Spring Newsletter April 2023
 
 
 
 
Introduction
by Paul O'Connell
 

Welcome to the Spring Edition of our Newsletter.

As we issue this newsletter we do so against a backdrop of growing concern in the international banking sector on the back of the collapse of 2 US Banks (Silvergate Capital Corp & Silicon Valley Bank) which was followed soon after with Credit Suisse being taken over by UBS.  Share prices in banks across the world have tumbled on the back of fears of contagion with the banking issues stemming in the main from the impact of interest rate increases in an attempt to tame inflation. Despite the understandable concerns we see this as being fundamentally different to the banking crisis of 2008 but we will continue to monitor the emerging situation.

The high rate of inflation sees no sign of abating in the short term and continues to impact businesses on a day to day basis. Monetary policy has seen interest rates increase in an attempt to tame inflation and we are currently at the point where we’re suffering on the double as the higher interest rates have yet to positively impact on inflation.   

It’s been a hectic start to 2023 in Quintas across all areas of the business as we look to support our clients.

We have a number of very interesting articles to share with you in this edition of our newsletter. Mark Ryan looks at corporate restructuring options including some early warning tools, Denis Healy brings us up to date on new changes being rolled out by the Companies Registration Office, Anne O’Doherty answers a topical question on whether it’s a good time to cash in an investment, Kevin Canning gives us an update on the EIIS Fund and Kyle Baxter takes a look at requirements for non-resident landlords.

We are also  delighted to share some updates with you from our activities in the early part of 2023 including the arrival of some new faces, the opening of our international office, our charitable initiatives and some social events attended by the team.

Finally, I would like to wish you and your loved ones a happy Easter and I hope you all get to enjoy some time off over the holiday period.

 

Paul.
 
 
 
Is now a good time to cash in my investment?
by Anne O'Doherty
 

We all expected a slightly bumpy year for investments in 2022 as markets recovered from the impact of Covid-19. What we didn’t anticipate was the invasion of Ukraine by Russia and the resulting impact on energy markets, the rapid increase in inflation, and the marked effect on the global economy. These factors all resulted in both equities and bonds ending the year in a negative fashion.

A question we were asked many times during last year was whether an investment should be cashed in to minimise losses. With the negative end to the year for equities and bonds in particular, this concern has been raised again over the past few weeks.
 
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Opening of our International Office
by Paul O'Connell
 

We are thrilled to announce the official opening of our international offices in Kochi, India!
 
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Kevin Canning - Tax Director
Quintas Capital Q1 Update
by Kevin Canning
 

Quintas Capital was launched in Q4 2022 to provide corporate finance services to clients mainly in the form of investment opportunities. The team is led by Director, Kevin Canning.

 

 
 
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PPSN to be provided on submissions to CRO
by Denis Healy
 

The Companies (Corporate Enforcement Authority) Act 2021 contains a provision requiring all Directors of Irish companies to provide their personal public service number (PPSN).

 
 
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Early Warning Tools & Corporate Restructuring Options
by Mark Ryan
 

In response to the financial challenges being faced by companies located in the State the Corporate Enforcement Authority (CEA) published an information note in January 2023. The purpose of this Information Note is to assist company directors in understanding certain aspects of the Regulations

 

 

 

 

 

 
 
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Change to Requirements for Non-Resident Landlords
by Kyle Baxter
 

Are you a Non-Resident Landlord? Do you know any Non-Resident Landlords or are you part of a partnership with one, then the following update will be incredibly important on how that rental income is declared.

 

The requirements that are previously in place regarding the collection of rent payable to non-resident landlords have changed from a should to a must. What this means for the non-resident landlord is that rather than receiving 100% of the rent themselves and then returning to Revenue, which although technically incorrect, was in previous years accepted by Revenue or at least not challenged by Revenue.

 

Non-resident landlords must now either engage the services of a collection agent or request that the tenant withholds 20% of the tax on the rent and pay that over to Revenue via an R185 Form.
 
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Updates
by Ailbhe Kilduff
 

 

 

At Quintas we celebrated International Women's day 2023 on Wednesday 8th of March by having a coffee morning. The theme of this year's campaign was Embrace Equity, an initiative which aims to close gender gaps and promote women and girls' empowerment to drive transformative change.

 

 

 

Over the last seven weeks, our Social and Charities Committee has been running a Last One Standing Competition to raise money for our Charity Partner, Good Shepherd Cork. We have had 65 entrants and all proceeds raised will go toward the running of Good Shepherd and Edel house in Cork. A big thank you to everyone who got involved!

 

 

 

Quintas attended the annual Cork Business Association Cork Business of the Year Awards, which took place on 25th of February in the Radisson Blue Hotel in Little Island. A huge congratulations to all of the nominees and winners.It was also fantastic to see three clients of Quintas recognised for their great achievements in business, Barry's of Douglas, Rare @ The Blue Haven Kinsale and IMART.

 

 

Over the past three months, we have welcomed this year's intake of interns to the Quintas team. 

Allannah O'Brien, Cathal Smith, Colm Kelly and Lauren Kearney, pictured above, have joined us from Munster Technological University. Libby Clancy, not pictured, has recently joined us from University College Cork. 

 

 

We are delighted to share that we have been short-listed for the Employer of the Year and Medium Practice of the Year awards at this year's Irish Accountancy Awards. At Quintas, our goal is to deliver our clients a best-in-class service in a work environment that provides opportunity and rewards in equal measure. Both of these nominations reflect the commitment shown by our team each day.We would like to wish all short-listed companies the best of luck and we are looking forward to seeing everyone on May 25th!

 
 
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