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Spring
2016
dc
Business
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FDC GROUP
In this issue:
General Manager’s Introduction.
02 General manager’s
introduction
Jack MURPHY
03 Trusts – Theory
Versus Practice
Donncha Collins
06Understanding and
Managing your
share portfolio
Jennifer Dennehy
08Finance ACT 2015
Marguerite Cremin
11
Vacancies
12
AppointmentS
15
Financial Market
Indicators
In announcing Budget 2016, the Minister
for Finance noted that the indigenous SME
sector remains ‘critical to our economic wellbeing’. To that end, a number of measures
were introduced to support a sector which
provides 68% of all employment in the state.
A revised ‘Entrepreneur Relief’ from CGT,
whilst far less effective than its UK equivalent,
is a recognition that the standard rate of
33% remains a disincentive to business
investment. A graduated reduction in the
standard rate of CGT to stimulate private investment is now overdue.
The expansion of the EII Scheme and raising financing levels from €2.5m to
€5m annually, subject to a revised lifetime maximum of €15m underlines the
importance of the scheme as an alternative to traditional forms of business
credit. For individual business owners, the introduction of an earned-income
credit of €550 for the self-employed, together with abolition of the Pension
Levy are welcomed together with the more generalised reductions in
Income Tax and USC.
Whereas significant progress has been made in stabilising Ireland’s fiscal
position, a regionally uneven recovery is now apparent. With unemployment
nationally remaining at 9.4%, further actions are now needed to stimulate
business investment outside the urban centres. Creating the required
additional 100,000 jobs in the coming years will require much greater
support to the regional SME sector.
FDC continues to develop its office network and to expand its staff/
management development recruitment all by way of us giving a more
complete service to our clients and to the business and agri- community in
Rural Ireland.
Thank you for your ongoing business support.
Jack Murphy – General Manager.
Trusts – Theory Versus Practice – Donncha Collins, FDC Tax Department
Clients often discuss the appropriateness of using a Trust
to avoid/minimize taxes. A Trust formed for the purpose
of controlling assets and/or operating a business can
appear as a useful vehicle for tax minimisation. In reviewing
the appropriateness or otherwise of a Trust it is useful to
review the historical origins of Trusts as legal structures.
Feudal societies required a legal formula to guarantee
the protection of assets and rightful succession for those
required to absent themselves on military service. Typically,
feudal lords appointed nominees to maintain the assets
until their return or until their successors were of age.
Inevitably, occasions arose where entrusted nominees
claimed that the property had in fact been transferred to
them absolutely. In medieval England, in particular, the
nascent courts system had no effective remedy for the
deceitful actions of untrustworthy nominees. Those
disinherited under this ad hoc regime were forced to
petition the monarch. As a result of this petitioning and in
order to deal with the complaints of the litigants, the Courts
of Equity were created from which the Laws of Equity were
developed under the common law system of precedence.
The Law of Equity created and recognised the concept of
a Trust. The ownership of the property was spilt into two
distinct parts. The trusted individual would receive the
legal ownership of the property so that he could act, deal
and use the properties to maximise the income for the
family members. However, the beneficial ownership (the
underlying interest), did not pass to the trusted individual
and sat “in abbeyance” until such time as the settlers
children were of legal age to receive the beneficial interest.
At that point, the trustee would appoint his legal interest to
the children and thus marry the legal and beneficial interest
in the property. This novel solution thus gave birth to the
concept and existence of a Trust.
Whereas the legal jargon has changed slightly from its
origins, the underlying concept of the Trust remains exactly
the same. In present day terms we describe where;• the owner of property (the settlor),
• transfers to a trusted individual (the trustee),
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• an interest in the property so that he can deal, on a daily basis, with the management of same (the legal interest),
• to hold the property in trust,
• until such time as the beneficiaries are appointed t he underlying ownership of the assets (the beneficial interests).
An interesting development from the above then occurs.
In the application of the Trust concept by the Courts of
Equity, they accepted that the tax liabilities payable on the
transfer of property from one generation to the next, did
not occur until the beneficiaries received the beneficial
interests. Therefore, by placing the property in a Trust and
having the beneficial interest placed in abeyance. The
transfer taxes were thus delayed. Whereas initially the Trust
had been created to solve a practical difficulty, interested
parties recognised their value solely for the purposes of
delaying and minimising tax.
One might contend that trusts should be the predominant
structure of the present day. However, it is not surprising
that the Revenue Commissioners would soon express
concern in the use of Trusts for the avoidance of tax. To
this end, over a number of years, amendments were
made in the Taxes Acts to deal with, what the Revenue
saw, as a misuse of Trusts. It is interesting to note that the
amendments introduced by Revenue recognised that the
concept of a Trust still had merit and these cases would
still be entitled to favourable tax treatment. In other words,
Trusts still have merit when they are created to deal with
practical situations which are transparent.
One of the land mark decisions taken by Revenue to
dampen the advantages of the use of a Trust was taken
in 1984. The Revenue took issue with a prominent Irish
business family’s use of a Trust, whereby the substantial
assets of the family were held in a Trusts for generations.
In this way the imposition of Capital Acquisitions Tax
(CAT )was postponed indefinitely. Arising from Revenue’s
perception of the misuse of the Trust, they introduced
a Trust Tax. A levy was charged at the instigation of the
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Trust and an annual charge arose thereafter. As a result,
any client wishing to operate a Trust, will have to calculate
the cost of that Trust tax versus the longterm benefits.
These levies can be avoided where the Trust is created
for legitimate, moral or ethical reasons. For example,
where Trust property is held for minor children, or for the
benefit of an incapacitated person who is incapable of
managing their own affairs. A detailed analysis of the tax
consequences of the creation of a trust and the operation
of the trust in its lifetime, are beyond the scope of this
article. I will hereunder set out general comments re same.
Capital Gains Tax (CGT)
There are specific provisions in the Taxes Consolidation Act
1997 dealing with the taxation treatment of Trust property
for CGT purposes.
The reader may also note that in certain situations, trustees
can avail of retirement relief, where the property is used by
the life tenant and all other conditions of retirement relief
under section 598 and 599 are met. It will be interesting to
note that trustees may in certain circumstances also avail of
principal private residence relief from CGT on disposal of a
qualifying residence under section 604.
From a practical point of view, one will often come across
the creation of a Trust under a Will. One of the reasons for
same, is due to the exemption mentioned above, where
CGT is not payable under the transfer of the property on
death. The creation of Trust by a deceased settlor and the
transfer of his property or estate to a Trust will not give rise
to a CGT liability.
Stamp Duty (SD) :When a settlor creates a Trust, the transfer by him of
property to the trust is a disposal for purposes of CGT.
Whether a liability to CGT arises will depend on the
operation of the normal CGT tax rules. While the property
remains in the Trust, there are two categories of disposals
which render the trustees potentially liable to CGT.
In the normal course of events trustees are liable in respect
of any disposals they may make of the assets during the
life time of the Trust. Their liability to taxes is computed in
accordance with the ordinary CGT principals. The base cost
of the asset for the trustee’s computation will be that value
when the Trust was created and it acquired the property.
You can also have deemed disposals by the trustees. These
occur when the property is appointed by the trustees to
the beneficiary. In other words, the appointment by the
trustees of the property out of the trust is considered a
disposal for the purposes of CGT. The tax is calculated
under normal CGT principals. You can also have a deemed
disposal where property is held on trust for the lifetime
of an individual and on the death of that individual the
property continues in trust. As the reader may be aware,
CGT does not arise for disposals on death. In certain
situations trustees can avail of that exemption. This will
normally occur where the property is held on trust for the
lifetime of an individual and the property is appointed
absolutely to a third party on the death of that life tenant.
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Where property passes to a Trust by use of a deed, this
transfer is liable to SD as a conveyance or transfer on sale.
The normal SD rate applies. The charge applies because
the legislation directs, the transfer, which operates as a
voluntary disposition inter vivos (i.e. a gift) is to be charged
with the same SD duty as if it were a transfer ,a conveyance
or transfer on sale.
It follows therefore, the appointment by the trustees of
the property out of the trust attracts a nominal fixed
duty charges - currently €12.70. The appointment taking
place to a beneficiary, is a transfer of the interest under
the trust. It is regarded not as a voluntary disposition or
transfer on sale (i.e. a gift) but simply an appointment
out the beneficiaries of their beneficial entitlement. With
the appointment deed the trustees are transferring their
legal ownership of the asset to the beneficiary, and thus
completing the beneficiary full title to the property.
Again it is interesting to note because SD is not payable on
the transfer of property on a death, then one will often view
the creation of Trusts under a Will. In this way the transfer
of the property by a deceased testator to a Trust does not
attract SD. Furthermore, on the appointment out of the
property by the trustees the nominal fixed duty will only apply.
Capital Acquisitions Tax:This charge arises on capital transfers i.e. inheritance tax,
gift tax, estate taxes etc. The creation of a Trusts results in a
transfer of a legal interest to the trustees with the beneficial
interest resting in abeyance until some future time. For
this reason capital Acquisitions Tax, which is a tax payable
on the beneficial interest, does not arise until that future
appointment time. To counteract this, in 1984, the Revenue
introduced a Discretionary Trust Tax. Under these rules, an
initial charge of 6% was levied on the creation of the trust
and 1% thereafter where the property remained in trust and
at the discretion of the trustees
The legislation introduced certain exceptions, for example:
The tax is not payable where;•the trust is created exclusively for public or charitable
purposes, OR
•the trust is for the benefit for one or more named
individuals and all of those individuals are incapable of
managing their own affairs due to, because of age or
improvidence or of physical, mental or legal incapacity.
OR,
•where any of the principal objects, as defined, are
under the age of 21 years. Principal objects are defined
as the spouse or children/child of the disposer or
the children of the child of the disposer where such
child predeceases a disposer. (i.e. the grandchild of
the settlor, where the parent of that grandchild has
predeceased the settlor)
Income Tax:Trustees are assessed to tax in respect of the trust income
separately from their own personal capacity. Any person
who receives income as a trustee is chargeable to income
tax at the standard rate. The are not subject to the higher
rates of taxation nor, however, are they entitled to claim
personal allowances or relief.
If a beneficiary receives a distribution of trust income which
was already assessed to income tax on the trustees, the
distribution is taxed in that person’s hands as net income.
It is grossed up at the standard rate and a credit applied to
the beneficiary for the tax deducted by the trustees.
As you may note from the above, because Trusts are
taxable at the standard rate of income tax it appears
attractive for persons taxable at the higher rate to transfer
income to a Trust, rendering such income taxable at the low
rate. The Revenue are cognisant of this point and therefore
the legislation provides for a surcharge on undistributed
income where that income has not been distributed within
eighteen months of receipt. The surcharge is at a rate of
20%. Not surprisingly when one calculates the effective tax
rate on the trustees on undistributed income, it is at 40%.
It is the author’s opinion that Trusts will, generally, not be
created purely for taxation purposes. When one considers
the legal origins of Trusts there will be circumstance which
absolutely merit a Trust structure. In this author’s opinion,
those circumstances will be where the property should be
held for bona fides purposes by a trustee for a beneficiary.
These are most often where the settlor creates a Will Trust
to benefit his or her minor children or individuals who
cannot manage their own affairs due to legal, mental or
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Understanding and
managing your
share portfolio
Jennifer Dennehy, FDC Financial Services
Introduction
We all work hard and we want our money to work for us as
hard as we do. We all have different attitudes to risk and
different investment time frames. Therefore there is no
single answer or solution to investing. But it begins with
asking ourselves why we invest.
Most people invest because they want to increase their
personal freedom, sense of security and ability to afford the
things they want in life.
Investing is about putting your money to work for you.
Essentially, it’s a different way to think about how to make
money. Growing up, most of us were taught that you can
earn an income only by getting a job and working hard.
And that’s exactly what most of us do. There’s one big
problem with this - if you want more money, you have to
work more hours.
However, there is a limit to how many hours a day we can
work, so because we cannot duplicate ourselves to increase
our working time, we need to put an extension of ourselves
- our money - to work. That way, our money can earn
money while we are doing something else.
This is the power of compounding, which Albert Einstein
called the ‘greatest mathematical discovery of all time’.
Compounding is the process of generating earnings on an
asset’s reinvested earnings. To work, it requires two things:
the re-investment of earnings and time.
The more time you give your investments, the more
you are able to accelerate the income potential of your
original investment.
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Risk
Rather than thinking of investing in the stock market as
being similar to betting at the bookmakers, it can be useful
to think of it as becoming a part-owner in a business.
When you purchase shares in a company, (or equities as
they are sometimes called), you actually become a part
owner of the business. This entitles you to vote at the
shareholders’ meeting and allows you to receive any profits
that the company allocates to its owners. These profits are
referred to as dividends. It is worth noting, however, that
not all companies issue dividends to shareholders.
Because each investor is different in his or her objectives
and risk tolerance, there are some things to be aware of
when making investment decisions:
Elements to identifying solid
‘Blue Chip’ shares
Fundamentals
There are some fundamental ideas about investing for the
long term which apply to everyone. It is important to adopt
an approach that you can understand and that suits your
attitude to risk, to understand that markets can be volatile
by their very nature and to avoid letting the volatility
interrupt your investment plans. The final step is to have the
patience to let compounding work its magic over time.
• Attitude to risk
• Investment time frame
• Capacity for loss
Once you have the answers to these three fundamental
questions you will be a long way towards investing
successfully.
Your FDC consultant will have gone through the idea of risk
with you many times. Understanding your risk tolerance is
one of the fundamentally important rules for investing. It
allows you to understand how comfortable you feel with
how much risk you are taking.
Although understanding risk may seem like a simple idea,
it’s one of the most important concepts to understand. It
is also essential to determine your investment goals. For
example, what is the purpose of your portfolio? It is helpful
to devise a plan and stick to it. In 1973, Warren Buffett
said that “to invest successfully, you need a sound plan
for making decisions and the ability to avoid letting your
emotions corrode that plan”.
The Stock market
The stock market is one way to invest, and shares, as an
asset class, have proven to deliver the best returns over the
long-term. The modern form of the ‘stock market’ began in
May 17th 1792, when 24 stock brokers and merchants signed
the Buttonwood Agreement. The buttonwood tree was
simply the local name for the sycamore tree.
It means, on a portfolio level, mixing a wide variety of
investments within a portfolio and on a stock level, ensuring
that the portfolio is not overexposed to any one stock. The
rationale behind this idea is that a portfolio of different
kinds of investments will, on average, yield higher returns
and pose a lower risk than any individual investment
found within the portfolio. At a stock level, diversification
neutralises the negative performance of any one stock
within the portfolio.
the jargon
It is important, therefore, when buying shares to choose
companies that are profitable, well run, and are not laden
with excessive debt. Companies with these attributes can
help reduce your risk, and help grow your capital.
When looking at whether a company is ‘solid’ or not
there are a few things to keep in mind. How much of the
company’s profits is returned in cash? We all know cash
flow is the life line to any business as nothing else can pay
the rent or wages.
Another measure which experienced investors use to tell
whether a company is ‘Blue Chip’ or not is the ‘Return
on Capital Employed (ROCE)’. Simply put, this measure
tells us what return (profit) the business has made on the
capital used. In other words, how efficiently can a company
generate profits from the resources available to it?
For example, those who have a low risk tolerance and are
primarily concerned with capital preservation tend to invest
in stable blue chip companies.
Diversification
For the ‘direct equity’ portion of a portfolio, diversification is
key. We hear about diversification all the time and for good
reason. There have been all sorts of academic studies and
formulas that demonstrate why diversification is important,
but it’s really just the simple practice of “not putting all your
eggs in one basket.” If you spread your investments across
various types of assets and markets, you’ll reduce the risk of
serious financial losses.
Sometimes the media uses jargon that seems confusing
but is really quite simple. Here we explain some of
those phrases:
Asset Allocation
An investment strategy that helps you balance risk and
reward by spreading your investments across a variety
of investments.
P/E Ratio
The Price-to-Earnings Ratio or P/E ratio is a ratio for valuing
a company that measures its current share price relative to
its per share earnings.
For example, suppose that a company is currently trading
at €43 a share and its earnings over the last 12 months were
€1.95 per share. The P/E ratio for the share could then be
calculated as €43/€1.95, or €22.05.
Earnings Per Share (EPS)
The portion of a company’s profit allocated to each
outstanding share of common stock. Earnings per share
serves as an indicator of a company’s profitability.
Dividends
Dividend per share is the total dividends paid out over the
entire year divided by the number of outstanding ordinary
shares issued.
If you don’t have time watch the market every day and
you want your stocks to make money without that kind of
attention, look for dividends. Dividends are like interest in a
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savings account. You get paid regardless of the stock price.
When choosing companies for their dividend, there are
a few things to look out for. Be careful of the company’s
ability to pay the dividend year in year out. If a company
raises its dividend, it signals management’s confidence in
the company’s prospects and also in their cash flow.
Currently inflation is very low. In order to ensure your
buying power will remain the same or grow in the future,
your dividend yield should be above the rate of inflation.
In conclusion, to consistently maintain and grow your
wealth, it is important to have a clear strategy which
includes having a diversified, well balanced portfolio, which
is in line with your risk tolerance and investment time frame.
As previously mentioned, for the direct equity portion of
your portfolio, diversification is key. Look for high quality
companies with strong balance sheets (strong cash
balances and low debt), that are well run by an experienced
management team, with strong, sustainable sales growth,
resilient to change, which lead to increasing the company’s
profitability in real terms.
FDC Financial Services provides independent advice
customised to each client’s individual requirements. Our
highly-qualified and experienced advisers are available to
assist you to achieve your financial goals.
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Finance act 2015
– Marguerite Cremin, FDC & Associates
The passing of the Finance Act 2015 by the Oireachtas
gives effect to the measures announced in Budget 2016.
This article seeks to highlight the key provisions as they
apply to the SME sector.
CGT – Entrepreneur Relief
The standard rate of capital gains tax (CGT) remains
at 33% but an enhanced entrepreneur’s CGT relief has
been introduced. From 1st January 2016, a CGT rate of
20% will apply to the net chargeable gain arising on the
disposal by individuals of assets comprising the whole or
a discrete part of a trade or business, subject to a lifetime
limit of €1 million.
The chargeable business assets must have been owned
by that individual for a minimum period of 3 years prior
to the disposal. The relief will not apply to disposals of
chargeable business assets by companies or to disposals
of development land or a business consisting of dealings
in or developing land, a business consisting of the letting
of land or buildings or holding investments. Where the
business is carried on by a private company, individuals
seeking to qualify for the relief must own not less than
15% of the shares of the company or at least 15% of
the shares in a holding company which owns 100% of
the company. The shareholder must have been a fulltime working director of the company for a minimum
period of 3 years prior to the disposal of the chargeable
business assets.
VAT
Where a refund of VAT is due to a taxpayer following
payment of an estimated assessment issued by the
Revenue Commissioners which is subsequently cancelled,
the taxpayer must separately apply for that refund, rather
than automatically receive the refund payment from the
Revenue Commissioners.
The anti-avoidance measures applicable to the capital
goods scheme have been extended to taxable supplies
of uncompleted properties between connected parties. In
addition to accounting for VAT on the sale, the vendor will
be required to make an adjustment based on the difference
between the VAT arising on the sale and the amount of VAT
incurred by that vendor on the acquisition and development
of the uncompleted property.
Following the cancellation of a VAT number, where the
Revenue Commissioners consider it necessary for the
protection of the revenue, they may notify a person’s
suppliers and publish details of the cancellation of that
person’s VAT number.
Employment and Investment Incentive (EII)
The EII and Start-UP Relief for Entrepreneurs (SURE) have
been amended to comply with State Aid rules. In addition,
expansion works to existing nursing homes will qualify for
EII. The definition of qualifying employee is amended.
by the Controller of Patents, Designs and Trade Marks that
the asset is ‘novel, non-obvious and useful’ is sufficient.
This facility is available to companies with a global turnover
of less than €50m and who derive income less than €7.5m
annually from Intellectual Property assets.
USC
The entry threshold to USC will increase for €12,012 to
€13,000. The USC reductions will reduce the marginal rate
of tax to 49.5% for all earners who earn up to €70,044.For
taxpayers within the charge to USC, the three lowest rates
are being reduced:
• The 1.5% to 1%. This applies on the first €12,012 of
income;
• The 3.5% rate to 3%. This applies on the income in
excess
of €12,012 up to an increased threshold of €18,668;
• The 7% rate to 5.5%. This applies on income in excess
of €18,668 up to €70,044;
• 8% on any income over €70,044 remains unchanged.
Employer contributions to a Personal Retirement Savings
Account (PRSA) in respect of an employee will no longer
attract a USC liability for the employee. This is in line with
the existing exemption for employer contributions to
occupational pension schemes. The exemption from the
8% rate of USC for medical card holders and those over70s earning less than €60,000 is being retained and these
individuals will now pay a reduced maximum rate of USC
of 3%.
Earned Income Tax Credit
Currently, a qualifying employee is defined as an employee
(other than a director) who is employed by the company for
not less than 4 days a week. The new provision will deem a
person to be a qualifying employee where he/she works at
least 30 hours a week and their employment is capable of
lasting at least 12 months.
The Income Tax regime as currently structured, means
that an employee will take home a greater proportion of
their salary than a small business owner on the same net
profit. The Finance Bill introduces an Earned Income Tax
Credit. The credit will be available to those with earned
income who are not entitled to an employee tax credit of
€1,650. The credit will be the lower of 20% of the relevant
income or €550. If the individual is also entitled to a
partial employee tax credit, the aggregate employee tax
credit and earned income tax credit is limited to €1,650.
Knowledge Development Box
Home Renovation Incentive
This tax relief provides that profits from patented inventions
and copyrighted software (qualifying assets) earned by
an Irish company can, to the extent it relates to Research
and Development (R&D) undertaken by that company, be
effectively taxed at a reduced Corporation Tax rate of 6.25%.
To facilitate SMEs, the requirement for the qualifying asset
to be formally patent protected is removed and certification
The scheme is extended for a further year, to end
December 2016.
Corporation Tax Start- up exemption
The 3 year tax relief for start-up companies under has been
extended to start -up companies which commence a new
trade in 2016, 2017 or 2018.
Transfer of assets abroad
Where arrangements are put in place such that an income
arises to a non-resident individual but a resident individual
has the power to enjoy that income, then that resident
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individual is chargeable to income tax in respect of that
income. This anti-avoidance provision is extended to a
non-domiciled individual who is chargeable to income tax
on the remittance basis. To comply with the Treaty on the
Functioning of the European Union, where an individual
can demonstrate to Revenue that the relevant transactions
do not form part of a tax avoidance scheme and genuine
economic activities are carried on by the non-resident
person in the relevant member state the provision will
not apply.
Section 23 Properties
An amendment is made to the interaction between the
restriction of capital gains tax loss relief and section 23
property relief to ensure that a capital gains tax loss
incurred on the disposal of a section 23 property will not be
unintentionally restricted.
Capital Acquisitions Tax
The Class A CAT threshold increases from €225,000 to
€280,000 in respect of gifts and inheritances taken on
or after 14th October 2015. Class B threshold remains
unchanged at €30,150 and Class C threshold at €15,075. The
rate of 33% is unchanged.
Revenue Powers
Where Revenue seek information from a third party
(including financial institutions) about a known taxpayer
and acquire a High Court order requiring the third party
to disclose the information, Revenue may now request the
Court to direct that the existence of the disclosure order is
not made known to the taxpayer.
Tax Clearance Certificate (CG50)
Currently, a purchaser is obliged to withhold tax of 15%
from the consideration on the purchase of certain specified
assets valued over €500,000 where a tax clearance
certificate has not been provided by the vendor. From
1 January 2016, this requirement will not apply when the
consideration on the disposal does not exceed €1 million in
respect of houses or apartments. The €500,000 threshold
will remain on disposal of other assets.
Employee Vouchers
a voucher for goods or services to an annual maximum
value of €500. The voucher may not be redeemable for
cash or be part of any salary sacrifice arrangement. This
provision formalises an existing Revenue concession
whereby employees may receive a voucher to the value of
€250 annually.
Obligation to retain records on cessation
There is now a requirement for a person, who has an
obligation, either on their behalf or on behalf of another,
to maintain books and records, to maintain books or
records in respect of a trade, profession or other activity,
to retain such books or records for a period of five years
after the date of cessation of the trade, profession or
other activity.
To review how these changes may effect your business it
is imperative that you seek professional advice available
throughout the FDC branch network and effect any
actions required to legitimately minimise your current and
future tax liabilities.
VACANCIES IN FDC GROUP
FDC Tax Dept. Ltd. is seeking to recruit a
Chartered Tax Adviser/
Tax Consultant
based in our Kilkenny Office to provide planning
and compliance support to clients throughout the
South Leinster region.
The preferred candidate will hold an honours primary
degree from a third-level institution preferably in the
field of Commerce, Business Accountancy, Law or other
comparable qualification.
The candidates should have either completed,
commenced or have the intention of commencing the
AITI examinations to become a Chartered Tax Adviser.
Preference will be given to qualified Solicitors with
relevant experience.
Salary will be commensurate with the candidate’s
experience and ability. AITI tax exam fees and study
leave will be supported by the company in line with the
company’s policy on same. References will be required.
Please send CV in strictest confidence to:
Mary Higgins,
FDC Tax Department Ltd,
FDC House,
Wellington Road,
Cork.
Email: [email protected]
FDC South East Region is seeking to recruit a
Financial Accountant/
Tax Consultant
Location: Kilkenny City.
FDC is a progressive, growing practice serving the
agricultural and SME sectors. The successful candidate will
be responsible for a large number and varied portfolio of
clients in a well-established practice.
Role Responsibilities:
• Preparation of Financial Accounts for sole trader,
partnership and company accounts.
• Preparation and submission of Income Tax Returns
• Preparation and submission of Corporation Tax Returns.
• Preparation of Companies Office Returns.
• Knowledge of Payroll/VAT and RCT essential.
Role Requirements:
• ACCA/ACA/CPA qualification.
• Practice experience.
• Sage knowledge an advantage.
• Good interpersonal and communication skills.
• Agricultural background/knowledge an advantage.
Salary:
Competitive, negotiable depending on experience.
Please send CV in strictest confidence to:
Eleanor O’Dwyer,
FDC Tax Accountants
Tax Consultants Ltd,
23 Lower Main St.,
Dungarvan,
Co. Waterford.
Email: [email protected]
Exemption from Income Tax, PRSI and USC is granted in
circumstances where employers give a qualifying employee
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Spring Newsletter 2016
| 11
www.fdc.ie
AppointmentS
12
| FDC Group
Ed Moloney
John Roche
Joined FDC Tax Department Ltd. in Limerick as a Tax Consultant in July
2015. Ed is a Chartered Tax Adviser and an ACCA qualified Accountant.
He holds an honours BBS degree from Cork Institute of Technology. Ed
joined FDC from Ernst and Young’s Tax Department where he specialised
in Personal and Corporate Tax. Prior to this, Ed trained for his ACCA
qualification with a local accounting practice in Co. Limerick. He worked
for FDC as an intern during the summer of 2005.
Has been appointed Systems Administrator/IT Specialist at FDC. John has
an undergraduate degree in Property Valuation and Management from
Limerick Institute of Technology. He completed a Masters in Electronic
Business from University College Cork in 2009. He holds professional IT
certificates in Networking, Linux and Cloud Computing. He has travelled
and worked throughout South East Asia.
Siobhan Healy
Ian Lehane
Joined the FDC Tax Department Ltd in Bandon in July 2015. She is
a Chartered Tax Adviser and also a qualified Chartered Accountant.
She holds an honours BCL degree from UCC and a H Dip in Business
Studies from UCD. Prior to joining FDC, Siobhan has gained a wealth
of experience in a number of tax consultancy roles advising a diverse
portfolio of clients across all tax heads. She has also held roles in industry
working with Bord Gais and Pfizer.
Has been appointed Systems Administrator/IT Specialist at FDC. Ian holds
a BSc in Business Studies & Accounting from Cork Institute Technology
and recently studied Computer Science receiving a H.Dip in Applied
Computing Technology at University College Cork. Ian is bringing a
diverse range of skills to FDC.
Brian O’ Sullivan
Liam Hennessy
Has been appointed IT Support Engineer at FDC with responsibility for
implementation and technical support to both our staff and our clients.
Brian recently graduated from University College Cork with a BSc degree
in computer science and joined FDC in May 2015.
Is from a Dairy Farm in Inniscarra. He studied Dairy Business and
graduated in 2014. He is particularly interested in the business aspect of
farming and is proactive in identifying and implementing efficiency both
financially and productively at farm level. Liam successfully manages
payment schemes, grants and compliance issues on behalf of his clients.
His appointment to the FDC Agri-Consultancy team reflects increasingly
integral role FDC plays in successful farm enterprises.
Spring Newsletter 2016
| 13
www.fdc.ie
AppointmentS
Peter Delaney CPA
Graduated from Athlone IT with a Degree in Bachelor of arts (Honours)
in accounting and finance in 2002. Over the last thirteen years Peter
has been working with JF Harrington & Co. Certified Public Accountants
in Moate. In this role he has acquired both practical experience and
membership of CPA Ireland. In Peter’s work to date he has been allocated
a diverse portfolio of clients with whom he meets regularly to ensure
that all tax affairs, accounts, and company returns are always up to date.
Peter is proficient in all taxes and accounts preparation for sole-traders,
companies, not for profit organisations etc.
Financial Market Indicators
FBD Holdings PLC
FTSE 100
Glanbia PLC
Greencore Group PLC
ISEQ Overall
Kerry Group PLC
S&P 500
Aryzta AG
Jennifer Dennehy
Joined FDC in April 2015. Prior to joining FDC, Jennifer worked in
Merrion Capital Group as Portfolio Manager, where she set up the Wealth
Management Department in the Cork office. Prior to Merrion, Jennifer
worked with Bloxham Stockbrokers and with W & R Morrogh and in 1994
was co-founder of Share Options Ireland, an options broking business.
Jennifer is passionate about helping clients preserve and grow their
wealth to achieve their Financial Goals. One of the keys to doing this, she
believes, is understanding risk. Jennifer is a Registered Stockbroker with
the Irish Stock Exchange and a member of the Institute of Banking. She
is also a SFA Securities and Financial Derivatives Representative with the
Chartered Institute for Securities and Investments in London.
Tom Barry QFA / RPA
A native of Bantry Co Cork, Tom was appointed a Financial Consultant
with FDC Financial Services in July this year.
From September 2007, Tom acted as a Tied Agent with New Ireland
Assurance gaining extensive experience in Life & Serious Illness
benefit,Retirement Planning and Savings & Investments. In his role he
assists clients in identifying and implementing the appropriate level of
income protection together with the full range of independent pension
and financial investment advice offered by FDC Financial Services.
Supplied by Davy Stockbrokers
14
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Spring Newsletter 2016
| 15
FDC GROUP
Cork
Bandon Office:
4/5/6 Patrick’s Quay,
Bandon, Co. Cork.
Tel: 023-8841744
Email: [email protected]
Abbeyfeale Office:
Kilrock House,
Midleton, Co. Cork
Tel: 021-4633772
Email: [email protected]
Church Street, Abbeyfeale,
Co. Limerick.
Tel: 068-30416
Email: [email protected]
Kerry
Foynes Office:
Listowel Office:
26 Church Street,
Listowel, Co. Kerry.
Tel: 068-24740
Email: [email protected]
Bantry Office:
Newtown, Bantry, Co. Cork.
Tel: 027-52323
Email: [email protected]
Tralee Office:
Kanturk Office:
Percival Street,
Kanturk, Co. Cork.
Tel: 029-50292
Email: [email protected]
Fermoy Office:
75 McCurtain Street,
Fermoy, Co. Cork.
Tel: 025-51888
Email: [email protected]
Millstreet Office:
Main Street,
Millstreet, Co. Cork.
Tel: 029-71082
Email: [email protected]
www.fdc.ie
FDC House, Wellington Road, Cork.
Tel: 021-4509022
Email: [email protected]
www.fdc.ie
Midleton Office:
Skibbereen Office:
9 North Street,
Skibbereen, Co. Cork.
Tel: 028-21818
Email: [email protected]
Mallow Office:
130 Bank Place,
Mallow, Co. Cork.
Tel: 022-22724
Email: [email protected]
Head Office:
21 Denny Street,
Tralee, Co. Kerry.
Tel: 066-7193370
Email: [email protected]
Kilkenny
4 William Street, Kilkenny.
Tel: 056-7722647
Email: [email protected]
Limerick/Clare
Newcastlewest Office:
St. Ita’s Road,
Newcastlewest,
Co. Limerick.
Tel: 069-62688
Email: [email protected]
Corgigg, Foynes,
Co. Limerick.
Tel: 069-65326
Email: [email protected]
Ennis Office:
8 Carmody St Business Park,
Ennis, Co. Clare.
Tel: 065-6828992
Email: [email protected]
Waterford
Main St., Dungarvan Office:
23/35 Lower Main Street,
Dungarvan, Co. Waterford.
Tel: 058-41893
Email: [email protected]
Tipperary
Cahir Office:
Church Street, Cahir,
Co. Tipperary.
Tel: 052-7441266
Email: [email protected]
Roscrea Office:
Ballyhall, Roscrea,
Co. Tipperary.
Tel: 0505-21944
Email: [email protected]
Cashel Office:
Lower Gate Street,
Cashel, Co. Tipperary.
Tel: 062-61947
Email: [email protected]
Carrick-on-Suir Office:
5 Castle Street,
Carrick-on-Suir, Co. Tipperary
Tel: 051-640074
Email: [email protected]
Church St.,
Dungarvan Office:
Carlow
4 Church Street,
Dungarvan, Co. Waterford
Tel: 058-45001
Email: [email protected]
Church Road, Graiguecullen,
Co. Carlow.
Tel: 059-9142474
Email: [email protected]
O’Connell St. Office:
Lismore Office:
75 O’Connell Street,
Limerick.
Tel: 061-404644
Email: [email protected]
4 Main Street,
Lismore, Co. Waterford.
Tel: 058-72800
Email: [email protected]
Kilmallock Office:
Waterford City:
Lord Edward Street,
Kilmallock, Co. Limerick.
Tel: 063-98588
Email: [email protected]
2nd Floor, 108 The Quay,
Waterford.
Tel: 051-872327
Email: [email protected]
Graiguecullen Office:
Tullow Office:
The Square,
Tullow, Co. Carlow.
Tel: 059-9151685
Email: [email protected]
Wexford
New Ross Office:
Woodbine Business Park,
New Ross, Co. Wexford.
Tel: 051-421115
Email: [email protected]