UHY FDW announced in July the launch of their new five year strategy, company purpose and values. Over the last number of months, we have embarked on a journey to build a five year plan and strategy for UHY FDW. The result is a plan built around our common purpose, which is to  Achieve a Better Future Together. This exciting development marks a significant milestone for our team and stakeholders as we redefine our vision and direction for the future. UHY FDW’s commitment to growth, adaptability, and excellence is reflected in our newly announced company values. Integrity ,  teamwork ,  respect ,  be engaged , and  be passionate  are the pillars that will serve as a compass for our team members. Launch In order to effectively launch our strategy and align our team with our purpose, vision, and values, we organised a team strategy day. This event served as a platform for the team to come together, understand the strategic direction of the company, and collectively embark on the journey towards achieving our goals, demonstrating our dedication to inclusivity and collaboration. Our team strategy day not only provided clarity on the strategy and its objectives but also fostered a sense of unity and shared purpose among all team members. Equipped with a clear roadmap and a team aligned to the company’s new purpose, vision, and values, we are poised to achieve even greater success and make a lasting impact in our industry. Our Team In order to further strengthen our team unity we hosted our annual team appreciation day, a team social day out in Dublin. This event provided an opportunity for team members to come together outside of the office environment and engage in activities that promote collaboration and teamwork. The team social day out not only allows colleagues to get to know each other on a personal level but also reinforced the company’s core values of integrity, teamwork, and respect. By investing in such team-building initiatives, UHY FDW is not only creating a positive and inclusive work culture but also setting the stage for even greater success in the future. With a united and motivated team, we are well-equipped to navigate challenges, achieve our strategic goals, and continue delivering exceptional services to our clients. What’s Next? By integrating our values into our strategy, we can align our actions with purpose, enhance our employee engagement, help our clients prosper, drive long-term sustainability and  Achieve a Better Future Together. With a united and motivated team, we are well-equipped to navigate challenges, achieve strategic goals, and continue delivering exceptional services to our clients. Follow us on social media, sign up to our newsletter, keep an eye on our website and continue to engage with us to learn more about our strategy, vision and values, and keep up to date on our progress and the impact we are having in our industry. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie #2023 #LatestTopics #Strategy #UHY

Thought Leadership – An expression of insight Member firm professionals across the global UHY network write blogs, contribute to articles, speak at events, produce reports and much more. All this activity might be best summed up in the term ‘thought leadership’. This is a well-worn phrase these days – it might be described by one person as the expression of expertise, and by another as the expression of opinion. Someone else might insist that anyone who has a blog or podcast on a single subject is a thought leader. These can all be very different things, but they are credited as thought leadership anyway. Insight Is Key To my mind, there is a little more to it than that. A thought leader certainly needs to have wide experience of their subject matter, and they also need to think deeply about it. Through practice, research and discussion, they strive to acquire meaningful insight. The final piece in the jigsaw is the desire to share that insight with others. In this interpretation, a blog can contain thought leadership, but not every blog – and in fact not many blogs – will. An article qualifies for the title only if it contains insight in terms of a fresh angle, an against-the-grain opinion, or a new approach to an old problem. Thought leaders use their expertise to explain and inform. They answer the questions their audience asks. They deliver authentic content. But they should also provide something that their readers, listeners or viewers will not easily find elsewhere. Good For Business In this way, thought leadership becomes useful for both authors and audience. The audience gets potentially useful insight. The authors refine their thinking by testing it in the real world, and are seen as authorities on the subject. Acquiring such a reputation can certainly be good for business. Organisations, brands and individuals all use thought leadership to increase their standing among customers, clients, targets and peers. Thought leadership is a way to show that you understand your customer’s challenges, or that you recognise and understand new developments in the sector. It shows your authority and authority inspires trust. The usefulness of thought leadership is amplified by the ubiquity of digital and social media. In the past, a CEO might write an article for the company magazine or website and a handful of people would see it. Today, an interesting opinion, shared widely on LinkedIn and Twitter, can start a wide-ranging conversation and be seen by hundreds or thousands of interested parties. Many years ago, thought leadership had a narrower meaning. It tended to be applied only to major new pieces of research. It was leadership because it moved the profession forward, shed light on an unexplored topic and was entirely original. Thought leadership was the preserve of large firms with big research budgets. The democratisation of thought leadership is no bad thing. The advance of a profession should not be led solely by the operators with the deepest pockets. We all have a stake in the future, and we should all have the opportunity to be part of the debate. It is good that the term is now used more loosely, but the word ‘leadership’ should not be ignored. Thought leaders add something to the discussion, rather than just regurgitating information that has been expressed many times before. Shaping The Future What they add does not have to be ground-breaking or even surprising. But in its small way it should move the debate forward. It could be an anecdote that illuminates the benefits of a new networking opportunity. It could be a fresh, well considered opinion on a piece of controversial finance legislation. It could be a case study that describes how a firm managed to overcome a unique or unusual challenge. In our magazine UHY Global we encourage readers to think about the impacts and opportunities for their business from external issues and commercial change around the world. It could be a thousand things, but those who read or hear it should go away with something to think about, and the sense that they have been presented with a new idea or way of doing things. They might not agree with the new angle or fresh approach described in the piece, but they will understand that it adds something to the conversation. There are few great leaps forward, in business as in life. Instead, the future is reached through many incremental steps. A well-expressed article or conference presentation, written or given by an expert with insight, can help set the direction of travel. That is the aim of thought leadership, and it is why UHY professionals are keen to be part of the discussion. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie #LatestTopics #ThoughtLeadership #UHY

The right support is critical Good businesses start with an idea that skilfully and efficiently connects supply with demand. But while every business needs one, even the best idea will not, on its own, develop a healthy and regular turnover. That is because starting a business is so much more than just inspiration. It is notoriously hard work. You need to research everything, from the market opportunity to applicable tax laws. There are endless decisions to make and forms to fill in and the following are just some of the questions you will ask or be asked: How will you access company formation advice? How robust is your business plan? What licences or permits might you need? What happens if you want to export goods or services overseas? How much do you know about employing staff/managing payroll? If you intend to store customer information, what are the rules around that? How will you fund your business? Suffice to say that none of this is easy. Many entrepreneurs are so unprepared for the set-up phase that they never make it to the good part, when they can actually start selling goods and services. They underestimate start-up costs, or decide the potential rewards of starting a business do not outweigh the risks. Sometimes, they just become swamped by bureaucracy. The good news is, entrepreneurs do not have to do any of this alone. If you have a business idea, the very first thing you should do is look into all the advice and guidance that is readily available in your own country or region. Wherever you are in the world, there is likely to be a lot. A good start would be to review a UHY ‘Doing Business Guide, readily available, and free, on UHY.COM Help With Starting a Business Small businesses are the lifeblood of the global economy. They contribute up to 45% of global GDP and employ up to 60% of the world’s workforce (as reported by Gitnux in Small Business Statistics and Trends in 2023 ).* Unsurprisingly, governments want to encourage this essential sector. Economies thrive when people turn good ideas into growing businesses. That is why, in many countries, governments run schemes to help people start new companies. This help is often in the form of a website or helpline. It can also include local hubs where start-up specialists offer personal support to new businesses (or prospective new businesses) in that region. Government small business information websites may give you all the information and contacts you need, but try local authorities, chambers of commerce and business associations too. If they cannot help you directly, they will be happy to introduce you to someone who can. This government-backed support should be the first port of call for any new business owner. The advice is likely to be free and will be given by people who know local rules and regulations and have a solid overview of the local business environment. They can also introduce you to local small business networks, a valuable source of on-the-ground advice. Ask a Professional Provider The other place to seek tailored, relevant advice is from professional service providers, many of whom are business owners themselves and will be familiar with the challenges, regulations and pitfalls. If your business is going to be bigger than just a sole trader you will probably have to partner with an accountancy firm anyway. An added reason for doing so is that good accountants now offer so much more than just ensuring your financial compliance. Good accountants can be trusted sources of business advice. For new businesses, they can highlight potential funding streams, or offer advice on applicable tax or business rate incentives, which can be generous for companies in their first year of operation. They might be able to tap into their existing connections about affordable premises and equipment. In addition, professional service providers are often active in regional networks of business angel investors. They are the people who make the introductions. An experienced accountant is likely to have knowledge of the market you intend to operate in, and to understand its opportunities and pitfalls. They may have clients in the same sector, or might have done in the past. Accountants are at the business coalface every day, which makes them a rich source of advice and information for new business owners. They can offer both practical experience and a specialist view of the wider economic environment. Accountants are also familiar with processes you would otherwise have to learn to streamline your workflow – cloud-based systems for storing documents and files, smarter invoicing, cashflow control, efficient payroll and automatic receipt saving. They know local tax and labour laws in detail, and how these rules may be applied to your business. If you want to sell abroad, now or in future, a global accountancy network can help you move across borders in the most efficient and cost-effective way. With our considerable sector and country expertise UHY member firms can deliver timely advice to help new business owners make the right decisions at the right time. Starting a new business is exciting. But it can also be daunting, thanks to the volume of information new owners have to take on board. A mix of government help and professional advice is the best way to ensure great ideas become good businesses. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie * https://blog.gitnux.com/small-business-statistics/ #LatestTopics #StartingaBusiness #UHY

Making Waves – Client Support in Full Flow The 16th edition of UHY Global magazine is now available to read online . UHY Global draws on current analysis and commentary, including input from UHY’s member firm experts across the international network, to provide insight for today’s global business community. This thought-provoking, upbeat and engaging read explores the issues and challenges of international business, themes you may well be grappling with in today’s uncertain world. Topics explored in the new issue include developments in ESG reporting, managing cross border expansion, the growing dilemma of data management and the shape of professional services firms in the future. Four client stories are featured in this issue – a supplier of river sport equipment and apparel based in the US whose expansion into Europe was supported by UHY firms in three countries (cover story), a rural bank in the Philippines, a supplier of robotic hog barn cleaners for farms and a Central American packaging business. Other content includes a round-up of global news and a celebration of people and firms across our network. You will also find valuable information on the UHY network itself including service and contact listings. The print version is downloadable as a PDF from the online menu bar. Read it now . Contact our team with any queries you may have T: +353 42 933 9955 E: info@fdw.ie #2023 #UHY #UHYGlobal #UHYGlobalIssue

In the third of three blogs exploring personal success, Rhys Madoc looks at ways to manage your career path. The last few years have raised some challenging questions about how we work, where we work and why we work. I have discussed some of the challenges in previous blogs: for example, issues around recruitment and retention, leadership, and the role of lifelong learning. But on an individual level, one thing is sure – more people than ever are choosing to re-evaluate their careers. Am I enjoying what I do, and where I work? Is it time to look at alternatives and, if so, how? Career planning has always been integral to a successful working life for ambitious professionals, but seldom on such a wide scale as we see today. Exciting and enticing propositions The first thing we should note is that developing a career plan is not the sole preserve of a school leaver or graduate just starting out. It is as relevant and beneficial to anyone at any stage of their working life. As industries, commercial environments and technologies evolve, so do opportunities for personal and professional career development. As an example, consider our profession. The career ladder for the accountant of previous decades was fairly predictable, with a likely progression from newly-qualified CPA, and with hard work, to eventual partner or managing partner in an accountancy firm, or a chief financial officer in a commercial enterprise. While this is still a laudable ambition, there are today many more options to pursue along the way that will appeal to those starting off in the profession, or those seeking to join it from elsewhere. Furthermore, as our profession continues to embrace and adapt to new technologies and ways of working, re-evaluating your career path can be an exciting and enticing proposition. For example: The rise of accounting technologies (cloud-based services, blockchain, and AI-based analytics to name a few) fuels demand for those passionate about IT Clients want sustainability expertise from their professional advisors. A specialism in ESG (environmental, social and governance) audit and non-financial disclosure is very likely to become a sought-after credential. Accounting professionals at any stage of their career can benefit from numerous options such as these. I would recommend taking a look at the new ACCA career navigator,1 a useful framework which maps experience to competencies and potential career destinations in the profession. ACCA professionals practice across the globe. Remember your transferable skills and stay flexible For anyone planning or reviewing their career in accounting, many factors come into play, from reward and motivation to ability and self-fulfilment. The most important step to take, I would say, is finding time for an honest and objective self-assessment of your skills and capabilities, your motivations and what you believe in. Evaluating your options within our profession could offer pathways to even more enriching prospects. The proliferation of opportunities for personal growth in accountancy means that skills such as negotiation, leadership, communication, people management and coaching (see my previous blog about intangible skills for more on this topic) are valued as much as complex technical expertise in the workplace and play a prominent role in UHY’s continuous professional development programmes. In UHY, our member firms continue to invest and participate in UHY’s own bespoke development programme for our future leaders developing such non-core skills to ensure continued added value for our clients and colleagues. Whatever your experience or specialism, my advice would be to stay flexible and keep an open mind. Job security and fulfilment are the results of working hard at finding or creating opportunities, and being prepared to keep learning: technical and soft skills training is available to support most requirements. In summary: A successful career strategy will identify the skills and experience gaps between what you have now and what you need to fulfil your ambition and achieve your goals I acknowledge these are challenging times for career professionals and recruiters alike, but I also believe they are exciting times, full of opportunity and potential for all. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie Pathways to Personal Success Series Acknowledgements. 1ACCA is the global body for professional accountants, and their qualifications are recognised and respected across the world https://careernavigator.accaglobal.com/gb/en.html #HR #LatestTopics #PathwaystoPersonalSuccessSeries #UHYFDWTeam

From 11 June 2023, when making certain submissions to the Companies Registration Office (CRO), company directors will be required to provide their Personal Public Service Numbers (PPSNs) with their filings. The PPS number will be used for identity verification, with the aim of improving the integrity of company information held by the CRO and to reduce the risk of identity theft. Company directors will need to provide their PPSN when: Incorporating a new company (CRO Form A1) Filing an annual return (CRO Form B1) Notifying a change of director and/or secretary, or in their particulars (CRO Form B10) Notifying that an individual has ceased to be a director or secretary (CRO Form B69) Legal Obligation Section 35 of The Companies Corporate Enforcement Act (2021) requires Directors to file their PPSNs with the CRO when incorporating a new company (Form A1), being appointed as a Director of an existing company, updating Directors details (Form B10) and when filing the company’s annual return (Form B1). Non-compliance will constitute a Category 4 offence, which is a summary offence only, punishable by the imposition of a Class A fine. A “Class A fine” is a fine within the meaning of the Fines Act 2010 (i.e. a fine not exceeding €5,000). Your Security Only certain services are authorised to ask for a PPSN, the Companies Registration Office is one of these authorised services. When the mandatory PPS number data filed with the CRO has been validated, a PPS number will be retained securely in an irreversible hashed / encrypted format and stored securely. It will not be accessible by any member of the CRO or any other party, and it will never be shared with any third party. The reason for retaining a hashed version of the PPSNs is to allow CRO to match future filings to existing individuals on the register with certainty and to avoid duplication. Hashing is an encryption function to protect data on the register in the event of a data breach. This technique will apply a complex mathematical function to the PPS number, to produce a longer unique number that bears no resemblance to the number hidden. With hashing, the CRO will never be able to reverse the newly generated number back into a PPS number again. No publicly accessible document or form will display your PPSN. Benefits This change will bring many benefits to all stakeholders, including: The reduced risk of identity theft The CRO will contribute to the effort of ‘Designated Persons’ in combatting money laundering and terrorist financing, with the company director identification and verification The option to use digital signature in the form of a ROS certificate where a PPS number has been obtained Greater transparency across government bodies Actions Ensure all of the directors of your company have a PPSN, RBO transaction number or IPN. Limited companies should confirm with all directors that they hold a PPSN, Registered Beneficial Owner (RBO) transaction number or Identified Person Number (IPN). If an individual has already completed a BEN2 Form with RBO and have been issued with an RBO number, this can be used as the IPN with the CRO. If a director does not hold a PPSN or a RBO transaction number, they should apply to the CRO to have an IPN issued through a ‘Form VIF’ (Declaration as to Verification of Identity). The Form VIF must state the name, date of birth, nationality and address of the director for whom the IPN is required. The VIF Declaration must be signed by the Director and if the declaration is made within the State it must be witnessed by a solicitor, if the declaration is made outside the State it must be witnessed before a Notary Public. Digital signatures will not be accepted. Limited companies should review the information held by the CRO to confirm the details are correct or if there are any inconsistencies between this data and the details under the PPSN held by the Department Social Protection (DSP). The Directors name and date of birth with the CRO must exactly match the name associated with the PPSN in the DSP’s database. The Registrar reserves the right to reject any submission where the name entered on the CRO does not match the name as registered for that PPS number with the DSP. To avoid the risk of late filing fees and / or the loss of audit exemption, please contact a member of our Corporate Compliance team to confirm your PPSN as soon as possible, before the deadline of 11 June 2023. If you have any questions on this matter, please get in touch. Corporate Compliance Team Richard Windrum, Director richardwindrum@fdw.ie Brenda Mullen brendamullen@fdw.ie This article is for guidance purposes only. It does not constitute legal or professional advice. No liability is accepted by UHY Farrelly Dawe White Limited or UHY FDW Corporate Compliance Limited for any action taken in reliance on the information set out in this article. Professional or legal advice should be obtained before taking or refraining from any action as a result of this article. Any and all information is subject to change. Source: https://www.cro.ie/en-ie/About-CRO/Whats-New/PPSN-FAQ Update: This article has been updated to reflect the announcement from CRO on the delay in PPSN requirements, issued 20 April 2023 https://www.cro.ie/en-ie/About-CRO/Latest-News/delay-in-ppsn-requirement Update: This article has been updated to reflect the announcement of the new deadline date from CRO, issued in May 2023. #2023 #CorporateCompliance #CRO #PPSN

In the second of three blogs exploring personal success, Rhys Madoc looks at the importance of intangible skills. If someone asked you to describe the skills you need to do your job, what would you say? Many of us would probably talk first about the ‘hard’ skills (also known as core skills) our jobs require, whether that is in-depth knowledge around tax, audit or IT, or the ability to write a plan or analyse a set of figures. Hard skills are the technical proficiencies and subject-specific knowledge our clients expect. You will not go far as an accountant without a technical mastery of accountancy rules and standards. You might stop there, but that would be only half the story. We all use a set of more intangible skills in our day-to-day working lives as well. It is increasingly recognised that these skills, also known as soft skills or power skills are just as important as technical ones. In fact, the balance between hard and soft skills – once weighted firmly in favour of technical ability – is shifting towards the interpersonal side. It is an important shift, one that can make a difference between a good employee and an outstanding one. What are soft skills? As Eric Frazer, assistant professor of psychology at Yale University School of Medicine, recently told the BBC1, what soft skills really means is people skills. “Some examples of soft-skill mindsets might be someone who is a continuous learner, or someone who is highly resilient,” he said. “Many behaviours – critical thinking, active listening, imaginative problem-solving to name a few – are soft skills.” Research by LinkedIn2 found that people skills – those skills by which we interact and encourage the best from others – are in high demand and that the four most in-demand soft skills are leadership, communication, collaboration and time management. The importance of your intangible assets It is easy to see the importance of these skills. Understanding a client’s tax situation is essential. Being able to communicate your knowledge to the people who need to know – in a clear, concise, insightful and even thoughtful way – equally so. Increasingly, successful business is based on the collaboration of teams rather than the labour of individuals, so knowing how to cooperate and delegate is essential. Leaders can no longer expect to inspire employees by lecturing or cajoling from on high. In a candidate’s market, where open positions outnumber qualified applicants, successful leaders will be persuasive, inspiring and open-minded. Their people skills have to be second to none. Finding the right balance A successful career requires a mix of hard and soft skills, of technical ability and more intangible, human competencies. To a large extent, technical skills can be taught, assuming a basic level of education and aptitude. But softer skills are at least partly innate. That is why some recruitment strategies now prioritise the identification of able generalists over limited technicians. You can train someone to use a new accountancy software platform. It is less straightforward to teach them leadership skills or the best way to communicate difficult information. It is not easy, but it is not impossible. Some candidates are helping themselves, taking courses in skills including public speaking or remote team management. Organisations that place a high value on communication and teambuilding offer training and development in the softer skills that clients increasingly value, alongside technical learning opportunities. We have run a series of soft/power skills training for UHY member firms for a number of years. Accountants should grasp these opportunities, because we work in a profession that is already witnessing the encroachment of automation. Entry level technical tasks are regularly performed by AI-driven algorithms. As the technology advances, more of the technical skills we use every day will be rendered either obsolete or of lesser importance. By contrast, those with highly developed soft skills are already on the front foot. Critical analysis, creative problem solving and communication skills will all be in high demand as accountants transform from back office technicians to front office advisors. Technical skills will always be needed – but they are becoming a given. It is soft, or power skills that will mark us out from the crowd. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie Pathways to Personal Success Series Acknowledgements. 1 https://www.bbc.com/worklife/article/20220727-soft-skills-the-intangible-qualities-companies-crave 2 https://www.forbes.com/sites/nazbeheshti/2018/09/24/are-hard-skills-or-soft-skills-more-important-to-be-an-effective-leader/?sh=6a23b6822eb3 #LatestTopics #PathwaystoPersonalSuccessSeries #UHYFDWTeam #2023 #HR

In the first of three blogs exploring personal success, Rhys Madoc looks at how to maintain both team momentum and work-life balance. It is fair to say that the modern workplace is facing multiple challenges. Despite many accelerated post-pandemic benefits such as remote working and investment in automation technology, some businesses are contending with staff burnout, anxiety and overload which feed into an uncertainty around workplace performance and functionality. Staying motivated is essential for getting through what may be tricky times ahead. However, achieving this at the same time as maintaining work-life balance is even more important. TAKE A BREAK One solution to the work-life balance challenge is to develop a culture that prioritises ‘healthy’ separation. This might mean actively encouraging employees to block their work communications outside of work hours, such as encouraging colleagues to take proper breaks and not respond to emails at the weekend or during holidays. However, this approach is not always achievable, and critical to implementing good work-life balance is understanding what works best for you and your team. Research from the University of Sussex2 suggests that blanket bans on out-of-hours communication can be actively harmful to some employees, particularly those with anxiety or control issues. Some people use work email to manage their tasks and work flexibly and conveniently, while others find it disruptive to their workflow. Understanding how and when your team use email is important, but email policy is also governed by your corporate culture. In striking a balance between organisational need and employee preference, flexible consultation is key. STAY FLEXIBLE The pandemic has demonstrated that in some working environments there may not always be a pressing need to be in the office every day. Scrapping core hours can mean less time wasted on the daily commute and, ultimately, a smarter way of working. Meeting client needs and building client relationships are essential and a Harvard Business Review study3 found that flexibility impacts the bottom line by encouraging employees to be more results-driven. There are also talent-attraction benefits to be gained by offering a more adaptable approach as many jobseekers are demanding more flexibility post-pandemic. ALL ON THE SAME TEAM However, getting the balance right between looking out for employees’ wellbeing and recognising work-life balance, while also ensuring they remain connected to the organisation and its services are valued by clients is an ongoing challenge. As a network, UHY embraces enthusiasm, integrity and teamwork, and offering opportunities for collaboration is central to maintaining these values – you can read more about the way UHY embraces collaboration in my recent blog on the topic, Collaboration Works . Research shows that collaborative teams are more innovative so fostering connectivity is another key way to keep employees engaged. UHY’s internal collaboration channels offer multiple ways of sharing best practice and accessing wider knowledge. Whatever your approach, significant challenges – and opportunities – lie ahead. Work-life balance and team engagement are both important. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie Pathways to Personal Success Series Acknowledgements. 1 Human Resource Development https://www.tandfonline.com/doi/full/10.1080/13678868.2022.2047380?cookieSet=1 2 Science Direct https://www.sciencedirect.com/science/article/abs/pii/S0747563219303504?dgcid=author# ! 3 Harvard Business Review https://hbr.org/2021/09/the-future-of-flexibility-at-work #LatestTopics #PathwaystoPersonalSuccessSeries #UHYFDWTeam #2023 #HR

Download a copy of our Tax Book 2023 which has all the taxation information you will need covering topics such as Income Tax Rates, BIK, Retirements & Pensions, VAT and much more reflecting all changes announced in Budget 2023. Request a printed copy of our Tax Book 2023 – email nicolamernagh@fdw.ie Contact our Tax Team Today Contact our team with any queries you have Call us +353 42 933 9955 Email us info@fdw.ie #2023 #TAX #Tax2023

Coming in January 2023, a higher level of benefit-in-kind (BIK) tax will be imposed on cars with higher emissions.  Section 6 of Finance Act 2019 introduced a new method to calculate the cash equivalent of the use of a car. These changes will take effect for the year of assessment 2023 and subsequent years. At present the BIK on company cars is calculated at the rate of 30% of the original market value of the car. The new provision, however, will retain both original market value (OMV) and business mileage as factors, while taking account of the vehicle’s CO2 emissions. The new minimum BIK rate after discounts will increase to 9%, and the maximum rate will be 37.50% BIK is a tax on benefits that an employee receives that cannot be converted into cash but have a cash value. This rule will apply to all cars (including electric vehicles) and will apply to existing company cars as well as new cars provided to employees on or after 1 January 2023. To Calculate The cash equivalent of the use of an employer provided car can be determined using the formula: Original market value (OMV) x A TABLE 1 TABLE 2 To calculate A: Determine the applicable vehicle category from Table 2 based on the amount of CO2 g/km the vehicle produces Locate your vehicle category in Table 1 Compare the annual business mileage travelled for the year to establish the appropriate percentage to use for A. For example, an employee has use of a car provided by his or her employer on 1 January 2023. The OMV of the car is €28,000. Per the manufacturer, the car produces 120g/km in CO₂ emissions. The actual business kilometres in the year were 32,000 kilometres. 120g/km in CO₂ emissions puts the car in vehicle category C in Table 2. As the employee drove 32,000 kilometres in the year, the cash equivalent is equal to the OMV x 24% (mileage between 26,001 and 39,000, see table 1). BIK Calculation: Cash Equivalent (OMV x 24%) €28,000 x 24% =          €6,720 Benefit-in-Kind: Electric Vehicles Under the current rules, if the electric vehicle OMV does not exceed €50,000, then the OMV is reduced by €50,000, effectively to zero. Over €50,000 in value, the existing rates are used based on the business mileage – from 6pc to 30pc. The new regime provides for a reduction of €35,000 in 2023, €20,000 in 2024 and €10,000 in 2025. The threshold will gradually reduce to zero by 2026, with a new BIK rate of up to 22.5pc being applied. This is lower than the top 30pc Bik rate for internal combustion engine vehicles. Benefit-in-Kind: Vans Section 6 of Finance Act 2019 also introduced a change to the percentage used in the calculation of the cash equivalent of the use of a van. From 1 January 2023, the percentage used in the calculation of the cash equivalent of the use of a van will increase from 5% to 8%. Our Tax Team can assist you in relation to the taxation of company cars. For more information, contact: Jane Jackson, Head of Payroll and Tax Compliance, UHY Farrelly Dawe White Limited janejackson@fdw.ie +353 42 933 9955 #Budget2023 #2022 #BusinessinIreland #Act #CompanyTax #TAX #Motor

As part of the energy support program in Budget 2023, the new €1.25bn Temporary Business Energy Support Scheme (TBESS) was introduced to help businesses cope with rising energy costs. The first payment is aimed to be issued in November 2022 and will be backdated to September. The scheme is expected to run until at least February 2023. The scheme will pay out eligible businesses with up to 40pc of the increased cost of electricity or gas bills up to a limit of €10,000 per premises per month. Eligible Companies To be eligible to apply for the TBESS, the business must be able to show that the unit cost on their electricity or gas bills has gone up by 50pc or more this year compared to the same period last year. The scheme will be operated on a self-assessment basis and administered by the Revenue Commissioners, drawing on its experience of administering various Covid support schemes since 2020. Additional funding of €4 million for local businesses The Local Enterprise Office network will be given an additional €4 million to include a new grant for microenterprises for energy efficiency. The Small Firms Investment in Energy Efficiency Scheme will provide a grant to companies to encourage capital investment in projects to reduce carbon emissions. Manufacturing and International Traded Services  A €200 million Ukraine Enterprise Crisis Scheme is targeted to assist viable but vulnerable businesses in the manufacturing and internationally traded services sectors which are suffering the broader effects of the war in Ukraine. One strand of the scheme will provide up to €2 million in grant aid for energy intensive companies impacted by the exceptionally severe increases in gas and electricity costs. Enterprise Ireland, IDA and Údarás na Gaeltachta will be monitoring all companies that avail of it. Companies must produce an energy efficiency plan showing how they will get their energy costs down. Get ready to apply To apply for the Temporary Business Energy Support Scheme, companies must obtain copies of their energy bills for 2021 and 2022 and have Tax Clearance in place. Revenue will be monitoring all companies that avail for this scheme. This scheme is designed to help businesses of all sizes in all sectors to cope with rising energy costs. However, this is contingent on getting legislation through the Dáil and Seanad in October and having the Revenue’s systems up and running to administer. One other potential fly in the ointment is that the scheme is being designed to be compliant with the EU State Aid Temporary Crisis Framework means that there is a cap on the amount of support a government can provide to any one business and will require approval by the EU Commission in the advance of making payments. Ensure you have the following documents ready to make your application: Tax Clearance Certificate Copies of energy bills for 2021 and 2022 Our Tax Team can assist you in making your claim and applying for a Tax Clearance Certificate where required. For more information, contact: Jane Jackson, Head of Payroll and Tax Compliance, UHY Farrelly Dawe White Limited janejackson@fdw.ie +353 42 933 9955 #TBESS #Budget2023 #Budget #2022 #BusinessinIreland #Payroll #GrantScheme #TAX

Finding and keeping the right people – two sides of the same coin. Recruitment and retention are always an eternal balancing act for businesses, but there is strong evidence that employment markets in many parts of the world are in a greater state of flux than usual for a variety of reasons. Business leaders’ own observations were reinforced by a recent interview in TIME with LinkedIn CEO Ryan Roslansky, in which he defines what is happening in the employment market as a ‘great reshuffle’, led by Gen Z and Millennials. LinkedIn profiles show that over the last year, the number of people changing their job is up by more than 50%. While there is likely to have been some reduction in the total workforce, Roslansky’s data suggests the real issue is that people are on the move – and employers had better be prepared, because businesses in all sectors are struggling to recruit the talent they need to thrive in the post-lockdown landscape. Accountancy is not immune to these fluctuations. UHY’s member firms have reported that recruiting excellent and qualified employees was already becoming more challenging before Covid. The so-called ‘great resignation’ – a re-evaluation of values and life goals triggered by the pandemic – has only accelerated the trend. One result is that, across the profession, some firms risk having to turn work away because they do not have the necessary resources. Others are having to achieve more with less and are streamlining workflows to mitigate the challenges of a talent shortage. WORKING HARDER FOR EVERY HIRE But it is not enough on its own. A productive recruitment funnel remains essential for firms looking to grow. Members of UHY’s global network of accountants are still finding excellent people, but having to work harder for every hire. A starting point for many lies in refining their graduate recruitment programmes. Attracting the next generation of accountancy talent is crucial, and doing so requires a well-defined development roadmap with clear milestones, regular feedback and comprehensive support. It also benefits from a presence on campus. Some UHY firms are expanding the number of universities they target, and nurturing relationships with academics who can recommend the best and brightest students. They are creating new and innovative ways for students to spend time in UHY offices, through short introductory programmes and longer internships. Another innovation lies in exploring new areas of recruitment beyond the usual talent pool of university graduates. One of our member firms for example has developed a five-year programme aimed at school leavers that offers support for candidates throughout their post-school academic and professional studies. FOCUS ON RECRUITMENT These measures are bearing fruit, but firms also need to hire candidates for more senior roles. Many competitors are doing the same thing and the pressure on salaries means recruitment costs are rising as a result. Focus is required, and a dedicated in-house recruiter, or a partner with responsibility for recruitment, can help. A number of our member firms successfully use staff referral programmes, where current employees earn bonuses for introducing new hires. Marketing and social media teams should contribute to recruitment campaigns: LinkedIn can be a highly effective channel in this regard. But above all, I strongly believe that professional firms need to align themselves with what recruits are looking for in an accountancy career. That is changing. A new generation of professionals want clear pathways to progression alongside lifelong learning opportunities. They also want to work for firms that care about the things they care about, which might include organisations that have fully committed to their environment, social and governance (ESG) reporting as part of a transparent approach to their corporate social responsibility obligations. To this end, your culture and vision are important. Having environmental or social credentials is one way to attract candidates that care about sustainability, diversity and inclusivity. Increasingly, talented people want to work for companies that share their belief that business can be a force for environmental and social good. KEEPING THE TALENT YOU ALREADY HAVE The wisdom of this approach is that it not only helps firms attract good candidates, it helps them keep the talent they already have. What brought them to you should also help to keep them with you – in this way recruitment and retention are two sides of the same coin. A fresh, progressive culture should be part of it, alongside comprehensive training and development resources. Mentoring is an excellent way to support staff, and employees should have access to the right technology for their roles, to increase efficiency and reduce repetitive manual tasks. A modern well-equipped, welcoming and inspiring office environment is important. A good retention strategy will mean different things to different people, but its foundation is the same. Business managers should start measuring staff satisfaction rates, if they do not already. Use internal surveys to take regular snapshots of the mood of your employees. Ask for their views and – where possible – act on their feedback. It is important that you do. Recruitment is unlikely to get easier in the short term, perhaps for far longer. But look after the staff you already have and they will become the best ambassadors for your business. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie #UHYGlobal #LatestTopics #2022 #UHYFDWTeam #HR #Student