News

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 ...

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 ...