News

Help with employer’s expenses form

Question. I became an employer during 2014 and recently received notification from HM Revenue & Customs that before 6 July I am required to complete a P11D(b) Return of Expenses and Benefits form for the year 2014-15.  What is the purpose of this return and what benefits and expenses do I need to declare on it ?  Answer. The P11d(b) is used to declare the amount of Class ...

President of The Irish Business Organisation of New York (IBO) welcomes PKF-FPM Managing Director Feargal McCormack

PKF-FPM Managing Director Feargal McCormack was a guest of the President of The Irish Business Organisation of New York (IBO) Sean McNeill at the IBO Summer Party held at the Manhattan Club at Rosie O’Grady’s in Seventh Avenue New York. The Guest of Honour at the event was the Irish Consul General for New York, Barbara Jones. The IBO is the premier networking organisation for Irish ...

Tax exemptions to consider when selling property

Question. I own a number of properties in Northern Ireland and plan to sell some of these properties in the coming months. In the past I was always able to sell my investment properties free from UK tax due to the fact that I am resident in Dublin. Is this tax exemption still available?  Answer. Prior to 5 April 2015 most non-UK resident individuals paid no CGT in ...

Don Patterson Open Juvenile Golf Competition 2015

This year’s Don Patterson Open Juvenile Golf Competition 2015 will take place at Warrenpoint Golf Club, Co. Down on Thursday 6th August 2015. There are 3 age categories for Boys and Girls Competitions. (gross competition, no handicap required) Under 9 years on 31st December 2014 (ie born in 2006 or later) Under 11 years on 31st December 2014 (ie born in 2004 or later) Under 13 years on 31st December ...

Chancellor may have some tricks up sleeve for July Budget

Question. There is quite a lot of speculation about some of the tax changes which are likely to be announced in the Chancellors July budget, particularly associated with possible changes to the tax relief available on pension payments.  Should I be doing anything now to secure my current year pension tax relief before the changes are announced? Answer. When there is a change of Government it is normal ...

Time to Extinguish Negative Equity

The local economy is currently striving to move out of recession, however despite the positive vibes there is still a significant number of individuals and businesses suffering from the after effects of the pre-recession property boom.  Negative Equity is still having an effect on businesses, family life and on the wider local economy. Seamas Keating and Gary Digney explain the problem that is Negative Equity and ...

Business Breakfast Seminar

Find out what corporation tax means for you, your organisation, the local economy and the wider impact on Northern Ireland.      

An LLP can help mitigate your firm from risk

Question. I’ve been running a small business with my brother for several years and we have always been concerned that we have unlimited liability should anything ever go wrong.  We extract most of the profits of the business each year so our accountant has advised us against incorporating, even though we are keen to have the security of limited liability.  Is there anything else we can ...

Family Business Seminar – Your Invitation

PKF-FPM are hosting a Family Business Seminar in conjunction with Dundalk Chamber of Commerce in the Crown Plaza, Dundalk at 7.45am on 17th June 2015.   CLICK HERE for your invitation. Feargal McCormack will explain why Family Businesses are unique and will share our thoughts on how to increase the sustainability, survival and profitability of these businesses.  This event promises to be a thought provoking presentation that will leave you with ...

Avoiding tax return pitfalls for extra work

Question. I am working as a teacher in a local school, however, I am also doing some private tuition at the weekends.  Obviously all my earnings from the school are taxed at source under the PAYE system, however, can you tell me what my obligations are with regards to registering with HMRC and filing a tax return for the income I have from my private teaching. Answer. The ...