Lalor O’Shea McQuillan join the Xeinadin Group

On the 1 June 2019, Lalor O’Shea McQuillan Chartered Accountants became a founder member of a new network of independent and individually managed accounting firms across the United Kingdom and Ireland.

Around 123 independent accountancy firms joined the network, called Xeinadin and on 1 June, the combined turnover of these firms meant it became one of the UK’s and Ireland’s largest accounting firm.

Xeinadin will develop a range of products, services and opportunities to benefit the members and their clients, as well as create a “Head Office” structure.

We believe that being a leading firm in this new network will bring strong benefits to our firm in the medium and long term, allowing us to provide a wider and deeper range of services to you.

In the short term, the focus is on the network itself developing and creating its own identity, so you will see no difference, and it’s very much business as normal at Lalor O’Shea McQuillan.

The Partners and Team would like to take the opportunity to once again thank you for the trust you, and all our clients, put in us. We never take that for granted.

Please don’t hesitate to contact us if you wish to discuss this further.

500km for Relay for Life

Thank You So Much For Your Support and Generosity! We’ve made a short video for you!

On Friday 6th September, the Partners, Tax Team, Account Managers and Support Team from our Carlow and Dublin office walked and ran a combined 500km to raise funds for Carlow Relay for Life and the Irish Cancer Society.

Thanks to the generous donations from our Clients, friends, staff and ex-employees we have raised over €13,882 for this great local charity.

We will shortly be presenting the big cheque to Gerard Holohan, Chairman for Relay for Life Carlow. Ger highlights that “Relay for Life is run to bring the local community together so they can share experiences and support the survivors, family and friends of people touched by cancer in our local community.”

Without teams being formed and applications submitted over the winter months, then the Relay for Life Summer event cannot go ahead. 

We hope our event will encourage businesses like yours to put a team together for Relay for Life and support this great local charity.

Jersey Day at Lalor O’Shea McQuillan

Wednesday 17 July was Jersey Day. We kickstarted our fundraising campaign by giving staff the chance to wear their favourite jersey. As you can see the Laois supporters made a big impact!

As James in our Audit and Business Advisory team says ‘we need to fight back against cancer, as it affects so many people in so many different ways. The fight starts with each and every one of us.

Thanks again for all your generous donations and your support for our team.

From the Partners and Team at Lalor O’Shea McQuillan

Disclosure of Beneficial Ownership of Irish Companies

A new piece of legislation has come into force which will affect every company in Ireland and involves changes that are onerous on shareholders as well as company management.

The E.U. (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulation 2019 provides for the creation of a new central register of the beneficial owners of Irish corporate entities.

What is Beneficial Ownership

The term beneficial ownership of a relevant entity is a natural person(s) who ultimately owns or has control of 25% plus one share of the equity or voting/control rights, either directly or indirectly.

In cases where no individual meets the thresholds to be a beneficial owner, details of the senior managing officials (e.g. company directors) are entered in the register of beneficial owners.

What information is to be obtained by the relevant entities?

  • Names, dates of birth, nationalities and residential addresses of each beneficial owner
  • A statement of the nature and extent of the interest held by each beneficial owner
  • The PPS number of each beneficial owner
  • The date on which the natural person was entered into the register as a beneficial owner, and
  • The date on which the beneficial owner of the entity ceased to be such an owner

Who is obliged to file in the Central Register?

The Regulations require all Irish incorporated companies and body corporates to obtain, hold and file information on their beneficial owners.

Companies listed on a regulated market or subject to disclosure requirements consistent with the law of the EU or subject to equivalent international standards which ensure transparency of ownership information are exempt.

Deadline for Filing

Companies have until 22 November 2019 to file the required information with the Central Register.

All newly incorporated companies will have five months from the date of incorporation to make its first filing of beneficial ownership information.

Who can access the Beneficial Ownership Register?

Unrestricted access to beneficial ownership information in the Central Register is permitted to a number of bodies, including An Garda Siochana, the Financial Intelligence Unit (FIU), Revenue Commissioners and the Criminal Assets Bureau.

Members of the public have the right to access the following information in the Central Register:

  • The name, the month and year of birth, the country of residence and nationality of each beneficial owner (no access to PPS numbers or residential addresses)
  • A statement of the nature and extent of the interest held or control exercised by each such beneficial owner.

Is there a requirement to keep the Register up-to-date?

Following the initial filings made to the Central Register, any changes to the beneficial ownership information must be updated within 14 days of such changes taking place on the internal beneficial ownership register.

Penalties for failure to compy

An entity that fails to comply commits an offence and the liability can range from on summary conviction €5,000 or on conviction on indictment to a fine not exceeding €500,000.

How Lalor O’Shea McQuillan can help

Our advisory team can assist you with all aspects of the new regulations surrounding the Register of Beneficial Ownership of Irish Companies. We can:

  • Provide advice on the necessary steps an entity needs to take to compile their register
  • Assist with filing obligation for the Central Register.

Call us today on 01 278 4455 or 059 913 7040

Mobile Accounting App

Mobile Accounting and Bookkeeping App

As part of our ongoing commitment to innovation and to our client services, we are pleased to announce the launch of our mobile accounting and bookkeeping app.

Our accountancy and bookkeeping app will help you track income, expenses and mileage on-the-go.

Gareth Keogh, Partner

The app is completely free of charge and is available for iPhones, iPads and Android phones and tablets too.

Watch the short video and discover what’s inside the App

Financial Tools at Your Fingertips

Our app brings the most important financial tools required to run your business into one single icon on your smart phone or tablet.

So let’s take a closer look at what’s inside the app and the big benefits you’ll gain by using it in your business.

Benefits of Installing the App on Your Smart Phone

#1  Access your cloud accounts package from the App

Firstly, if you already use an online accounting package such as Xero, Twinfield, Sage One, Big Red Cloud, Doc Safe, Quickbooks or Accounts IQ then you can access your cloud accounting package from our app and you can log in safely and securely.

If you aren’t yet using cloud accounting software then don’t worry, we have you covered.  You can start right way by using our Receipt Manager.

#2 Record your receipts with our Receipt Manager

Simply take a photo and the app will record images of your receipts. 

What’s great about the Receipt Manager is you can itemise receipts over a wide range of headings, including

  • Cost of Goods Bought
  • Payments to Subcontractors
  • Staff Costs, Travel Costs
  • Motor Expenses
  • Premises Running Costs
  • Phone Charges
  • Maintenance Costs
  • Admin Costs
  • Business Entertainment  Costs
  • Advertising Costs
  • Interest
  • Financial Charges
  • Professional Fees
  • Depreciation and any other headings you wish.  

You can export the receipt data to us at any time using the Manage Receipts tab.  And if you already use Receipt Bank, then don’t worry our app integrates with that too.

#3  Track and Record Your Income with the Income Tracker

You can keep track of your daily, weekly and monthly income.  In my Settings, add the email address of your account manager here at Lalor O’Shea McQuillan and you can send your income receipts to us is swiftly and securely.   

#4   Travelling for business?

The automatic GPS Mileage Tracker will log, track and capture all of your journeys. You can also log a trip manually using the manual trip feature. 

And of course you can easily export your trip details direct to us from the ‘Export all trips’ tab.  Reducing the amount of time you have to spend calculating and recording business miles.

#5  Take advantage of a vast collection of tax content

Click on the Key Tax Dates, Tax Tables and Financial News icon to stay informed.

#6  Looking for a financial calculator?

Use our app to calculate Payslip deductions, VAT, Corporation Tax, Income Tax, Increased Profit Projections, Inheritance Tax, Mortgage Interest, Inflation, APR, Loan Repayments, Stamp Duty and Interest on Savings.  If you are planning annual leave or a business trip then our Currency Converter has you covered.

#7 Stay connected to your accountant

Our app will help you stay connected to your account manager and your financial data.  Plus we will keep you updated on important tax and financial information through the Message Centre. 

Plus we’ll be even easier to reach, at the touch of a button you can call us, email your account manager, find us on Google Maps and Social Media.  You can even book a meeting with us through the App.

We hope you’ll enjoy how easy it is to us and we’ve no doubt you’ll find it will quickly become an essential business tool, to help you manage your business on the go.

Our app was created to help you find strength beyond numbers. 

Go to the App Store or Google Play and download the App to your iPad, iPhone, Smartphone or Tablet.   Search for Lalor O’Shea McQuillan and download the app today.

Download our free accounting and bookkeeping app from your local tax accountants in Dublin and Carlow.

Mobile Accounting and Book Keeping App

Lalor O’Shea McQuillan Bookkeeping App

As part of our ongoing commitment to innovation and to our client services, we are pleased to announce the launch of our mobile accounting and bookkeeping app.

The app is completely free of charge and is available for iPhones, iPads and Android phones and tablets too.

Our accountancy and bookkeeping app will help you track income, expenses and mileage on-the-go.

Gareth Keogh, Partner

Financial Tools at Your Fingertips

Our app brings the most important financial tools required to run your business into one single icon on your smart phone or tablet.

So let’s take a closer look at what’s inside the app and the big benefits you’ll gain by using it in your business.

Benefits of Installing the App on Your Smart Phone

#1  Access your cloud accounts package from the App

Firstly, if you already use an online accounting package such as Xero, Twinfield, Sage One, Big Red Cloud, Doc Safe, Quickbooks or Accounts IQ then you can access your cloud accounting package from our app and you can log in safely and securely.

If you aren’t yet using cloud accounting software then don’t worry, we have you covered.  You can start right way by using our Receipt Manager.

#2 Record your receipts with our Receipt Manager

Simply take a photo and the app will record images of your receipts. 

What’s great about the Receipt Manager is you can itemise receipts over a wide range of headings, including

  • Cost of Goods Bought
  • Payments to Subcontractors
  • Staff Costs, Travel Costs
  • Motor Expenses
  • Premises Running Costs
  • Phone Charges
  • Maintenance Costs
  • Admin Costs
  • Business Entertainment  Costs
  • Advertising Costs
  • Interest
  • Financial Charges
  • Professional Fees
  • Depreciation and any other headings you wish.  

You can export the receipt data to us at any time using the Manage Receipts tab.  And if you already use Receipt Bank, then don’t worry our app integrates with that too.

#3  Track and Record Your Income with the Income Tracker

You can keep track of your daily, weekly and monthly income.  In my Settings, add the email address of your account manager here at Lalor O’Shea McQuillan and you can send your income receipts to us is swiftly and securely.   

#4   Travelling for business?

The automatic GPS Mileage Tracker will log, track and capture all of your journeys. You can also log a trip manually using the manual trip feature. 

And of course you can easily export your trip details direct to us from the ‘Export all trips’ tab.  Reducing the amount of time you have to spend calculating and recording business miles.

#5  Take advantage of a vast collection of tax content

Click on the Key Tax Dates, Tax Tables and Financial News icon to stay informed.

#6  Looking for a financial calculator?

Use our app to calculate Payslip deductions, VAT, Corporation Tax, Income Tax, Increased Profit Projections, Inheritance Tax, Mortgage Interest, Inflation, APR, Loan Repayments, Stamp Duty and Interest on Savings.  If you are planning annual leave or a business trip then our Currency Converter has you covered.

#7 Stay connected to your accountant

Our app will help you stay connected to your account manager and your financial data.  Plus we will keep you updated on important tax and financial information through the Message Centre. 

Plus we’ll be even easier to reach, at the touch of a button you can call us, email your account manager, find us on Google Maps and Social Media.  You can even book a meeting with us through the App.

We hope you’ll enjoy how easy it is to us and we’ve no doubt you’ll find it will quickly become an essential business tool, to help you manage your business on the go.

Our app was created to help you find strength beyond numbers. 

Go to the App Store or Google Play and download the App to your iPad, iPhone, Smartphone or Tablet.   Search for Lalor O’Shea McQuillan and download the app today.

Download our free accounting and bookkeeping app from your local tax accountants in Dublin and Carlow.

Tax Relief on Nursing Home Expenses

Tax Relief on Nursing Home Expenses

You may claim income tax relief on nursing home expenses paid by you. You can claim this relief at your highest rate of tax if the nursing home provides 24-hour on-site nursing care.

Nursing Homes Support (Fair Deal) Scheme

The Health Service Executive (HSE) can provide you with assistance for the cost of your nursing home care. The HSE will review your income and assets to calculate the amount you should pay towards the cost of your care. You can claim health expenses relief on the amount you pay yourself.

The HSE pay the balance of the costs of the nursing home. You cannot claim health expenses relief on this amount.

Ancillary State Support Scheme (Fair Deal Loan Scheme)

You may wish to defer your healthcare costs. You can do this if you have Irish land or property assets. The HSE provide you with a loan, using your assets as security. The loan is paid directly by the HSE to the nursing home. You cannot claim health expenses on the amount paid by the HSE to the nursing home.

The loan is due to be repaid:

When you sell the asset used as security or upon your death.

When the loan is repaid, you or your estate can claim health expenses on the amount repaid.

Additional nursing care expenses

You can claim relief for the cost of expenses of additional nursing care.

If you or your relative suffer from a serious illness and require home nursing. This is where you employ a qualified nurse, on the advice of a medical practitioner, to provide nursing care at home.

Or if you are in a nursing home and require more nursing care than is normally required.

To claim this relief, you must provide a medical certificate that states:

  • That constant nursing care by a qualified nurse in the patient’s home is necessary or that additional nursing care in the nursing home is necessary
  • The name and address of the patient
  • The nature of the patient’s illness
  • The full period for which home nursing is being claimed.

You must also provide the nurse’s full name and address, as well as proof of their nursing qualification.

You must keep a breakdown of all payments to the nurse and all payment receipts.

How to claim

To claim tax relief on nursing home or additional nursing care expenses, you must include the amount in your health expenses and enter on your tax return.

For more information contact our Dublin Tax Team on 01 278 4455 or our Carlow Tax Team on 059 913 7040.

Close Company Surcharge

Close Company Surcharge On Certain Undistributed Income

Section 440 of the Taxes Consolidation Act 1997 provides for an additional charge of corporation tax on close companies at the rate of 20 per cent of the excess of the aggregate of the distributable investment income and the distributable estate income over the distributions made for an accounting period.

A close company is defined as a company under the control of 5 or fewer participators or under the control of participators who are directors.

Exemptions to the surcharge

There is no surcharge where the excess is €2,000 or less and marginal relief is provided where the excess is slightly more. Where a company has associated companies, the €2,000 limit is divided by the number of associated companies, including the company itself. An associated company must be included for the purposes of the surcharge even if it was an associated company for part only of the accounting period concerned.

The amount on which the surcharge is made cannot exceed the accumulated undistributed income at the end of the accounting period. Where a company is subject to any restriction imposed by law as regards the making of distributions, regard shall be had to this restriction in determining the amount of income on which a surcharge shall be imposed under section 440.

For more information contact our Dublin Tax Team on 01 278 4455 or our Carlow Tax Team on 059 913 7040.

Employment Investment Incentive

Employment Investment Incentive (EII) and Start-up Relief for Entrepreneurs

Finance Act 2018 – Business Tax

The Act aims to simplify the legislation provisions of the income tax reliefs for investment in corporate trades.

The most significant change being the move away from the current application process to a system whereby companies will now self-certify that they have met the conditions. It amends the trigger points in relation to when claims can be made, tying all claims to a requirement to have spent 30% of the money on a qualifying purpose rather than the various trigger points which currently apply under existing provisions. EII and SURE reliefs will be able to run until the end of 2021.

Intellectual Property

The Act has updated the rules for capital allowances on Intellectual Property. The update provides additional clarity on income arising when IP is acquired prior to 11 October 2017 and when IP is acquired from 11 October 2017 onwards.

The updates now require that the income received from the two different periods be treated as two separate income streams when calculating capital allowances.

For more information contact our Tax Team in Dublin on 01 278 4455.

Financial Services Update 2019

SYS Wealth through Lalor O'Shea McQuillan

Financial Services

Our Financial Services Department has formed a strategic alliance with SYS Wealth & Financial Planners so that we can expand and improve our services to our clients.

SYS Wealth & Financial Planners are a leading financial services company with particular expertise in pension, life protection, retirement & inheritance planning, savings & investments and strategic wealth management.  Because of the wide range of services they offer, it doesn’t matter where you are in the family or business life cycle, this alliance means we can help you at every stage of the financial life cycle.

The strategic alliance between Lalor O'Shea McQuillan and SYS Wealth means that we can give you the support you need today for your financial peace of mind tomorrow. Click To Tweet

Sophisticated Yet Simple

SYS provide honest, broad-based & unbiased advice by providing a ‘sophisticated yet simple’ (SYS) model to help you achieve your financial life goals and ultimately give you the financial peace of mind you deserve.

One Consistent Point of Contact

Our financial consultant, Ann Willoughby, will remain your main point of contact in Lalor O’Shea McQuillan’s Carlow office.  And Ann will continue to guide you and advise you as she has done for the past twelve years. And as always, you can contact Ann direct on 059 9137040.

Financial Planning Tailored To Fit You!

We know that your financial journey is as unique as you are.  This means we will take the time to develop a deep understanding of your financial goals and objectives. For example, we can help you to:

  • Build wealth and invest it wisely for yourself and your loved ones
  • Get impartial business advice to minimise risk and maximise opportunities
  • Create protections policies so you can weather unexpected challenges
  • Plan for a comfortable lifestyle in retirement

Whatever your goals, we can provide you with the practical support required to make a real difference to your life. What’s more, you can continue to measure success by the strength of the lifetime relationships we continue to build.

Why You Need Professional Financial Advice

Research conducted by the PIBA found that customers who had sought professional financial advice obtained the following four important benefits

  • Savings:  They nearly doubled the savings and investments of those who didn’t
  • Pension:  Also there almost twice as likely to have a pension
  • Protected: They were more financially protected
  • Confident:  Felt more confident about their financial future

(The Value of Advice Ireland, PIBA/Standard Life 2013)

About SYS > Financial Services Update 2019

SYS Finanical by the numbers

SYS is an independently owned company led by Tony Delaney.  Tony is supported by a team focused on building strong client relationships. This is made possible through the Sophisticated Yet Simple’ 5 step model to help clients achieve their financial life goals.