Over the next few weeks, UHY Farrelly Dawe White will be publishing a series of quotes from successful Chief Financial Officers around the world. 23rd February 2017 – We are starting with Anthony Nota, CFO of Twitter: [one_half] [/one_half] [one_half_last] Anthony says great financial leaders dig deep to find the truth: “Great leaders of organizations run after problems, make their footprint bigger than their foot, and always strive to find the truth — because you have to get to the truth” [/one_half_last] Keep an eye on our Facebook over the next few weeks as we add more tips and advice from some of the world’s leading CFO’s. Quote Courtesy of Businessinsider.com 2nd March 2017 [one_half] Bob Shanks, the CFO of Ford, says you have to be grounded in real-time. “Operating a global business in a fast-changing world, you have to be grounded real-time in the external environment, have complete transparency, be fact-based and working with a great, collaborative team” [/one_half] [one_half_last] [/one_half_last] [one_half] [/one_half] [one_half_last]  Olivier Bisserier, CFO of Booking.com, says you need to have a maniacal focus on ROI. “As an organization, we have a maniacal focus on ROI. We built our organization globally by keeping this at the center of every investment and decision and now it’s just part of our DNA. “My best piece of advice is look at what your organization needs and don’t be afraid to take chances, but balance risk with success, only increasing the former when the latter goals are being met.”[/one_half_last] [one_half][one_half_last][/one_half_last] John Stephens, the CFO of AT&T, says it’s critical to remember cash generation. “In this era of ‘free money,’ it’s still critical to remember cash generation — or, rather, consistent and material cash generation. It’s the biggest factor in the long-term success of any business. “This might sound textbook, but that’s because it’s true. Revenue growth and disciplined expense management will generate the cash a business needs to invest, seize growth opportunities, and return consistent value to owners.” [/one_half] [one_half_last]   [/one_half_last] #2017

Having the right financial team in place in your business is the key to your business success. With good financial management and with the right expertise you will Ensure informed business decisions are made in order to grow your business. Have a clear business strategy and financial budgets set out which are aligned with business objectives Monitor and actively manage your finances with weekly/ monthly reviews of management accounts and cash flow Ensure financial input into strategic business issues such as investments, partnerships, restructuring Actively manage relationships with external stakeholders to ensure they are making the right contributions to your business Oversee compliance issues such as year-end accounts completion, Audits, VAT compliance, payroll year end and general Revenue compliance. If you don’t have these skills in house consider hiring in the right people or outsource to trusted partners like UHY Farrelly Dawe White who can offer your business the support you need. Contact us using the form provided or give us a call on +353 42 933 9955 #2017

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 #2017 #BusinessGuide #TAX #Tax2017

INDEPENDENT BUSINESS REVIEWS – BANK REQUIREMENTS In recent years as more companies consider expansion opportunities and turn to financial institutions for funding, we have seen a rise in the number of requests for Independent Business Reviews (IBRs). IBRs are often required by banks and financial institutions before finalising a funding or investment decision. UHY Farrelly Dawe White Limited carry out IBRs on behalf of interested parties including company directors, shareholders and financial institutions. The aim of the IBR is to provide independent and relevant information that the stakeholders can use to make vital decisions. It is crucial for companies to be aware of the areas that banks and financial institutions require information and analysis. Bank requirements checklist: Current trading and financial position Profit and cash flow projections Sensitivity analysis Management and systems Bank security cover We offer a business-focused approach to IBRs with a highly qualified team of professionals. Our previous experience in undertaking IBRs suggests that stakeholders have acted on our recommendations in making their financial decisions. If you would like to discuss an independent business review in more detail, please contact Alan Farrelly at alanfarrelly@fdw.ie or +353 42 933 9955 . Alternatively you can  Contact Us Here #2017

LAST MONTH WAS THE STRONGEST JANUARY FOR COMPANY START-UPS SINCE THE YEAR 2000. New report from Vision Net shows best January for Start-ups in 17 years Last month was the strongest January for company start-ups since the year 2000. 1,768 new companies were formed in January which is an average of 57 per day. This is 288 more companies than were formed in Jan 2016. Professional services remains the most popular industry for Irish start-ups with 317 (18%) new companies operating in this sector – these companies would typically be associated with Accounting/Auditing, Administration Activities, Advertising/Marketing, Architecture, Consultancy, Engineering, HR, Investigation, Legal Services etc. The finance and construction sectors were the second and third most popular industries for start-ups and accounted for just over 426 new companies between them. Wholesale & retail and IT companies round out the top 5 most popular industries with 154 and 118 start-ups respectively. Approximately 40% of this January’s start-ups are based in Dublin with just over another 10% based in Cork. Galway, Kildare and Limerick are next on the list and account for just over 12% of new companies between them. #2017

FORM P35 2016 – END OF YEAR EMPLOYER DECLARATION Click Here to Download Our Top Tips For Starting Your Payroll In 2017 Each registered employer in Ireland is obliged by law to account each year for the PAYE, PRSI, USC and LPT deducted from his or her employees. An annual form is used for this purpose which is commonly known as a Form P35. A Form P35 can be filed electronically to the Revenue Commissioners through the Revenue Online Service (ROS) or manually on paper if you are not a mandatory e-filer. The deadline for submitting Form P35 is the 15th February following the year ending 31st December. Failure to file Form P35 by this date will result in fines . This deadline is further extended to the 23rd February for ROS only customers who file and pay online. Forms and details enclosed on P35 return: Form P35 – this is a summary of gross pay, PAYE, PRSI, USC and LPT together with details of Taxable benefits and Pensions etc. Form P35L – this is a detailed listing of each employee (with PPS number) total pay for the year together with address, start and leave dates (within the tax year), insurable weeks etc. Form P35/T – as above for employees (without PPS number). P35/LF – (Paper only) and covers BIK and pension details. All paid persons in your employment during the tax year must be included on the P35 including family members and directors. Only one record per PPS number should be present. If you have an employee who worked first part of year, left and started later in the same year you must aggregate their details. A form P60 must be prepared and given to all employees still in employment on or after 31st December. This is a statement of earnings which an employee will need if requesting a P21 balancing statement or applying for a mortgage etc. Sample p60 Key items to be aware of when completing P35: Ensure you payroll information is up to date and accurate (Address, DOB etc). Check your P30 payments throughout the year to ensure you have paid enough. Ensure you mark that a week 53 applies (if applicable). Ensure you mark who is a director (if applicable). Ensure you hold a valid tax credit certificate (P2C) for all employees and that it is in operation. Ensure your BIK items are correct (make any end of year adjustments). Ensure you have completed the Medical Insurance fields correctly (see operational manual for how to record “Premium Eligible for Tax Relief paid by the Employer”) Ensure you have recorded Illness Benefit paid to an employee. Ensure you don’t record Maternity or Paternity payments on P35 as this is reflected real time by an amended P2C reducing cut-off point and tax credits. Click Here to Download Our Top Tips For Starting Your Payroll In 2017 #2017

Tuesday’s Tip – Maximise How You Use Your Tax Credits Continuing our Tax Credit Series, this week we look at Tax Relief of College Fees. At this stage most Leaving Cert students and college hopefuls will have submitted their CAO forms hopeful for a place in a college this September. This can be an expensive time in a students’ and parents’ life, so how can you reduce the cost of third-level education? Tax relief is available at the standard rate of income tax (20%) for the cost of fees paid for third level courses for qualifying institutions. The course must be approved by the Revenue Commissioners, and appear on its list of approved courses and colleges. View the list here Who can claim? An individual can claim tax relief on fees paid for Third Level courses in respect of any person as long as he or she has paid the qualifying fees. Qualifying fees means tuition fees (including the Student Contribution, post 2011), but not examination fees, registration fees or administration fees, in respect of an approved course at an approved college. Amount of Relief Tax relief is available at the standard rate of income tax (20%) for qualifying tuition fees. The maximum limit on qualifying fees for the academic years 2016 / 2017 is €7,000 per individual per course. The amounts of qualifying tuition fees shown in the table below are disregarded in respect of each claim. [table id=17 /] #2017

FINANCIAL PLANNING – The Road To Your Future Life is like a highway or road you may have already travelled. It’s rarely a continuous straight stretch without having many twists and turns, humps and bumps and even the dreaded pot hole which we are all quite accustomed to. Smooth surfaces don’t come as a guarantee as we make our journey through life and more than likely we will all encounter the same obstacles along the way. Most of our significant life goals, such as retirement, putting a child through college, marriage or buying a house can be found on that journey and these events can heavily impact on our finances. Having a financial plan in place will ensure you are ready to deal with whatever life brings you and it will help you achieve those goals. It also makes sure you are prepared for the expected and equally the unexpected. There are many factors to consider when analysing your current financial situation and planning for the future. Reviewing savings, investments, taxes and cash flows, and attempting to align them with your goals can be time consuming and daunting. Ultimately, you are responsible for your own finances, but it is important to ask yourself if you have the time and expertise to deal with all your financial matters – many people will postpone making important financial decisions because they lack confidence, and feel they aren’t fully informed. A professional financial planner will offer an expert, objective opinion, and will analyse your current financial situation to prepare a comprehensive financial plan aligned with your goals and objectives. Having a plan in place will provide you with peace of mind, and a greater sense of control over your finances Working with a professional will help you determine what your financial goals really are, and whether those goals are achievable. A comprehensive financial plan can reveal opportunities to make or save money that you may not have previously considered. By allocating income and investments effectively, you can avail of significant tax savings and increase your overall wealth. A financial planner will also be able to identify risks that you might not have previously considered, and what impact they could have on you, your family or indeed your business partners and associates. Serious illness, death or disability could place extreme strain on your finances, but those risks can be minimised with appropriate cover. Knowing that your family will be protected in the event of a tragedy provides peace of mind. People retiring today are living longer and fuller lives than ever before. A financial plan will help determine when you can retire, and what action needs to be taken to achieve your retirement goals and enable you to maintain your current lifestyle and enjoy retirement. At One Finance our advisors are Certified Financial Planners ® and have the knowledge and experience required to help you develop a clear understanding of your current situation, and future needs. Contact Martin McDonnell of One Finance to plan your future martin@onefinance.ie  Click Here To Download Our 6 Steps For Financial Planning in 2017 https://www.fdw.ie/services/business-services/ #2017

International Incentive Travel Summit Offers Global Tips for Irish Businesses Wednesday’s International Incentive Travel Summit Offered Global Tips for Irish Businesses interested in #BusinessTourism. Key players in Ireland’s Business Tourism and Events sector gathered on Wednesday at a top level briefing for key players in the MICE industry which is being run in conjunction with the global SITE (The Society of Incentive Travel Excellence) Summit at the Royal Hospital Kilmanham, Dublin. This joint event saw Irish businesses benefit from the Society’s global insights, trends and tips. Infograph Courtesy of Failte Ireland. Among some of the key takeaways for Irish businesses included: Best practices for selling to the MICE Market Inside the Incentive Agency – Understanding the Sales Cycle and Travel Management Programme Future proofing your Business Strategies for success Going above and beyond – enhancing site inspections and Programme operations Travel trends and the future of the MICE industry Stressing the importance of securing the SITE Summit to Ireland, Ciara Gallagher Head of Business Tourism & Events with Fáilte Ireland said: “Securing the hosting of SITE’s Executive Summit was a real coup for Ireland and bringing these key influential leaders within the industry to share their insights and expertise is a real learning opportunity for our business tourism trade. This is the largest educational forum for incentive travel to ever take place in Ireland and it will really assist us in growing revenue from the incentive travel segment and ensuring Ireland’s sustainability as a leading destination.” The theme for the forum ‘Think Global, Act Local’ dovetails with Fáilte Ireland’s own approach to pursuing growth in business tourism. Find out more on Failte Irelands Website #2017

HR CORNER – EMPLOYMENT LAW TIPS AND REQUIREMENTS FOR EMPLOYERS Ensuring your organisation has all the required Employee policies & procedures makes good business sense. Not only does it ensure you maintain control over your choices and decisions but it also protects you against any claims of breach of employment law. The following outlines the do’s and don’ts of disciplinary processes.  It is strongly advisable that all companies, regardless of size, have a disciplinary policy.  It is thereafter, equally important that the policy is followed to the letter during disciplinary proceedings. Here are a few very important do’s that all employers should take heed off when considering disciplining or firing an employee: Do Do refer to your policy and don’t deviate from it Do ensure the employee has a written letter inviting them to an investigatory interview regardless of the situation. All employees are entitled to the right to defend themselves regardless of the misconduct Do ensure the employee has the right to have a witness Do ensure the employee is told of the allegation or reason for the investigation and given a copy of any statements or evidence prior to the meeting Do ensure the investigatory meeting is conducted by a Manager who is aware of the correct procedure and questioning approach Do ensure verbatim notes are taken at the meeting and a copy given to the employee Do ensure that the employee is able to cross-examine witnesses if requested Do ensure you hold a separate disciplinary meeting at a date after the investigatory meeting Do ensure you give the employee notice and the right to have a witness Do ensure a different manager conducts the disciplinary meeting. Do ensure the employee is made aware of all evidence and provided with documentation regarding the allegation Do allow the employee to question information at this meeting Do close the meeting prior to making a decision and inform the employee that they will be advised of the outcome. Do ensure the sanction warrants the conduct and be consistent with all employees. Do give the employee the right of appeal Here are a few things employers shouldn’t do when considering disciplining or firing an employee: Don’t Don’t suspend the employee unless it is justified in your policy Don’t judge the situation in the investigatory meeting. This is purely to gather facts. Don’t use the same manager for judge and jury Don’t keep information hidden from employee Don’t discuss with other workers Disciplinary proceedings can be complex matters and careful planning is essential.  It is advisable to contact a trained specialist for support. If you require advice in relation to any of the above you can contact Áine Fox, FCIPD, UHY FDW’s   Strategic HR Partner on +353 86 380 7206 or aine@hrpartner.ie #2017

Tuesday’s Tip – Maximise How You Use Your Tax Credits Continuing our Tax Credit Series, this week we look at Home Carer’s Tax Credit. The Home Carer’s Tax Credit is paid to families where one person stays at home to mind children, or a dependent relative. In many cases you will automatically be granted the tax credits and reliefs you are entitled to, but if you are entitled to a tax credit such as Home Carer’s Tax Credit, you will have to inform Revenue of your entitlements. Am I Entitled To This Tax Credit? Requirements: The Home Carer’s Tax Credit is only available to married couples or civil partners The married couple or civil partners must be jointly assessed for tax One spouse or civil partner must work in the home caring for one or more dependent person You cannot claim for caring for your own spouse The home carer’s income must be under €7,200 (a reduced tax credit applies where their income is between €7,200 and €9,400) A dependent person is defined as: A child who you are entitled to Child Benefit for A person aged 65 or over A person with a disability who requires care Further information: Carer’s allowance and carer’s benefit are not taken into account when determining the home carer’s income but they are taxable sources of income. You cannot claim the Standard Rate Cut-Off Point for dual income couples and the Home Carer’s Tax Credit. What Do I Do Next? If you think you may be entitled to claim this tax credit and would like assistance, please contact a member of our team on +353 42 933 9955 or email our Tax Manager janejackson@fdw.ie [table id=16 /] #2017

Guest Blog Featuring Joe Lavelle FINTECH INCUBATORS: AN OPPORTUNITY FOR IRELAND? The global FinTech sector has experienced rapid growth with the investment in FinTech start-ups resulting in the introduction of niche technologies producing unique service offerings tailored to specific consumer and business needs. Successful entities have benefited greatly from Government support while the existing large payment sector players are choosing to adapt and work alongside these start-up enterprises with a view to embracing their model and innovative approach by supporting “incubators” to nurture start-up entities through their early stage development. Such initiatives have in many instances also received the support of Financial Regulators such as the approach adopted by the UK Financial Conduct Authority “FCA” who have played a key role in ensuring a practical approach to complex financial regulatory compliance obligations which for these low risk classified start-up Companies can prove to be a major hurdle. Incubators have to date provided startups with invaluable support through mentoring, support services, stakeholder connections and investment in research and development. Developing, testing and researching is key to assessing any opportunity with new ideas taking an average of 100 days to pass through innovation funnels such as that at Visa. Dublin has long been renowned for its commitment to investment and ability to attract research and development opportunities while the Irish English speaking labour force has achieved global recognition for its high degree of skill and expertise in areas such as technology and finance and support services such as IT hosting. The rapid innovation in the FinTech sector presents the perfect opportunity for Ireland to become a significant hub for attracting high potential FinTech Companies. Ireland has successfully attracted technology giants such as Facebook, Google and Airbnb however it has been noted to “lag behind” in its ability to attract and nurture FinTech Companies by failing to adopt a “joined up strategy” that would encompass private business, Government Agencies and the Regulatory Authorities. In a recent interview David Page, Innovation Partner at Visa Europe Collab outlined his views on the important role of FinTech incubators and indicated where the emerging European capitals of FinTech were located. According to Page the established innovation hubs include London, Berlin, and Tel Aviv noting that London has being highly successful in becoming recognised as one of the global capitals for FinTech innovation supported by its practical approach to financial regulation, strong startup community in Tech City, early-stage investors and government support allowing new FinTech businesses to thrive. Israel is widely considered to be the ‘startup nation’, with more startups per capita than any other region globally while Berlin which is seen as slightly different as “a creativity hotspot”. Stockholm is becoming the FinTech capital in the Nordics while there are some exciting startups coming out of Barcelona. This trend indicates the significant opportunity for Dublin to join this innovation race and become one of the leading FinTech Capitals in the world. The strong FinTech incubator presence in London, Tel Aviv, Stockholm and Berlin demonstrates the significant opportunity for Ireland to attract high potential start-up FinTech Companies however, if this is to be achieved, the approach taken by the Government and the Authorities will be a major factor in determining if Ireland will indeed be successful in joining in the emergence of this truly innovative FinTech race which is transforming the way global citizens pay for goods and services by exploring technologies to innovate the payments sector. Joe Lavelle ( joelavelle@pay-reg.com ) is Founder and Director of Cloud Payments. He writes on Fintech incubators and opportunities for Ireland for  www.fintechireland.com . A chartered accountant and payments sector regulatory consultant, Joe also specialises in successfully establishing FinTech entities in Ireland, the UK and Malta as authorised financial institutions. #2017