Declan Lyons

In yesterday’s Sunday Business Post, Colm Power, CFA, Director of Financial Planning at Davy, discusses how the series of changes to pension structures passed in the 2024 Finance Act will create new challenges for business owners. Master trusts are emerging as an important alternative as they allow for irregular, larger contributions, accommodating the variable cashflows that business owners often experience. To find out more about how Davy can work with you to develop a plan aligned with your retirement ambition, visit https://lnkd.in/euxWjGxF #MasterTrust #Pensions #RetirementPlanning #FinanceAct2024

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Breige McCartney, EY Director, Corporate Finance, sat down with Joanne Somers, CEO of Celtic Linen Ltd, to delve into the remarkable journey of a leading linen rental and laundry service provider in Ireland. Discover how Celtic Linen overcame challenges in 2016, navigating the turbulent times of COVID-19, and emerged stronger, culminating in the recent £31.5 million acquisition by Johnson Service Group. 💡 Hear how Joanne and her team balanced the sale process, alongside business growth, and the role EY's Corporate Finance team played in facilitating this successful transition. 📈 Find out more about EY’s Corporate Finance capabilities now - https://lnkd.in/eaAFgHAj #BetterWorkingWorld 

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The key compliance requirements for Irish businesses under the new Automatic Enrolment (AE) Act include several important aspects that need to be integrated into your financial and operational planning: Eligibility and Enrolment: All employees aged 23 to 60 earning over €20,000 annually must be automatically enrolled in the AE system unless they are part of an exempt pension scheme. This includes employees on probation, casual, or part-time contracts. Contribution Rates: Employers are required to contribute to their employees' pension pots. The contribution rates will start at 1.5% of gross earnings for both employers and employees, with the State contributing 0.5%. These rates will gradually increase over ten years to 6% for both employers and employees, with the State contributing 2%. Integration with Payroll Systems: Businesses need to integrate AE responsibilities with their existing payroll systems to ensure smooth and accurate processing of contributions. This integration aims to minimise administrative costs and burdens for employers. Tax Relief: Employer contributions to the AE fund will receive tax relief similar to current occupational pension schemes, allowing these contributions to be offset in the calculation of corporation tax. Compliance and Monitoring: The Central Processing Authority (CPA) will oversee the AE system, ensuring that businesses comply with the enrolment and contribution requirements. Regular assessments will be conducted to ensure eligibility and correct contribution levels. Businesses should prepare for these requirements by reviewing their current payroll systems, budgeting for increased contributions, and ensuring compliance with the new regulations to avoid potential penalties. If you need help ensuring your finances are all in order just get in touch with us at FinancePro.ie. Call 0851340522 #FinancePro #AutoEnrolment #SupportingIrishBusiness

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Limited companies are beneficial for businesses with many shareholders and an active board. They offer privacy, contract-making power (even though it’s limited), protection from liability if there is a business accident or fraud; all this means that the risk of going into public ownership decreases significantly. Setting up a limited company can help you manage your obligations, but before doing so, make sure it’s the right option for what type of business and with who.

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Limited companies are beneficial for businesses with many shareholders and an active board. They offer privacy, contract-making power (even though it’s limited), protection from liability if there is a business accident or fraud, all this means that the risk of going into public ownership decreases significantly. Setting up a limited company can help you manage your obligations, but before doing so, make sure it’s the right option for what type of business and with who.

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Members Voluntary Liquidation ('MVL') is a formal process used to wind down solvent companies that have come to the end of their useful life in Ireland. The process requires the appointment of a Liquidator to wind up the affairs of the company in a coordinated and orderly fashion. The process often provides benefits from a tax and assets distribution perspective. Our dedicated liquidation team in EY provide an efficient and thorough service for our clients. Feel free to reach out to myself or the team below for further information! #MVL #EntityElimination

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Fuel your business growth with smart financing strategies in Ireland! 💡 Reinvest in business expansion, diversify your funding sources, and seek expert financial advice to make informed borrowing decisions. Reinvest in Business Expansion: Utilize business loans to invest in new equipment, technology, or facilities that can increase your operational capacity and market reach. Consider how each investment could potentially return profits that exceed the cost of the loan. Diversify Your Funding Sources: Explore a variety of financing options available in Ireland, including traditional bank loans, government-backed loans, venture capital, and crowdfunding platforms. Each source has its benefits and requirements, so choosing the right mix can reduce financial risk and increase flexibility. Seek Expert Financial Advice: Consult with financial advisors or loan specialists who understand the Irish financial landscape. They can help you navigate interest rates, loan terms, and eligibility criteria, ensuring that you choose the best options for your business’s financial health. Learn more about securing and managing business loans and financing in Ireland at IrishCompany.eu. #BusinessFinancing #BusinessGrowth #IrishBusiness

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🎙️ New Episode: Behind The Facade Podcast This week, host Gavin J Gallagher returns with Part 2 of his HMO Investment Strategy series, aimed at helping Irish investors navigate the home market. In this episode, Gavin covers: -The key benefits of HMO investing -Strategies to maximize your returns in the Irish property market -Why HMOs are a popular choice for investors looking for sustainable growth Whether you're new to the strategy or an experienced investor, this episode offers practical tips and insights to help you thrive in the property sector. Tune in now👉 https://lnkd.in/eXB4yTXn #iPropertyradio #HMOInvesting #BehindTheFacade #PropertyInvestment #IrishRealEstate #RealEstatePodcast #PropertyStrategy #InvestmentTips

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A bit more about what i do. I am accountant in company that makes windows and doors, Munster Joinery. So a bit about windows. PVC windows, also known as uPVC (unplasticized polyvinyl chloride) windows, are a popular choice in the UK and Irish markets due to their durability, energy efficiency, and low maintenance. These windows offer excellent thermal insulation, helping to reduce energy bills and improve the overall comfort of homes. Their resistance to weathering and high-security features make them an ideal choice for various climatic conditions. Additionally, uPVC windows are available in a variety of styles and finishes, allowing homeowners to enhance their property's aesthetic appeal. Theyq are a popular choice in the UK and Irish markets for several reasons: 1.Material Characteristics - Durability: uPVC is a highly durable material that resists rot, rust, and corrosion, making it ideal for the damp and varied climate of the UK and Ireland. - Low Maintenance: Unlike wood, uPVC does not require regular painting or varnishing. Cleaning with a damp cloth is usually sufficient. - Insulation: uPVC windows offer excellent thermal insulation, helping to maintain energy efficiency in homes by keeping heat in during the winter and out during the summer.qq - Sound Insulation: They also provide good sound insulation, which is beneficial in urban or noisy areas. 2.Energy Efficiency - uPVC windows are often fitted with double or triple glazing, which further enhances their energy efficiency. This helps in reducing heating costs and lowering the carbon footprint of a home. 3.Security - Modern uPVC windows come with advanced locking systems, making them a secure option for homeowners. Multi-point locking mechanisms and reinforced frames add to the security benefits. 4.Cost-Effectiveness - uPVC windows are generally more affordable than wooden or aluminum alternatives. Their long lifespan and low maintenance needs also contribute to their cost-effectiveness over time. 5.Aesthetic Versatility - These windows are available in a variety of styles, colors, and finishes. This allows homeowners to choose windows that match their aesthetic preferences and the architectural style of their homes. 6.Environmental Considerations - uPVC is a recyclable material, and many manufacturers offer recycling services for old windows. This makes uPVC a more environmentally friendly choice compared to some other materials. 7.Regulatory Compliance - uPVC windows sold in the UK and Ireland often comply with local building regulations and standards, including those related to thermal performance and safety. #PVCWindows #EnergyEfficiency #HomeImprovement #UKHousing #IrishHomes #SustainableLiving #HomeRenovation #Windows #BuildingMaterials #uPVCWindows #munsterjoinery

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Do you know how crucial your income and spending habits are when applying for a mortgage? Lenders review your income and expenses over at least six months to assess repayment capabilities. Building a consistent saving habit and managing outgoings prudently can enhance your appeal to lenders. Reducing unnecessary expenses and boosting your savings are vital steps to secure a favourable mortgage offer. Financial stability is key. Learn more about how managing your finances can prepare you for mortgage approval as a first-time buyer: https://lnkd.in/enQ6eUbT

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Planning for retirement isn't just a milestone of age; it's about reaching your financial goals. At Rockwell, we're dedicated to helping you find and achieve that your number, using straightforward advise which ensures you can retire with confidence and peace of mind. Let's start the conversation today about securing your future. Book a call today 👇

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Very interesting analysis from Chartered Accountants Ireland on the recent budget and it's lack of assistance for the SME sector. Budget 2025 includes substantial tax cuts and cost-of-living relief totaling €3.2 billion, aiming to attract individual voters ahead of upcoming elections. Taxpayers benefit from income tax cuts, credits, and energy subsidies, making many €1,000 better off. However, small businesses feel overlooked, receiving only minimal aid while facing increased labor costs, including a rise in minimum wage and pension costs. Despite expectations, no direct measures were introduced to reduce employers' PRSI to relieve these burdens, with critics noting that targeting voters took precedence over structural business support. This budget’s focus on personal giveaways may stimulate short-term consumer support but misses an opportunity for balanced economic sustainability, leaving SMEs with mounting cost pressures. Do you agree with this analysis? #Budget2025 #TaxRelief #SupportSMEs To read the full article click on the link below https://lnkd.in/eYH_rz9z

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SMP urges business owners to act now as unlimited pension funding comes under threat. The Irish Times reported on 19th May, 2024 that Revenue has expressed concerns to The Department of Finance regarding new pension rules that came into effect in January 2023 allowing unlimited funding of PRSA pension contracts. When it comes to extracting cash from your business, contributing to a pension is extremely efficient. The current unlimited funding regime for PRSA's provides a unique, and possibly time limited, opportunity to do this at scale. Key benefits * Companies can contribute an unlimited amount to a Company Director's PRSA Pensions allowing for money to be transfered from the Company's ownership to the Director without tax being paid. * On retirement, up to 25% of pension funds can be taken tax free. * Any income or growth generated within the pension are tax free. This can be maintained up to age 75. * Funds can be accessed from age 60 ordinarily or age 50 in certain circumstance. * The company can contribute to both an occupational pension and a PRSA for an employee so this scheme can be set up along side existing pension arrangements. Pensions are extremely efficient long term personal tax planning vehicles. Where larger sums are concerned they should be considered as much as a tax planning tool as one to provide retirement income. It is likely that if any change is made to the current regime it will be introduced in Budget '25. We are urging clients to consider their options now in order to lock in the advantages available under the current regime. Please contact me at [email protected] or direct dial 01 5840127 to discuss.

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𝐖𝐡𝐚𝐭 𝐝𝐨𝐞𝐬 𝐈𝐫𝐞𝐥𝐚𝐧𝐝’𝐬 𝐟𝐮𝐭𝐮𝐫𝐞 𝐡𝐨𝐥𝐝?🟢 Chartered Accountants Ireland's latest edition dives into essential changes industry leaders advocate for in 2025. What’s the one change you’d like to see in 2025? https://ow.ly/8A8R50U6RGJ #AccountancyInsights #HireIQ #FutureOfFinance

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Budget 2025 - How Will that impact your business? Interested to hear more join Kinore, Finance & Business Services along with Larissa Feeney FCA, CEO and Founder of Kinore, and Tom Francis, Head of Accounting who will be hosting with expert guest, David Broderick Director of Small Firms Association of Ireland,. 🗓️ Wednesday, 2nd October ⏰ 10.30am 📍 Online - link to register in comments Join us for an insightful discussion to understand the true impact of budget on you and your business. #Kinore #Budget25 #SME #SFA #Compliance

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📢 Business Owners: Are you making these costly accounting mistakes? Our latest blog reveals the top accounting pitfalls that could be impacting your Irish business right now. With insights from Revenue guidelines and industry experts, we break down: 🔍 Key findings: How mixing personal and business finances could trigger Revenue red flags Why 15% of Irish businesses faced penalties for missed tax deadlines in 2023 The real cost of poor accounting practices (hint: it's more than you think!) Essential prevention strategies from leading industry experts 💡 Special Focus: Did you know that businesses with proper financial separation are: 63% more likely to secure business loans 45% more efficient in tax preparation 38% more successful in passing Revenue audits 🔗 Read the full article here: https://lnkd.in/dJSdnNNB Don't let accounting mistakes hold your business back. Take action today - book a free consultation with our expert team. #IrishBusiness #Accounting #TaxAdvice #BusinessTips #IrishEntrepreneurs #SmallBusinessIreland #FinancialPlanning #TaxCompliance #BusinessGrowth #AccountingTips #IrishTax #BusinessSuccess #EntrepreneursOfLinkedIn #FinancialManagement #BusinessAdvice #IrishSME #TaxSeason #BusinessFinance #ProfessionalServices #IrishEconomy

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