All Change for UK Dividends

Excellence in People Development Award

The recent Summer Budget announced substantial changes as to how dividends

are to be taxed in the UK. These changes will come into effect in April 2016.

Currently, those receiving dividends benefit from a 10% tax credit. So for basic rate taxpayers, for example, the 10% tax credit means the 10% tax levied on dividend payments is reduced to zero. It is a notional credit: basic rate taxpayers don't pay the 10% tax and then receive a refund, they just don't pay tax.

This notional credit means that the current tax rates on dividends are effectively:

• zero for those paying the 20% basic rate of income tax; • 25% for those paying the 40% higher rate of income tax and • 30.6% for those paying the additional 45% rate.

Under the new system, from April 2016, all those who receive dividends won't

pay tax on the first £5,000. After that, they will be taxed at the following rates:

• 7.5% for basic rate taxpayers; • 32.5% for higher rate taxpayers; • 38.1% for additional rate taxpayers.

PKF-FPM Senior Tax Director, Paddy Harty states “There are not many winners from the measures among basic rate taxpayers, who will either pay the same amount of tax – none – or more under the new rules. The

calculation is pretty simple: if you receive more than £5,000 in dividends in a year outside pensions and ISAs, and you've already used up your personal allowance, you'll pay more tax.

With higher rate taxpayers, it gets more complicated. Within this group, some will pay less tax under the new system than the old”.

Any higher rate taxpayer earning less than £5,000 a year from dividends is an obvious winner, as they will pay no tax on that income under the new system, whereas they would have paid 25% previously. So someone earning £5,000 exactly will save £1,250.

Some of those earning above this will also benefit. Higher rate taxpayers can receive nearly £21,667 in dividend payments each year before they start paying more tax in the current system than under the old.

For a small group of additional rate taxpayers, the savings could be greater. Those among this

group can receive £25,250 in dividend income before they start paying more tax under the new regime. For an additional rate taxpayer earning exactly £5,000 in dividend income, they make a saving of £1,530.

The Treasury expects to raise £6.8 billion over the next five years through this measure. Taken as a whole, it represents a tax hike, and taxpayers of varying degrees of wealth – basic, higher and additional rate taxpayers – will all be affected.

If dividends form a key part of your remuneration plan then you need to act fast and plan your revised strategy pre 6 April 2016.

ISSUE 38» OCTOBER 2015

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www.pkffpm.com

Major Changes For UK Landlordspagetwo

Feargal Meets AP McCoypagethree

Irish Tax Return Deadlinepagesix

Auto Enrolement Be Preparedpagefive

20 New Staff Appointmentspagefour

Don Patterson Golf Successpageeight

Pensions

AUTO ENROLMENT

costs

deadlines

WHAT NEXT?

Your personal invitation to our FREE Pension information seminars.

Pensions, Let Us Relieve The Tension...

Global Expertise with Local Knowledge |www.pkffpm.com

Paddy Harty

PKF-FPM Accountants were delighted to win the prestigious Excellence in People Development

Award at the Greater Newry Area Business Awards 2015 held in

the Canal Court Hotel Newry on Thursday 24 September 2015. PKF-FPM clients won a further six of the awards at the glittering awards ceremony which was attended by 500 plus people.Team PKF-FPM with Award.

All details and tax data correct at time of going to press. PKF-FPM cannot be held responsible for any errors, omissions or action taken as a result of the enclosed information. PKF-FPM always recommend that you seek professional advice and consultation.

Dungannon Office: 30 Northland Row, DungannonT 028 8775 0400 • F 028 8775 0445

Dundalk Office: Block 5, Quayside Business ParkDundalk, Co LouthT 042 9388898 • F 042 9388899

Mallusk Office: Unit 1, Building 10, Central Park,Mallusk RoadT 028 9083 0801• F 028 9083 0802

Newry Office: Dromalane Mill, The Quays, NewryT 028 302 61010 • F 028 302 62345

Belfast Office: 1 - 3 Arthur Street, Belfast T 028 9024 3131 • F 028 9023 8744

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NEWS

2

about us

Leading island based accountancy practice PKF-FPM Accountants has been shortlisted by Accountancy

Age as one of the top ten firms in its 2015 Best Employer Survey. PKF-FPM is the first Northern Ireland firm to be shortlisted for the annual awards.

The 2015 Accountancy Age Best Employer Survey set out to identify and flag up the best accountancy firms to work for in the UK. The project is a joint effort between Accountancy Age and Best Companies Group, and is in its fifth year.

Employer and Employee surveys were completed, with the firms being

judged on their working environment, training, remuneration and employee benefits package. The highest ranked practice will be revealed at the prestigious British Accountancy Awards Gala Awards Ceremony which will take place on 24 November at The Brewery in London.

PKF-FPM Farming Support: 7 Seminars (27th October – 17th November 2015) across

Northern Ireland.

The agricultural sector in Northern Ireland is currently experiencing a combination of challenges which, if not addressed quickly, will create real difficulties for the farming community.

We at PKF-FPM have been working in the agricultural sector for many years and are concerned that farming is facing its most difficult position and outlook in 50 years. We have developed a series of support seminars which we aim to

present together with the College of Agriculture, Food and Rural Enterprise (CAFRE) with the support of the Farmers Union of Ulster, The Young Farmers Clubs of NI and Rural Support.

They will take the form of a series of Province wide information evenings to raise awareness within the farming community of the issues facing them and signpost the significant levels of support which are available, at the same time we hope to provide practical help, solutions and hope.

It is our aim to provide farmers with practical steps and options and in

doing so, assist them in surviving the short term and allow them to plan for the future with confidence.

If you find your farm in any kind of difficulty, please do not hesitate to pick up the phone and give us a call, our team of farm experts are here to help you. The seminars will cover: Stabilising the farm enterprise, Financing and Debt management, Taxation and Accounting issues including averaging and diversification, Business planning and benchmarking.

Please watch the farm press for details of seminars in your area and plan to attend.

PKF-FPM Shortlisted for Top UK Employer Award

PKF-FPMCORE VALUES • Passionately believe in caring for our clients, colleagues and community.• Listen, understand and solve, to make it happen.• Invest in the Best!• Pushing out boundaries and creating opportunities.• A culture of ethical business and trust.• An ethos of positivity, enthusiasm and fun!

PKF-FPMCORE FOCUS • Caring and proactivity are at the heart of everything we do;• We commit to helping you maximise your wealth and lifestyle aspirations, through understanding you and your business; and• We have a proven track record in delivering simple solutions to complex problems.

PKF-FPMTHREE UNIQUES(1) We ‘get’ you, and foster a sense of urgency, with a bias towards passionate thoughtful action – (we’re business owners ourselves). (2) We’re different (“brave, bold and gutsy”, we tell you what we think, rather than what you would like to hear). (3) Acknowledged independently at local, regional and national level as “best in class” with unique Cross Border expertise.

Thousands of UK buy-to-let landlords will see their earnings hit after

George Osborne cracked down on mortgage interest tax relief in an effort to ‘level the playing field' between homeowners and investors in the coming years. The current tax system supports landlords over and above ordinary homeowners as landlords can deduct mortgage interest costs they incur when calculating the tax they pay on their rental income. Mortgage interest relief was withdrawn from homeowners 15 years ago. However, landlords can still claim the relief. The ability

to deduct these costs puts those investing in a rental property at an advantage. Tax relief for finance costs is particularly beneficial for wealthier landlords with larger incomes, as every £1 of finance cost they incur allows them to pay 40p or 45p less tax.

The government will restrict the relief on finance costs that landlords of residential properties can get to the basic rate of income tax, which is currently 20 per cent. The restriction will be phased in over 4 years, starting from April 2017. The government will also reform how landlords of residential

property can account for the costs they incur in improving and maintaining rental property. Currently, landlords of furnished properties can deduct 10% of the rent they receive from their profit to account for wear and tear, irrespective of their expenditure. This means landlords can reduce their tax liability even when they have not improved the property. From April 2016, the government will replace this allowance with a new system that enables all landlords of residential property to only deduct costs they actually incur.

7 Farming Support Seminars Across Northern Ireland

Major changes for UK landlords

Family Business SeminarFamily Business Seminar

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ADVICE

3ISSUE 38» OCTOBER 2015

UK Bankruptcy Threshold changing to £5000Sporting and racing legend AP

McCoy was the inspirational Guest Speaker at the

recent Northern Ireland Chamber of Commerce Lunch held in City Hall, Belfast. In a very open, honest and frank interview AP shared the many highlights and indeed lessons for life from his very distinguished racing career as the greatest racing jockey of all time.

P K F - F P M A c c o u n t a n t s Limited hosted two very successful

seminars on 11th and 12th August 2015, providing an insight into the solutions to Negative Equity. The seminars were attended by over 100 guests at Armagh City Hotel and the Canal Court Hotel, Newry. The seminars were held in conjunction with Jim O’Connor of APS Negative Equity, Newry and defined the growing problem that is “Negative Equity”. The seminar discussed the implications of the problem for borrowers, lenders and the island economy. The seminar set out the PKF-FPM solution to negative equity emphasising PKF-FPM’s belief that

all solutions must be full and final. The seminar completed with a question and answer session. Speaking at the seminar, PKF-FPM Executive Director Gary Digney highlighted “that the key differential of the PKF-FPM N e g a t i v e E q u i t y S o l u t i o n is that the client can be assured that they will be provided with the full range of options available from qualified experts in the area (Licensed Insolvency Practitioners), which will ultimately enable a full and final debt settlement to be

AP McCoy Guest at N. Ireland Chamber Dinner

Negative Equity Solutions Seminars

From 1 October 2015 the amount that a debtor must owe in order to be made bankrupt in the UK rises to £5,000 from the current level of £750.

Likewise, Debt Relief Orders debt level rises from £15,000 to £20,000 and the debt is allowed to retain assets up to the collective value of £1,000.

This change in the level of debts owed, will mean that creditors will have to look at other options when pursuing low value debts.

If you have any queries, please do not hesitate to contact: Alison Burnside at a.burnside@pkffpm.com or on 028 9024 3131.

NI Funding Insolvency LitigationThe NI Ministry of Justice is set to review how insolvency litigation is funded this year. This could prove to be an important decision in helping creditors get monies owing to them refunded.

If you have any queries, please do not hesitate to contact: Alison Burnside at a.burnside@pkffpm.com or on 028 9024 3131.

Feargal guest at New York Business DinnerPKF-FPM Managing Director Feargal McCormack was a guest of the President of the Irish Business Organisation of New York (IBO) Sean McNeill at the IBO Summer Banquet held at the prestigious Manhatton Club at Rosie O’Grady’s in 7th Avenue New York during the Summer. The guest of honour at the event was the Irish Consul General for New York, Barbara Jones. The IBO is the premier networking organisation for Irish and Irish-American business professionals.

Pictured at the IBO Summer Banquet are IBO President Sean McNeill, Ireland Consul General Barbara Jones and Feargal McCormack.

AP McCoy signs his autograph for PKF-FPM Managing Director Feargal McCormack at the NI Chamber of Commerce Business Lunch.

practicalbusinessseminars

FREE

Do you have Clients among the 68,000 homeowners

in Negative Equity?

Join PKF-FPM team to discover how your clients

can achieve Full & Final Settlement

Interest to be registered to Paula Kearney on:

028 3026 1010 or email: p.kearney@pkffpm.comRegister your FREE place TODAY

Who will benefit?

Negative Equity does not discriminate.

• Caught in the negative equity trap

• Concerned about interest rate rises

• Unable to meet mortgage payments

• Worried about losing their family home

• At risk of losing a job or business

This can affect professionals, directors, PAYE workers and self

employed...It’s time to take action today...

This useful seminar is a must for all Professional advisors to those experiencing Negative Equity and their clients.

Offices in Belfast, Newry, Mallusk, Dungannon & Dundalk

businessnetworkingopportunit

ies

VENUE & DATExxxxx xxxxxxxx xxxxxx xxxx

negatiVeeQuitYSeminar

Seamas Keating, Jim O’Connor and Gary Digney.

Alison Burnside, Michelle Hawkins, Margaret Casey, (Casey & Casey Solicitors) and Jane Casey.

Malachy McLernon, Paul Haughey (P Haughey & Co Solicitors) and Teresa Campbell.

achieved" If you wish to discuss the solution to Negative Equity please contact Seamas Keating or Gary Digney at our Belfast or Newry office.

a newsletter from pkffpm accountants4

NEW STAFF20 New Staff Appointments

Elaine Ashenhurst from Larne joins the practice as Chief Receptionist in the Belfast office having gained international experience in a number of countries.

Nicola Graham from Belfast joins PKF-FPM from industry and is taking up a position in the Rescue, Recovery and Restructuring Department.

Patrick Morgan, from Rostrevor, an Ulster University Graduate, following a period of vacation work with the practice, joins the Audit and Accounts Team as a Trainee Chartered Accountant.

Breige White, a former Revenue Officer from Mayobridge joins the PKF-FPM Tax Department as an Assistant Manager.

Seamus McElvanna from Keady, a former Tax Inspector with HMRC, joins PKF-FPM as a Senior Tax Manager.

Rosemary Loughran from Poyntzpass, a former HMRC Revenue Officer joins the UK Tax Department.

Erin McGarry, from Newtownabbey, an International Business with Spanish Honours Degree Graduate from Dundee University joins the Belfast office as a Trainee Chartered Accountant.

Catherine McKeown, from Glenavy joins PKF-FPM from Stena Line and is working with the Insolvency Team.

Mairead McParland from Camlough, following success in two CAI professional examinations joins the PKF-FPM Dundalk Accounts and Tax Team from KPMG Dublin.

Stephen Elliott from Armagh joins the Dungannon Audit and Accounts Team having previously worked in a Top 4 accountancy office.

Fintan Dullaghan from Knockbridge, Dundalk joins the PKF-FPM Dundalk office having gained accountancy experience in both practice and industry.

Glen Nesbitt from Tandragee, with a Degree in Sports Management from Northumbria University and a qualified Accounting Technician, joins the Accounts Department in the Mallusk office.

Denise Reilly from Ardee joins the Dundalk Accounts and Consultancy Team having previously worked in another accountancy firm and an e-learning consultancy business in Dublin.

Emma Murphy from Newry, a former team leader in the Housing Executive, joins the Tax Department following successful completion of a First Class Honours in Accounting from Ulster University.

Clodagh Cully from Derry City, a First Class Honours Business Studies and Accountancy Graduate from Ulster University, joins the Newry Audit and Accounts team on a Trainee CAI contract.

Theresa Malone from Dundalk joins the Dundalk Accounts Team on a placement from DKIT as part of her current Business and Management Course.

Nicola Connolly from Devlin joins the Dundalk Accounts and Audit Team having previously gained experienced in another accountancy practice in Ireland.

Ryan Mussen, from Kilcoo a Queens University Graduate and having previously completed a one year internship at PKF-FPM, joins the Audit and Accounts Team on a full time basis.

Emma Fegan from Burren has joined the practice on a one year internship as part of her Accountancy Degree at Ulster University.

Nicola Woods from Warrenpoint, with a degree in Theology, joins the PKF-FPM Newry office Administration Team.

In order to service growing demand across its five offices, PKF-FPM have recruited 20 new staff from July 2015.

NEWS

5ISSUE 38» OCTOBER 2015

Auto Enrolment - You Should Be Prepared

This is the single biggest change to the management of employment and

pensions since the introduction of State Earnings Related Pensions Scheme (SERPS) in 1978, and it imposes significant administrative and cost burden on all employers in the UK.

PKF-FPM, recognising the additional burden on its clients, recently hosted a series of information seminars together with; the pension’s regulator, NEST and Sage. The aim was to inform and prepare clients for their auto enrolment staging date and obligations.

The seminars were very

well attended with 250 plus delegates at three seminars in Newry, Belfast and Templepatrick.

PKF-FPM launched its ‘Pension Pilot’ support package for employers which seeks to reduce the administrative burden of initial registration and setup up together with the ongoing management of auto enrolment.

A recurring theme from each of the speakers was the need to prepare early and engage with suitable support at least 9 – 12 months prior to your notified staging date (your staging date can be found by going to http://www.thepensionsregulator.gov.uk and entering your PAYE reference).

Please plan well in advance for this significant change and if we can assist you in any way contact one of our payroll and auto enrolment specialists at any of our five offices.

Newry Chamber of Commerce recently hosted a Business Breakfast Seminar on Corporation Tax in partnership with PKF-FPM Accountants. The event attracted over 70 business delegates to the Canal Court. Speakers, Malachy McLernon, Director PKF-FPM and Angela McGowan, Chief Economist, Danske Bank, provided an overview on the costs and benefits of a reduced corporation tax rate at a micro and macro level, while Feargal McCormack chaired a lively and interesting Q&A session with delegates.

Pictured left to right at the Newry Chamber of Commerce Business Breakfast Corporation Tax Seminar are: Angela McGowan, Chief Economist Danske Bank, Feargal McCormack, Deborah Loughran, President Newry Chamber of Commerce & Trade and Malachy McLernon.

Newry Chamber Corporation TaxSeminar

There was a magnificent turnout for the recent Newry Junior Chamber (NJC) ‘Firing Your Success’ event in the Canal Court. With

networking and business development at its core, the NJC sought to take this opportunity to grow its profile. NJC President Nicole Curran from PKF-FPM Accountants Ltd commented, “as a Chamber we decided we would like to hold an inspiring event for both upcoming and already established leaders in the area. What better way to do this than having Michael Blaney, Managing Director of insurance giant Autoline and Apprentice star and entrepreneur Lauren Riley as guest speakers” With Stephen Clements from Q Radio the chosen compere for the evening, there really wasn’t a dull moment. A full house of enthusiastic attendees (150 plus) played their part in ensuring the event was a resounding success.

NJC ‘Firing Your Success’

Mid UlsterEconomic & Business Update

NJC President Nicole Curran at ‘Firing Your Success’ event with Lauren Riley and PKF-FPM Managing Director Feargal McCormack.

PKF-FPM and Bank of Ireland jointly hosted a Mid Ulster Economic and Business Update at the

Glenavon House Hotel, Cookstown recently. The event was targeted at local business owners and sought to address both the challenges and opportunities available to businesses operating in the current global marketplace. Speakers at this event included PKF-FPM Directors Malachy McLernon and Ruairi Martin, while Bank of Ireland UK were represented by Alan Bridle, UK Economist and Gavin Kennedy, Director of Business Banking NI. Upwards of 80 people listened while the speakers covered a number of topics of interest, ranging from an update on the local and global economies, to tax planning opportunities and practical business tips. This was then followed by a lively Q & A session, in which attendees had an opportunity to

address specific queries to the speakers.

Gary Thornton, Casey’s Eurospar Manager picks up the prize at the glittering Forecourt Trader of the Year Awards 2015 Ceremony at the Hilton Park Hotel in London.

Prestigious Awards for Casey’s Eurospar in CrossmaglenIn their first year of trading Casey’s Eurospar shop in Crossmaglen has won two top prizes at the prestigious Forecourt Trader of the Year Awards which were held recently at the London Hilton Park Lane Hotel. On a sell out – glittering night, hosted by TV celebrity Alexander Armstrong, in a space-themed backdrop Gary Thornton, Store Manager at Casey’s Eurospar store in Crossmaglen picked up the Best Food-to-Go Outlet and the Best Site Manager of 4mlpa. The successful Casey's team also picked up an additional 'Fresh Produce Retailer of The Year Award' at the recent Retail Industry Awards UK.

Pensions

AUTO ENROLMENT

costs

deadlines

WHAT NEXT?

Your personal invitation to our FREE Pension information seminars.

Pensions, Let Us Relieve The Tension...

Pictured from Left are; Ben Huston SAGE, Lowry Grant PKF-FPM, Robin Armour NEST and Andrew Fleming from the Pensions Regulator.

a newsletter from pkffpm accountants

NEWS & ADVICE

6

PKF-FPM Director, Ruairi Martin recently hosted a

workshop for the Dungannon & Cookstown Solicitors

Association on the subject of Anti Money Laundering.

The workshop which focused on the extensive regulations

applicable to those practising in the areas of Law and

Accoutancy, also provided a range of case studies

and illustrative examples, provoking lively debate among

those in attendance. Event organiser and Secretary of Dungannon & Cookstown

Solicitors Association, Paula Duffy stated “this

was a highly informative, interactive workshop which

helped reinforce some of the extensive regulations under

which we practice, this being well received by all those in

attendance”.

Presentation to Dungannon

Solicitors

Congrats to John and Ghan Petrol StationCongratulations to John Tinnelly and Ghan Petrol Station on being a prestigious winner in the Topaz Mystery Shopping Competition in Northern Ireland. Topaz sent in mystery shoppers to check out petrol filling stations throughout Northern Ireland for the quality of their customer service, cleanliness and facilities to customers. As a result John Tinnelly and his wife Angela have just returned from an all expenses trip to Cape Town, South Africa courtesy of Topaz.

PKF-FPM were honoured to have been invited to provide the guest speakers at the Annual Dundalk Chamber of

Commerce Family Business Breakfast Seminar. The seminar held recently at the Crowne Plaza Hotel attracted a very large attendance and during the course of the presentation PKF-FPM Directors

Feargal McCormack and Michael Farrell shared the PKF-FPM experience of “Successful Family Businesses implementing Best Business Practices” to create positive local economic activity and ultimately also family wealth. During the course of the presentation, the very topical subject of family business and asset succession was discussed.

Dundalk Family Business Breakfast

Pictured left to right at the Dundalk Chamber of Commerce Family Business Breakfast are: Michael Farrell, Michael Gaynor President Dundalk Chamber of Commerce and Feargal McCormack.

Dundalk Chamber of Commerce Annual Company

Challenge competition took place over the weekend of the

26th and 27th of September 2015. This was the second year of the competition and

a total of sixteen teams took part. It commenced with a quiz on Saturday night, a football competition on

Sunday morning and a range of team challenges and games

on Sunday afternoon. Points were awarded for each event and the team with the highest

points won the competition. After a very competitive two

day event, PKF-FPM and Irish Life were tied with the same number of points with PKF-

FPM taking the title and being crowned 2015/16 champions,

following an exciting penalty shootout. They also won the

Football tournament with both trophies presented to Michael Farrell and Denise O’Reilly at

the end of the competition.

Winners ofDundalk

Company Challenge

An individual resident and ordinarily resident and domiciled in Ireland will be taxable in Ireland on their

worldwide income and gains. If any foreign tax has been paid there may be double taxation relief available under the terms of a double taxation treaty.

An individual who is not resident in the Ireland will normally be obliged to declare and pay tax in his/her country of residence on worldwide income and gains with an element of double taxation relief available for any Irish taxes paid on the same income or gain. However, it is important to ensure that Irish tax paid is correct, as double taxation relief will not be available if the country of residence has primary taxing rights, over a particular income source or capital disposal. Therefore it is important to be aware of the terms of any relevant double taxation treaty.

As a general rule a non-Irish resident will be chargeable to income tax in Ireland on income arising from Irish rental property, a business or profession carried on in Ireland, and income from any Irish directorship or employment where the duties are exercised in

Ireland. With regards to investment income and pensions the terms of a particular treaty will determine which country has taxing rights.

For UK residents Irish investment income and non-government pensions are taxable only in the UK. The term government department pension applies to pensions arising from particular professions and not the Irish state pension. There is a list of those pensions which are considered to

be Governmental pensions and this should be checked for example a pension arising from a secondary school teaching post is deemed to be non-government but a pension paid to a retired primary school teacher is a government pension.

For capital disposals, a non-Irish resident will be liable to capital gains tax in respect of any gains arising on Irish specified assets, which includes Irish property and Irish shares deriving their income from land or mineral rights. Double taxation relief may be available if there is also a chargeable gain on the same asset in the individual’s country of residence.

The Irish tax year is based on a calendar year,

with the filing and payment deadline

for income taxes being the following 31 October. As with the UK self-assessment system with the majority of tax returns

now being filed electronically

there has been

IRISH Tax Return Deadline

Anne Rooney

a newsletter from pkffpm accountants 7

ISSUE 38» OCTOBER 2015

Major London Contract for Terra Solutions

Starting 3rd August 2015, any taxpayer that has agreed payment of a debt to HMRC in monthly instalments will be required to make these payments by Direct Debit. HMRC only permit the payment of debts of this nature to be paid over time if the taxpayer has, in their eyes, legitimate reason for being unable to pay by the previously specified due date and if payment terms are agreed for any outstanding tax liability. HMRC have long preferred Direct Debit as a method of payment but from August its use will be mandatory bar exceptional circumstances where other methods of payment can be agreed. The use of Direct Debit includes a guarantee to protect the taxpayer and will ensure that payments are made more securely, also eliminating the risk of the taxpayer forgetting to make the payment while making the payments easier to allocate.

UK HMRC Time to Pay Arrangements

PKF-FPM Director, Michael Farrell has just returned from the PKF International World Symposium held over five days in Athens. During the course of the Symposium, Michael heard from leading international successful business people and accountants on best business and accounting practices and anticipated challenges and trends in a changing global landscape market place. The Symposium provided Michael and PKF-FPM with a great opportunity to share ideas with PKFI network colleagues from around the world.

Hughes Nisa Extra in Camlough achieved the pinnacle award in the UK Retail Sector when they won the Independent Retailer of the Year UK Award at the UK Retail Industry Awards held at Grosvenor House Hotel, Park Lane, London on 24 September 2015.

PKF World Symposium in Athens

PKF-FPM client Terra Solutions, a specialist trenchless civil engineering contractor

based at Carnbane in Newry has secured a major contract to link a £57m office development in the city of London to the London Underground. The specialist tunnelling firm has been subcontracted by Hochtief UK Limited to create two passenger tunnels,

a ticketing office

owned under Bloomberg’s planned European Headquarters and Bank Station, which is on the Waterloo and City Line. The company, which is being supported by Ulster Bank, will begin work on the contract this month, with the project due to be completed before Summer 2016. Barry McAllister, Managing Director of Terra Solutions, says, “In order to reduce peak period congestion on the

Waterloo and City line at Bank Station, Transport for London has reached an agreement with the developer of Bloomberg Place to construct a new ticket hall within its basement, providing an entrance / exit. These new passenger entrances will be formed by two 5.5 metre diameter tunnels, and Terra Solutions is delighted to have been appointed to carry out the specialist tunnelling works”.

Barry McAllister, Managing Director, Terra Solutions Limited pictured second left with Caroline McKeown, and Girvan Gault, Ulster Bank and Andrew Lambe, Project Manager at Terra Solutions.

some changes to the dates as follows;

The latest submission date for the 2014 Irish tax return is 31 October 2015 if filing manually. However if you wish the Revenue Commissioners to calculate the amount of tax due your manual return must have been filed by 30 September 2015 (extended from 31 August). If filing electronically the submission deadline is extended to 12 November 2015. Payment date for any income tax, USC and PRSI due is 31 October 2015 or if filing and paying electronically 12 November 2015.

The capital gains tax payment dates are 15 December 2015 in respect of any gain arising in the period from 1st January 2015 to 30th November 2015 and 31st January 2016 in respect of any gains arising during December 2015.

Under self-assessment an individual is obliged to register with the Revenue

Commissioners when they commence a trade or profession which will result in an Irish income tax liability or when they dispose of a chargeable specified Irish asset. Once they register with the Revenue Commissioners they will be given a PPS number and this will be needed to submit the relevant tax return and pay the taxes due.

Late registration may result in late submission and payment and surcharges will be applied based on the level of tax due and the delay in submission as follows;

A return submitted within 2 months of the filing date will give rise to a surcharge equal to the lower of 5% of the tax due or €12,695.

A return submitted more than 2 months late will give rise to a surcharge equal to the lower of 10% of the tax due or €63,485. If you have any queries, contact PKF-FPM Tax Director, Anne Rooney.

Hughes Win Main Award at UK Retail Industry Awards

Pictured left to right at the awards ceremony are: Mrs Noreen Hughes (Second Left), and her three daughters Bronagh, Grainne and Sinead.

EVENTS

www.mooneymedia.comDESIGN PRINT PUBLISHMOONEY EDIA

P H A R M A S E R V I C E SMOONEY EDIA

The 8th Annual Don Patterson Open Juvenile Golf Competition 2015, in honour of “Dr Golf”, Don Patterson, sponsored by PKF-FPM held at

Warrenpoint Golf Club on Thursday 6 August 2015 was acclaimed as a great success by

all involved. The competition was fortunate to enjoy good weather conditions and attracted upwards of 150 competitors from across the Island of Ireland. The quality of the golf as reflected in the results was exceptional.

Don Patterson Open Golf Competition Success

PKF-FPM employee and star Forkhill Ladies Gaelic Footballer Amy Mulholland joined the Armagh Ladies Gaelic Football Chairman and Referee Owen Reel to launch the Armagh Ladies Gaelic Football Championship Competition. Congratulations to Amy and her team colleagues on their recent unbeaten success in Armagh Division 2 League campaign.

Amy Launches Armagh Ladies Gaelic Football Championship

Amy with Chairman and Referee Owen ReelPictured left to right are Don Patterson, Beth Coulter from Kirkistown GC, Winner of U11 Girls Competition and Special Don Patterson Prize, Chairperson of NMDDM Naomi Baillie, Feargal McCormack and Michael Carr Captain Warrenpoint GC.

EVENTS

Don Patterson Open Golf Competition Success

8ISSUE 38» OCTOBER 2015

A young team of PKF-FPM staff members took the Down Royal Race Meeting held on Friday afternoon 11 September 2015 by storm. The feedback from a very enjoyable day was that the ground was soft and that the PKF-FPM ladies and men “were soft on the eye”.

Team PKF-FPM Takes the Down Royal by Storm

PKF-FPM would like to thank all those clients who responded to their online Client Satisfaction Survey in June co-ordinated by PDW Group in Nottingham. The practice has been very encouraged by the positive feedback in the Client Satisfaction Survey and the PKF-FPM Team are passionately committed to endeavouring to improve the value added delivery of services to clients. In this context caring and proactivity are at the heart of everything we do and post a comprehensive review of the feedback from the Client Satisfaction Survey, a detailed Implementation Action Plan has been developed. PKF-FPM plan to carry out a further online Client Satisfaction Survey in February 2016, since it is believed it is through honest ongoing feedback from clients that PKF-FPM can continue to listen, understand and solve, to make it happen in respect of maximising wealth and lifestyle aspirations of its clients through understanding their businesses, needs and expectations.

Positive Client Survey

Launch of Mid Ulster Young Professional Society

The Mid Ulster Young Professional Society held its

inaugural event, The Path to Leadership, recently in front of a large crowd in the Ranfurly House, Dungannon on the 23rd of June.

The attendees were treated to inspirational and insightful speeches from both Malachy McLernon of PKF-FPM and Fergal Logan of Logan & Corry Solicitors. Following on from the success of the launch event the MUYP has formed a committee which is chaired by PKF-

FPM employee Ruairi Cunningham and of which Eoin Brannigan, Sarah Maneely, Brian Kelly and Alicia McClung are active members.

The next event for the society is “MUYP: Ahead Of The Pack” and will feature insights and career tips from young leaders across Northern Ireland. It will be held at Ranfurly House Dungannon on the 22nd of October. For further information re this event or how to join the Mid Ulster Young Professional Society (MUYP Society) e-mail miduyp@gmail.com

Left to Right at MYUP Launch are: Brian Kelly, Eoin Brannigan, Fergal Logan, Malachy McLernon, Shauna McVeigh and Ruairi Cunningham.