In our Spring 2018 issue: Tax Planning Nobody Will Rush To Try Are You Winding Me Up? Property Rental Expenses: Your Guess Is As Good As Mine! Joint Spouse/Civil Partnership Ownership Post-Letting Expenses Claim A Deduction For All Allowable Business Expenses Read the Spring Newsletter #2018 #UKNI

‘Intelligence demonstrated by machines’ is one of the most advanced examples the technological world has in the present day. The ability for machines to learn and act upon those learnings is something that the business world has already started to implement. (Campaign Asia-Pacific, 2016) Machine learning, for example, can help firms learn more about their customers. The proper utilisation of machine learning could enable advanced search techniques that “identify, categorise and gather user-defined data elements corresponding to search criteria”. This type of artificial intelligence can ultimately improve efficiency in scoring, forecasting and classifying. Artificial intelligence is a technology that threatens to replace human workers for a wide range of jobs in a range of industries. There are suggestions that artificial intelligence could be both beneficial and threatening. This paper examines this challenge in terms of marketing professionals. The vast majority of business executives believe that artificial intelligence will revolutionise their industry at some point. The majority feel that this revolution will occur soon. As the utilisation of AI in marketing appears almost inevitable, marketing professionals must look at ways jobs in the industry can remain. For example, it is reported that 50%-80% of marketing professional work time usage is mired in the mundane labour of ‘collecting and preparing unruly digital data’. Considering these tasks could become automated by machine learning it could eliminate certain jobs whilst creating space and time for other marketing professionals. By utilising uniquely human traits professionals can remain valuable. Creativity, storytelling and execution are just three traits a professional can use that artificial intelligence can’t. Although the three traits can be optimised by AI, it “cannot drive the development and growth” of the three variables. As the frequency of micro-targeted customers increases, it is apparent that this is an unsustainable approach to marketing for the long term without utilising developments in technology. With more traditional technological tools it is more unachievable, hence the utilisation of AI. All in all, the mundane tasks of a professional could disappear given the rate of machine learning adoption. However, if professionals can direct the uniquely human traits to the benefit of a firm, there is the reason to believe that certain marketing professions and marketing areas will remain to be led by humans. (Cramer, Downs, Kudbya et al, Campaign Asia-Pacific) #2018 #Technology #UHYGlobal

A €300 million Brexit Loan Scheme for small business will open on 31st March 2018 An Tánaiste and Minister for Business, Enterprise and Innovation Frances Fitzgerald TD, in partnership with the Minister for Agriculture, Food and the Marine Michael Creed TD, has secured Budget funding for a new Brexit Loan Scheme which will provide affordable financing to Irish businesses that are either currently impacted by Brexit or will be in the future. The new Scheme will be delivered by the Strategic Banking Corporation of Ireland (SBCI) through commercial lenders to get much needed working capital into Irish businesses. The new Brexit Loan Scheme aims to make up to €300 million available to businesses with up to 499 employees at a proposed interest rate of 4%. The scheme is open both to State Agency clients and those businesses that do not have any relationship with State Agencies. The finance will be easier to access, more competitively priced, and at more favourable terms than current offerings. Department of Agriculture, Food and the Marine share of funding ensures that at least 40% of the fund will be available to food businesses. Both Departments are also exploring the development of a longer- term “Business Investment Scheme”, which would focus on business development to support enterprises in investing strategically for the post-Brexit environment. Due to State aid rules, the Scheme will not be available to farmers and fishermen. An alternative scheme for primary producers in the agriculture sector and fishermen is currently under consideration by DAFM. The Scheme will be available from 31st March 2018 and will remain open until 31st March 2020. Find out more: Department of Business, Enterprise and Innovation Download: Brexit Loan Scheme Factsheet UHY FDW is continually monitoring developments throughout the Brexit process and will offer advice as the process becomes clearer. If you would like to discuss Brexit – how it might impact you and your business – or, if you require a ‘Brexit-ready health-check’ from one of our business advisors please contact us. Call +353 42 933 9955 Email info@fdw.ie Email Call Request a Call Back From Our Team #2018 #Brexit #GrantScheme #UKNI

UHY FDW are committed to supporting young people in business whether that is our employees, clients or young people in the local community and around the world. To show our support and encourage young entrepreneurs and business people in the North East of Ireland and beyond we have set up UHY FDW YES – Young Enterprise Society. The aim of UHY FDW YES is to connect with young people in business around the globe. The goals of our network are to: Provide an opportunity for entrepreneurs to meet like-minded individuals Develop & improve members networking and communication skills Strengthen members pitch & presentation skills Provide an opportunity for members to gain business relationships Provide a platform for referrals of business amongst members Provide an opportunity for members to build their brand Provide members with access to all business sectors Become a part of our network! Follow us on Twitter Join our LinkedIn Group Follow us on Facebook Why should you join? Gain access to a platform to present your business Network with experts from all major industries Experience an environment where you can bounce ideas off like-minded people Seize an opportunity to grow your business Who should join? Individuals aged 18 – 35 Individuals working in any industry looking to develop their skills and network Young entrepreneurs Individuals involved in new business start ups We are encouraging all members to be actively involved in the group by engaging in these conversations, networking with fellow members and inviting others to the society. We will be hosting an event in the coming months with some well known guest speakers so if you would like to be kept informed join our LinkedIn group and follow us on Twitter and Facebook. To learn more about UHY FDW YES contact Andrew Carroll andrewcarroll@fdw.ie +353 42 933 9955 #2018 #UHYFDWTeam

Capital Gains Tax Relief on properties owned for longer than 7 years, now reduced to 4 years. In the Finance Act 2017, a change was introduced to the 7-year capital gains tax exemption (CGT) for investors. The 7-year relief for CGT was introduced in 2012 and allowed for property acquired in the State or in any State in the European Economic Area from 7 December 2011 to 31 December 2014 being exempt from CGT on any gain arising on the disposal of that property. For example, say a property was purchased on 10 February 2012 and ultimately sold on 10 February 2019 with a gain arising of €50,000. In this scenario, the total gain would be exempt from capital gains tax as the property has been held for 7 years exactly. However, if the property is held for longer than 7 years, the Capital Gains Tax relief will only apply to the portion of the gain relating to the first 7 years of ownership. The balance is taxable in the normal way. So, say a property was owned for 12 years, realising a gain of €50,000 on disposal. In this situation, €29,167 of the gain is exempt from CGT (€50,000 * 7/12). The remainder of the gain, €20,833, is taxable at 33%. It should be noted that if the property is sold before it has been owned for seven years, the full gain would be taxable. The good news is that the Finance Act 2017 reduced the 7 year holding period to four years, so property owners are now able to sell the property after only owning it for four years, and still qualify for full exemption from CGT. This amendment applies to disposals occurring on or after 1 January 2018. Contact our Team Email Call Request a Call Back From Our Team #2018 #Property #TAX #Tax2017

Ireland’s Retail Sector & The Brexit-effect This blog discusses the Irish retail sector at the present moment, what can stimulate growth in the sector, and the potential roadblocks to growth that could be caused by the impending Brexit. Retail Sector Although growth in the retail sector has slowed, it still remains an important component of the Irish economy. In fact, the retail sector contributes over €7 billion euro in tax revenues, making it the biggest contributor to the Irish exchequer with ‘23% of total tax receipts in Ireland’. The sector generates over €30 billion euro in sales and it employs 14% of the Irish workforce. Consumer prices were down by 0.2% in the first half of 2017 because of deflation. Stimulating Growth Ibec has identified ways in which the Irish retail sector can increase its competitiveness, stimulate growth and improve performance. Ingraining government support in the retail sector, by providing tax credits to improve the ‘online sales’ capability’, reducing the cost of regulatory compliance in the sector, providing training and education programmes to enhance retail service performance and by regenerating areas in Ireland that have been ‘devastated by the recession’, are just a few ways Ibec has identified to spur growth and performance in the industry. Brexit-effect on the Irish Retail Sector There are several costs and regulatory implications for Irish retail due to Brexit. The drop in value of sterling after Brexit has had a negative effect on Irish retailers. In a time when “two-thirds of consumer spending online is fulfilled by businesses operating outside Ireland”, a weak sterling can continue to attract Irish consumers to UK businesses. After Brexit occurs, import prices for Irish retailers will be affected by exchange rate volatility. This exchange rate volatility could potentially discourage investment. Imports and the supply chain, in general, will be affected in ways other than prices: Product supply will be disrupted by Brexit enforced EU Customs controls, added supply chain costs for ‘product originating in or in transit through a non-EU territory’, and ‘regulatory divergence’ between jurisdictions will add costs for Irish retail businesses. The retail sector in Ireland is facing challenges, whilst government associations attempt to stimulate growth and profitability in the sector through a number of different ways. Sources: ( RTE , BBC , IBEC , businessworld.ie , Business Insider ) Contact our Team Email Call Request a Call Back From Our Team #2018 #BusinessAdvisory

This free download contains the most up to date and comprehensive tax advice in areas such as Income Tax, Corporation Tax and VAT. If you have any queries please feel free to contact a member of our Tax Team . Download #2018 #BusinessGuide #TAX #Tax2018

Leaving the emotionally fuelled debates that surround the topic of gender inequality in business behind, there are many reasons as to why the utilisation of females in leadership roles is advantageous for firms. There is a positive correlation between female leadership and firm performance. That is not to say that simply appointing a female as the CEO of a company will garner success. There should be a more organic stream of female leaders throughout the business; not just at the very top of the hierarchy. Let’s now look at a couple of key benefits that female managers, directors and leaders bring to business: Conducted surveys have enabled comparisons between male and female business leaders. Female business leaders perform better in a variety of different management competency areas. The findings speak volumes nonetheless. Females in leadership roles: • Perform better at developing employees • They are better at developing relationships and working collaboratively with employees, customers and stakeholders • The female business leaders are more ethical, honest and have more integrity than males in similar positions • They embrace change and are better able to adapt to changes. ‘They Champion Change’. • Problem-solving is an area that they appeared more competent in. Sources: Forbes, wallstreetinsanity.com, medium.com #2018 #Leadership #UHYFDWTeam

The success of every woman should be the inspiration to another – Serena Williams UHY FDW are passionate about supporting women in business whether that is our employees, clients or women in business in the local community and around the world. To show our support and encourage women in the North East of Ireland and beyond we have set up UHY FDW WISE – Women Inspiring Strength in Enterprise. The aim of UHY FDW WISE is to connect with women in enterprise around the globe. Our goal is to support, inform and collaborate with women from all sectors and industries, exchanging ideas and information to aid our professional development. The Goals & Aims of UHYFDWWISE: Women helping women to succeed in business Sharing business skills and experiences Passing on contacts and sharing resources Having confidence in internal referrals and in an all women environment Benefitting from compassion, wisdom and experience Support for women getting started in business or getting back into the workplace Possibility of creating business opportunities within the network Brainstorming and sharing ideas Pooling knowledge and expertise Become a part of our network! Follow us on Twitter Join our LinkedIn Group Follow us on Facebook We are encouraging all members to be actively involved in the group by engaging in these conversations, networking with fellow members and inviting others to the society. We will be hosting an event in the coming months with some well known guest speakers so if you would like to be kept informed join our LinkedIn group and follow us on Twitter and Facebook. Is this networking group for you? Are you female? Are you in business? Are you successful? If so, this network may be of interest to you. To learn more about UHY FDW WISE contact Jane Jackson janejackson@fdw.ie +353 42 933 9955 #2018 #UHYFDWTeam

Optimism and Threats in Ireland’s Agri-Food Sector The agri-food industry continues to be a crucial part of the Irish economy. It accounts for 7.6% of Ireland’s economy-wide GVA, over 10% of total exports with a Gross Agricultural Output (GAO) was valued at €6.92 billion in 2016 and employs 8.6% of the workforce. Agri-Food Challenges The agri-food industry is dealing with a range of problems from climate-change, rising costs, and the uncertainty around Brexit. The implications of Brexit for the agri-food sector of Ireland could be catastrophic. Additional tariffs on exports to the UK could seriously damage trade (€2 billion decreases in meat and dairy exports). If UK supermarkets decide to stock cheaper non-EU products to avoid the tariffs, then the agri-food sector in Ireland will suffer enormously. Ag-Tech Investments in the Ag-Tech industry will have a significantly positive impact on the agri-food industry in Ireland. The Finistere Group and the Ireland Strategic Investment fund have announced the birth of the ‘Ireland Ag-Tech Fund’, which plans on investing into Ag-Tech start-ups. The fund of €20 million together with the existing ingredients for success in the Irish agri-food sector can accumulate to achieve economic growth. “All the ingredients are here – a longstanding, export-oriented agri-food industry; world-leading research at Irish universities and institutions, such as Teagasc” – Finistere’s Kieran Furlong The agri-food industry in Ireland is faced with threats and opportunities. The main negative is the implications of Brexit on the industry, while there is also well-founded optimism for the industry due to the influx of investments into Ag-Tech. Ag-Tech investments together with the future planning of EU/Irish-based invectives and associations, are positive developments for the industry, which can improve the growth and bring sustainability to the sector. Sources: ( EC Commission , The Irish Times ,  Agr i L and ) Contact our Team Email Call Request a Call Back From Our Team #2018 #Agriculture #BusinessinIreland

UHY Global – Issue 5 UHY Global, a bi-annual magazine, gives you insight into international business topics, featuring thought-leading opinions and experiences from global contributors including UHY member firms, leaders of UHY service and industry groups and external sources. A true representation of what the UHY network is about. UHY Global goes digital! Read about the diversity, the thinking and the difference that a truly global team can make… Our latest issue of UHY Global includes the following key business topics: GLOBALISATION IN RETREAT? Is it on the wane or just evolving? GETTING THE GIG – The global rise of the independent worker RETHINKING EUROPE – Growth and potential shifts eastwards TAXING THE WORLD Read the full digital version here Request a Call Back From Our Team #2018 #BusinessAdvisory #UHYGlobalIssue

In an article published by in the Irish Construction Industry Magazine, irishconstruction.com , UHY Farrelly Dawe White’s Alan Farrelly, shares the six steps of complying with Relevant Contracts Tax. Businesses in the construction sector now have to conform to a new Relevant Contracts Tax system that was introduced in 2012. Follow the link to read ‘Key Issues about Relevant Contracts Tax within the Construction Sector’. “Due to the increased activity in the construction sector in recent times we have seen a rise in requests for advice on and assistance with the operation of Relevant Contracts Tax from businesses within the sector…” . Read article #2018 #BusinessinIreland #Construction