[metaslider id=5414] TAX PLANNING FOR MEDICAL PROFESSIONALS MAKE TAX SAVINGS AND ENSURE YOUR TAXES ARE IN ORDER UHY FDW offer a unique tax planning service for medical professionals seeking to reduce their tax liability. This is designed to minimise your tax liabilities and increase your pension-funding potential. The Benefits: ·         Increase your retirement funding potential considerably ·         Avail of valuable ongoing tax-efficient benefits and savings ·         Build up a reserve for the future in a tax-efficient manner Our highly experienced tax consultants will advise you on what is best suited to your individual requirements. ARE YOU CURRENTLY MANAGING YOUR TAX CORRECTLY? ·         Are you maximising salaries and pensions to spouses and children, whilst ensuring that the levels are justifiable from a Revenue point of view? ·         Have you supporting evidence for all expense claims you use to get tax deductions? ·         Have you claimed any personal expenses against professional income? ·         Have you deferred any of your professional income to later tax periods? ·         Are you 100% sure you have all your tax affairs in order? If you have any concerns or questions, talk to us.  We are able to offer advice and the value of our experience on this. Lastly, be aware that the penalties can be severe. They are as follows: ·         Failure to keep proper PAYE/VAT records €4,000 ·         Failure to issue proper VAT invoices €4,000 ·         Failure to complete VIES returns €4,000 ·         Late submission of a VAT return €4,000 ·         Violating PAYE regulations €4,000 Reduce your businesses risk. Talk to our tax experts at UHY FDW. Book A Complimentary 30 Minute Consultation With One Of Our Tax Experts NOW #2017 #MedicalampHealthcare #TAX

Using the business advisory services of a company like UHY FDW will ensure a realistic plan of action is devised and implemented to get the best results for your business. Book A Complimentary 30 Minute Session With One Of Our Business Advisors Today 5 Cash Flow Management Mistakes Your Business Can’t Afford to Make No matter how expensive the software you have to monitor and analyse your business’ finances,  you are putting your business at a huge risk if you don’t calculate your cash flow properly Here are the top 5 cash flow management mistakes online shopping owners make: You’re Not Negotiating Rates with Banks and Credit Card Companies Beyond the basics, there are a few hidden financial expenses that always make a huge difference. It’s important to take into account any interest you may be collecting on loans that you used to start your online shop. For a business with 10% margins, there is a huge difference in between 5% loans and 6% loans. You should always try to lower your interest rate and if needed, refinance your loan. Payment: If your customers pay you using credit cards or PayPal, you have to make sure these costs are included. Always try and negotiate with banks and credit card companies, they don’t want to lose you! You’re Not Looking at Rent Alternatives If you are an SME with rented office space, you always need to include all of your fixed costs. Look at rent options extremely carefully. For example, if you rent offices or storage facilities in an area where rents tend to be particularly high, have a look at getting an office on the edge of town to save money,  taking into account all of the costs this would entail, like the cost of moving or the cost of a longer commute. You’re Not Paying Attention to Exchange Rates If you buy your inventory in a foreign currency, you need to be aware of how exchange rates impact your cash flow forecast. It may seem like a small difference, but these additional costs can really add up. You’re Not Taking Refunds Into Account  You absolutely must take all refunds into account when undertaking cash flow management. The best way to do this is to take refunds from one year, and deduct from the next years expected revenue. Other questions to ask : Can the goods be resold, or have you lost a piece of inventory because of the return? You’re Not Calculating Both an Optimistic and a Pessimistic Outlook When building your cash flow forecast for next month or year, try out the best and worse case scenarios and make sure you are covered for both. Make sure you have what you need to continue and allow for unforeseen circumstances to make sure you are appropriately covered. Conclusion When you have a full, detailed cash flow analysis, you can use it to make the right decisions about pricing, inventory, loans and more. Just like anything in eCommerce, with cash flow, it’s often the tiny changes that can have the biggest results. This post was written by Yotpo ‘s CFO, Rotem Landa. It originally appeared on the Yotpo blog . UHY FDW have been serving businesses for 25 years through our experienced advisers, helping you pinpoint issues your business may be facing, providing solutions and identifying opportunities for your business to grow and save money. Contact us Today. Book A Complimentary 30 Minute Session With One Of Our Business Advisors Today #2017 #BusinessAdvisory

Using the business advisory services of a company like UHY FDW will ensure a realistic plan of action is devised & implemented to get the best results for your business. Book A Complimentary 30 Minute Session With One Of Our Business Advisors Today Why your accountant should also be your business advisor? Your accountant is often viewed as a trusted source of independent advice. And the better the advice means the better the results. However, do you view this as an extra service that business clients only get if they ask for it and pay for it over and above the fees for accounting and tax work. Or do you expect it to be included? When your accountant offers to prepare regular management accounts, this is still not the same as helping your business implement effective financial management controls and procedures. Implementing these controls and procedures not only makes your processes more efficient, but will also result in time being spent in more proactive activities by your staff. Which will have significant positive impact on growing your business. Consider some of the benefits of using your accountant as a business advisor. Company Structure & Strategy: Accountants who are business advisors can make the best recommendations based on your business objectives and your personal situation. They can advise you not only on the ins and outs of the various structures available, but on which structure will result in your desired outcome. In some cases it may be to grow your business through purchasing other mergers, acquisition or strategic alliances. In other cases it may be to sell your business or put a succession plan in place. For any business, the tax implications of restructuring vary considerably, so working with an accountant who can advise you on the best course of action, with all of these factors in mind, will make a significant difference to the results and potential revenue outcomes. Breadth of Knowledge: They have expertise and experience working across a range of business areas, with their key focus on your bottom line. This means they will assess any activities and make recommendations based on return on investment. Understanding of your business and your market: They work with other clients in similar businesses and are therefore well aware of where the best financial rewards are likely to occur. They have insights into trends, they are familiar with regulation, legal changes and political influences. One Stop Shop: Accountants who offer business advisory services offer a distinct advantage over working with separate companies for these services. Collaboration and identifying the best approach for your company is carried out with the full picture of your businesses performance in mind rather than advice in one area been provided in isolation. This immediately gives a better chance of a more effective result. Tax: Accountants are in the know when it comes to where your business can reduce your tax liabilities Fees: Using your accountant as your business advisor means you are not paying the fee you might pay another advisor in order to become familiar with your figures. Your accountant is already working on your accounts and know your businesses figures. Access to information: They have access to all the relevant information around your businesses performance putting them in a strong position to advise you on your businesses financial performance and how to improve it. Understanding of your business: They are familiar with how your business is run and have a clear view of where the weaknesses exist, based on your figures. They are just using information they are already gathering, in a more proactive manner with your optimising your businesses performance as their key objective. Of course, all of the above is dependent on how good your accountant is. It may be time to change your accountant. Its easier than you think. We do all the work. Talk to us to find out more. At UHY FDW we offer the best advice for better results. UHY FDW have been serving businesses for 25 years through our experienced advisers, helping you pinpoint issues your business may be facing, providing solutions and identifying opportunities for your business to grow and save money. Contact us Today. Book A Complimentary 30 Minute Session With One Of Our Business Advisors Today #2017 #BusinessAdvisory

Book A Complimentary 30 Minute Session With One Of Our Business Advisors Today Double your businesses profit in 3 months Is  your business ready to increase margin significantly? Do you currently generate a weekly margin report, giving a breakdown of margin generated across top products/services for the previous week? Do you currently identify steps each week to reduce costs associated with providing your top products/services? Do you implement these steps and monitor them the following week to monitor how you progressed? If the answer is no, then following these simple steps is all you have to do. After 4 weeks you will see an improvement in your margin, after 3 months, your margin will have increased significantly. Sounds simple – it is. Then why are  more businesses not doing this? Perhaps you are unable to generate the reports with the right information? Perhaps you have too many other priorities? Do you need accountability? Do you want to achieve your business goals? Using the business advisory services of a company like UHY FDW will ensure a realistic plan of action is devised and implemented to get the best results for your business. Book A Complimentary 30 Minute Session With One Of Our Business Advisors Today For More Info Read: ‘11 Rules of Highly Profitable Companies’ by Tim Ferriss #2017 #BusinessAdvisory

Reduce your businesses risk. Talk to our tax experts at UHY FDW. Book A Complimentary 30 Minute Consultation With One Of Our Tax Experts NOW Common tax mistakes that can cost your business heavily. Because taxation is a largely overlooked aspect of business there are a range of areas where businesses make costly errors. Are you aware of penalties? Failure to keep proper PAYE/VAT records €4,000 Failure to issue proper VAT invoices €4,000 Failure to complete VIES returns €4,000 Late submission of a VAT return €4,000 Violating PAYE regulations €4,000 We see common mistakes which result in these penalties. Be aware and be sure you avoid these penalties. Value Added Tax You can’t claim VAT on entertainment for your employees/clients, food and drink (if it’s for consumption) or accomodation (unless its for a specific event) All VAT must be charged at the correct rate to customers. All Intrastat forms must be completed for goods and services bought or received cross-border. VAT can only be claimed on “allowable” items. Ensure all relevant tax reliefs have been claimed and also that no cash-flow opportunities have been missed. As suppliers are liable in VAT, it is important there are no VAT errors on invoices. PAYE Employees/Directors sometimes get placed on the wrong PRSI rate. If an error is made here the cost can be very significant to an employer. Ensure all staff expenses that have been given to staff are in compliance No individuals should be paid gross by invoice where there is payroll in operation Make sure that benefits being provided to staff/directors are being subjected to the appropriate rate of PAYE Make sure that staff are availing of all relevant tax reliefs and exemptions to them. Are you 100% sure your business is not at risk in relation to any of these pitfalls? With the right accountancy firm, you can focus on driving your business and let us focus on keeping your businesses tax compliant. When you consider the penalties, it doesn’t take long to work out the return on investment on the cost of working with tax experts. Reduce your businesses risk. Talk to our tax experts at UHY FDW. Information Courtesy of Grant Thornton , Read the full booklet of info here Watch Our Video: 6 Ways To Reduce Your Tax bill: #2017 #BusinessAdvisory #TAX

Changing your Accountant is Easier than you think. We do all the work! Book An Appointment NOW! Yes we know your accountant can file your company tax returns and your annual accounts in a timely and efficient manner – that’s the least you expect. But what else should you be looking for when choosing a new accounting firm? 8 ways to assess if you are you getting the best value from your accountant: 1) Have they provided you with a breakdown of their charges and services. Have you compared this to other accountancy firms. Do they provide value for money? 2) Do they have a genuine interest in your business, ideally someone who understands the type of business you are in and your sector. 3) Are they qualified? Are they backed by a professional accounting body? 4) Do they meet your expectations and are they willing to provide you with the level of service you require e.g. response time to queries, access to senior accountants. 5) How often do you expect to hear from them? 6) Will they proactively advise you and help you solve business issues that crop up? 7) Do they advise you on how to keep your records internally, so that you are providing them with the information they need, ultimately saving time on both sides? 8) Can they offer you sound business advice? Do they have the expertise to act as a business advisor, using the information they generate through tax returns and managing accounts, to actively help drive your business forward? UHY FDW have been serving businesses for 25 years through our experienced advisers, helping you pinpoint issues your business may be facing and provide solutions and identify opportunities for your business to grow and save money. Contact us Today. Request A Call Back Book An Appointment Now Call Us Today #2017 #BusinessAdvisory

Outsourcing your payroll is easier than you think, you supply the information, we’ll do the rest! BOOK A COMPLIMENTARY 30 MINUTE CONSULTATION WITH ONE OF OUR EXPERTS NOW Late last year the Revenue ran a consultation on the changing and modernising of the PAYE system. As of January 1st,  2019 the The Revenue Commissioner has said that employers will report all pay and tax deductions as well as leaves of employment at the same time as they run their payroll. The change will also eliminate the filing of P30, P35 and P45 forms. On Monday, the Revenue disclosed that it had received 77 submissions to the process, representing a broad range of interests, including the Irish Tax Institute, SAP UK, McDonald’s Restaurants, and Irish Life. There was a also considerable number of small businesses responding, including Design by Nature, Rhu Glenn Country Club and Tipperary Glass. However, a lot of small businesses still have concerns as to how time consuming the change will be. More Time, More Effort Involved For Small Businesses Smaller businesses are having  concerns about the change: “With all the attendant paperwork there is no chance of me doing this if all I’m employing someone for is one week during a year. Much easier to pay them cash.” Many others welcomed the elimination of the need to complete P30 and P45s, with Dublin based Cofri Cosmetics saying modernisation “will make things easier”. However some questioned the process. Carlow wildflower seed company Design by Nature argues that with its poor internet connection, and the seasonality of its business, taking time during the busy summer season to process files will hurt the business. “Our internet is rubbish, so to expect uploads every payroll is unfair,” says Sandro Cafolla, arguing that the new process “will severely impact on my business”. Hillview Properties, a property management company, have also expressed huge concern: “Small companies like ourselves would have difficulties in compliance as we feel you will be overloading our work system.” View The Full Article By Fiona Reddan Of the Irish Times here Save time and money, outsource your payroll so you can focus on growing your business.  Source: Irish Times Get in touch with our payroll experts at UHY FDW and find out how you can easily outsource your payroll. A conversation costs nothing, you supply the information and we’ll do the rest! GET A COMPREHENSIVE QUOTE CALL US TODAY BOOK  A  COMPLIMENTARY  30  MINUTE  CONSULTATION  WITH  ONE  OF  OUR  EXPERTS  NOW #2017 #BusinessAdvisory #BusinessinIreland #Payroll

Changing your Accountant is Easier than you think. We do all the work! Book An Appointment NOW! Is It Time To Change Your Accountant? Questions to ask: Accessibility Is your accountant easily accessible to you? Do you have to wait more than a day for a response or are your calls/emails returned the same day? Are your accountants available to meet as often as required? Informed/Expertise Are you fully confident in your accountant? Can they deal with any issue you have in an informed/expert manner? Are they knowledgeable about new regulations and up to date on all business areas? After asking for advice, do you feel that the information you get, not that helpful in resolving the issue you have? Customer Service Do you feel sometimes that the advice is more beneficial to your accountants needs than in solving your issue? Do you feel sometimes that you are left more confused after asking for advice, than before, or are your accountants very clear and precise in communicating the answer in a way you can understand? Do you feel like you are an important client to your accountant/business advisor? Approach: Proactive/Reliable Do you feel your accountant is on your side rather than the side of the revenue or other 3rd party when issues crop up? Is the advice you get proactive and strategic for your business or is it just answering the specific questions you ask? Is your accountant passionate about your business too? Would you classify your accountant as your business advisor or just an accountant? Is your accountant creative, innovative and willing to weigh the risks and rewards of decisions that may or may not result in a tax liability, minimising your tax liabilities and giving recommendations but at the same time making you fully aware of your risks? If an issue arises based on a recommendation by your accountant, is your accountant always well-versed in the position you’ve taken and ready to provide a solid rationale, ready to stand by you? (If not, they are not a partner, but a tax return service). Value for money Do you feel like you are getting a really good service for the fees you are paying? Your accountant should be on your side. If not, it is time to change! Find out how easy it really is to change accountants and how much it will positively impact your business. The move to UHY FDW is easy and pain free. We will help you along that journey. Book a no obligation appointment now with UHY FDW. UHY FDW are your business and tax advisors, not just your accountants! UHY FDW have been serving businesses for 25 years through our experienced advisers, helping you pinpoint issues your business may be facing, providing solutions and identifying opportunities for your business to grow and save money. Contact us Today. Request A Call Back Book An Appointment Now Call Us Today #2017

Is your business covered from a compliance perspective for 2017? There are many key compliance priorities. Here is a quick list of some of them. Register of Beneficial Ownership Companies (Accounting) Bill 2016 End of the Transition Period Digital certificates of Incorporation Company Seal and headed paper Annual General Meeting (“AGM”) Audit Exemption: Mandatory E-filing – 1st June 2017 Your Company Secretary Due diligence Download the full details of what each of the above refers to and what it means to your business How many hours does your business spend focusing on being compliant? And at the end of the process, are you always confident that everything is compliant? Would your business benefit From using the professional corporate compliancy services of a firm like UHY FDW, who are focused on getting the right outcomes for your business, ensuring you are fully compliant. If you and your staff could focus on your business objectives and driving your business forward, with the reassurance that you have a reliable partner like UHY FDW looking after your compliancy? From improved efficiency and reduced risk? View: Should Your Business Outsource Compliance Operations? Talk to our compliance experts now about what is relevant to your business and find out more about why working with a partner like UHY FDW will help drive your business forward this year. #2017

An IHT Escape No-one Wants! It is said that nothing is certain but death and taxes. However, there are exceptions in respect of inheritance tax (IHT) on death in certain circumstances. Departing together… The general law (in England and Wales) provides that where two or more people have died and it is unclear if one of them has survived the other, they are normally presumed (subject to any court order) to have died in the order of seniority, i.e. the younger is deemed to have survived the elder (LPA 1925, s 184). This is often referred to as the ‘commorientes’ rule. For IHT purposes, without a relieving provision the potential effect of the commorientes rule could be double (or multiple) IHT charges on such deaths (albeit that ‘quick succession relief’ may be available for chargeable transfers). The IHT legislation therefore provides that where it cannot be known which of two or more persons who have died survived the other(s) they shall be assumed to have died at the same instant (IHTA 1984, ss 4(2), 54(4)). The transferable IHT nil rate band can potentially improve the IHT position for married couples (or civil partners) in commorientes circumstances, if both spouse’s estates pass to each other under their wills. HMRC guidance in its Inheritance Tax manual confirms that because the nil rate band of the elder spouse is effectively unused, the younger spouse’s estate can potentially benefit from it, assuming that it has not been used up by lifetime transfers (IHTM43040). The interaction of general law and tax law can have interesting results. The following is based on an example in HMRC’s Inheritance Tax manual (at IHTM12197). Download Full Article Here For Example or successively? Separate IHT provisions (see IHTA 1984, s 92) concerning survivorship clauses in wills, etc., address the different potential problem of double (or multiple) IHT charges on successive deaths. It applies to deaths which are not simultaneous, but follow within a short time period. This rule broadly provides that if (under the terms of a will or otherwise) property is held for a person on condition that (s)he survives another for a specified period of not more than six months, and another beneficiary becomes entitled to the property because the original beneficiary did not satisfy the survivorship condition, the IHT position is the same as if that other beneficiary had taken the property from the outset. UHY FDW have been serving businesses for 25 years through our experienced advisers, helping you pinpoint issues your business may be facing and provide solutions and identify opportunities for your business to grow and save money. Contact us Today. Request A Call Back Get A Quote Call Us Today #2017 #UKNI

Request A Call Back Get A Quote Call UHY FDW Today Do you need Debt help? Can you cope with the stress of debt? Debtors frozen with panic shouldn’t feel alone, after a study revealed 43% of those in serious debt were too scared to take action. The UK study cited fear of family’s reaction as the number one concern about revealing financial problems; causing those in trouble to wait longer before taking action and often adding to their debt burden. Nearly a quarter of people in debt take at least a year to deal with it and debilitating worry is often a side-effect. 40% polled believed they were unable to move on with their life because of their debt problems. “The main concern is that while the fear factor is preventing people from talking about debt and seeking help, their debts continue to mount.” By seeking advice early, they can stop the problem from escalating, and prevent the stress caused by serious debt taking over their lives. People get stuck in a vicious circle of fear and inaction, which in reality only makes the problem bigger. The new “Abhaile “Scheme offers assistance to people who find it difficult to start the process of debt negotiation and are in mortgage arrears on their family home. The services offered by Personal Insolvency Practitioners are comprehensive – covering everything from family home debt, business debts, Credit Union debts and all other forms of debts including revenue debt. By working with a debt specialist, debtors can get debt written off, so they can move on with their lives. The key according to Eugene McDarby Managing Director of UHYInsolvency.ie is to not ignore the problem “As a nation we need to get over the idea that being in debt is shameful and something we should hide”. Guest Blog Eugen McDarby UHY Insolvency Not too long ago, the concept of debt negotiation, insolvency and bankruptcy did not really exist in Ireland; except in extreme circumstances, and usually where a business had failed. Our home repossessions and insolvency rates were virtually non – existent. However, we now know that under all this exuberance of wealth was a society that borrowed in excess, to fund its lifestyle. In Ireland, all forms of debt have risen substantially. The Facts In 1995 Ireland was ranked 17th in the world table of household debt Vs disposable income.  In 2008 Ireland was ranked 4th.  This is a 267% increase. (Source Goodbody) Household debt is typically home loans, credit cards, car loans, credit union loans and other personal loans. People have changed their spending patterns and tightened belts, but this is having a minor effect on their overall net income. In the past we borrowed our way out of debt.  With rising property prices, one could easily sell the property, pay off the debt and still make a profit. This solution no longer exists.  Many who bought property in the last 10 years are still in negative equity, and banks have tightened credit, so facilities are not available. One point is certain in the current environment, “Debt is a matter of fact, assets are a matter of opinion” So what happens when. Made Redundant Unemployed Huge drop in income Cashflow problems Reduction in rent You need to know the extent of the debt problem. Mortgage, car loan, credit card, credit union, business, revenue etc. Never mind the financial consequence, the emotional and psychological impact will be detrimental and, in extreme cases, suicides have happened. The lender/creditor response is not enough! The banks and building societies, overall, have been mildly responsive to clients who genuinely are financially stretched. There are still over 80,000 in arrears on their family home mortgages in 2016, and many lenders are now selling their bad books of debt to so called Vulture Funds. It is important to know your rights and all institutions must comply with Central Bank codes in relation to mortgage debt specifically on family home mortgages. Communication between you the bank and other creditors is very important. You need to be very upfront about your predicament and inform the bank at the earliest possible point. The bank may base their solution on a “can’t pay, won’t pay” principle. This means that if the client just cannot pay, they will, in all circumstances, be sympathetic.  If they won’t pay, the client may end up in court. Typical Debt management and Insolvency advice would be to: Prioritise your debt Separate debt between secured eg Mortgage and unsecured eg Credit card. Prioritise household expenditure. Consider lifestyle and spending patterns Get some legal advice on your debts Consider your Insolvency options The main flaw in the code is that it only applies to lending activities on principal private residence, so investment properties and unsecured debt are not covered. Most people have all forms of debt, so the respite from the banks on private homes is generally not enough and negotiation of all the debt is required. The bottom line with your creditors is that they still want their money back and may well only give temporary respite, depending on the circumstances. “My advice is to get your life back and get in control of your finances”. #2017

UHY FDW – We are your business advisors, not just your accountants Find out more —>  Business Advisory Services Staff Feedback: The key to hanging on to your talent Part of our business advisory article series  Whether you are a small business owner or a senior manager in a large company, developing a high-trust culture in your team is essential to hanging onto your talent and maximising the opportunities in your teams. The labour market is changing and it is harder to attract good people unless you have an offering that will excite them and a job that inspires and challenges them to grow and evolve. People who are ambitious want to grow and evolve. They are interested in learning about how they can improve and how they are perceived by their peers and superiors.   If they are not getting feedback that is enabling them to develop and grow or they are being micro managed and held back, you are in danger of losing them to another company. We are all motivated by different things but the one thing all employees want to know on a regular basis is: How am I doing? Developing a high-trust culture is an investment in building collaborative relationships, that give and receive honest feedback which is aimed at developing self-awareness and exploring opportunities. You are entrusting your customers and business to your staff on a day to day basis, ignoring their levels of motivation at work is a recipe for failure. If staff are not energised, lacking enthusiasm, and have no drive to achieve the company objectives you have a problem. The solution to the problem is to gather the facts by asking for feedback and genuinely listening to the feedback.  If staff are not performing or you feel frustrated at the results here are some questions to reflect on: Have they been given clear instructions as to what is expected of them? Are they being engaged in regular conversation about their progress? Do you listen to the challenges they are facing? Do you know what they find motivating about their work? How do they feel about you as their Manager? Do your management interventions demotivate or inspire them? How are mistakes dealt with? Do they feel they can be honest with you as their boss / Manager? A lot of managers/ business owners don’t ask these hard questions because they don’t want to hear the truth or they don’t want to change. But that is like not asking your customers why they don’t want to buy your products.  It won’t change the outcome. We have to allow people to grow and change. 2017 is the time to create a culture in Irish businesses that will truly enable us to offer world-class services, products and customer experiences.  This can only be achieved by creating healthy, transparent and collaborative relationships between managers and staff and removing the barriers to change.  The question starts with you as a manager.  How am I doing as your boss? How can I help you to reach your potential? UHY Farrelly Dawe White, work with businesses to drive growth and profit, through our Business Advisory Services . We like to recommend articles, tools and events which will assist your business to tackle any business areas that may need attention. If you wish to learn more or you want to develop your ability to build collaborative relationships at work check out the leadership workshops offered by Fox Leadership, See http://foxleadership.ie/events-list/ Written by Guest Blogger: Aine Fox from Fox Leadership #2017