Crowleys DFK Reaccredited with The KeepWell Mark

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Pictured L-R: James O’Connor (Managing Partner, Crowleys DFK), Paula McCann (Project Lead for the KeepWell Mark, Crowleys DFK), Sophie Crosbie (Regional Director, Ibec) & Sophie Moran (Programme Manager of The KeepWell Mark, Ibec)

We are delighted to announce that we have been reaccredited with the prestigious Ibec KeepWell MarkTM; an evidence-based accreditation and award that recognises Irish employers for investing in workplace health and wellbeing.

In 2020, Crowleys DFK became the first indigenous accountancy firm to be accredited with The KeepWell MarkTM. The robust accreditation process for the award enabled us to benchmark our workplace wellbeing activity on eight key areas – leadership, absence management, smoke free, physical activity, health and safety, mental health, healthy eating and intoxicants – and provided us with a roadmap to further success and continuous improvement.

Commenting on our reaccreditation, Paula McCann, Project Lead for The KeepWell MarkTM said:

“It’s fantastic to be reaccredited with The KeepWell MarkTM. Our reaccreditation journey was made easier thanks to our leadership team, who lead by example in their continued support for promoting and prioritising wellbeing across the firm.”

Since 2020, we built on our already strong commitment workplace wellbeing practices and introduced a Hybrid Working Policy, Flexible Working Hours, Right to Disconnect Policy, and Early Finish Friday Initiative. Annual Employee Workplace Mental Health and Emotional Wellbeing Training was added to our annual programme of health and wellbeing initiatives and events.

Earlier this year we also launched our Learning & Development Programme. The aim of the programme is to create a culture and environment for employees and the firm to learn and grow. It supports our revised Competency and Career Paths Development Framework which was launched at the same time. By knowing the current and future capability needs of the firm, we can create a learning culture that ensures employees have the knowledge, skills and experience to fulfil individual and organisational needs and ambitions.

To ensure the validity of our practices, The KeepWell MarkTM Assessor conducted a thorough audit of our wellbeing practices, spoke with key stakeholders across the firm and held focus groups with a sample group of employees and management.

The Assessor noted:

“A consistent theme from the focus group was that staff regard Crowleys DFK as a good employer and acknowledge the efforts the company is making in promoting wellbeing and facilitating a work life balance. Attaining reaccreditation demonstrates Crowleys DFK’s ongoing commitment to promoting and embedding a wellbeing ethos, and that the company is forward-thinking in cascading wellbeing practices.”

Sophie Moran, Programme Manager of The KeepWell MarkTM in Ibec commented:

“We’re delighted to once again award Crowleys DFK with The KeepWell MarkTM accreditation. The consistent effort they have made in supporting the health and wellbeing of their employees is to be highly commended, and we hope their commitment and efforts will inspire many other organisations to approach wellbeing as a strategic priority both now and in the future.”

Our wellbeing journey does not end with reaccreditation. Our focus now turns to working towards the next stage of our KeepWell MarkTM journey. We will continue to make improvements in all areas of wellbeing, following best practices and using feedback from our employees.

If you are interested in working with a firm that has a core focus on wellbeing, please check out our careers.

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Crowleys DFK Win Best Use of LinkedIn for Business at Cork Digital Marketing Awards

Crowleys DFK Win Best Use of LinkedIn at Cork Digital Marketing Awards

Pictured L-R: Eibhlin Kennelly (Senior Marketing Executive), Alison Bourke (Digital Marketing Manager) & Kim McCarthy (Director of Practice Development)

Crowleys DFK are delighted to be awarded for Best Use of LinkedIn for Business at the 2022 Cork Digital Marketing Awards.

Organised by Cork Chamber, the awards recognise digital innovations and achievements by Cork businesses over the past 12 months and demonstrate the valuable contributions of digital marketing to business growth. Entries were judged by members of the public, through an independent and confidential judging and allocation system.

Crowleys DFK received this prestigious award based on “our understanding of our audience”.

Over the past number of years, the firm’s Practice Development Team has developed a comprehensive digital marketing strategy. A key component of this strategy is to highlight our core values and the people behind Crowleys DFK.  This has resonated with existing and potential clients and potential hires as it highlights the importance, we place on our people and in building a supportive and sustainable workplace regardless of whether we are in the office or working from home.

Our efforts have resulted in the number of people visiting our website via LinkedIn tripling, while followers gained has doubled in 2022.

Kim McCarthy, Director of Practice Development commented:

“It’s a fantastic achievement to be acknowledged by Cork Chamber with this award, especially in such a competitive category.

At Crowleys DFK, we have long recognised the importance of digital marketing in strengthening our brand and growing our business. The Team has worked very hard to showcase what Crowleys DFK is all about, by producing engaging content for our audience.

I am absolutely delighted for our Digital Marketing Manager, Alison Bourke and all the Team that this work has been recognised. We are all very proud of this award.”

Sinead Kennedy hosted the awards night on Friday 21st October in Carrigaline Court Hotel. Crowleys DFK were also a finalist for Best Use of Digital Marketing for the Greater Good.

You can follow our LinkedIn page here!

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Crowleys DFK Boost Management Team with A Series of Promotions  

We are delighted to announce some exciting promotions, highlighting the continued strong growth across the firm. 

Following her appointment to Assistant Manager in 2021, Grace Boto has been promoted to Manager in Risk Consulting. Grace has been instrumental in supporting the growth of the Department, while leading numerous internal audit projects for our substantial portfolio of clients in the public sector and central government. Her promotion further strengthens this core business service and ensures that the Department is well placed to continue to grow.   

 

 

Emma Dunne has been promoted to Manager in Corporate Compliance. She has been with the firm since 2014. Emma has played a central role in growing a team of experienced professionals who help clients fulfill their annual compliance obligations and assist them in navigating complex corporate compliance issues.  

 

 

Aga Pankau | Assistant Manager | Payroll Services

 

Agnieszka Pankau has been promoted to Assistant Manager in Payroll Services. She joined the firm as a Payroll Executive in 2020 bringing with her over 10 years’ experience. A highly experienced payroll professional, Agnieszka has an excellent understanding of payroll systems, employer obligations and employee entitlements. She provides reliable payroll services to clients in industries ranging from retail, technology, and transport to the public sector.   

Andrew Thompson | Assistant Manager | Audit & Assurance

 

Andrew Thompson has been promoted to Assistant Manager in Audit & Assurance. He joined Crowleys DFK in 2019 as a Senior Accountant. An experienced and qualified Chartered Accountant, Andrew works closely with clients operating in sectors such as not-for-profit, SME, retail and financial services, in preparing their financial statements, ensuring compliance with Company Law, Irish GAAP (FRS 102) requirements and IFRS (as adopted by the EU). 

 

Commenting on the promotions, Managing Partner, James O’Connor said:  

“These promotions underline the hard work and dedication of our employees. I know each one of them will continue to be a tremendous asset to the firm as we continue to provide excellent client services while remaining focused on our commitment to our people.  

To demonstrate our dedication to providing career progression opportunities for our employees, we recently launched our revised Competency and Career Paths Development Framework and Learning & Development Programme.  The aim is to offer multiple growth and career opportunities that align with employees’ strengths and interests.  

We strongly believe that investing in our employees is an investment in our future, and these latest promotions are a clear indicator of that. I wish to congratulate every one of them on their well-deserved promotions and wish them continued success in their new roles.” 

If you are interested in developing your career with Crowleys DFK, please visit our Careers page. 

 

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Learning to be a Sustainable Leader | Irish Times Feature

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Sustainable Leader

Natalie Kelly, Partner in our Audit & Assurance Department, featured in The Irish Times today discussing our sustainability initiatives.

You can read it here.
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Tax Relief on Third Level Tuition Fees

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Tax-payers who pay third level fees on their own behalf or on behalf of another person will be happy to know that they can claim tax relief.

Tax relief at the standard rate is available in respect of certain third-level tuition fees paid to approved colleges. Revenue publishes a list each year of both private and public colleges approved for tax relief. The relief is given by way of a tax credit equal to the fees paid multiplied by 20% (the standard rate of tax). A credit for third level fees cannot result in an income tax refund.

What is an Approved College?

Revenue have provided guidance on what constitutes an approved college. This is a college or higher education institute in the state which provides approved courses (definition below) or an institute in the UK or another EU Member state which is maintained by recurrent grants from public funds of any EU Member State. The college in either the Irish State, the UK or in an EU Member State must be a duly accredited university or institution of that country.

What is an Approved Course?

Revenue have also provided guidance on what constitutes an approved college course. A full-time or part-time undergraduate course must be at least two academic years. A postgraduate course leading to a postgraduate award based on a thesis or on the results of an examination or both, which is between one to four years and requires the student to have a prior degree or an equivalent qualification.

Who can claim & how much can be claimed?

An individual can only claim the relief if they themselves incurred the cost of the fees. Relief is calculated on aggregated fees paid subject to a maximum of €7,000 per person, per course, per academic year where the first €3,000 (full-time) or €1,500 (part-time) is deducted.  The general effect of this is that claimants who are claiming for more than one student will get full tax relief for 2nd and subsequent children in their claim.

Relief does not extend to payments such as registration fees, administration fees or student accommodation.

If in receipt of any grant or payment towards the fees, this must be deducted from the claim being made when claiming the relief.

How to claim tuition fees?

There is no specific form required to claim relief for tuition fees paid for third level education courses. An individual can use PAYE services in myAccount to apply for relief for tuition fees by completing the Form 12 or if income tax registered can claim this through their yearly tax return.

Should you require any further information or assistance in claiming the tax relief, please contact us.

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Temporary Business Energy Support Scheme | Budget 2023 (Updated 20 October)

Temporary Business Energy Support Scheme

Update 20 October 2022:

Under the Finance Bill 2022 published today, the TBESS will be extended to include Case 2 trades, i.e. professional firms such as doctors, accountants, solicitors and dentists and new businesses will also be eligible for the scheme. The Government has also decided that where a business operates from more than one location, the cap will be increased from €10,000 to a maximum of €30,000 a month.

 

27 September 2022:

As part of Budget 2023, Minister for Finance, Pascal Donohoe, announced the introduction of a Temporary Business Energy Support Scheme to assist businesses with their energy cost over the winter months.

This new scheme will be open to businesses carrying on Case I trades, are tax compliant and have experienced a significant increase in their natural gas and electricity costs.

The scheme will be administered by the Revenue Commissioners and will operate on a self-assessment basis. Businesses will be required to register for the scheme and to make claims within the required time limits.

The scheme will operate by comparing the average unit price for the relevant bill period in 2022 with the average unit price in the corresponding reference period in 2021. If the increase in average unit price is more than 50% then the threshold would be passed and the business will be eligible for support under the scheme.

Once eligibility criteria are met, the support will be calculated on the basis of 40% of the amount of the increase in the bill amount.

A monthly cap of €10,000 per trade will apply, as well as an overall cap on the total amount which a business can claim.

The scheme’s payments will be backdated to September and run until at least February.

If you require any assistance with the new Temporary Business Energy Support Scheme, please contact Carol Hartnett, Manager in our Accounting & Financial Advisory Department.

Read our Budget 2023 Highlights and Budget 2023 Analysis.

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Tax Appeals Commission Determination | Capital Gains Tax: Retirement Relief Claim

retirement relief claim

The Tax Appeals Commission’s (TAC) objective is to fulfil the obligations placed on it by the Finance (Tax Appeals) Act 2015 and the Taxes Consolidation Act 1997 (“TCA 1997”). To fulfil these, the TAC facilitates taxpayers in exercising, where appropriate, their right of appeal to an independent body against decisions and assessments of the Revenue Commissioners and the Criminal Assets Bureau.

The Issue for Determination

Recently, the TAC issued a determination addressing an Appellant’s (taxpayer’s) assertion that a Notice of Assessment to Capital Gain Tax (CGT) for 2011, issued by the Respondent (Revenue Commissioners) on 4 December 2018, should not have disallowed his claim for retirement relief (S598 TCA 1997) and Company Amalgamations/exchange of shares relief (S586 TCA 1997) which he had claimed in his income tax return for 2013.  The Revenue Commissioners had also issued a (related) Notice of Amended assessment to Income Tax for 2011 on the 5 December 2018.

The Background

In 1990, after many years of construction industry experience, the taxpayer set-up a building contracting company (the company) serving mainly local authorities and councils. He and his wife were the directors of the company. In 1997, his son started working for the company. 10 years later, with the taxpayer’s health in decline, he started the process of getting his son (the taxpayer’s son) to take over more of the running of the company. The taxpayer’s son’s wife also worked for the company in an administrative capacity. By 2011, the taxpayer contended that he wished to retire. A company was formed (HoldCo) of which the taxpayer’s son and his wife were the directors. The taxpayer sold some of his shares in the building company to HoldCo for €700,000. The balance of his shares and his wife’s share were transferred to HoldCo, for which they were issued 50% of the shares in HoldCo.

The €700,000 was not paid to the taxpayer until 2013. The taxpayer did not resign at any time as a director of the company nor was the taxpayer’s son ever appointed. The taxpayer and his wife continued to take undiminished salaries from the company until 2013.

In 2018, the company was audited by the Revenue Commissioners (with a view to examining the transaction now subject of this appeal) and it was the taxpayer who attended the audit meeting along with the taxpayer’s son’s wife.

Opposing Arguments

The Revenue Commissioners contended that at the audit meeting, the taxpayer said that nothing had really changed in the running of the business in 2011 compared to 2018. He also confirmed that the company’s office was in his house, he still effected payments from the company, but was only an adviser/mentor to his son since 2011.  The Revenue Commissioners contended that they did not get a clear answer as to why the €700,000 payment was not made until 2013 but they believed that the company was not in a financial position to do so in 2011.  While acknowledging that someone does not have to actually retire nor retire as a director in order to avail of retirement relief, it felt that on the “basket of evidence” the transaction was not entered into for bona fide commercial reasons.

On examination at the hearing, the taxpayer (and his son) outlined that the delay in the payment for the shares was to support bonds required for their construction contracts. They did not have any reason why the taxpayer’s son was not appointed as a director nor why the contact details on national websites, etc. were not updated.  They also outlined that the taxpayer attended the Revenue audit meeting as he was the person familiar with the audit period being looked at.

Findings

The TAC in its determination considered all the information and oral evidence, and found as material facts that:

  • The payment of €700,000, if it had been made in 2011, would not have been in the company’s interests
  • The taxpayer retained effective control of the company post-2011 through his ownership and directorship
  • In particular, the taxpayer retained financial and strategic control of the company
  • The transaction was not made for a bona fide commercial reason and that it did form part of a scheme of arrangement with the main purpose to avoid tax (S586 (3)(b) and S598 (8) TCA 1997)
  • Whilst the Revenue Commissioners were entitled to have issued their alternative Income tax assessment (per S817 TCA 1997), it was not necessary to consider it as the CGT assessment should be upheld in this case.

Determination

The Commissioner determined that the Revenue Commissioners assessment to CGT for 2011 in the amount of €348,112 should stand.

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Budget 2023 Analysis

Budget 2023

Delivering an €11bn Budget package, Minister Donohue described Budget 2023 as a ‘’Cost of Living Budget’’.  With individuals, families and businesses struggling with both the effects of inflation and the effects of the current energy crisis, this Budget contained immediate one-off supports aimed to respond to the acute needs of all. With even stronger than expected tax receipts in 2022, the Minister had plenty of firepower to deliver a comprehensive set of financial supports and set the scene for significant future investments in public services such as housing, health, education and transport.

Income tax changes were mainly limited to a threshold increase to €40,000, above which the higher 40% rate of tax would apply. There were also small increases to the main income tax credits.

What was significant though was the Minister’s reference to the recent work of Tax Strategy Group and to it assisting Government as a roadmap for personal tax reform over the next number of years to include the possible introduction of a 3rd rate of Income tax and changes to the operation of USC and PRSI.

The Minister took the opportunity re-affirm Ireland’s commitment to the OECD-led reform of Corporate Tax and to acknowledge Corporate Ireland’s significant contribution to the Country’s national tax purse. As expected, the Minister announced a National Reserve Fund which is to be immediately funded with €2bn from “excess” Corporate Tax receipts, with a further €4bn committed for 2023.

The extension of the Knowledge Development Box (KDB) and improvements to the R&D Tax Credit regimes are also welcome as Ireland aims to stay competitive in the FDI space.

For the SME sector, a.k.a. ‘’the backbone of our domestic economy’’, the main offer of financial support came in the form of a Temporary Business Energy Support Scheme which will see businesses who have experienced a 50% increase in energy costs from 2021, reclaim 40% of the increase.

Welcome too were the extensions to the KEEP and SARP incentive schemes although many had been requesting far wider changes to the schemes to what has been decided.

Whilst it is likely that the one-off support measures will grab the media headlines, it is the discussion and outcome of a changing future tax base to fund public services that will have a more profound longer-term impact on our society.

View the Budget 2023 highlights here.

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Budget 2023 Highlights

Budget 2023

Minister Pascal Donoghue delivered his final Budget today, 27 September 2022. With inflation currently running at 8.5% and projected to be 7.5% in 2023, the so-called Cost of Living Budget was heavily focused on addressing rising energy costs. Below we outline the highlights of Budget 2023.

Enterprise/SMEs/Agri-sector
  • Temporary Business Energy Support Scheme to assist businesses with their energy costs over the winter months. Open to businesses carrying on Case I trade, are tax compliant and have experienced significant increase in gas and electricity costs. Read more about the scheme.
  • Extension of the KEEP scheme to end of 2025 with increasing the company limit to €6m.
  • Special Assignee Relief Programme (SARP) extended to 2025 with minimum income limit up to €100,000.
  • Section 481 Film Relief to be extended to 2028.
  • Changes in the Research and Development Tax Credit and Knowledge Development Box (KDB) regime, with a company having the option to call for payment of their eligible R&D tax credit or to request an offset against other liabilities. The existing caps on the amount’s payable is to be removed. The first €25,000 of a claim will be payable in year one. The KDB is being extended a further 4 years to 2027. To comply with changes in international tax, specifically the Small Business Technology Transfer (STTR), there will be legislation changes for an increase in the effective rate of the KDB to 10%.
  • Foreign Earning Deduction (FED) scheme to extended to end of 2025 and provides relief from income tax on up to €35,000 of income for employees required to travel out of the State to temporarily carry out duties of employment in certain qualifying countries.
  • New 10% levy on concrete products.
  • Accelerated Capital Allowances for the construction of modern slurry storage facilities whereby the cost will be written off over two rather than seven years.
  • The Stamp Duty Reliefs for Young Trained Framers and Farm Consolidation are being extended to end of 2025.
  • The Capital Gains Tax Relief for Farm Restructuring is also being extended to the end of 2025.
  • Two special Stock Relief measures for registered farm partnerships and for young trained farmers being extended until the end of 2024.
Housing
  • Vacant Home Tax charged at a rate equal to three times the property’s existing basic Local Property Tax (LPT) liability. It will apply to residential properties which are occupied by for less than 30 days in a 12-month period.
  • Help to Buy Scheme will be continued until end of 2024 in its current form.
  • A new Renter’s tax credit of €500 will be introduced and backdated to 2022.
  • The relief for landlords for pre-letting expenditure will continue with an increase in qualifying costs up to €10,000 and the period of vacancy reduced to 6 months.
 VAT
  • The 9% VAT rate for the hospitality and tourism sector will cease in February, returning to 13.5% at this point.
  • The 9% VAT rate of electricity and gas will be extended until 28 February 2023.
  • Defibrillators, Hormone replacement therapy (HRT), Nicotine replacement products and period products will become VAT free.
  • VAT on newspapers, including digital editions, will be reduced to 0% from 1st January 2023.
Personal Tax
  • Small change to the second rate-band of Universal Social Charge which will increase from €21,295 to €22,920.
  • Income Tax Standard Band will increase by €3,200 to €40,000, with the married single earner band increasing to €49,000.
  • Personal, PAYE and Earned Tax Credits will increase by €75.
  • Home Carer Tax Credit will increase by €100.
 Other Measures
  • Revenue will conduct a range of targeted projects to include PAYE compliance interventions involving a focus on share schemes and increased debt management.

Read our Head of Tax Services, Eddie Murphy’s analysis of Budget 2023.

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Investing in Our Future Leaders

At Crowleys DFK, investing in our employees is an investment in our future. Our policy is to nurture talent from within, by providing employees with the time and resources they need to pursue their professional development. As employees realise their ambitions, their growth becomes part of the firm’s growth.

To this end, Crowleys DFK has modernised its Competency Framework through the creation of a new Competency and Career Paths Development Framework. This will provide a diverse range of career progression opportunities for our employees, providing a clear guide for choosing a potential career path or for measuring progress down their current path. The aim is to offer multiple growth and career opportunities that align with employees’ strengths and interests, empowering them to move to higher level or specialist positions, or to discover entirely new roles for themselves.

To support this new framework, Crowleys DFK also has established a Learning & Development (L&D) Programme to ensure our employees always have the opportunity to learn. Over time, our learning culture gives employees the knowledge, skills and experience needed to become new leaders in the firm. This is a fundamental part of our overall Performance Development Programme and maintains an environment in which progress is a constant. Having found their pathway to the future in our Competency Framework, our L&D Programme will assist employees on their journey there.

Describing the career progression environment at Crowleys DFK, Managing Partner James O’Connor has said:

“I am very proud to see our new Competency Framework & L&D Programme come into effect. Our commitment to creating a learning and career progression culture is so important to us as a firm, that it is one of our core values. We know that the firm is successful only when our people are successful. With these developments, we can ensure that everyone is getting the opportunities they deserve.”

If you are interested in a career with us, please check out our careers for experienced professionals or our graduate programme.

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