**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

Following on from the increased activity in the construction sector in recent times we have seen a rise in requests for advice on and assistance with the operation of Relevant Contracts Tax (RCT) within their business. The Relevant Contracts Tax system has been totally overhauled since 1st Jan 2012. Gone are the paper RCTDC forms that some would have been familiar with as the system is now fully electronic. The administrative obligations now placed on principal contractors are onerous and significant penalties can apply where these obligations are not met. 1) Notify Revenue of the contract on ROS Where a new contractor is taken on, the contract must be notified on Revenue’s Online Service. The details required to set up a new contract are: Name and tax registration number of the subcontractor Type of work to be carried out Address of the site where the work is to be carried out Estimated term of contract Estimated value of the contract (how much will be paid to the sub-contractor) 2) Create / obtain a site identifier number When the contract is set up Revenue will provide a site identifier number which is relevant for all contracts being carried out on that site. This site number should be used for other new contracts set up at that same location. 3) Notify Revenue of payments to be made to subcontractor Revenue must be notified every time before a payment is made to a sub-contractor. It is essential this process is followed before the payment is made to the sub-contractor or penalties may arise. 4) Obtain the Payment Notification Acknowledgement from Revenue When Revenue is notified of the payment to be made to the subcontractor, Revenue will issue a payment notification acknowledgement which will show the rate of RCT to be withheld from the sub-contractor. This is the authorisation for the principal to withhold RCT on the gross payment due to the sub-contractor. A copy of this should be given to the sub-contractor along with the net payment. 5) Submit monthly / quarterly RCT returns to Revenue Review the deduction summary details as per ROS and submit the relevant RCT30 return. At this stage any RCT withheld from subcontractors will be paid to Revenue. 6) VAT is to be accounted for on the reverse charge basis The principal contractor is obliged to account for VAT on the supply of services from a VAT registered sub-contractor on the reverse charge basis. This means the principal contractor will account for sales VAT on the amount invoiced from the sub-contractor. Where they are entitled to do so the principal can then claim a VAT input credit of the same amount in the relevant period. Current RCT penalty guidelines Revenue introduced a new penalty scheme in January 2015 for non-operation of Relevant Contracts Tax.  Where payment notifications are not submitted to Revenue the penalties applied depend on the relevant RCT deduction rate of the sub-contractor. The penalties applied are as follows: 3% penalty for 0% rate sub-contractor 10% penalty for 20% rate sub-contractor 20% penalty for 35% rate sub-contractor 35% penalty for an unregistered sub-contractor Due to the potentially significant penalties above and increased Revenue audits and reviews in this area it is essential for principal contractors to have a solid understanding of the Relevant Contracts Tax system and to ensure the system is operated correctly within their business. Keep compliant & maximise profits with UHY FDW. For more information about how we can help you comply with your RCT obligations or with any other tax matters please feel free to contact our tax team. #2017

Join us and our industry experts to find out how you can future proof your business and become more profitable in 2017. Michael Bellew, Director, will host our seminar on Thursday 26 January when we will have experts from various industries showing you how by making small changes you can future proof your business and become more profitable in 2017. Click Here To Book Your Place On This Exciting Seminar Today Our Speakers: Niall Clarke – UHY Farrelly Dawe White Limited UHY Farrelly Dawe White Limited 5 Reasons to Outsource Your Payroll James O’Dwyer – Transfer Mate Saving Time & Money on International Payments with TransferMate Aine Fox – HR Partner 5 HR Tips for a Successful 2017 Michael Murtagh – Euler Hermes Brexit: Opportunities & Threats for Your Business Click Here To Book Your Place On This Exciting Seminar Today Alternatively you can call us on +353 42 933 9955 or email nicolamernagh@fdw.ie . #2017

UHY member firms understand the choices and challenges you face in a fast-moving and competitive world full of opportunities and risks. Through UHY Global we want to share a little of the diversity, the thinking and the difference that a global UHY team can make. UHY Global, a twice-yearly magazine previously known as UHY International Business, gives our readers insight into international business topics, featuring thought-leading opinions and experiences from global contributors including UHY member firms, leaders of UHY service and industry groups and external sources. A true representation of what UHY is about… In each issue, we look at three key topics in addition to other features such as ‘Perspectives’, ‘Sharing our world’, ‘Cogs and wheels’ and ‘Awards and celebrations’. Our third issue covers the following topics: The Future Untethered Why Artificial Intelligence is Good for Us Turning the Tide on Cybercrime China’s Changing Fortunes Read the full version here Request a Call Back From Our Team #2017 #BusinessAdvisory #UHYGlobalIssue

It is important to take control of your retirement planning. This is even more significant when your retirement comes at an early age. Finance Act 2002, by enacting Section 480A of the Taxes Consolidation Act, 1997 (TCA), introduced a tax relief for certain classes of sportspersons on their retirement. This tax relief recognises the relatively short career and limited earning capacity most professional sportspersons experience in Ireland and is given by way of repayment of tax. A professional sportsperson can claim a tax deduction of 40% against gross receipts for up to ten years. [accordions id=”3125″] A qualifying sportsperson must satisfy the Revenue Commissioners that he / she has ceased permanently to be engaged in that occupation or to carry on that profession. From 1 January 2014, a sportsperson must be resident in the State, an EEA state or an EFTA state for the year of assessment in which he / she ceases permanently to be engaged in that occupation or to carry on that profession in order to avail of this Special Tax Relief. Prior to that date the requirement was that the sportsperson must be resident in the State. A sportsperson claims the relief by including a claim in his / her return of income. However, where the sportsperson is not required to submit a return of income, he / she may submit a claim directly to the Revenue Commissioners. A claim for relief must be made within 4 years from the end of the year of assessment in which the sportsperson retires. [table id=14 /] [table id=15 /] Your retirement will change your life, make sure you plan for it. Contact Alan Farrelly to discuss this tax relief and your retirement planning. Call us on +353 42 933 9955 or email alanfarrelly@fdw.ie . #2017

WELCOME TO NEW MEMBER FIRMS The UHY family continues to grow, and we are delighted to welcome three new member firms, in Georgia, Afghanistan and Mozambique, extending our coverage within the EMEA and Asia-Pacific regions. [one_third] [/one_third] [one_half_last] GEORGIA Established in 2009, ABG Consulting, our new member firm in Georgia, has a team of 106 staff including two partners and is based in Georgia’s capital Tbilisi. The firm provides a full suite of services including audit, bookkeeping, taxation, insolvency, corporate finance and advisory services to a diverse portfolio of local and international clients.[/one_half_last]  [one_third]  [/one_third] [one_half_last] AFGHANISTAN We also welcome, Ahmed Hassan Naeem Chartered Accountants, our new member firm in Afghanistan. The firm, based in the capital Kabul, has a team of 33 staff including four partners, and was established with the support of the UHY’s member firm in Pakistan, UHY Hassan Naeem & Co.[/one_half_last] [one_third] [/one_third] [one_half_last] MOZAMBIQUE Finally, we welcome SEC – Sociedade de Ensino e Consultoria, Limitada, our new member firm in Mozambique. The firm, based in Maputo, has a team of ten including four partners, and was established in 2010, becoming active in 2011. The firm provides audit, bookkeeping, taxation and management consultancy. As well as knowledge of lusophone (Portuguese) languages, markets and economies, the firm also has experience gained from working with the Big Four and has an affiliation with a local university.[/one_half_last] Find out how our network can help you expand your business internationally. Contact us now and our dedicated team of Auditors, Accountants, and Business Financial Advisors will endeavour to assist you with your needs. #2017

Did you know that as well as our standard payroll service we can also offer an Executive Payroll service? Executive Payroll Services allow the key financial and personal data of your executive team to be maintained privately and confidentially. Click here to read more about our Executive Payroll Services  If you sign up to our Executive Payroll service for 2017 now, you will benefit from our exclusive introductory offer. Free seamless migration of your payroll data to our system, to ensure no delay in processing Free processing of Quarter 1 payroll (January, February and March) Get your quote for 2017 Executive Payroll services now. For more information about this unique service or any of our other outsourced payroll solutions please feel free to contact Niall Clarke to discuss in more detail. #2017

Have you paid your Local Property Tax for 2017? On 06 January 2017, Revenue published the latest Local Property Tax (LPT) statistics for 2016, detailing LPT Exchequer receipts of €463m and showing a continuing high compliance rate. Local Property Tax collected in 2016 included approximately €50m in prepayments for 2017, and €70m in payments for 2015 and earlier years, as well as almost €8m in Household Charge (HHC) arrears. Commenting on publication of the latest statistics, the Collector-General, Michael Gladney, said that since Revenue assumed responsibility for collection of arrears of Household Charge in July 2013, more than €64m has been collected, bringing 360,000 additional properties into compliance. Referring to the continuing high Local Property Tax compliance rate, Mr Gladney said “the vast majority of property owners fully comply with their LPT payment obligations, either in a single payment or with phased payments. As long as payment obligations are being met, Revenue will automatically roll over existing payment methods for property owners who pay by direct debit or by deduction at source from pay/pension.” Jane Jackson, Tax Manager reminds property owners “The deadline to pay your Local Property Tax by debit card, credit card or cheque is Wednesday 11 January 2017. Those who wish to pay their Local Property Tax by Annual Debit Authority (electronic cheque) must confirm same with Revenue by this date also and your LPT amount will then be deducted on 21 March 2017. At UHY FDW our dedicated tax team  will ensure that you meet the Local Property Tax Deadline. Contact us by filling out the form to your right or by calling us on +353429339955. #2017

Choosing your accountant is a critical step in the start-up, growth or development of your business. Everything that you do in business has a financial impact: access to a trusted accountant is vital. Know what you want The more clarity you have about what you want and expect from your accountant, the easier it will be to select the one that is right for you. What exactly do you require? Accounts Preparation This can be monthly and/or quarterly management accounts as well as the annual financial statements that you want to present to third parties such as banks, revenue, shareholders and employees. Compliance It may be that you are happy to manage and control the administration of the basics but you want assurance that your compliance is in order. Again, this may be for the benefit of third parties such as financiers, revenue or statutory bodies such as companies registration office or may be internal systems and controls requiring establishment, review or audit. Strategic Planning and Development This is where the greatest value can be added and is most often underestimated. It is ensuring that you are heading in the right direction, before you start, or reviewing your progress to ensure that you are staying on course. The areas include business planning, raising capital and finance, planning on all aspects of growth and development including major asset acquisition as well as mergers and acquisitions. It also includes advice and support on tax planning, asset and business divestment and succession planning, whether planned or caused by external circumstances. How do you choose? Knowing what you want is a great start, but as with all matters in business, be prepared to learn and retain flexibility. Ask the right questions! Talk to other business people that you know and trust and ask them about their experiences, both good and bad. These can include Customers, Suppliers, Bankers, Solicitors, Competitors as well as people in business that you know and respect. Ensure that the accountants that you use have the appropriate knowledge, qualifications and experience. This includes membership of the appropriate recognised professional bodies as well as particular knowledge of your own industry, if you feel that there is a level of speciality that merits it. Know where they provide ‘added value’. Talk to a number of accountants, not just one. Leave the meetings with specific written proposals to follow up. Make sure that you are meeting with the person who is going to be managing the relationship, not just the ‘business development’ element of the practice. Ensure that it is about the future of your business and not just the current state. Be compatible. If you do not warm to the accountant that you meet with, try another. The old adage of ‘people buy from people is true’. You want this relationship to move far beyond a trade for services into the realm of trusted advisor and above. It starts with a mutual respect and ‘likeability’ factor. Be vulgar – talk about the money. Have an understanding of what and how you will be charged and how the basis will change. Ask about, and expect, methods of payment that support you and your business. Don’t pick the cheapest unless they are the ones that will bring the greatest value. Make the decision and make a commitment, knowing that it is not irreversible. Build better relationships for better business. Consider your accountant to be a critical part of your team, someone that you can and will access where major business decisions need to be made. There is a tremendous value to be gained from an objective and independent view of your latest and greatest business plan, especially where everybody immediately around you thinks that all of your ideas are brilliant. Ensure that you stay focused on the future of your business and that your accountant has the ability to help you get there and that there is a genuine opportunity for them to move from being a trusted advisor to being your partner in progress. At UHY FDW we consider ourselves a business partner to all of our clients. Call us today to find out how we can help you continue to grow your business. #2017

In the recent ACCA Ambition magazine, ACCA looked at the major influences on the global job market for accountants. Our world is constantly changing, with new developments and advances in all areas of life, and the world of employment and job seeking is no exception. Firms are constantly adapting how they run their business to keep up with technical advances, ever-changing market places and changes to customer’s needs and requirements. In a constantly changing business environment, employers are looking for an accountant with enhanced skills to thrive in such and environment. “We live in a fast-changing world and the effects are being felt across the jobs market. Tomorrow’s finance professional might need a few more strings to their bow.” ACCA focused on the following trends, which are affecting the accounting profession: Ageing workforce Big data Business partnering Shared services Emotional intelligence Flexibility Read the full piece in Ambition 2016 magazine from ACCA.  Here Source: accaglobal.su #2017