10 brave souls from Crowleys DFK took to the skies last month in an effort to raise funds and awareness for Cork ARC Cancer Support House.

Crowleys DFK have been working with Charity Partner of the Year, Cork ARC, since the beginning of 2019. Cork ARC offer invaluable specialist professional services and emotional support to people with cancer and their families. The majority of their running costs are based on voluntary donations and fundraising efforts. Witnessing first-hand the fantastic work of Cork ARC, inspired 10 Crowleys DFK employees to take to the skies and plunge 10,000ft from an airplane at a speed of 200km per hour. The goal of this skydive was to raise awareness and funds to help Cork ARC continue providing their services free of charge.

The group took the leap for charity at the Irish Parachute Club in Offaly in June 2019. Setting out with an initial fundraising target of €2,600, their incredible efforts have raised over €6,500 for Cork ARC.

For many of the group, it was their first skydive and there are already plans to make it an annual event!

A big well done to all participants and sponsors for getting involved in such a worthy cause.

 

Crowleys DFK today announced a number of senior promotions to Director and Manager positions across the Firm.

Shane Moloney and Donna Gould have been promoted to Director while Emma Hanifin, David Stuart and Rosalyn Banua have all been promoted to Manager roles.

Managing Partner, James O’Connor, said: “We are delighted to announce these exciting new promotions. They are well-deserved and reflect the hard work, professional growth and commitment of all those promoted.”

New Directors Shane Moloney and Donna Gould joined Crowleys DFK as Chartered Accountant trainees in 2012 and 2010 respectively.

After qualifying, Shane moved from audit into the firm’s advisory team, specialising in Cloud Accounting and Business Process Improvement Services. Recently he has led a number of high-level client advisory assignments, including implementing business outsourcing and performance improvement projects for clients across a range of sectors.

Previously a Manager in the firm’s Accounting Services Department, Donna played a central role in the expansion of the Department in recent years. She is highly regarded by clients in both the public and private sectors and her promotion to Accounting Services Director further strengthens this core business service and ensures that the Department is well placed to continue to grow.

Emma Hanifin also joined the firm as a Chartered Accountant trainee. Her high quality project management skills and dedication to exceptional service delivery sees her promoted to Advisory Manager, specialising in Project Advisory Services.

David Stuart has been promoted to Manager in our Accounting Services and Outsourcing Department. A Chartered Certified Accountant and Xero accredited to the highest achievable level, David will manage our Cloud Accounting Services.

An experienced Internal Auditor, Rosalyn Banua has been promoted to Manager of the firm’s Governance, Risk and Compliance Department. Since joining the firm in 2015, Rosa has worked with an extensive portfolio of publicly funded bodies, semi-state agencies and private sector organisations.

James concluded: “We believe that these promotions are an important building block in our future growth ambitions and the further enhancement of our services to clients. It also highlights our commitment to the long-term career development of our staff.”

Cork ARC Charity Partner 2019

Crowleys DFK is delighted to announce Cork ARC Cancer Support House as its inaugural Charity Partner of the Year for 2019.

Speaking about the announcement, James O’Connor, Crowleys DFK Managing Partner said,

“Crowleys DFK has a long history of successfully fundraising for and contributing to a wide variety of very worthy charities and causes over the years. The launch of our Charity of the Year Programme enables us to channel the charitable efforts of the firm and our staff to support an Irish charity each year and make a meaningful impact”.

The selection of Cork ARC Cancer Support House as the 2019 charity was as a result of a staff charity nomination process.

Over the coming year, Crowleys DFK staff in Dublin and Cork will organise, fundraise, and participate in a number of events to raise funds in aid of Cork ARC. We will also promote awareness of the range of invaluable specialist professional services and emotional support Cork ARC offers people with cancer and their families. Details of the programme events will be announced over the coming weeks and months.

Colette Nagle, Head of Corporate Social Responsibility at Crowleys DFK added,

“We are proud to support Cork ARC and play a part in supporting the great work that they do. We are looking forward to fundraising as much as we can for them through various events and activities. Our Charity of the Year Programme is just one way we can make a difference to the communities we work in.”

CEO of Cork ARC Cancer Support House, Aileen O’Neill said

“Cork ARC are delighted to be chosen as Crowley’s DFK charity partner. We look forward to their support for 2019, and to making a continued positive impact on the lives of all those affected by cancer in our community.’’

Crowleys DFK was awarded the DFK UK & Ireland Firm of the Year 2018 at the recent DFK UK & Ireland Annual Conference in Glasgow.

DFK International is a major international association of independent firms and business advisors that has been meeting the needs of clients with interests in more than one country for over 50 years.  The association has over 400 offices in over 90 countries. The firm has been a committed member of the association since 1992.

Crowleys DFK was recognised for its positive contribution to DFK UK & Ireland over the past year.

Managing Partner James O’Connor commented, “We are delighted that Crowleys DFK have been recognised by our colleagues for our commitment to servicing our clients’ needs internationally.”

Crowleys DFK is a seven partner firm with offices in Cork and Dublin and has grown significantly in recent years.

James stated, “Our international affiliation is a distinctive feature of the firm and provides our clients with an integrated and robust global delivery mechanism across the world.”

 

 

Crowleys DFK Partner and Chairman of the Ireland Malaysia Business Association, Vincent Teo, had the pleasure of meeting Minister Richard Bruton, Minister for Education and Skills, and Ambassador Eamon Hickey, Irish Ambassador to Malaysia, at Enterprise Ireland’s business breakfast in Kuala Lumpur on Thursday, 20th September.

Minister Bruton addressed the local network of business and education leaders for Enterprise Ireland’s business breakfast as part of his five day education and trade mission to Malaysia and Indonesia.

“I am delighted to have the opportunity to greet an Irish Minister in my home country,” Vincent commented, “Congratulations to Ambassador Hickey and Enterprise Ireland on hosting a successful business breakfast.”

Crowleys DFK Partner and Chairman of the Ireland Malaysia Business Association, Vincent Teo, met with Ambassador Eamon Hickey, Irish Ambassador to Malaysia at the Embassy of Ireland in Kuala Lampur last week.

Vincent commented, “I am very grateful to have had the opportunity to meet Ambassador Eamon Hickey in the Embassy and for his continued support to our efforts in promoting bilateral trade relations between Ireland and Malaysia.”

“We plan to reach out to the relevant Ministries in Malaysia in the hope of hosting a ministerial visit to Ireland in the near future,” stated Vincent.

The objective of the Irish Malaysia Association is to support bilateral business links between Ireland and Malaysia. Crowleys DFK is a patron member of the IMA and is dedicated to supporting its development.

As colleges start back in the coming weeks and the costs of third level education become apparent, tax-payers will be happy to know that relief is available.

Tax-payers who pay tuition fees for third level courses on their own behalf or on behalf of another person can claim tax relief.

Tax relief is available at the standard rate of 20% (subject to certain restrictions) on tuition fees including the student contribution (sometimes called a registration fee) paid for full- or part-time third level courses. For the academic year 2018-2019, the student contribution is capped at €3,000.

The tax relief claim must be made in respect of an approved course(s) in an approved college(s).

There is no limit on the number of students per claim, provided that the tax payer has paid the fees.

The first €3,000 is disregarded in the case of a Full-Time student or € 1,500 in the case of a Part Time student.  If you have paid fees for more than one student, this disregard amount will only be deducted from your claim once.

The allowable claim is limited to a maximum of € 7,000 per student per course.

Fees funded by grants, scholarships or by an employer will not qualify for relief.

The example below is based on a family with two students in third level education. Student 1 is an existing student entering year 3 of their studies and student 2 is commencing third level education for the first time in 2017.

Tax Year 2017

Student 1 (Full time)
Started third level in 2015/2016
Student 2 (Full time)
Started third level in 2017/2018
Total Claim
Student Contribution
(Registration Fee)
€3,000 €3,000 €6,000
Disregard Amount
(One per Claim)
(€3,000)
Allowable Cost €3,000
Tax Relief @ 20% €600

Should you require any further information please to contact our Tax Department.

Jacky Lorimer, Accounting Technician Trainee in the firm’s Outsourcing Department, is showcased in the August 14th edition of Cork’s Evening Echo.

Working 4 days a week in Crowleys DFK and studying 1 day a week in Cork College of Commerce, Jacky has been able to get started on her dream career as a result of Accounting Technicians Ireland’s “Earn as you Learn” scheme.

Read or download a pdf version of the article here.

There were two amendments made to the Capital Acquisitions Tax Dwelling House Exemption by Finance Act 2017, in such cases where the recipient of the dwelling house is a dependent relative of the disponer.

A ‘dependent relative’ is defined as a relative who is permanently and totally incapacitated due to mental or physical infirmity from maintaining himself or herself, or who is of the age of 65 years or over at the date of gift or inheritance.

The position following the amendments is as follows:

  1. In the case of a gift or an inheritance of a dwelling house taken by a dependent relative, the dwelling house is not required to have been the only or main residence of the disponer.
  2. A gift of a dwelling house that becomes an inheritance as a result of the disponer dying within two years of making the gift can qualify for the dwelling house exemption, where the beneficiary is a dependent relative.

All other provisions to the dwelling house exemption remain unchanged.

These amendments take effect from the date of passing of the Finance Act 2017, 25 December 2017.

Should you require any further details on the above, please contact a member of our Tax Department.

On 31st July 2018, Revenue published an updated Transfer of Business document, revising the previous document which was reviewed in December 2017.

There are significant differences between the two versions when it comes to which transfers of property come within the transfer of business (TOB) provisions.

 

The December 2017 document confirmed Revenue’s view that TOB applied:

  • where a property had been let on a continuing basis and was being sold to a tenant who is an accountable person; and
  • in the case of a vacant property that was let or partially let on a continuing basis in the past.

Whereas, the 31st July 2018 version confirms that TOB will not apply to:

  • “The transfer of a let property to the tenant…as the only asset being transferred in those circumstances is the property itself and the transfer of a property without any additional assets, which together with the property would constitute an independent undertaking…regardless of how the property had been used prior to its transfer”; and
  • “A transfer of [property], of itself, without any additional assets (such as a letting agreement), which together with the immovable good, would constitute an independent undertaking…regardless of how the [property] had been used prior to its transfer”.

Vendors, their solicitors and tax advisors should review all property transactions currently in progress to ensure the correct VAT treatment is being applied in light of this updated Revenue guidance.

For further assistance please get in touch.