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Opportunity in Uncertain Times Are the M&A highs of 2015 more in reach, despite ubiquitous global uncertainty? While 2015 was a massive year globally for big-ticket initial public offering (IPO) and merger and acquisition (M&A) activity, 2016 started much more slowly, with political and economic uncertainties around the world dampening previous enthusiasm for deal-making. Data for 2016 suggests there was an 18% M&A fall year-on-year to USD 3.8 trillion. But things are picking up. The second half of 2016 proved more buoyant: global change to private equity buyouts recorded a five-year high, global M&A set a new monthly record in October at USD 600 billion; and cross-border M&A in 2016 has held up well. According to analysts at Dealogic, and Mergermarket Group, this upswing is set to continue, and 2017 year to date volumes look promising, so we asked a few of UHY’s corporate finance (CF) specialists across the international network for their views, particularly regarding mid-market businesses. US COMES UP TRUMPS Where better to begin than in the US, where pre and post election uncertainties have unsettled world markets and leaders. Has the country’s new administration blunted the appetite for deal-making? Not according to Steven McCarty, managing director at UHY Advisors Corporate Finance, LLC, Detroit, Michigan. “2017 has started well in the US with January deals up 7% year-on-year. But it is not a rush to put deals together quickly because of any perceived uncertainty around the Trump administration. In fact, many business owners and CEOs that we work with feel quite confident that the economic environment will remain positive, at least for the next year or so.” This is a confidence borne of several circumstances including pro-growth corporate tax changes, less regulatory intervention that could ease completion of cross-border transactions, and the Trump administration’s tax reform and infrastructure spending policies. “These factors should give a healthy lift to the US economy and may allow the Federal Reserve to pick up its pace of policy normalisation,” says Steven. “Many investment banks agree – Deutsche Bank, for example, has raised its US GDP forecasts.” WHAT ABOUT THE MIDDLE MARKET? There is little doubt too that a number of megadeals contributed to a healthier 2016 than had been forecast, and also provided an 11-year-high January across the world. But beyond the headline numbers, has the global M&A volatility of the last 12 months made any difference to mid-market businesses? Views are mixed. “Small and medium enterprise (SME) acquisitions tend to be mostly national, rather than international,” says Paul Mencke, M&A partner at UHY’s member firm in the Netherlands, Govers Accountants/Consultants. “In the Netherlands, with our continuing low interest rates and an experienced entrepreneur base, we see a steady level of mid-market M&A activity and have not been impacted by last year’s initial decline elsewhere. The tech sector is also looking good so we expect some positive movement here.” In the US, a number of factors have combined for the benefit of middle market M&A growth, as Steven McCarty explains. “High levels of cash on balance sheets, relatively cheap debt and flexible financing options that have made their way to the middle market, all allow for more financially complex transactions, nationally and internationally,” he says. THE BREXIT EFFECT Few nations had as many ups and downs in 2016 than the UK. Uncertainty over its EU referendum vote prior to June – and afterwards – put a firm brake on domestic deal-making, according to Laurence Sacker, UHY Board director and managing partner, UHY Hacker Young, London and Nottingham, UK. “Our middle market seemed to want to wait for the outcome of the vote before deciding whether to engage advisors and push ‘go’ on a business sale,” he says. “Following the result, a number of deals that were in-process ground to a halt, as buyers waited for the dust to settle and the new dawn to begin. I’m not sure the deal flow has fully recovered yet, though many of our clients’ deals that had stalled are now back on track.” A consequence of the UK vote was an unprecedented fall in the value of sterling, making British companies an attractive target for foreign investors. Indeed, two deals alone (the sale of SABMiller and ARM Holdings) added over USD 130 billion to the UK’s investment inflow. However, Laurence advocates caution. “Future access to the single market is the key uncertainty. In the UK, the service sector is being hit hard – and that accounts for around 40% of our economy. With a weakened currency and low interest rates there are clearly opportunities to invest in the UK but caution is also needed until EU market access is determined.” It remains to be seen how the Brexit negotiations, coupled with the outcome of the snap election in June 2017, will influence future deals in the UK. CHINA Despite these important considerations, a deal is a deal, and indeed it is cross-border M&A that has proved most resilient in 2016, falling only 3% versus 2015 against a total market drop of 18%. Average deal size has increased too, albeit modestly, against an all-deals fall of 12%, and much of this success can be attributed to China’s continuing outreach. “We are seeing huge interest from China looking to acquire assets and footholds in the EU and the UK,” says Laurence. “Here, the interest is in business and commercial and residential property, and it ranges across all sectors and sizes of investment.” The transition of China from a state investment-led economy to a consumer-driven one, coupled with the country’s need to reach out and secure natural resources from elsewhere, has created a flurry of activity both across the EMEA region and closer to home. Mark Nicholaeff, UHY Board director and partner at UHY Haines Norton (Sydney), Australia, is busier now than ever. His firm is licensed to take businesses on to the ASX (Australian Securities Exchange). “We have seen a significant upturn in deals, including several Chinese (and Indian) investors,” says Mark. “Software, agriculture, mining and engineering sectors are providing the impetus. Mineral company listings in particular are attractive as transport costs within Asia-Pacific compare favourably to Brazilian or African alternatives.” GOING TO MARKET Many commentators expect a lot more IPOs (initial public offerings) in 2017 as global political and economic clarity begins to return. As Mark indicates, Chinese investment and listings on the ASX are rising, and similar activity is evident elsewhere, not least in Africa. In Uganda, a second, more advanced securities exchange has launched – the ALTX Exchange – which is faster and more efficient than the original Uganda Stock Exchange and can handle large daily volumes. Sam Thakkar, managing partner, UHY Thakkar & Associates, Certified Public Accountants, in Kampala, is excited at the investment opportunities this will bring to the Ugandan middle market. “We now have a real platform for SMEs to go public, which in turn will reassure foreign investors of the compliance of those listed companies,” says Sam. “In turn, that will reduce or eliminate the heavy cost of borrowing and accelerate growth.” Compliance with the regulations demanded of a listed firm in Uganda is critical for future joint ventures or inbound M&A, but that is not all. Sam is working with both the ALTX Exchange and Ugandan businesses to get them investment-ready and to list in 2017. He cites the oil and gas sector as a priority. “The involvement of private corporations such as Tullow Oil, Total E&P and CNOOC (a Chinese oil company) has meant serious revision of standards and training to meet their international requirements.” In the UK, Laurence Sacker and the CF team at UHY Hacker Young also understand that it is not only in developing economies where standards may need to be raised. “We have a few AIM (alternative investment market) IPOs on the way now, or discussing terms,” says Laurence. “The London Stock Exchange is always rigorous in its appraisal – and often sanction – of AIM firms and their nominated advisers (Nomads), where rules are breached. Lately there have been weaknesses in due diligence and life is certainly tougher for Nomads. It’s hard to say whether heightened risk has been a cause; but as a result, Nomads are now more cautious.” Working with middle market clients ahead of planned listing is also on the UHY Hacker Young agenda. “We might work with clients for a year or more of preparation and grooming. Developing business plans, advising on board appointments, producing robust financial data and – if it is required – helping them to raise funds. After the event, we can advise on communication strategy and the preparation of publishable data.” PRIVATE EQUITY In Uganda, Sam Thakkar is also talking to venture capitalists and private equity companies in the US, the UK and other countries who are keen to tap into African markets. “We aim to see how we can ‘marry’ them to healthy local companies; we are expecting further exploration works to be conducted this year by the IOCs (international oil companies) and tenders will be put out soon to identify which businesses here can meet their requirements.” Sam’s approach is shared by Paul Mencke in the Netherlands, where working closely with PE houses is essential to eventual M&A success. According to Paul, “It is most important that we know the buying company and their expectations towards the target company. We want to understand the track-record of the buyer, and of course we insist on a thorough briefing. In this way we can deliver a bespoke approach.” With a majority of global big-ticket PE deals handled by the Big Four accountants, Paul’s approach for the middle market is different. “It is operations-driven from our side, not the general, legal-driven approach of the Big Four.” Laurence Sacker in the UK, agrees. “It is true that private equity investors generally stay with the established top firms, but it is possible to break into that circle if you are able to introduce investment opportunities to them,” he says. He believes that good opportunities open doors, even if they are not completed deals. “Our sweet spot at UHY Hacker Young tends to be deals up to GBP 50 million (USD 66 million) and at that level we offer the same quality of work for lower fees than a Big Four firm would. So certainly the middle market and SME trades would benefit.” BUYING AND SELLING CROSS-BORDER With cross-border deals set to continue their solid global performance through 2017, it is no surprise that UHY member firms are anticipating an increase in opportunities. The network has firms in nearly 100 countries, and has an important role to play in ensuring that middle market business can take full advantage of potential foreign investment when their time comes to sell. Mark Nicholaeff from UHY Haines Norton explains. “One of the most important features of a network like UHY is the ability to introduce corporate finance opportunities in one territory to advisors in many other territories. In our case too, a worldwide intranet makes secure sharing of confidential information between UHY member firms quick and simple. “On many occasions, vendors expect that by including international buyers they have the potential to add significant value to the ultimate deal – and there are industries and sectors where this often applies; for example, technology, oil and gas, or manufacturing. But it’s not always the case, because as the deal size gets smaller, the likelihood of an international player investing becomes smaller too.” The last word goes to Steven McCarty in the US. “What Mark says is true. The added layer of complexity that comes with a cross-border transaction means there is a critical deal size below which the cost:benefit ratio might no longer make sense. But for clients with a sustainable deal size, wherever they are around the world, the value of having support, opportunity and expertise from a global network like ours is significant and substantial. We will certainly play our part in helping the positive predictions for 2017 to come true.” Read the full UHY Global Issue Here Data sources: Dealogic Insights www.dealogic.com; Mergermarket Group www.mergermarketgroup.com. For more information about UHY’s capabilities, email the UHY executive office, info@uhy.com or visit www.uhy.com. Email Call Request a Call Back From Our Team #2017 #LatestTopics #UHYGlobalIssue

€20 million AgTech Fund (IAF) launched Start-up and early stage AgTech companies seeking funding can apply for a new €20 million AgTech Fund (IAF). The fund was launched by The Minister for Agriculture, Food and the Marine, Michael Creed on Wednesday, September 6. “This investment by ISIF complements Government strategy set out in the Department of Agriculture, Food and the Marine (DAFM) Foodwise 2025 strategy and many years of investment by Government in agricultural research and innovation in Ireland,” said Minister Creed. The fund is a partnership between the Ireland Strategic Investment Fund and California-based Finistere Ventures, a global AgTech venture pioneer. The IAF will invest in start-up and early stage AgTech companies that can generate significant economic impact in the Irish Agriculture and Food sectors. According to Finistere’s Kieran Furlong, the Ireland AgTech Fund partner wants Ireland to be the AgTech Island – a hub for European AgTech. “All the ingredients are here – a longstanding, export-oriented Agri-Food industry; world-leading research at Irish universities and institutions such as Teagasc; and, of course, the thriving IT, biopharma and medtech sectors,” said Mr Furlong. “AgTech is essentially the combination of all of these, so we see great potential for start-ups here.” Entrepreneurs who are seeking funding for high-potential AgTech start-ups are encouraged to contact Finistere. Applications can be made online here . Email Call Request a Call Back From Our Team #2017 #Agriculture #Budget

Retail Trends 2017 Retail is Ireland’s largest industry and largest private sector employer, with a presence in every city, town and village – right across the country. Did you know? There are 37,400 retail and wholesale businesses operating in Ireland. The Irish retail sector employs almost 285,000 people. Retail is the biggest contributor to the Irish exchequer. Over the past three years, tax revenue from retail has grown to over €7bn. The Irish retail industry is primarily made up of small, family owned, indigenous companies. Across the regions, retail accounts for 12% to 15.5% of employment. Retail Sales Seasonally adjusted, the volume of retail sales decreased by 4.8% in June 2017, with an annual increase of 4.1%, according to the Central Statistics Office (CSO). The sectors with the largest monthly volume decreases were Hardware, Paints & Glass (-5.9%), Motor Trades (-3.9%) and Other Retail Sales (-3.2%). The sectors with the largest month on month volume increases were Books, Newspapers and Stationery (3.5%), Non-Specialised Stores, excluding Department Stores (2.5%) and Electrical Goods (2.1%). SuperValu Remains Top Supermarket in Ireland: Kantar Worldpanel Irish retailer SuperValu is ranked as the top supermarket in the country, according to the latest Kantar Worldpanel report. The statistics for the 12 weeks ending July 16, 2017 also show that the Irish market is growing, despite worsening price deflation. SuperValu has retained its position as the country’s leading supermarket for the eighth consecutive period, although its market share dipped to 22.1%. Tesco sits in second-place position with 21.9% market share and a 2% increase in value sales, followed by Dunnes Stores. Meanwhile, the discount retailers experienced strong growth during this period, with sales at Lidl and Aldi growing by 3.8% and 3.7%, respectively. The value of the grocery sector in Ireland was €2.34 billion during this period, which represents 2% growth, when compared to 2016. Supermarket Trends in 2017 Some of the key trends affecting the supermarket industry this year include technology, food safety, and sustainability. According to Euromonitor, the top consumer trends for 2017 are as follows: The Longevity economy In 2017, nearly 25% of the world’s population will be aged 50 plus. Increasingly referred to as the “Longevity economy”, this group of consumers will demand more from retailers. Children, Convenience, and Consumption There’s an increasing demand for convenience from consumers who are struggling with work/life balance. Time-poor parents are reaching for paid-for convenience and as a result, children are being introduced to consumption at an earlier stage, according to the Bord Bia Consumer lifestyle trends report. Other factors contributing to this trend include more time spent online and adult children residing at home, often into their 20’s and beyond. Quick Buys As technology and online shopping continues to evolve, consumers expect fast service and immediate access and communication with brands. The Pursuit of Authenticity Authenticity will be a key driver in 2017, adopted by everyone from supermarkets to celebrities. Wellness as a status symbol There has been increased emphasis on health and wellness over the past year. According to the Bord Bia Consumer Life Style trends report about Health and Wellbeing, “achieving balance is increasingly top of consumers’ agendas.” General Retail Trends 2017 Cost pressures, rising inflation and slowing wage growth are affecting consumer confidence and dampening demand in the Irish retail sector in 2017. Retailers are also seeking to invest in digital technology that will increase efficiency and add value for their customers. Prepare for the future of shopping According to Vend’s 2017 Retail Trends and Predictions Report, “retailers who promote product quality, transparency, and sustainability will flourish.” The report states that there are a number of contributing factors in this trend including a worldwide shift toward sustainability, consumer desire to be more ethically conscious in purchase decisions, and a keen interest in supporting brands with a “strong sense of identity.” Over half of consumers are more likely to shop at a retailer in store or online that recognises them by name, according to an Accenture Interactive study. In 2017, retailers around the globe are pushing their omnichannel strategies further than ever before in the pursuit of truly seamless shopping experiences. E-commerce E-commerce is continuing to grow and this growth is affecting traditional retailers. Mobile payments Retailers who haven’t already adopted mobile payments will make efforts to do so. Store Experience The retail store experience will focus on transaction, fulfilment and convenience. Voice-user interfaces (VUI) Voice user interfaces (VUI) and connected devices in the home and car will have a profound impact on how we shop. Artificial Intelligence (AI) Robotic technology will play a more visible role in retail as AI becomes more powerful. Agile at scale More retailers will implement agile across their business as scale as they try to respond to structural change in the marketplace. Email Call Request a Call Back From Our Team #2017 #BusinessinIreland #Retail

Some of the Big Business News Stories From the Last Few Days Dyson Aims to Create More Female Entrepreneurs Entrepreneur James Dyson plans to boost the number of women attending his privately funded university in an effort to increase the number of female engineers in the UK. According to figures from Mr Dyson’s company, women account for just 16pc of students studying engineering at undergraduate level in the UK. In addition, less than 10pc of practising engineers in the UK are women. Read the full article: independent.ie Irish Start-Up HouseMyDog Breaks Crowdfunding Record Irish start-up HouseMyDog has broken a crowdfunding record, hitting its initial target of €200,000 in 36 hours. This is the fastest funds have ever been raise by an Irish company on one of the UK’s leading crowdfunding platforms. Read the full article: independent.ie Economy Sees Quarterly Growth of 1.4%, up 5.8% on Annual Basis Overall economic output or GDP rose by 1.4% between April and June compared to the first quarter, new figures show today. Figures published by the Central Statistics Office show the economy grew by 5.8% in the second quarter of this year compared to the same time last year. The Quarterly National Accounts figures also show that GNP, which factors out profits from multinationals, fell by 4.6% in the second quarter. Read the full article: rte.ie Read Our Budget 2018 Predictions 125 Jobs to Be Created By Graebel in Dundalk Up to 125 new jobs are set to be created in Dundalk over the next three years by Graebel Companies. The announcement of the new jobs was made at the opening of the company’s new EMEA financial shared services and operations centre at the Finnabair Business PArk on Thursday. Read the full article here: talkofthetown.ie Sterling soars to highest since Brexit on Bank of England rate-hike bet Sterling hit its highest level since the result of the Brexit vote on Friday as investors doubled down on bets the Bank of England would raise interest rates soon. The UK currency was heading for its best week in almost nine years against a currency basket. Read the full article: rte.ie Read more on our blog Email Call Request a Call Back From Our Team #2017 #LatestTopics

Looking Ahead to Budget 2018 Budget 2018 is due to be announced on Tuesday, October 10 by the new Finance Minister Paschal Donohoe. Here’s what we know so far: Budget 2018 not expected to be a generous budget, but it is expected to concentrate on low and middle income earners, with the aim of reducing their tax burden. An educated guess: Here are a few predictions for Budget 2018. USC reductions There may be a reworking or amalgamating of the USC and pay-related social insurance (PRSI), leading to more people paying PRSI but, on the other hand, less paying USC. This amalgamation could also lead to an extension to the existing dental, optical and paternity leave benefits. The current reduced rate of USC for people aged over 70 years of age may be extended past its current end date of 2017. Income Tax The 20% rate band may be increased, pulling more income into the lower rate band, and reducing the amount taxed at 40%. Alternatively, the 20% income tax rate itself could be reduced by a percentage to 19%. The Earned Income Tax Credit is expected to be increased to bring the credit available for self-employed people and company directors more in line with the credit given to PAYE workers. On the other hand, the PAYE Tax Credit could be increased for lower paid workers, but abolished for those earning above a certain threshold. Landlords It is possible that the current restriction to 75% to the amount allowed as an expense for loan interest could be increased to 85%, with the aim of allowing full deductibility for landlords within the next three or four years. A decision on whether Local Property Tax is a deductible expense would also be welcome. Pensions & Benefits Small increases of approximately €5 per week are expected. Mortgage Interest Relief It’s expected this will be extended beyond the previously stated 2017 end date. Tax on Investment & Savings Income It is probable that DIRT (tax on savings) will be cut to 37%, with an aim to hit 33% by 2020. Corporation Tax No changes expected to the current 12.5% rate. Local Property Tax Property prices have dramatically increased since this tax was introduced in 2013, but the tax itself has not changed since then. An increase or a new approach in how this is levied is believed to be afoot. Inheritance Tax The Government has given a commitment to increasing the Parent to Child CAT threshold, and it is believed that an extension to €350,000 may take place in this budget. The Small Gift Exemption, currently allowing a tax free gift of €3,000 per annum, may be altered, with some predicting an increase to a possible €3,750 and others a reduction to €2,500. 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

IAESB Deadline Extension Stakeholders have been granted an extension to submit comments on the International Accounting Education Standards Board’s (IAESB) proposed revision of International Education Standard (IES) 7, Continuing Professional Development. “Input is instrumental in improving the quality of setting accounting education standards and we welcome stakeholders’ views on the proposed revision of IES 7,” said IAESB Chair, Chris Austin. “This proposed standard embraces innovation and changes in learning by enhancing existing requirements and focusing recommended measurement approaches on learning while emphasising the range of available approaches.” The deadline to comment on the proposed revision has been extended to September 19, 2017. Stakeholders can submit comments on its proposal via the IAESB’s website www.iaesb.org. Source: International Accounting Education Standards Board . Email Call Request a Call Back From Our Team #2017 #Events

Next up in our ‘5 minutes with…’ series is another of our Directors, Thomas McDonagh Thomas McDonagh is Compliance Director at Dundalk-based UHY Farrelly Dawe White. He is a Fellow of the Institute of Certified Public Accountants and manages a large portfolio of SME clients across many industries. Thomas is also responsible for ensuring adherence to best practice across all non-audit engagements in the practice, with a particular focus on new developments in financial reporting standards. Recently married, Thomas lives just outside Dundalk with his wife, Siobhan. Tell us about your career path to date. I attended De La Salle secondary school in Dundalk where I had a keen interest in physics, economics, accounting, and applied maths. Initially, I considered civil engineering as a career but by the end of 6th year I decided to focus on accountancy. I completed a BA in Accounting & Finance at Dundalk Institute of Technology and joined UHY FDW as a trainee accountant in 2003. I qualified as a Certified Public Accountant in 2006. I then decided to go travelling where I visited Malaysia, Singapore, Fiji, New Zealand and Australia. I spent the bulk of my trip in Australia, backpacking for the first few months, before settling in Sydney for around nine months. As I was on a work-holiday visa, it allowed me to work in a number of different companies, my first being a temporary role in the finance department of Time magazine. I then moved to AMP where I worked as a tax accountant. Following this I worked in Macquarie Bank, who at the time were the largest investment bank in Australia. Macquarie Bank was a fantastic learning experience where I developed a skillset that has greatly benefited me in my career including my love for all things Excel. In October 2007, I returned to Ireland and UHY FDW as an Audit Senior. Shortly after re-joining, I played a key role in implementing a number of new IT systems – accounts production, document management, and time management systems – and managing these transitions. In 2011, I relocated to Dublin for a short time where I worked as an Audit Senior in one of the top ten practices. While there, an opening then came up to return to Dundalk and I joined Kirk & Associates as Audit Manager. I remained in this role for four years. I learned a lot as I was exposed to a number of different industries that I hadn’t previously encountered. The role also allowed me to develop my management skillset. In June 2015, I returned to UHY FDW. It was exciting time to re-join the company as the accounting industry was on the cusp of a substantial change with the commencement of the Companies Act 2014 on June 1, 2015. This is one of the largest pieces of legislation ever passed in the country. We also had the impending transition to FRS102. I was heavily involved in a number of projects on the back of these changes. Are you where you expected to be in your career? Yes. When I began my career in accountancy, my aim was to become a financial controller in industry or director/ partner in practice. While taking on a variety of roles and challenges – in addition to the experience and opportunities provided to me – I have achieved my goal; and I’m happy to have achieved it in the practice where I started my career in 2003. Earlier this year I was awarded CPA fellowship and got my practising certificate with audit qualification. I’m also a member of the CPA Financial Reporting Sub Committee. As a member of this committee I review and comment on proposed changes to accounting regulations. What’s the best career advice you received? The best advice I received was to be proactive and not to put things off. When I was a trainee accountant I was advised by Eamonn White, a former partner in UHY FDW, to sit four of my professional exams in one sitting rather than over two years. Don’t always look for the easy way out. Based on your own experience, what are your top career tips? Ask questions, be inquisitive. Don’t be afraid to ask for help if you need it. Keep up-to-date with regulatory changes in the industry. Read newspapers. It’s important to know what’s going on in the world outside accountancy. I’d also advise people not to jump into things. Always do your research. Finally, don’t burn your bridges. How would you define your work style, and how has this evolved over the years? I always try to remain calm and level-headed. It’s also important to stay positive and provide solutions to problems as they arise. I try to avoid getting stressed, especially if issues are beyond my control. I feel I am quite methodical in my approach and technically sound. Over the years I’ve learned to plan effectively, prioritise, and learn from my mistakes. A lot of this comes with experience. In terms of managing teams and individuals, what are your insights? I aim to be open, approachable, and friendly. I try to encourage people to do their best. I feel it’s important to be available to every member of the team. You need to get to know them, their strengths, and their weaknesses, to ensure that you allocate the right work to the right people. It’s important to give feedback, especially with newer members of the team. People can’t grow and develop in their own careers if you don’t provide adequate feedback on their performance. What about communication and negotiating the typical ups and downs of working life? It’s hard to beat face-to-face communication or a telephone call. It’s nearly always easier to get something resolved face-to-face. Email is a great tool, but can be overused and sometimes misconstrued. Has networking played an important part in your career? Formal networking hasn’t played an important role in my career to date. However, I can see this changing into the future, especially in my current role. Informal networking, my social network, and work colleagues – past and present – have played a huge role in my career, development and the decisions I’ve made that led me to where I am today. As I said previously, don’t burn your bridges. If you had to choose another career tomorrow, what would it be and why? I enjoy a number of different activities outside work. I do Pilates every week; I find it great for clearing my head and relaxing. As my wife and I just finished building our new home – and recently moved into it – I’m spending an ever increasing amount of time gardening. However, if I was to change careers I’d like to do something academic in the field of economics. I enjoy reading a number of commentators such as Stephen Kinsella and David McWilliams and I attend Kilkenomics, an economics and comedy festival in Kilkenny every year. Alternatively, I would like to have worked as a tour guide, as I enjoy the outdoors and I like traveling. In 2009, my brother and I organised a road trip in the United States. The following year, I organised a month-long tour of Australia with my parents and brothers. I also recently went to South Africa on honeymoon. Contact Thomas McDonagh Email Call Thomas McDonagh Request a Call Back From Our Team #2017 #5MinutesWithourTeam #UHYFDWTeam

In our Autumn 2017 issue: Our Autumn issue contains various interesting tax articles including: Roll up, Roll up! Tax-Free Childcare Registration Opens Private Residence Relief: Another Disappointed Taxpayer! Penalties: HMRC Get It Wrong Again! Declaring The Sale Of Your Property Claiming Your Re-mortgaging Fees Choose Your Corporation Tax Payment Date Read the Autumn Newsletter #2017 #UKNI

Retail Ireland warn retail sales figures act as a timely reminder not to take continued growth in the sector for granted Retail Ireland, the Ibec group that represents the sector, warned that the retail sales figures for July, released by the CSO on Monday , act as a timely reminder not to take continued growth in the sector for granted. Core retail sales in July decreased by 0.6% when compared with June, indicating a mid-summer dip in performance. However, the group said that broader retail trends remain positive, with sales increasing by 3.5% in the year to date. Retail Ireland Director Thomas Burke stated: “Despite a return to growth in retail sales values, core retail sales, excluding motor trades and bar sales, remain volatile. While there may be a perception that all is well again in the retail sector, much of the current growth is being driven by deep discounting in shops and ongoing sales activity. Such prolonged discounting, while necessary in the current uncertain consumer market, is undoubtedly draining profits for retailers. “This environment makes it difficult for retailers to take positive business investment decisions, and with continuing uncertainty likely over the coming months due to Brexit and currency fluctuations, there is now a real fear that retailers and consumers will adopt a wait and see approach to major spending decisions for the remainder of 2017 and beyond. Despite the dark clouds on the horizon, retailers remain hopeful that the current back to school period can inject some positivity into the market and enable a strong performance in the second half of the year.” Source: RetailIreland.ie UHY FDW and the Retail Sector UHY FDW and Brexit Request a Call Back From Our Team #2017 #BusinessinIreland #Retail

Tax Relief For Third-Level Fees Are you aware that you can claim tax relief on third-level fees for yourself or those on whose behalf you pay fees? You may be able to claim tax relief on tuition fees paid for approved: Undergraduate courses Postgraduate courses Information technology (IT) Foreign language courses Lists of courses and colleges approved for relief each year are published on the Revenue website. You can claim tax relief as long as you have actually paid the fees, either on your own behalf or on behalf of another person. You cannot claim tax relief on: Examination or administration fees Any part of the tuition fees that is met directly or indirectly by a grant, a scholarship or otherwise, e.g. where fees are reimbursed by an employer. Visit Citizensinformation.ie for more about tuition fees and the Student Contribution. Payments that qualify for tax relief The maximum amount of fees (including the Student Contribution) that can qualify for tax relief is €7,000 per person per course. Full-time student: There is no tax relief on the first €3,000 spent on tuition fees (including the Student Contribution) for the 2017/2018 academic year. Part-time student: There is no tax relief on the first €1,500 spent on tuition fees (including the Student Contribution) for the 2017/2018 academic year. More than one student: If you are claiming for more than one student, you will get full tax relief on tuition fees (including the Student Contribution) for the second or subsequent students. You can find examples of how the tuition fees tax relief works on the Revenue website. Courses that qualify for tax relief Undergraduate courses Tax relief is available for tuition fees paid for: Approved full-time and part-time undergraduate courses in both private and publicly funded third-level colleges in the State Approved full-time and part-time undergraduate courses in both private and publicly funded third-level colleges in any EU member state. This includes courses in medicine, veterinary medicine, dentistry and teacher training. Full-time and part-time undergraduate courses operated by colleges in any EU member state providing distance education in the State. Conditions for granting tax relief for undergraduate courses Courses must be for at least two years’ duration Colleges and courses within the State must be approved by the Department of Education and Skills Postgraduate courses Tax relief is available for tuition fees paid for: Approved postgraduate courses in private and publicly funded colleges in the State Postgraduate courses in a university or publicly funded college in another EU member state, including such colleges that provide distance education in the State Postgraduate courses in a university or publicly funded third-level college in non-EU countries. Conditions for granting tax relief for postgraduate courses Courses must be for at least one academic year but not more than four academic years in duration and must lead to a postgraduate award based on either a thesis or an examination. The person taking the course must already have a primary degree or an equivalent qualification. Information technology and foreign language courses Tax relief is available in respect of fees paid for training courses in information technology and foreign languages (other than postgraduate courses) if certain conditions are met: The course involved must be less than two years’ duration It must result in the awarding of a certificate of competence (and not just a certificate of attendance) The course must be approved by SOLAS. Details of schemes Revenue publishes detailed information about tax relief for tuition fees, covering tax relief for undergraduate and postgraduate courses and tax relief for information technology and foreign language courses. Rates of tax relief Tax relief is given at the standard rate of 20%. There is no limit on the number of individuals for whom you can claim. Paying fees in instalments If you pay fees in instalments and at least one instalment is paid in the tax year following the year your course started, then the relief for fees relating to that academic year may be granted either: in the tax year the course started, or the tax year in which the instalment was paid. However, relief will only be granted in respect of amounts actually paid and subject to the maximum relief available in that academic year. Undergraduate and postgraduate courses: The maximum amount of fees (including the Student Contribution) that can qualify for tax relief is €7,000 per person per course. Information technology and foreign language courses: The course fees paid must not be less than €315 and not more than €1,270 (these refer to the course fee and are not simply an amount per annum). Source: Citizensinformation.ie Careers with UHY FDW Request a Call Back From Our Team #2017 #Student #TAX