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Capital Gains Tax Relief on properties owned for longer than 7 years, now reduced to 4 years. In the Finance Act 2017, a change was introduced to the 7-year capital gains tax exemption (CGT) for investors. The 7-year relief for CGT was introduced in 2012 and allowed for property acquired in the State or in any State in the European Economic Area from 7 December 2011 to 31 December 2014 being exempt from CGT on any gain arising on the disposal of that property. For example, say a property was purchased on 10 February 2012 and ultimately sold on 10 February 2019 with a gain arising of €50,000. In this scenario, the total gain would be exempt from capital gains tax as the property has been held for 7 years exactly. However, if the property is held for longer than 7 years, the Capital Gains Tax relief will only apply to the portion of the gain relating to the first 7 years of ownership. The balance is taxable in the normal way. So, say a property was owned for 12 years, realising a gain of €50,000 on disposal. In this situation, €29,167 of the gain is exempt from CGT (€50,000 * 7/12). The remainder of the gain, €20,833, is taxable at 33%. It should be noted that if the property is sold before it has been owned for seven years, the full gain would be taxable. The good news is that the Finance Act 2017 reduced the 7 year holding period to four years, so property owners are now able to sell the property after only owning it for four years, and still qualify for full exemption from CGT. This amendment applies to disposals occurring on or after 1 January 2018. Contact our Team Email Call Request a Call Back From Our Team #2018 #Property #TAX #Tax2017

Ireland’s Retail Sector & The Brexit-effect This blog discusses the Irish retail sector at the present moment, what can stimulate growth in the sector, and the potential roadblocks to growth that could be caused by the impending Brexit. Retail Sector Although growth in the retail sector has slowed, it still remains an important component of the Irish economy. In fact, the retail sector contributes over €7 billion euro in tax revenues, making it the biggest contributor to the Irish exchequer with ‘23% of total tax receipts in Ireland’. The sector generates over €30 billion euro in sales and it employs 14% of the Irish workforce. Consumer prices were down by 0.2% in the first half of 2017 because of deflation. Stimulating Growth Ibec has identified ways in which the Irish retail sector can increase its competitiveness, stimulate growth and improve performance. Ingraining government support in the retail sector, by providing tax credits to improve the ‘online sales’ capability’, reducing the cost of regulatory compliance in the sector, providing training and education programmes to enhance retail service performance and by regenerating areas in Ireland that have been ‘devastated by the recession’, are just a few ways Ibec has identified to spur growth and performance in the industry. Brexit-effect on the Irish Retail Sector There are several costs and regulatory implications for Irish retail due to Brexit. The drop in value of sterling after Brexit has had a negative effect on Irish retailers. In a time when “two-thirds of consumer spending online is fulfilled by businesses operating outside Ireland”, a weak sterling can continue to attract Irish consumers to UK businesses. After Brexit occurs, import prices for Irish retailers will be affected by exchange rate volatility. This exchange rate volatility could potentially discourage investment. Imports and the supply chain, in general, will be affected in ways other than prices: Product supply will be disrupted by Brexit enforced EU Customs controls, added supply chain costs for ‘product originating in or in transit through a non-EU territory’, and ‘regulatory divergence’ between jurisdictions will add costs for Irish retail businesses. The retail sector in Ireland is facing challenges, whilst government associations attempt to stimulate growth and profitability in the sector through a number of different ways. Sources: ( RTE , BBC , IBEC , businessworld.ie , Business Insider ) Contact our Team Email Call Request a Call Back From Our Team #2018 #BusinessAdvisory

This free download contains the most up to date and comprehensive tax advice in areas such as Income Tax, Corporation Tax and VAT. If you have any queries please feel free to contact a member of our Tax Team . Download #2018 #BusinessGuide #TAX #Tax2018

Leaving the emotionally fuelled debates that surround the topic of gender inequality in business behind, there are many reasons as to why the utilisation of females in leadership roles is advantageous for firms. There is a positive correlation between female leadership and firm performance. That is not to say that simply appointing a female as the CEO of a company will garner success. There should be a more organic stream of female leaders throughout the business; not just at the very top of the hierarchy. Let’s now look at a couple of key benefits that female managers, directors and leaders bring to business: Conducted surveys have enabled comparisons between male and female business leaders. Female business leaders perform better in a variety of different management competency areas. The findings speak volumes nonetheless. Females in leadership roles: • Perform better at developing employees • They are better at developing relationships and working collaboratively with employees, customers and stakeholders • The female business leaders are more ethical, honest and have more integrity than males in similar positions • They embrace change and are better able to adapt to changes. ‘They Champion Change’. • Problem-solving is an area that they appeared more competent in. Sources: Forbes, wallstreetinsanity.com, medium.com #2018 #Leadership #UHYFDWTeam

The success of every woman should be the inspiration to another – Serena Williams UHY FDW are passionate about supporting women in business whether that is our employees, clients or women in business in the local community and around the world. To show our support and encourage women in the North East of Ireland and beyond we have set up UHY FDW WISE – Women Inspiring Strength in Enterprise. The aim of UHY FDW WISE is to connect with women in enterprise around the globe. Our goal is to support, inform and collaborate with women from all sectors and industries, exchanging ideas and information to aid our professional development. The Goals & Aims of UHYFDWWISE: Women helping women to succeed in business Sharing business skills and experiences Passing on contacts and sharing resources Having confidence in internal referrals and in an all women environment Benefitting from compassion, wisdom and experience Support for women getting started in business or getting back into the workplace Possibility of creating business opportunities within the network Brainstorming and sharing ideas Pooling knowledge and expertise Become a part of our network! Follow us on Twitter Join our LinkedIn Group Follow us on Facebook We are encouraging all members to be actively involved in the group by engaging in these conversations, networking with fellow members and inviting others to the society. We will be hosting an event in the coming months with some well known guest speakers so if you would like to be kept informed join our LinkedIn group and follow us on Twitter and Facebook. Is this networking group for you? Are you female? Are you in business? Are you successful? If so, this network may be of interest to you. To learn more about UHY FDW WISE contact Jane Jackson janejackson@fdw.ie +353 42 933 9955 #2018 #UHYFDWTeam

Optimism and Threats in Ireland’s Agri-Food Sector The agri-food industry continues to be a crucial part of the Irish economy. It accounts for 7.6% of Ireland’s economy-wide GVA, over 10% of total exports with a Gross Agricultural Output (GAO) was valued at €6.92 billion in 2016 and employs 8.6% of the workforce. Agri-Food Challenges The agri-food industry is dealing with a range of problems from climate-change, rising costs, and the uncertainty around Brexit. The implications of Brexit for the agri-food sector of Ireland could be catastrophic. Additional tariffs on exports to the UK could seriously damage trade (€2 billion decreases in meat and dairy exports). If UK supermarkets decide to stock cheaper non-EU products to avoid the tariffs, then the agri-food sector in Ireland will suffer enormously. Ag-Tech Investments in the Ag-Tech industry will have a significantly positive impact on the agri-food industry in Ireland. The Finistere Group and the Ireland Strategic Investment fund have announced the birth of the ‘Ireland Ag-Tech Fund’, which plans on investing into Ag-Tech start-ups. The fund of €20 million together with the existing ingredients for success in the Irish agri-food sector can accumulate to achieve economic growth. “All the ingredients are here – a longstanding, export-oriented agri-food industry; world-leading research at Irish universities and institutions, such as Teagasc” – Finistere’s Kieran Furlong The agri-food industry in Ireland is faced with threats and opportunities. The main negative is the implications of Brexit on the industry, while there is also well-founded optimism for the industry due to the influx of investments into Ag-Tech. Ag-Tech investments together with the future planning of EU/Irish-based invectives and associations, are positive developments for the industry, which can improve the growth and bring sustainability to the sector. Sources: ( EC Commission , The Irish Times ,  Agr i L and ) Contact our Team Email Call Request a Call Back From Our Team #2018 #Agriculture #BusinessinIreland

UHY Global – Issue 5 UHY Global, a bi-annual magazine, gives you 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 the UHY network is about. UHY Global goes digital! Read about the diversity, the thinking and the difference that a truly global team can make… Our latest issue of UHY Global includes the following key business topics: GLOBALISATION IN RETREAT? Is it on the wane or just evolving? GETTING THE GIG – The global rise of the independent worker RETHINKING EUROPE – Growth and potential shifts eastwards TAXING THE WORLD Read the full digital version here Request a Call Back From Our Team #2018 #BusinessAdvisory #UHYGlobalIssue

In an article published by in the Irish Construction Industry Magazine, irishconstruction.com , UHY Farrelly Dawe White’s Alan Farrelly, shares the six steps of complying with Relevant Contracts Tax. Businesses in the construction sector now have to conform to a new Relevant Contracts Tax system that was introduced in 2012. Follow the link to read ‘Key Issues about Relevant Contracts Tax within the Construction Sector’. “Due to 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 from businesses within the sector…” . Read article #2018 #BusinessinIreland #Construction

From 1 January 2018 the National Minimum Wage will increase to €9.55 per hour. The changes in National Minimum Wage are represented in the table below. [table id=22 /] For the purposes of the Act, the following payments are regarded as wages: normal basic pay, as well as any overtime shift allowances or other similar payments any fee, bonus or commission any holiday, sick or maternity pay any other return or payment for work (whether made under the contract of employment or otherwise), any sum payable to an employee in lieu of notice of termination of employment. The following payments are not regarded as wages: any payment of expenses incurred by the employee in carrying out his/her employment any payment by way of a pension, allowance or gratuity in connection with the death, retirement or resignation of the employee or as compensation for loss of office any payment referable to the employee’s redundancy any payment to the employee otherwise than in his/her capacity as an employee any payment in kind or benefit in kind. For further information on the Act follow this link: National Minimum Wage A ct 2000 For further information or assistance with processing your payroll, please call Niall on +353 42 933 9955 or email niallclarke@fdw.ie . #2017 #Act #MinimumWage #Payroll

In our Winter 2017 issue: Don’t Waste Sole Trader Trading Losses An Inheritance Tax-Free Rental Property Business? Spouse’s Wages – Legitimate Expense Or Tax Dodge? Equity Release Pre-Letting Repairs Claim A Deduction For Training Cost Read the Winter Newsletter #2017 #UKNI