18 May 2011
IN THIS ISSUE
Quintas Quarterly Newsletter - Summer 2011
Introduction
Ireland and the Comeback Economy
Tracker Mortgages – “When sitting tight might be the best course of action”
Quintas Quarterly Economic Review
Is it possible to outsource every part of your business?
Mandatory Filing
Recent News and Appointments
latestofferings
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Quintas Quarterly Newsletter - Summer 2011
Introduction
by Tim McCarthy
 
Tim McCarthy
Tim McCarthy

Dear Reader,

Welcome to the summer edition of the Quintas newsletter.  There is a strong economic focus in this quarters newsletter which we feel is apt given the country’s current predicament.  As I write this piece the Finance Minister, Michael Noonan, has announced details of the jobs initiative which controversially is to be funded with a levy on private pension funds for the next 4 years. Much debate will occur on this introduction but it very much depends on which side of the fence you are on. 

We are encouraged by the proactive VAT and PRSI initiative which is welcome news for the hospitality and tourism sector and if successful may well help those hit with the pension levies to regain some of the costs through better returns on investments within the pension funds. Whats positive is that something is being done and perhaps someone is listening as tourism and hospitality covers a very large percentage of our work force and has significant ecomomic potential, particularly if competitiveness is enhanced; if successful, this will inevitably result in additional taxes and sustained employment.


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Ireland and the Comeback Economy
by Frank Ryan CEO, Enterprise Ireland
 
Frank Ryan
Frank Ryan

I don’t do doom and gloom, I do ‘reality’ instead and the economic position we find ourselves warrants some reflection.  We are the authors of our own destiny and it’s an awesome responsibility when you think about it. Our individual and collective behaviour and actions will decide Ireland’s future.

While the intervention of the IMF, the ECB and the EU will contribute to the stability of our finances it does not address that which is imperative, namely economic growth.  As citizens of this Republic we must be the architects of Ireland’s future.

The Industrial Development Agency (IDA) and Enterprise Ireland (EI) have been hugely successful in attracting Foreign Direct Investment to Ireland. Household names such as Intel, Microsoft, Pfizer, Centocor, Google, Facebook are all based here for good reason. 


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Tracker Mortgages – “When sitting tight might be the best course of action”
by Paul O'Connell, Finance Director
 
Paul O'Connell
Paul O'Connell

Tracker mortgages represent one of the best value deals that mortgage holders have ever received from their banks. It may sound contradictory, particularly if you were one of the many thousands who purchased a house in the boom times, but securing a tracker mortgage may well have been one of the best investment decisions you have taken. In fact they have proved so costly to banks that the banks started to withdraw them from the market in 2008.

Tracker mortgages gained popularity, primarily following the arrival of Bank of Scotland into the Irish market in the late 1990’s. Their launch was driven by an aggressive pricing policy, the ultimate aim of which was to gain instant market share and which was underpinned with extremely attractive mortgage deals. The Irish banks, who feared losing market share to the new arrival, quickly followed hot on their heels, and rolled out their own tracker offering to house buyers.

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Quintas Quarterly Economic Review
by James McCarthy
 
James McCarthy
James McCarthy

Data on the performance of the Irish economy continues to make for grim reading. Besides well publicised statistics such as unemployment data or GDP figures, April saw the first increase in interest rates in the Eurozone in 2 years. With the outlook for inflation skewed to the upside, the ECB have begun to raise interest rates. Their main objective is an inflation target of close to 2%. Eurozone inflation for March was 2.7% year-on-year and 2.8% in April.

This is not good for Ireland. When dealing with a recession, low interest rates are welcome as in theory they lower the cost of finance for businesses to borrow to expand. What makes interest rate increases more unwelcome in Ireland’s case is the amount of personal debt that exists, in particular mortgage debt. Interest payments have been kept unnaturally low over the past two years, lessening the pain to many mortgage holders who are on variable rates. This will change if the ECB continues to raise interest rates in response to inflation.

Irish Inflation (CPI)

Source: CSO 2011


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Is it possible to outsource every part of your business?
by Mark Ryan, Director - Business Centre
 
Mark Ryan
Mark Ryan

I recently came across a book entitled ‘The 4 hour working week’ by Timothy Ferriss who had transformed his life by outsourcing every aspect of his business and personal affairs. Although I have to admit I haven’t read the whole book the theme of it was that he only spent 4 hours per week managing the service providers that he had contracted to assist him in running his business. He claimed that he now earned more money and worked fewer hours than when he was working full time including 12 hour days, 7 days per week.

This allowed him to spend the rest of his time travelling the world and challenging himself in various pursuits, some of which involved cage fighting, kickboxing, holding a tango dancing world record, playing hurling in Ireland…etc. I am sure that these methods work for Timothy and I suppose the royalties from the book help to pay some of the bills but it is definitely worth a read if you have the time to spare!


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Mandatory Filing
by Fiona Kavanagh
 
Fiona Kavanagh
Fiona Kavanagh

Mandatory electronic payments and filing, using Revenue's Online Service (ROS), is part of Revenue's strategy to establish the use of electronic channels as the normal way of conducting tax business. It is also fair to say revenue are anxious to reduce their own costs, particularly staffing costs, by using electronic filing to a greater degree.

ROS is an internet facility which provides you with a quick and secure facility to pay tax liabilities, file tax returns, access your tax details and claim repayments. The ROS facilities are available 24 hours a day, 365 days a year. You can benefit from an extension to existing deadlines for paying tax and filing returns where you both pay and file using ROS. The existing time limits have been extended to the 23rd of the month for Corporation Tax, Relevant Contracts Tax, VAT and Employer PAYE/PRSI.


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Recent News and Appointments
by Sarah O'Neill
 
Tim McCarthy, Frank Ryan, Alf Smiddy, Noel Creedon
Tim McCarthy, Frank Ryan, Alf Smiddy, Noel Creedon

Recent News

Frank Ryan, CEO of Enterprise Ireland visited Quintas office and met with the Partners and Directors of the firm - 23rd March 2011.

Quintas hosted a Junior Certificate Revision Course in Business Studies - 8th & 9th April 2011.

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Quintas held a coffee morning for Daffodil Day - 24th March 2011

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Quintas Wealth Management host a 'Get To Know Our Neighbours' coffee morning - 5th May 2011

QWM - Getting To Know The Neighbours 001

New Ireland representatives Marie Murphy and Kevin Wilson made a presentation to Quintas staff on all aspects of business protection i.e. key person insurance, partnership insurance and director insurance - 13th April 2011

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Product and Investment Opportunities

Agri Protector (Tranche II)

Follows on from the successful Tranche I offer which closed at the end of March. The Agri-Protector (Tranche II) offers clients a 97% capital guaranteed exposure to the soft commodities of Corn, Cotton and Sugar.  There are potential early redemptions every year with a 10% p.a. return available.

To view a copy of the brochure please click here.  If you would like more information on this product please contact David O'Shea or James McCarthy.

Special Offer for All Protection Cases

To view an information bulletin on income protection please click here.

To view details of the special offer which is currently available please click here

Appointments

Quintas are pleased to announce the following appointments:

Tracy O'Driscoll, Client Relationship Executive - Quintas Wealth Management

Noreen Murphy, Book Keeper, Business Centre Division

Catherine Lee, Trainee, Large Audit Division

Gary Sheehan, Trainee, SME Division

Recent Press Coverage

David O'Shea, Investment Director, recently had two articles published in the Irish Examiner.  To view these articles please click on the links below:

Irish Examiner - 160311 - Commentary on Oil Prices

Irish Examiner - 010411 - Tax Structure on Investments

Quintas Blog

To view the recent posts on the Quintas blog, please click on the links below:

Believe In Yourself, William Hogan, Partner

http://quintasgroup.wordpress.com/2011/02/23/believe-in-yourself/

When is a Bailout not a Bailout? When it is a "Sub-Prime" Loan, Eugene O'Callaghan, Partner

http://quintasgroup.wordpress.com/2011/03/02/when-is-a-bailout-not-a-bailout-when-it-is-a-sub-prime-loan/

Tax Refund Tip-Medical expenses claimed 2010?, Mark Ryan, Director

http://quintasgroup.wordpress.com/2011/03/16/tax-refund-tip-medical-expenses-claimed-2010/

Ireland, A Hot Bed of Business Ideas, William Hogan, Partner

http://quintasgroup.wordpress.com/2011/03/23/ireland-a-hot-bed-of-business-ideas/

The Simple Pleasures in Life!, Fachtna O'Mahony, Partner

http://quintasgroup.wordpress.com/2011/03/31/the-simple-pleasures-in-life/

 

 


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