News

Tax relief on expenses

Question. I have recently incorporated one of my businesses. Now that I’m a company can I claim tax relief on expenses such as travel and qualifying household expenses, just like I always did as a sole trader ? Answer. The rules that determine what expenses can be deducted from profit for tax purposes are essentially the same whether you trade through a limited company or a sole trade ...

Government Agrees to give Powers to Court to Approve Personal Insolvency Deals

In a major reform of the Personal Insolvency framework, the Irish Government has agreed to give Courts the power to review and, where appropriate, to approve insolvency deals that have been rejected by banks. The Government has agreed new measures to support mortgage holders who are in arrears with the aim to increase the supports available to people in arrears and to increase the numbers of ...

What are the tax benefits to having a will in place?

Question. Are there any real tax benefits to having a Will in place before death? Answer. Making a Will is one of the most fundamental aspects of estate planning, yet many people do not appreciate its importance. Not only is it an essential document that seeks to ensure your assets are distributed in accordance with your wishes, it also allows you to choose the executors and trustees who ...

When is the best time to buy equipment and save on tax?

Question. I need to invest in new capital equipment for my business and have heard of the Annual Investment Allowance which allows full tax relief for expenditure on capital. Should I purchase this equipment now or can I avail of the AIA relief next year? Answer. A business can deduct 100% of the cost of purchased capital items that qualify for annual investment allowance (AIA) from their profits ...

How can I take profits out of my business?

Question. I own a trading company which has become very profitable. What is the best way for me to take cash out of the business for my own personal use? Answer. In many small companies, the owners are also the directors, and this gives considerable scope for deciding how profits should be taken out of the company. The declaration of a dividend has for many years been a strategy ...

Nicole Curran chats about her role as President of Newry Junior Chamber of Commerce

Nicole Curran chats to Rowan Hand on ‘Good Morning Newry & Mourne’ about her role as President of Newry Junior Chamber of Commerce. To view the show please click here

Breakdown of main Budget points

Question. What were the main announcements in the Chancellor’s recent Budget? Answer. This month Chancellor George Osborne unveiled his final Budget before the general election, telling MPs “Britain is walking tall again”.  Mr Osborne hailed slightly better than expected growth figures, which suggest the economy will expand by 2.5% this year. Some of the tax measures announced include a relaxation of pension rules from April 2016 to ...

How to release cash from property assets

Question. I acquired an investment property several years ago in Ballycastle which I regularly use as a holiday home.  I paid £100,000 for the property in 1993 and my mortgage is currently £80,000.  Similar properties in the area are selling for about £150,000 so I am considering selling the property and releasing some cash to help pay for my son’s university fees in September.  What tax ...

PKF-FPM UK Budget Summary 2015

Please click on the link to view the PKF-FPM 2015 UK Budget Summary brochure.

Post Budget Breakfast 2015

  The Irish News PKF-FPM Post Budget Breakfast 2015 As we head towards the General Election and the end of the tax year, this years budget is vitally important… Join with us as we navigate through the content of the Budget and help you plan your Tax affairs. Guest speaker is Brian Keegan, Director of Taxation, Chartered Accountants Ireland.   Date: Wednesday 25th March 2015 Time: 7.30am – 9.30am (Breakfast 7.30am – 8.10am) Location: ...