Case Studies

Explore our Case Studies to see how each of our clients receive quality advice & service to make their organisation more efficient, compliant & profitable.

View our Case Studies by Service or by Industry.

Case Studies by Service

Tax Consulting Audit & Assurance Risk Consulting

Advising UK Data Centre Supplier on Irish Tax Compliance Obligations

The Client:

A large UK-based supplier of Data Centre and Financial sector critical power solutions.

Background:

The client was referred to us by their specialist VAT advisors in the UK. They had been engaged to design, manufacture, deliver and install the UPS system at a data centre in Ireland. While the client was to engage Irish-subcontractors for the installation, they also intended on sending employees from the UK to carry out testing and commissioning.

We were asked to advise the client on any Irish tax compliance obligations arising for the client.

Our Work:

Reviewing the contract and advising on corporation tax and relevant contracts tax (RCT) registrations in Ireland.
By establishing the length of time the UK-based employees would be on-site in Ireland over the course of the project and then advising the client on its payroll obligations.
Liaising with the client’s internal HR/payroll department and external UK accountants to provide clear advices on what tax exemptions might be available and what certificates of coverage were necessary.
Registering the client for the relevant taxes and filed all Irish tax compliance returns (corporate tax, payroll, relevant contracts tax and VAT) with Irish Revenue.
Reviewing initial invoices issued/received by the client to ensure they were compliant and that the correct rate of VAT and RCT had been applied.
Assisting the client with getting Personal Public Services (PPS) numbers for the relevant employees.
Liaising with Irish Revenue to reduce the rate of RCT on payments to the client to 0%.

Benefits:

From the outset of the project, the client was clear on its tax compliance obligations in Ireland and was able to structure employees days on-site in Ireland to minimise its Irish payroll obligations.

Tax Advice to Executive Returning to Ireland

The Client:

An Irish executive who has been living and working abroad with his family for the past number of years.

Background:

The client and his family were returning to Ireland indefinitely. He has various sources of income, such as foreign employment income (including share options) and a significant investment portfolio.

The client required advice on:

Minimising his exposure to Irish taxes on his return to Ireland.
How his various sources of income would be taxed upon returning to Ireland.
Acquiring an investment property in Ireland, as tax efficiently as possible.

Our Work:

We performed an initial review of the client’s sources of income and identified tax reliefs that may be available.

Following this, we structured the client’s move back to Ireland in a tax efficient way:

Assisted in claiming a split year residence relief on foreign employment income earned during the tax year. This ensured the foreign employment income was not subject to Irish income tax.
Advised the client on tax treatment of share options from foreign employment exercised, when the client is a tax resident in Ireland.
Recommended solicitors to advise and handle the purchase of property.
Advised on capital gains tax on the sale of share options if shares are sold at the date of exercise or at a future date.
Provided advice on the correct tax treatment of funds held by the client in offshore accounts and on any other investments.
Assisted in a successful application for income tax registration with the Revenue Commissioners.

We provided ongoing support in the form of tax compliance and various tax matters arising, as requested by the client.

Advising North American SME to set-up European operations

The Client:
A fast growing North American media company wished to set-up a European operation to further its expansion.

Background:
Working with our DFK colleagues, we discussed with the client the advantages of using Ireland as its EU base.

Our Work:

The corporate structure.
Share capital requirements.
Requirements to avail of Ireland’s low corporate tax rate at 12.5%.
Dividend payments and any withholding tax considerations.
Since forming the Irish entity and registering it for taxes, we service the client with:
Our in-house payroll and management accounts bureau.
Advise on ad-hoc tax and queries.
Preparation and audit of statutory financial statements.
Corporation tax compliance services.
Company secretarial services.

Outsourced Finance Function for Irish Subsidiary

The Client:

The client is a subsidiary of a German company and is engaged in supply and installation of vehicle testing equipment.

Our Work:

Payroll.
Bookkeeping.
Management reporting.
Preparation of statutory financial statements.
Statutory audit.
Consolidation reporting to parent company and parent company auditors.
Tax compliance.
Tax consultancy.
Company secretarial.

Provision of risk and compliance advisory services to the credit union sector

The Client:

Payac Services CLG (“Payac”) is a commercial shared services company established by credit unions to provide Member Personal Current Account Services (MPCAS) to credit union members in Ireland. Payac member credit unions comprise of a network of over 39 individual credit unions with combined assets of c. €7bn, a retail branch network of over 150 branch offices and over 1.2 million members.

Background:

Payac were seeking to engage with a professional services firm for the provision of a risk and compliance specialist with extensive experience in the provision of risk and compliance advisory services to the credit union sector and who understands the risk and compliance environment in which credit unions operate.

Payac was established by credit unions to provide support to member credit unions that wish to be authorised by the Central Bank of Ireland (“CBI”) for the provision of Member Personal Current Account Services (MPCAS). Authorisation was granted by the CBI on the basis that MPCAS would be a standardised product. The standardisation of the product extended to risk management and compliance.

The MPCAS product represents a new departure for credit unions. As such, it presents additional risk that credit unions will be required to identify, monitor, manage and mitigate. It also requires additional compliance requirements for credit unions. The MPCAS product includes a current account, debit card and overdraft facility with a limit of €5,000.

Our Work:

In support of Payac’s role to assist each member credit union in the management of risks arising from the implementation of MPCAS we provided the following services:

A complete risk assessment of the MPCAS product and the development of an MPCAS risk management framework that was provided to each member credit union.
Following this assessment and the development of the risk management framework, a set of standards, policies and procedures were developed.
Enhancement of existing policies and procedures where there is an existing risk policy, such as liquidity risk, for inclusion into an existing policy of the credit union.
Where the risk assessment identified a new activity or risk, such as the provision of overdrafts, we developed a policy document that can be adopted by all member credit unions.
Assist with the development of training material which is based on the MPCAS risk management framework developed.
Development of an audit framework to reflect the policies, standards and procedures developed and designed to ensure credit union compliance with same.
Implementation of Central Bank of Ireland’s risk management expectations as outlined in the MPCAS Application Form published in November 2016, including Section 76 Outsourcing Requirements.
Development of a MPCAS specific Risk Register.
Development of a MPCAS Compliance Plan and monitoring programme.

A review to determine compliance with AML and CFT policies and procedures for fire.com

The Client:

fire.com is a regulated provider of payment services. Established in 2009, the business provides sterling and euro accounts, debit cards and advanced integration options so businesses can automate their payment processes and get access to different payment services – bank transfers, FX, debit cards, and open banking. Based in Dublin and London, the firm consists of two legal entities, Fire Financial Services Limited, an Irish incorporated entity (“Fire-EU”), authorised as a Payment Institution by the Central Bank of Ireland and Fire Financial Services Limited, a UK incorporated entity (“Fire-UK”), is authorised as an e-money institution by the FCA in the UK.

Background:

fire.com sought to engage with a professional services firm to carry out a review to determine compliance with its established Anti Money Laundering (AML) and Countering Financial Terrorism (CFT) policies and procedures.

Our Work:

In support of this compliance review we provided the following services to fire.com:

A review of the firm’s compliance with its Anti-Money Laundering & Countering Financial Terrorism Policy (AML & CFT Policy), Customer Due Diligence (personal and business) Policy and the AML Risk-Based Approach Policy for both personal and business accounts.
Our work also included a high-level review and testing of specific areas, such as:
-Governance – AML training, role of the MLRO and internal reporting;
-Client on-boarding and Customer Due Diligence (personal and business);
-Reporting of suspicious transactions/activity;
-PEP and sanction screening at client on-boarding and later stages;
-Transaction and activity monitoring;
-MLRO independence;
-On-going compliance – transaction monitoring, PEP and sanctions screening, etc.
Testing of the firm’s compliance with Customer Due Diligence documentation in line with its AML & CFT Policy requirements.
Summarise our findings, recommendations and conclusions in a written report. This report incorporated management comments and was circulated to the Audit & Risk Committee and the Board of Directors.

Case Studies by Industry

Foreign Direct Investment Small & Medium Enterprises Public Sector Financial Services Legal & Professional Technology

New York based software development company chooses Dublin as EU base

This New York based software development company has gross revenues of €50m. The company chose Dublin as its EU base to develop a new suite of software products.
We advised the company on the optimum corporate structure, with the objective of qualifying for Ireland’s corporate tax rate of 6.25% available for activities within the Knowledge Development Box (KDB).

In addition we assisted the company with decisions to assign, transfer or retire existing IP, establish separate group companies for developing new IP, advised on re-location of US/Non-US employees.

Working with the US based Group CFO, services we now provide:

Monthly payroll and management accounting services.
VAT advisory with regard to its e-commerce resellers.
Statutory audit.
Preparation of statutory financial statements.
Corporation tax.

We are now trusted advisors at the Board table providing continuous advisory services within the team of tax advisers, accountants and lawyers from several countries.

Multinational group of companies (leading SaaS deployment solution provider) required Irish compliance work

This multinational group of companies is a leading SaaS deployment solution provider, which effectively onboards teams to implement and integrate new SaaS tools, from start-ups to leading global enterprises.

Our relationship with the client began when we were engaged to carry out Irish compliance work. An opportunity to expand our service offering to include bookkeeping, management reporting and payroll services soon arose. This in turn led to the scope of our engagement being expanded to provide our complete Virtual Finance Services, using the cloud based accounting software Xero to manage the company’s entire Irish finance function.

Our work has since expanded to working with the client on their international growth strategy, in particular with their expansion into the US market from their base in Texas. Using the DFK Network, we provide all services required by their US subsidiary. Our Virtual Finance Team provides book-keeping and management reporting services while our DFK colleagues in Houston provide all local compliance services.

The growth of the business meant that the client recruited employees in Italy, Spain, Germany, Canada, UK and Romania. Using our DFK colleagues in these countries we managed the applications for registration as an employer in each country and the ongoing payroll processing and compliance is provided by the local DFK firm.

Italian IT company looking to expand to 8 countries

This large Italian IT service management company wanted us to expand our service offering to their offices located in 8 countries around the world.

Initially, we were engaged to provide management accounting and payroll services to the Irish subsidiary of this client. As our relationship developed, the client recognised the benefit of utilising our DFK network to provide services to their worldwide offices.

Working closely with our DFK colleagues, we now provide an integrated and robust global service to include:

Audit.
Corporation tax.
Management accounting.
Payroll.
HR consultancy.

Crowleys DFK coordinate the one-stop shop global service and act as the single point of contact for the client.

Data-hosting provider required assistance setting up European operation

As well as the low corporate tax rate, Ireland was chosen because of the IP connection speed required to deliver the Infrastructure as a Service (IaaS) solution to their customers.
After meeting with the company executives in Ireland, we assisted the company with forming the Irish company and registering it for taxes. We also attended the initial on-site Irish Revenue Value Added Tax (VAT) verification visit.

We now provide the company with a suite of services, including:

Monthly payroll, VAT and management accounting services.
Preparation and audit of statutory financial statements.
Corporate tax compliance.

We also provide the company with ad-hoc tax consultancy advices on various matters including VAT and withholding taxes.

Providing Irish subsidiary of German MNC with suite of services

This German owned, multinational company is engaged in supply and installation of vehicle testing equipment. The company employs over 1,200 employees in over 150 countries worldwide.

We provide the Irish subsidiary with a suite of services, including:

Fully outsourced finance function to include bookkeeping, management reporting and payroll services.
Preparation of statutory financial statements.
Statutory audit.
Consolidation reporting to parent company and parent company auditors.
Corporation tax annual compliance.
Company secretarial compliance.
Tax advisory.

Advising North American SME set-up a European operation

The Client:

A fast growing North American media company wished to set-up a European operation to further its expansion.

Background:

Working with our DFK colleagues, we discussed with the client the advantages of using Ireland as its EU base.

Our Work:

The corporate structure.
Share capital requirements.
Requirements to avail of Ireland’s low corporate tax rate at 12.5%.
Dividend payments and any withholding tax considerations.

Since forming the Irish entity and registering it for taxes, we service the client with:

Our in-house payroll and management accounts bureau.
Advise on ad-hoc tax and queries.
Preparation and audit of statutory financial statements.
Corporation tax compliance services.
Company secretarial services.

Fully Outsourced Payroll Services to Large Public Sector Body

The Client:

A public sector client looking to outsource their payroll processes and systems.

Background:

For over five years, we have been providing weekly, fortnightly and monthly payroll processing for this body of 95 staff.

Our Work:

When we were appointed as payroll processing service providers, we carried out an initial review of their payroll processes and systems to identify weaknesses and recommend improvements.

A key recommendation of our review was to introduce an Excel based template to validate all overtime and shift allowance claim information prior to it being loaded onto the payroll system.
Through the use of data validation and prompted questions within this template, these payments can then be processed in accordance with a variety of complex rules and conditions. Claims can also be rejected based on pre-defined criteria.
Information is loaded automatically from this template onto a timesheet which is imported into our payroll software.
By using this Excel based work-around the client has avoided the cost of having to invest in tailored payroll software while still having all of their specific needs met.

Provision of risk and compliance advisory services to the credit union sector

The Client:

Background:

Our Work:

In support of Payac’s role to assist each member credit union in the management of risks arising from the implementation of MPCAS we provided the following services:

A complete risk assessment of the MPCAS product and the development of an MPCAS risk management framework that was provided to each member credit union.
Following this assessment and the development of the risk management framework, a set of standards, policies and procedures were developed.
Enhancement of existing policies and procedures where there is an existing risk policy, such as liquidity risk, for inclusion into an existing policy of the credit union.
Where the risk assessment identified a new activity or risk, such as the provision of overdrafts, we developed a policy document that can be adopted by all member credit unions.
Assist with the development of training material which is based on the MPCAS risk management framework developed.
Development of an audit framework to reflect the policies, standards and procedures developed and designed to ensure credit union compliance with same.
Implementation of Central Bank of Ireland’s risk management expectations as outlined in the MPCAS Application Form published in November 2016, including Section 76 Outsourcing Requirements.
Development of a MPCAS specific Risk Register.
Development of a MPCAS Compliance Plan and monitoring programme.

A review to determine compliance with AML and CFT policies and procedures for fire.com

The Client:

Background:

Our Work:

In support of this compliance review we provided the following services to fire.com:

A review of the firm’s compliance with its Anti-Money Laundering & Countering Financial Terrorism Policy (AML & CFT Policy), Customer Due Diligence (personal and business) Policy and the AML Risk-Based Approach Policy for both personal and business accounts.
Our work also included a high-level review and testing of specific areas, such as:
-Governance – AML training, role of the MLRO and internal reporting;
-Client on-boarding and Customer Due Diligence (personal and business);
-Reporting of suspicious transactions/activity;
-PEP and sanction screening at client on-boarding and later stages;
-Transaction and activity monitoring;
-MLRO independence;
-On-going compliance – transaction monitoring, PEP and sanctions screening, etc.
Testing of the firm’s compliance with Customer Due Diligence documentation in line with its AML & CFT Policy requirements.
Summarise our findings, recommendations and conclusions in a written report. This report incorporated management comments and was circulated to the Audit & Risk Committee and the Board of Directors.

VAT on Property Advice to Tenant

The Client:

A growing company entering into a 20-year lease on a new business premises.

Background:

The client was referred to us by their solicitors. As the client carries out some VAT-exempt activities, they wanted to ensure they weren’t exposed to any future unforeseen VAT costs before signing the lease.

We were asked to urgently:

Review the Lease Agreement and the Agreement for Lease documents as prepared by the landlord.
Advise on the VAT references therein.
Advise on the VAT treatment of a “fit-out contribution” to be paid by the landlord to our client.

Our Work:

Carried out a comprehensive review of the lease documents.
Provided the client with detailed written explanation of the VAT references therein in a clear, concise and jargon free manner.
Advised on the VAT treatment of the “fit-out contribution”.
Identified certain VAT clauses which would expose the client to a VAT cost if events outside of their control occurred.
Worked with the client’s solicitors to propose a revised wording for these VAT clauses.
Liaised with the landlord’s solicitors to agree on an acceptable wording for these VAT clauses, which removed this exposure for the client.

Benefits:

The client was able to secure the lease on the premises with their exposure to future VAT costs greatly reduced.

VAT on Property Advice to Vendor

The Client:

An individual disposing of a substantial Irish property portfolio in different lots.

Background:

The client was referred to us by their solicitors. The client wanted to know whether or not to charge VAT on each property sale. Where VAT was to be charged, they wanted to ensure the correct VAT special conditions were included in the Contract for Sale of each property.

We were asked to:

Review the history of the property to advise on the appropriate VAT treatment.
Advise the client on the invoicing and documentary requirements.
Liaise with the client’s solicitors to ensure the VAT conditions in the Contract for Sale were correct in respect of each property being sold.

Our Work:

We provided advice, often at short notice, during the negotiations on each property. Specifically, we:

Reviewed of the history of each property and the VAT status of the potential buyer.
Provided written advice on the appropriate VAT treatment to minimise the VAT cost for the client.
Prepared the necessary documents and invoices that the client was required to provide to the purchaser.
Worked with the client’s solicitors to ensure the correct VAT Special Conditions were included in each Contract for Sale.

Benefits:

The client was able to focus on selling his property portfolio for the maximum return without worrying about delays due to waiting on VAT advices.

Advising US Data-hosting Provider set up a European Operation in Ireland

The Client:

This Atlanta based data-hosting provider, required assistance in setting up a European operation in Ireland.

Background:

As well as the low corporate tax rate, Ireland was chosen because of the IP connection speed required to deliver the Infrastructure as a Service (IaaS) solution to their customers.

Our Work:

After meeting with the company executives in Ireland, we assisted the company with forming the Irish company and registering it for taxes. We also attended the initial on-site Irish Revenue Value Added Tax (VAT) verification visit.

We now provide the company with a suite of services, including:

Monthly payroll, VAT and management accounting services.
Preparation and audit of statutory financial statements.
Corporate tax compliance.

We also provide the company with ad-hoc tax consultancy advices on various matters including VAT and withholding taxes.

Case Studies

Case Studies by Service

Case Studies by Industry

Crowleys DFK

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