Category Archives: News

UK Budget 2018

The Chancellor, Philip Hammond, delivered his last Budget before the UK leaves the European Union yesterday afternoon. He proclaimed several times during his speech that “the era of austerity is finally coming to an end” and he announced a £100bn package of public spending over the next five years as part of the largest giveaway Budget since 2010.

 

Other key points include an increase in the personal allowance and the higher rate tax band to £12,500 and £50,000 respectively a year earlier than planned and an increase in the Annual Investment Allowance for eligible capital expenditure to £1m for two years. In relation to Northern Ireland, a total of £350m was committed for a Belfast City Region Deal, negotiations to begin for a Derry/Londonderry City Region Deal and £2m earmarked for Belfast City centre to help deal with the fall-out of the Primark fire.

 

Click here to download the PKF-FPM UK Budget Summary 2018.

 

If you require assistance or have any queries on the matters raised in the budget please feel free to contact PKF-FPM Director m.mclernon@pkffpm.com

 

 

UK Budget 2018: HMRC Returning to (Partial) Preferential Status at expense of Unsecured Creditors

The Chancellor in his budget yesterday is introducing changes in respect of the collection of taxes within insolvency. From April 2020, when a business enters insolvency, funds will go towards public services rather than to other creditors. This will apply only to taxes collected by a business (i.e. VAT, PAYE, EE NIC, CIS). Corporate Tax and ER NICS will continue as unsecured creditors.

 

Budget 2018 Protecting your taxes in Insolvency

 

For more information contact our Business Recovery & Restructuring Services.

 

Alison Burnside – a.burnside@pkffpm.com

Seamas Keating – s.keating@pkffpm.com

Gary Digney – g.digney@pkffpm.com

 

 

RoI Budget Report 2019

The 2019 budget was announced on the 9th October 2018 by Finance Minister Paschal Donohue, the minister announced a number of important changes; namely the increase in the tax credit for small business owners and self-employed people from €1,150 to €1,350, the increase of the home carers tax credit from €1,200 to €1,500 and a reduction in the middle rate of USC which now stands at 4.5%. He also announced an increase to the entry point for the higher rate of income tax. The entry point for a single person will increase from €34,550 to €35,300.

 

The Minister announced that the 9% VAT rate on services and goods (with the exception of newspapers and sporting facilities) will increase to 13.5% from 1 January 2019.

 

In other taxes the Capital Acquisitions Tax Group A Threshold is increasing by €10,000 to €320,000.

 

The Key Employee Engagement Programme (KEEP) is enhanced including an increase to the quantum of share options that can be granted under the scheme from €250,000 to €300,000.

 

For further details on the announcements in this year’s budget see our PKF-FPM Budget Report 2019 and if you wish to discuss your specific tax queries, please contact our Senior Tax Manager, Caroline Murphy at c.murphy@pkffpm.com Senior Tax Manager, Caroline Butler at c.butler@pkffpm.com  

PKF-FPM Secure Hat-trick of Victories at UK Accountancy Awards

NI Headquartered independent accountancy practice, PKF-FPM, proved to be leading their sector when awarded with three of the most sought-after honours at the British Accountancy Awards Gala, which took place on 26 September 2018 in Grosvenor House, Park Lane, London.

 

The magnitude of taking home all awards shortlisted for, namely: Mid-Tier Firm of the Year, Tax Team of the Year and Partner of the Year – awarded to Managing Partner Feargal McCormack, was further highlighted by the Judging Panel’s comments ‘never before have three categories been awarded to one firm’ especially when ‘the surge and calibre of entries in 2018 has been our most hotly contested year so far and this year’s shortlist is the strongest it has ever been!’

 

In expressing her delight for the awards, PKF-FPM Director Teresa Campbell added, ‘the success of these 3 awards reflects the collective passion of Team PKF-FPM, indeed such accomplishments have further energised the team for continuous improvement to exceed client expectations, delivering excellence in our industry.’

 

The Awards Ceremony, hosted by Mock the Week star, Josh Widdicombe, attracted upwards of 1,000 guests, including high profile leaders from the UK business and accountancy sectors.

 

Consistently at the top of their game and recognised as Best in Class by their peers in both Britain and Ireland, 2018 has proven to be a phenomenal year for PKF-FPM, as they were awarded Tax Team of the Year at the Irish Accountancy Awards and were listed on the Sunday Times Top 100 Companies to Work for UK Wide.

 

PKF-FPM were represented at the awards by a cross section of team members, including: Feargal McCormack, Paddy Harty, Teresa Campbell, Malachy McLernon, Caroline Preston and Lauren Quinn.

 

 

PKF-FPM Charity Seminar

“Great things never come from comfort zones”

The climate for charities has been volatile over the last few years, to put it mildly. Will the next few years be any better? PKF-FPM Accountants, in conjunction with nfpSynergy and the Charities Regulator, invite you to step out of your comfort zone and explore the challenges and opportunities facing the charitable sector on the Island of Ireland today.

 

PKF-FPM are delighted to continue our support of the not-for-profit sector by bringing you the leading charity experts the country has to offer, in this highly engaging free event that should not be missed.  Aimed at connecting the leading minds of the Charity Sector, we will look at the different forces at play for charities both in the Republic and the UK and explore topical emerging issues, major risks, future challenges and strategic initiatives.

Who will Benefit?

This event is a must for for all Charity CEOs, Trustees and members of the Senior Management Team.

 

 

 

 

To confirm your FREE place contact Teresa Gill 003531 6913 500 or email t.gill@pkffpm.com

 

 

HMRC urges taxpayers to declare foreign income

HMRC has been advising people of the tougher stance being taken where individuals have not paid tax on assets held offshore. For almost 10 years, various forms of tax amnesties have been open through targeted disclosure facilities to specific professions and trades which offered significantly lower penalties to those who made a voluntary disclosure to HMRC (e.g. The Liechtenstein Disclosure Facility which was preceded by the Offshore Disclosure Facility).

 

Now we have the Worldwide Disclosure Facility (WDF) which will allow people to ensure their affairs are correct before the Common Reporting Standard (CRS) comes into force in October 2018.

 

The CRS was developed in 2014 in response to a G20 initiative driving the automatic exchange of financial information across jurisdictions. So HMRC will have access to lots of new information.

 

The WDF is available to all UK and non-UK resident businesses, organisations and individuals that have a hitherto undeclared UK tax liability from an overseas source or from a UK source that was later transferred to another country, e.g. a bank account in the Republic of Ireland, Isle of Man, Jersey, undeclared bank account in a deceased person’s estate and offshore property. The facility covers all direct taxes and Inheritance Tax. The most important change is the tougher stance HMRC will take where those affected fail to act – potentially resulting in significant penalties or even criminal investigation if the offence is deemed serious enough. Under the new legislation HMRC will introduce new sanctions for “requirement to correct” or “failure to correct”. Those who use the voluntary disclosure via the WDF will receive lower penalties – the HMRC message being put quite bluntly: “come to us before we come to you”. HMRC explains quite clearly that it has and will continue to obtain new financial information from over 100 jurisdictions – so it is clear they mean business.

 

PKF-FPM have a specialist tax investigation team with significant experience in dealing with these situations and can help in negotiating with both tax authorities.

 

Based on our experience of handing these serious types of tax investigations and disclosures, we understand how stressful, invasive and potentially life-changing these situations can be.

 

Taking specialist advice early on is crucial – to minimise the settlement and give the individual peace of mind – please feel free to contact Seamus McElvanna via email s.mcelvanna@pkffpm.com or Pat Donnelly p.donnelly@pkffpm.com