Through boom and bust, BK has continued to help keep us profitable and they are a great source of positive encouragement. Nothing is too much trouble. I would recommend BK without hesitation to anyone in business or thinking of starting a business – BK is a firm of accountants who are professional, knowledgeable, experienced and who will go the extra mile.
Sinead’s Amazing Athletic Achievements
Many of you will know Sinead O’Regan well as she has worked for Buckley Kiely for over 10 years – initially in Administrative Reception, and more recently in Accounts Receivable.
But did you know about her recent athletics achievements?
Sinead has always loved running – as a child she was very involved in her local athletics club in Co. Mayo. Having sustained a few injuries and due to other interests at the time, at the age of 15, she stopped going. “I’m not really sure why I stopped,” she explains, “but I always regretted it a little.”
Katie Follows in her Mom’s Footsteps
In recent years, Sinead’s daughter Katie, sharing her mom’s love for running, has achieved national success in sprint, hurdle and long jump events with their local athletics club in Kinsale.
So through her kids, Sinead has been delighted to be back involved in athletic circles in Cork.
Never Too Late to Start Again
“Last year, the opportunity came up for me to train for the Munster championships in the over 35’s category and I decided to go for it,” Sinead explains, “I love training anyway and it was good to have the challenge of getting back into it again after so long. Buckley Kiely has been very supportive also, allowing me to work flexible hours to facilitate a strict training schedule.”
Sinead Wins at Munster and All Ireland Events
Just last October (2017), Sinead began training for the 60m and 200m sprint events, with Sprint Coach Ger Moynihan. Within such a very short time, she has achieved amazing results, coming first in both (60m & 200m) events at the Munster Championship in January.
She then went on to win both events again at the All Ireland Championship this March!Heading to Europe
Before she knew what was happening, Sinead was heading for Madrid to compete in the European Masters Athletics Indoor Championship on March 19-24, where she was placed 5th in her semi-final 200m race.
So What’s Next…
Having taken a month off training following Madrid, Sinead is now building up her training regime again, going from 4-5 days to 6-days per week. The plan is to compete at various Irish events during the summer with the ultimate goal of competing in the World Championship in Malaga in September.
Now you know – she’s determined, tenacious… and fast!
(So pay your bills folks or she will catch up with you :))
Sinead is living proof that there is no limit to what can be achieved when you put your mind to something. We are very proud of her here at Buckley Kiely and wish her every success for the World Championships – go girl!
Revenue updates mileage rates
The Department of Public Expenditure and Reform has issued a new schedule of Civil Service Mileage Rates which apply with effect from 1st April 2017.
Some of the key changes are as follows:
1. An increase in the number of distance bands from two to four.
2. A lower mileage rate for the first 1,500km.
3. An increased mileage rate for the 1,501km to 5,500km band.
4. More favourable compensation rates for cars with lower engine sizes and emissions.
Mileage claims for the period 1st January 2017 to 31st March 2017 must be based on the previous rates but mileage incurred during this period will count towards total mileage for the year under the new rates.
Revenue’s Website and Manuals will be updated shortly to reflect these changes.
Brexit Implications & Proposed Strategies for the Irish Food Industry
Buckley Kiely & Co, Cork-based accountants and business advisors, in association with Afex Solutions, are pleased to announce details of a conference to discuss required strategies for coping with and surviving the effects of Brexit for the Irish food sector.
“Brexit Implications & Proposed Strategies for the Irish Food Sector”
Thursday 6th April, 2017
18:30 – 20:30
Clayton Silversprings Hotel, Cork
Guest speakers, Tara McCarthy, CEO of Bord Bia and John Finn, MD of Treasury Solutions will offer their insights into the critical issues facing the Irish food industry due to Brexit while discussing strategies proposed to address them.
Leading food industry experts will later join the guest speakers in a panel discussion, which will include an outline of some of the measures already being taken by firms in the food sector.
Chaired by Michael Cronin, Agrifood Business Partners, the panel includes: Tara McCarthy, CEO Bord Bia; John Finn, MD Treasury Solutions; Prof. Thia Hennessey, Dept. of Food Business UCC Business School; Alan Jagoe, President CEJA European Council of Young Farmers; Mary Daly Murphy, CEO The Food Safety Company; and Trevor Charsley, Senior Markets Advisor Afex Solutions.
“We firmly believe the time is now to take action to ensure the survival of one of our most important industry sectors”, said John Flynn, Partner at Buckley Kiely & Co. “Making up a sizable portion of our own client base, the food and agri sectors are critical to our own business and to many others. Taking the initiative is important to support businesses and protect jobs and much can be achieved especially if companies work together to meet the challenges ahead.”
Refreshments will be available from 18:30, with kick-off at 19:00 sharp. We’re expecting a full house so early reservation of free admission is advised at www.buckleykiely.ie/brexit-conference. Note: admission on the evening will be strictly for reserved guests only.
Business Innovation Hub to Create 100 Jobs in Cork
Buckley Kiely client Republic of Workhas recently announced they will open a new business innovation hub in Cork City next month which they hope will support the creation of up to 100 jobs over the next 18 months.
The Entreprenuers Behind the Venture
Chief Executive, DC Cahalane is delighted to be bringing an initiative, the largest of it’s kind in the region, to his beloved Cork. Cahalan, founder of BuiltInCork, former vice president for growth and marketing atTeamwork.com and former chief marketing officer at Trustev, has long been promoting and supporting businesses in the Cork region. Cahalane is joined by Dave Ronayne, chief executive of Irish Mainport Holdings and IBEC‘s regional president for Cork.
At the Heart of the City
The Bank of Ireland backed business hub will be based in the heart of the city at 12 South Mall.
The 15,000 sq ft hub will feature an ‘airport lounge style’ business lounge for casual meetings and networking, a meetings and event space, and three WorkHub co-working areas with 160 desks available on a 30-day, no contract basis. The hub comes with three board rooms, a meeting space for 100 people, two classrooms and a dedicated innovation centre for corporate off-site meetings and brainstorming sessions.
Who Will Use It?
The building is intended for use by businesses of all scales – from solopreneurs, start-ups, SMEs, and multinationals – across all sectors.
It will operate on a monthly membership model with various membership plans on offer. Members will enjoy free access to business software, special events and exclusive access to industry experts through workshops, office hours, and business coaching sessions.
So Much More Than Just a Building
Going far beyond just putting a roof over members’ heads, Cahalane explains they are “committed to [members’] success through a unique blend of community networking, innovation training and providing access to the latest technology and work practices. We want to expose our members to global best practice and help them take their businesses to the next level.”
Support from Industry Leading Muscle
Pat Phelan, who founded Trustev and oversaw its sale to TransUnion for €44m in 2015 is the chairman of the new hub’s advisory board which also includes Dan and Linda Kiely, founders of Cork-based global outsourcing giant VoxPro.
To Friendship & Success
Both Cahalane and Phelan remain close friends with many of us at Buckley Kiely since they opened the initial Trustev office in our building some years ago. We are delighted to continue to work with them as they start out on another exciting venture and we wish them every success!
Look what’s making a comeback!
Those of you in business some time may recall when Supplier Finance products like Earlypay or Supplyline were widely available from banks to businesses.
These products disappeared overnight, probably due to little requirement or uptake.
But now they’re making a comeback.
Supplier Finance could be described as reverse factoring or supply chain finance, in which the financial institute pays the supplier upfront, providing the business with extended credit or the option to avail of early payment discounts.
Flexible, Top-up Finance
Best suited to financially strong companies, this flexible finance is ideal for companies that want to free up cash flow to pay key suppliers. It offers ideal “top-up” finance for companies that have hit their bank limit. Moreover, it can be used in conjunction with Invoice Finance and doesn’t impact on any other existing funding arrangements. Importantly, it is made available without the need for personal guarantees or debentures.
Ideal for Construction or Retail Sectors
A flexible finance option which can be put in place quickly, Supplier Finance can be an ideal solution for companies that are not suitable for Invoice Finance due to the nature of their business, such as the construction or retail sectors.
If you are interested in availing of Supplier Finance and need assistance, or would just like to know more, please contact Niall Dennehy for further details.
Don’t miss these important tax deadlines!
Capital Gains Tax Payments
For gains arising between 1/1/16 to 30/11/16, the capital gains tax is due to be paid by 15/12/2016
For gains arising between 1/12/16 to 31/12/16, the capital gains tax is due to be paid by 31/1/2017
Act Now to Reduce Tax Liability!
Steps to Reducing Tax Liability
As many businesses and companies are now approaching their financial year-end, now is the time to consider steps that could or should be taken before year end to potentially reduce tax liabilities for the current year.
While it’s not possible to complete a fully accurate set of financial statements for the year before year end, a quick review by your accountant at this stage should provide you with a good indication of expected profits and therefore any potential taxable income for the company.
What are the options?
Armed with this information, your tax adviser can outline potential options applicable to you.
Click on the links below for a list of some of the tax saving measures available:
In addition to those listed here, there are many other options available depending upon an individual or company’s sources of income and structure.
Timing is Key
Remember, timing is key to making these tax savings, as all need to be acted upon prior to the year end. So act now!
Complete a Tax Review
Take 30 minutes out to visit your tax adviser/accountant – the savings can be very worthwhile.
Contact Buckley Kiely Tax for a consultation.
Note: This content is for general information purposes only and should not be used as a substitute for consultation with professional advisers.
Income Tax Deadline is now!
Income Tax Deadline: 31 October 2016 – i.e. next Monday!
Thankfully the majority of you have already submitted the information required to complete your Income Tax return for 2015 and this is well in hand. There are, however, a few we are still waiting on – you know who you are! Please send in your information as soon as possible and we will make every effort to complete your return before the deadline.
Late Filing Fees
The deadline is extended to the 10 November, if you file and pay online, however, if for any reason you are unable to pay the full liability by that date, you will be deemed to have filed late and may incur late filing fees in addition to interest on late payment.
Please note that if your Local Property Tax (LPT) is not paid in full, up to date, your Income Tax Return will be deemed to be filed/paid late, even if filed before the deadline and late filing fees may be charged automatically. Therefore, please check and ensure that LPT is paid in full prior to the Income Tax deadline.
Pension top-ups for 2015 (which may be used to reduce your Income Tax liability for 2015) must be paid prior to the Income Tax deadline. If you wish to avail of this, you need to submit your IT information asap, to allow time for consultation with your Buckley Kiely manager and pension adviser, prior to making a final decision about the amount of potential pension top-up and then ensuring it is paid out prior to the deadline. Don’t leave this any later – act today!
Kickstart Your Food Business – 17th and 24th October
Local Enterprise Office – Cork City
This two-day short programme has been designed for those with a food manufacturing/processing idea or those at an early stage of set up. Participants will learn what is involved in setting up a food business and how to avoid the pitfalls normally associated with that journey.
For further information or to book your place, click on Kickstart Your Food Business.