19 October 2012
IN THIS ISSUE
Introduction
Recent News
Employment & Investment Incentive (EII)
Personal Insolvency Bill Explained
Quintas Quarterly Economic Review
The Cost of Equality
Give Up Your Old Currency for Special Olympics
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CONTACT
Heron House,
Blackpool Park,
Blackpool,
Cork.

tel: +353 21 4641400
fax: +353 21 4220055
web: www.quintas.ie

Recent News
by Sarah O'Neill

Quintas Buys Bank Building As Investment

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Pictured Above: Drogheda BoI Building

Quintas Wealth Management (QWM) is delighted to report the successful completion of the purchase of the Bank of Ireland in Drogheda on behalf of a group of pension clients. The property will continue to be occupied by BoI until December 2031 under its existing lease. The transaction was purchased using investor equity and bank finance, at a yield of c. 9%, roughly 40% of the peak 2006 prices. 

Commenting on the announcement, Kenny Kane, Director, Quintas Wealth Management said “With tentative signs of stabilisation in the prime commercial property market we believe there is an opportunity for investors to secure well located properties occupied under long leases, at historically low prices. Based on reasonable assumptions the BoI Drogheda transaction will repay its borrowings in under 8 years leaving the investors free to sell at that stage or alternatively drawdown a significant return on equity for the remaining term of the lease. We believe this transaction will provide strong returns for the investors over the medium to long term”.

To view press coverage click here.

Quintas Seminar for Dental Professionals

Quintas Tax department made a presentation to clients and their colleagues in the dental profession on Monday evening the 8th of October. One of the main issues covered was the recent declaration by the Revenue Commissioners that, in their opinion, they considered Associate Dentists and Dental Hygienists to be employees of the Dental practice rather than self-employed individuals.  While Revenue initially indicated applying this interpretation from 1 January 2012 they have agreed to defer until 1 January 2013.

The most significant impacts are the additional 10.75% employer PRSI and potential employment legislation. We have developed solutions that assist dentists maintain the current position, while remaining tax compliant.

The presentation also included advice in relation to maintaining profitability and increasing cash flow for practices and a review of the tax reliefs available such as Film relief and EII (Employment Investment Incentive, which is a revamped version of BES which you can read more about in Kenny Kanes article also included in this newsletter.).


Dentist Seminar 001

Pictured l-r: Sean McSweeney, Aidan Monahan, Abina Kenneally

If you would like to receive a copy of the presentation slides given at the event or if you have any queries please contact Sean McSweeney or Abina Kenneally on 021 4641400.

DTZ Sherry Fitzgerald Presentation to Quintas Clients

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Pictured Above l-r: Kenny Kane, Sheila Fitzgerald, Domhnall Mac a Bhaird, Frank Ryan

On Thursday 6th September DTZ Sherry Fitzgerald gave a presentation to Quintas clients to give an up to date view on the Irish Property Market.  The speakers at the event were; Marian Finnegan, Chief Economist, Sherry Fitzgerald Group, Sheila O'Flynn, Head of Sherry Fitzgerald, Residential, Cork and Frank Ryan, Managing Director, DTZ Sherry Fitzgerald, Cork.

To view a copy of the presentation slides please click here.

Appointment Announcements

Irish Society of Insolvency Practitioners

Two Partners of Quintas, namely Tim McCarthy & Yvonne Barry have been accepted as members to the Irish Society of Insolvency PractitionersISIP was established to enhance the knowledge and expertise of its members (who are accountants and lawyers in Ireland) who specialise in turn-around and insolvency. 

Yvonne Barry recently wrote an article for the Cork Independent on the Draft Personal Insolvency Bill. To view a copy of the article click here.

If anyone has any queries in relation to the Draft Personal Insolvency Bill don't hesitate to contact either Tim McCarthy on tim.mccarthy@quintas.ie or Yvonne Barry on yvonne.barry@quintas.ie.

Microfinance Scheme

Quintas is pleased to announce that  Yvonne Barry, Partner, has been appointed to the Board of the Government launched Microfinance Scheme.  The Microfinance Scheme which was open for business from Monday 1st October is accepting applications from businesses and sole traders who have previously been refused credit by the banks for loans up to €25,000.  Fellow board members include Geraldine Kelly, Felix O’Regan, Mary Brennan, John Kelly, Michael Tunney, Norma Smurfit, Evanne Kilmurray, Bobby Kerr & Edmund Jennings.

To view press coverage on this appointment click on the links below:

Irish Examiner - Friday 12th October 2012

Cork Independent - Thursday 11th October 2012

Irish Guide Dogs

Quintas Partner, Abina Kenneally has been appointed to the Audit and Investment Sub-Committee of the Irish Guide Dogs Association

Special Olympics

Mark Ryan, Director, Quintas has been appointed Treasurer and is a member of the Regional Committee of Special Olympics Munster.

Quintas Host Referral Partners Meeting

Yvonne Barry, Partner at Quintas is a member of Referral Partners, which is a business networking group whose mission is to bring together enthusiastic like minded business people, with the objectives of creating an opportunity for growing their businesses, through organised networking, ongoing education and training, sharing of their diverse skills and knowledge, and positively engaging with the local community. 

On Thursday the 4th October Quintas were delighted to host one of the weekly meetings for the group.  To find out more about Referral Partners click here.

High Investment Returns Secured for Quintas Wealth Management Investors

In September, Quintas Wealth Management  was delighted to report that one of its investment products, the Protected Healthcare Bond, which comprised of an investment in 15 global healthcare stocks, had achieved 'locked in' returns for the first year of the investment, averaging more than 12% for its investors. To view full details on the announcement please click here.

Finish the Year on a High!

Save up to 30% on the cost of managing your company pension scheme.  IFG Corporate Pensions are currently offering Free Evaluations so if you would like to avail of this offer please contact Nick Charalambous at ncharalambous@qwm.ie

To view further information please click here.

 8 Births & A Wedding!

Over the last number of months there have been 8 births and a Wedding.  Congrats to:

  • Jennifer Prout on her recent wedding to Alan Vaughan.
  • Nick Charalambous and his wife Vera on the birth of Millie in March.
  • Ian Walsh and his wife Collette on the birth of Emma in May.
  • Sean McSweeney and his wife Helen on the birth of James in June.
  • David O'Shea and his wife Marie on the birth of Maebh in July.
  • William Hogan and his wife Ann on the birth of Oisin in August.
  • Patrick Kearney and his wife Joanne on the birth of Patrick in September.
  • Paul O'Connell and his wife Anne Marie on the birth of Will this month.
  • Califf Delaney (IFG) and his wife Aisleen on the birth of Aaron this month.

Quintas Graduate Recruitment Programme

Interested in training to become an accountant?  If so then click here to view details on the Quintas Graduate Recruitment Programme.

New Quintas Staff Members

Quintas are delighted to announce a number of new appointments.  Tsvetanka Garry, ACCA has joined the Tax Department and is reporting to Abina Kenneally and Denis Healy joined as a Trainee Accountant in SME and is reporting to Patrick Kearney. Barry O'Driscoll joined Quintas Wealth Management and will be working with the investment team.

Quintas Blog

To view some of our recent blog posts, please click on the links below:

Junior Certificate Congrats!

We would like to extend our congratulations to all the Junior Certificate students who attended the Quintas Business Studies Revision Course in March of this year.  Very well done to all of you on your results.

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