internet of Things. Artificial Intelligence (AI) is becoming a more dominant force in the manufacturing industry and the global economy. According to a research study from Microsoft, within the next three years, 75% of executives said that their companies will implement artificial intelligence. The artificial intelligence industry itself is developing, with 61% working within that space having received funding. AI is not bound on just the manufacturing industry. Global robotic specialists have built a humanoid robot that can move, listen and interact with humans. With the ability to ‘amplify our brainpower’, this robot powered by IBM Watson is also set to revolutionise other data-heavy sectors, including telecommunications, oil & gas, education and professional services. Read our article: ‘Why Artificial Intelligence Is Good For Us’ Sources:  Irish Times , IDA Ireland , Forbes , IBEC , CSO , strategy-business.com If you have any queries on this or any other tax matter contact our tax team: Jane Jackson, Dundalk +353 42 933 9955 janejackson@fdw.ie Mairead Rooney, Balbriggan +353 1 849 1633 maireadrooney@fdw.ie Email Call Request a Call Back From Our Team #2017 #BusinessinIreland #Manufacturing

UK Autumn Budget 2017 Highlights The UK Autumn Budget 2017 was presented on Wednesday 22 November 2017 by the Chancellor Philip Hammond. Watch our UK Autumn Budget 2017 video which highlights the main points from the Budget. Here are some of the points covered: Stamp duty will be abolished for first-time buyers purchasing properties worth up to £300,000 The higher-rate tax threshold will increase to £46,350 The tax-free personal allowance on income tax will rise to £11,850 in April 2018 The VAT threshold for small business will stay at £85,000 for two years Government will explore tax breaks for landlords who offer longer-term secure tenancies Click here for more in-depth information and to download a detailed Budget Summary from our UHY International member firm based in the UK, UHY Hacker Young. If you have any queries, contact our Tax Manager today! Jane Jackson, Dundalk Office janejackson@fdw.ie +353 42 933 9955 Email Call Request a Call Back From Our Team #2017 #UKNI

Some of the Big Business News Stories From the Last Few Days EU’s Barnier Warns U.K. on Bank Passporting and Irish Border The European Union’s chief Brexit negotiator Michel Barnier set out a series of red lines for the U.K., warning that banks would lose passporting rights and demanding a “specific solution” for Northern Ireland. “The legal consequence of Brexit is that the U.K. financial-services providers lose their EU passport,” Barnier said at a conference in Brussels on Monday. On the Irish border issue, he said: “Some in the U.K. say that specific rules would endanger the integrity of the U.K. single market but Northern Ireland has specific rules in many areas that are different.” Read the full article: Bloomberg.com CarePlus pharmacy to create 70 new jobs After months under wraps, LinkedIn has thrown open the doors of its new European headquarters in Dublin. The social networking site has been in the Irish capital since 2010, when it started with just three employees in the city. Now it has more than 1,200. Read the full article: Independent.ie Owner of Dublin-based Tour America Mary McKenna scoops ‘Woman of the Year’ award Tour America MD Mary McKenna was named overall Woman of the Year at the inaugural everywoman in Travel Awards. The Dublin woman scooped the impressive accolade at the event which celebrates the contribution women make to the multi-billion-pound travel industry. The overall Woman of the Year Award recognises “an extraordinary woman whose passion, success and accessibility makes her an exceptional role model and a great industry ambassador”. Read the full article: Independent.ie Ennis-based CupPrint to add 15 jobs through expansion Ennis-based company CupPrint, which manufactures compostable cups for markets across the world, has announced an expansion that will add 15 staff. It will bring the number of employees at the firm in Ennis to 120. The company, based at Ballymaley Business park in Ennis, is expanding its eco-friendly cup production facility and is embarking on the production of two new products; reCup and the Frugalpac Cup. Read the full article here: RTE.ie Zevas announces 50 new jobs for Cork Zevas Communications last week announced the creation of 50 new jobs in Cork. Zevas Communications, established in 2001, is a privately owned provider of outsourced customer contact solutions. The company serves a cross section of industry verticals, from Telecommunications to Financial Services across European and North American markets. The 50 new positions to be filled immediately, are as a result of Zevas’ sustained growth and development strategy, resulting in winning two new contracts with international global digital technology companies. Read the full article: Businessworld.ie Read more on our blog Email Call Request a Call Back From Our Team #2017 #LatestTopics

UHY Capability Statement 2018 An annual publication showcasing the breadth and depth of UHY member firms’ services and cross-border business development capabilities presented through a series of client case studies. This edition includes six case studies featuring a range of international clients across a variety of market sectors: engineering, financial services, health sciences & biotech, leisure and media & communications. Read Here #2017 #CapabilityStatement #UHYGlobal

NIFX – 7 Reasons Why Sterling Is Undervalued NIFX is a specialist foreign exchange provider built on decades experience, innovative technology, and a dedication to providing a highly-professional and effective service to Northern Ireland businesses. With NIFX you get a transparent solution to currency transfers. You have access not just to Euro and US Dollars but to over 100 currencies. You are aligned with state of the art foreign exchange management software which can be integrated into your own system or used on a standalone basis. Whether it’s live dealable online spot rates or the old-style telephone medium – either way NIFX deliver first-class spot and forward rates with an extremely efficient settlement. Stephen O’Hare: “This brochure is a straightforward synopsis of where the foreign exchange markets are trading currently and likely to trade – notwithstanding the ebb and flow of Brexit negotiations. However, as a Corporate Treasurer I understand that forecasts are not the panacea to managing currency risk; they can only assist a currency strategy and policy.” Download their brochure here Read more about NIFX NIFX stock finance lending solution gives you flexible credit to finance international and domestic purchases, so you never miss an opportunity to grow your business. For further information, please contact: Stephen O’Hare NIFX Limited 8 Ballynahinch St Hillsborough Co. Down BT26 6LB +44 (0)28 9268 3036 stephen@nifx.co.uk Have you seen the full UHY FDW Service Suite Audit & Assurance Tax Advice & Compliance Insolvency Business Advisory Payroll Services Corporate Compliance Corporate Finance Forensic Accounting Request a Call Back From Our Team #2017 #UKNI

These guides reflect the commitment of UHY member firms to providing outstanding real estate advice and offers the possibility for clients and members to connect directly with property experts in each country, identified in the guide. Given the scope and complexity of each individual country’s laws and regulations, this publication should be viewed as a tool by which readers may first become familiar with the issues involved. This guide reflects the commitment of UHY member firms to providing outstanding real estate advice and offers the possibility to connect directly with experts in each country, identified in the guide. The UHY global real estate guide has been developed to provide property investors with information on rules and regulations from over 70 countries featured in the guide, covering areas such as real estate regulations (e.g. deduction of expenses and interests), tax rates (e.g. VAT, wealth tax and inheritance tax) and also touches on some tax planning techniques. View our Real Estate Guide 2017 document #2017 #BusinessGuide #BusinessinIreland #RealEstate

Finance Bill Finance Bill 2017 was published on 19 October 2017. As always, the Finance Bill contains a number of measures that were not announced in the Budget 2018 speech of the Minster for Finance, Paschal Donohue. The following are some of the measures detailed in the Finance Bill 2017: Employees of health insurance companies who get free or reduced cost health/dental insurance policies from their employers will have to pay tax on the benefits, which the Finance Bill 2017 proposes to treat as “emoluments of employment”. Payments under the OPW voluntary homeowners relocation scheme – which provides financial support for people to move from houses in areas prone to flooding and build new ones on land that does not flood – are to be exempt from Capital Gains Tax. An update of PAYE legislation will “clarify the manner in which a tax liability is to be calculated where it has been identified that a payment has been made to an employee without the operation of PAYE”. This is to clamp down on employers who do not declare employees for PAYE. To discourage employers, the measure will provide for the money they pay to staff to be treated as if PAYE had been deducted and allow for the payment to be re-grossed “to calculate the amount of income tax, USC and PRSI due”. A provision for accelerated capital allowances for energy efficient equipment – designed to improve energy efficiency among companies and sole traders (as part of efforts to meet climate change requirements) – is to be extended for a further three years (to 2020). It was originally supposed to end in December. The Knowledge Development Box regime had a loophole in it; currently the legislation restricts the amount of relief that can be offset against other income, but it does not restrict the amount of loss that can be carried forward into other tax years. The Finance Bill bill restricts the amount of loss that can be carried forward. The Finance Bill includes a provision to give legal effect to the OECD BEPS Multilateral Instrument , which will update all of Ireland’s existing tax treaties in one go to bring them into line with the OECD’s anti-Base Erosion and Profit Shifting recommendations. The Finance Bill legislates to ensure the Revenue Commissioners are compliant with the General Data Protection Regulation . Section 48 makes changes to the VRT regime for taxing cars and commercial vehicles. It amends the definition of category A and B vehicles to “more accurately differentiate between private passenger cars and commercial vehicles”. It also ensures that the amount of VRT repaid under the Export Repayment Scheme cannot exceed the amount of VRT originally paid on the vehicle. As well as the much publicised change to the Stamp Duty regime in favour of farmers, the Finance Bill also includes an update to the stamp duty exception for the transfer of agricultural land to young farmers . The bill makes it a legal requirement for beneficiaries of the exemption to submit a business plan for the farm to Teagasc. It also includes a related stamp duty exception for ‘Young Trained Farmers’ leasing land that has not been commenced (since 1999) because of “Taxpayer Confidentiality” laws in Ireland. Under EU law, recipients of “State Aid” must be included on a publicly available register operated by the European Commission. A similar problem is being rectified in relation to Capital Gains Tax relief for the restructuring of farms where the first transaction takes place by the end of 2019. The annual tax return form is being changed so farmers availing of the relief can include it on the return, so the information can be collated and sent to Brussels. There are also a number of loopholes to avoid tax being closed off. The Finance Act of 2015 introduced measures to limit CGT avoidance by non-residents , where large amounts of money (cash) were transferred to a company before its sale, so as to tip its capital balance from property assets to capital assets, and so avoid CGT. Revenue believe there have been cases whereby companies have used non-cash financial assets to increase the balance sheet value of the company prior to sale, so the bill makes changes to stop this happening. It also introduces changes to the regime governing the tax deduction of interest paid by companies on loans used to acquire a shareholding an in Irish rental income company, a trading company or the holding company of such companies. The Finance Bill has a number of targeted anti avoidance rules to “ensure that the interest relief is only available where loans are used for legitimate purposes”. And it makes changes to Section 110 of the Tax Consolidation Act to include “shares that derive their value from Irish Land” in the definition of specified mortgages. Last year’s Finance Bill brought in changes to restrict the ways international investors can reduce their tax liabilities on Irish property transactions – the so called section 110 companies. This year’s bill updates those measures by including within the definition of a specified mortgage shares that derive their value from Irish Land. The move is being undertaken to “prevent any misuse of the section and the erosion of the Irish Tax Base”. Finally, provision is being made to define the term “receptacle” to permit and facilitate Revenue Officers to search receptacles used by persons in the course of selling illegal tobacco products. You can read the full Finance Bill 2017 here Read more about GDPR (General Data Protection Regulation) here Source: RTE.ie If you have any tax queries, contact one of our Tax Managers today! Jane Jackson, Dundalk Office janejackson@fdw.ie +353 42 933 9955 Mairead Rooney, Balbriggan Office maireadrooney@fdw.ie +353 1 849 1633 Email Call Request a Call Back From Our Team #2017 #Act #Finance

Revenue wins appeal on second home charge The Revenue Commissioners have won their appeal against a finding that an annual charge formerly levied on second homes and holiday homes is tax deductible against rental income from the properties. Several cases raising a similar point were awaiting the outcome of the appeal. The Court of Appeal on Thursday overturned a High Court finding that the non-principal private residence charge (NPPR) – introduced in 2009 to help local authorities fund services and replaced in 2013 by the local property tax – was deductible against rental income. The proceedings arose after Thomas Collins, owner of six rental properties, applied to deduct the NPPR charges from rental income. In the tax year 2009, Mr Collins paid a total of €1,200 arising from a NPPR charge of €200 on each of the six properties. When he sought to deduct the €1,200 against rental income received under the Taxes Consolidation Act, the Revenue said the charges were not deductible against income. Legal issues He appealed and an Appeals Commissioner held in his favour. The Appeals Commissioner asked the High Court to decide legal issues concerning whether the charge was deductible. After Ms Justice Leonie Reynolds ruled last year the charge is deductible, the Revenue, represented by Jeananne McGovern, appealed to the Court of Appeal. Giving the three judge court’s judgment Thursday, Mr Justice Gerard Hogan said the NPPR was in some respects a forerunner to the more general form of property tax which has since replaced it. However, the point raised in this case was of some general importance as several other cases awaited the outcome of the appeal, he said. Deductibility A pre-condition for deductibility of the charge required that it be “levied” by a local authority within the meaning of the relevant provision – section 97.2.b – of the Taxes Consolidation Act 1997, he said. The NPPR was not a charge levied by a local authority, he held. It was imposed by the Oireachtas and involved an autonomous decision by the Oireachtas, which had fixed the amount of the charge, albeit the proceeds were intended to benefit local authorities. Local authorities were given no power to vary or review the charge and the 2009 Act does not fall into the category of local taxation raised by a local authority for tax purposes, he ruled. He rejected other arguments that the charge amounted to “double taxation”. The issue of double taxation simply does not arise because the NPPR is a charge in relation to “property” while the 1997 Act provides for a tax on “income”, the judge said. Source: IrishTimes.com If you have any queries on this or any other tax matter contact our tax team: Jane Jackson, Dundalk +353 42 933 9955 janejackson@fdw.ie Mairead Rooney, Balbriggan +353 1 849 1633 maireadrooney@fdw.ie Email Call Request a Call Back From Our Team #2017 #Property #TAX

New €500k Competitive Start Fund targeted at Experienced Business Professionals Competition opened for applications on Wednesday 11 October A total of €500,000 in start-up funding is available from Enterprise Ireland due to a new Competitive Start Fund (CSF) competition targeted at Experienced Business Professionals. This CSF is directed at mature and highly experienced business professionals with 25 years or more of relevant business experience in Ireland or abroad, of which at least 10 years should be at a senior or leadership level. Up to 10 successful applicants will receive high-level business development support and an investment of up to €50,000 each. Enterprise Ireland’s CSF is designed to accelerate the growth of start-ups and enable companies to reach key commercial and technical milestones. As well as securing up to €50k in funding, the successful applicants will have the opportunity to participate in a business development programme. Delivered over three months by DCU Ryan Academy and Ireland’s Smart Ageing Exchange (ISAX), the programme will increase the capabilities of the participants and move them to investor-ready within a short period. An Tánaiste and Minister for Business, Enterprise and Innovation, Frances Fitzgerald TD said: “My Department through Enterprise Ireland implements a number of initiatives which target and support various entrepreneurial cohorts, including females, graduates and overseas entrepreneurs. The Competitive Start Fund programme aims to support companies at the start of their journey and now, for the first time, the focus is on helping professionals with extensive business experience to build scaleable businesses. According to the 2017 GEM Report, the rate of entrepreneurship among 55-64 year olds stands at 10%, with the majority of entrepreneurs falling within the 25-44 age category. This new fund, targeted at Experienced Business Professionals, will help to stimulate start-up activity within a specific group which holds significant potential that largely goes untapped by existing initiatives.” The fund is open to companies active in manufacturing and internationally traded services including Internet, Games, Apps, Mobile, SaaS, Cloud Computing, Enterprise Software, Lifesciences, Food, Cleantech and Industrial Products. Joe Healy, Divisional Manager, High Potential Start-Ups, Enterprise Ireland said: “Current EU studies suggest that many people who are nearing the traditional age of retirement don’t wish to retire and are interested in alternatives. Furthermore, these studies have found that approximately two thirds of people believe that they should be able to continue working if they wish to do so. This Competitive Start Fund for Experienced Business Professionals is targeting a group that has accumulated significant business knowledge and leadership experience at a senior level, both indigenous and international. It aims to provide the financial support required to get a start-up off the ground and this will be further enhanced with the addition of a tailored accelerator programme which will help bridge any existing skills gap in starting and growing a business”. Eoghan Stack, Chief Executive, DCU Ryan Academy added: “DCU Ryan Academy for Entrepreneurs and Ireland’s Smart Ageing Exchange (ISAX) are delighted to have been selected to work with Enterprise Ireland for the delivery of a start-up programme for Experienced Business Professionals and we welcome the recognition that this cohort of experienced professionals comes with a very cumulated industry expertise and life experience that is invaluable in creating ideal entrepreneurs. ISAX and DCU Ryan Academy have previously delivered successful business start-up programmes for mature entrepreneurs and this new programme will enable us to build on the success of previous programmes to enable early stage companies fast-track their business development”. In addition to written online applications, companies will be asked to prepare an online video pitch. Applicants must meet certain eligibility criteria. The CSF competition will close at 3pm on Wednesday 25 October 2017. Full details are available here Email Call Request a Call Back From Our Team #2017 #BusinessinIreland #GrantScheme

GDPR – General Data Protection Regulation The General Data Protection Regulation (GDPR) will come into force on the 25th May 2018, replacing the existing data protection framework under the EU Data Protection Directive. As a regulation, it will not generally require transposition into Irish law (regulations have ‘direct effect’), so organisations involved in data processing of any sort need to be aware the regulation addresses them directly in terms of the obligations it imposes. The GDPR emphasises transparency, security and accountability by data controllers and processors, while at the same time standardising and strengthening the right of European citizens to data privacy. Raising awareness among organisations and the public aware of the new law will be a combined effort of the Data Protection Commissioner (DPC), the Government, practitioners, and industry and professional representative bodies. Over the course of 2017, the DPC will be proactively undertaking a wide range of initiatives to build awareness of the GDPR, in particular providing guidance to help organisations prepare for the new law which comes into force on 25 May 2018. The DPC is also an active participant in the Article 29 Working Party (WP29) comprising representatives from each EU member state’s Data Protection authority. The WP29 has a central role in providing further explanatory and practical guidance on key provisions of the GDPR. Guidance The DPC has launched a GDPR-specific website www.GDPRandYou.ie with guidance to help individuals and organisations become more aware of their enhanced rights and responsibilities under the General Data Protection Regulation. The DPC has also prepared an introductory document for organisations to help them as they transition to GDPR: “The GDPR and You”. This document lists 12 steps which organisations should take in order to be GDPR ready by 25 May 2018. It should be noted that the guide is not an exhaustive list and organisations should ensure that their preparations take account of all actions required to bring them into compliance with the new law. For guidance on whether your organisation needs to appoint a Data Protection Officer, and how to ensure that your DPO is adequately resourced for the role, see the DPC’s Guidance on appropriate Qualifications for Data Protection Officers (GDPR). Awareness Activities Information about the DPC’s awareness raising activities and outreach engagements over the coming months can be found at GDPR Awareness Raising Activities 2017. GDPR and You Source: gdprandyou.ie EU Article 29 Committee The WP29 has adopted guidelines on the following subjects relating to the GDPR: Data portability Data protection officers Identifying a controller or processor’s lead supervisory authority The WP29’s 2017 work programme has been finalised and the Working Party intends to produce guidance relating to: Administrative fines Certification Consent High risk processing and Data Protection Impact Assessments Notification of personal data breaches Profiling Transparency Tools for international transfers The EU Article 29 Working Party is currently preparing guidance on the interpretation and application of key provisions of the GDPR. To inform that process, this Office has initiated a consultation period seeking submissions from interested individuals and organisations on the following key concepts: Consent Profiling Personal data breach notifications Certification Source: Data Protection Commissioner Email Call Request a Call Back From Our Team #2017 #BusinessGuide #BusinessinEU #GDPR

Self-Assessed Tax Deadline 2017 After Budget 2018 last week you are may be wondering how the changes will affect you come January 1st 2018. Read our Budget Highlights here to find out. In the meantime there is a more pressing matter to be addressed – filing your 2016 tax returns. The self-assessed tax deadline is looming, so if you haven’t already addressed it, it is time to do so. For the latest tax tables and calculators download our App DEADLINES The deadline for paper returns – for both Form 11 and Form 12 – is October 31st. If you choose to pay and file online you have until November 14th. By 31 October in a tax year, you must: pay your preliminary tax for that year file your tax return and self-assessment for the previous tax year pay any balance of tax due for the previous year When you pay and file through the Revenue Online Service (ROS), the 31 October deadline is extended to mid-November. The due dates for Capital Gains Tax (CGT) are different to those for Income Tax (IT). You will have to pay a surcharge if you send your tax return after the deadline, as follows: within two months of the filing date: 5% of your tax due, up to €12,695 over two months: 10% of your tax, up to €63,485. Note that even if you pay and file on time for Income Tax, a 5% surcharge may apply if your Local Property Tax (LPT) obligations are not met. Speak to one of our Tax Team today and they will assist you with your filing. Jane Jackson, Dundalk Office janejackson@fdw.ie +353 42 933 9955 Mairead Rooney, Balbriggan Office maireadrooney@fdw.ie +353 1 849 1633 Email Call Request a Call Back From Our Team #2017 #TAX #Tax2017

Budget 2018 Highlights Budget 2018 was announced today Tuesday, October 10 by the new Finance Minister Paschal Donohoe. Budget 2018 – The Highlights The Budget 2018 did not bring any surprises from an Income Tax point of view. We predicted an increase to the 20% rate band and changes to certain tax credits. This prediction was realised. We believed there may be  a combined PRSI and USC rate but this has only been put in to the planning stages with a reduced USC rate and increased threshold in the meantime. There were surprises with regard to a significant increase in commercial property stamp duty and the charitable VAT refund scheme. Other than that the Budget was relatively uneventful and brought in very few tax changes. Watch our highlights video with our Tax Manager, Jane Jackson Download our Top Ten Highlights Document If you have any tax queries, contact one of our Tax Managers today! Jane Jackson, Dundalk Office janejackson@fdw.ie +353 42 933 9955 Mairead Rooney, Balbriggan Office maireadrooney@fdw.ie +353 1 849 1633 Email Call Request a Call Back From Our Team #2017 #Budget #Budget2018 #BusinessinIreland