3 October 2014
Quintas Quarterly Newsletter
Retirement Planning
Funding for SMEs - Whats available
Current Vacancies
7 tips to get the right Life Insurance
Tax Implications on Debt Writedown
Diesel Rebate Scheme (DRS)
EII - What is it? Old BES v's New EII
Recent News
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Quintas Quarterly Newsletter
by Tim McCarthy

Welcome to the latest issue of the Quintas Newsletter. 

I hope that similarly to Quintas you will all have noticed a pick-up in pace over recent weeks.   Everyone is knuckling down to make sure the final quarter makes a good impact in the overall performance of their businesses for 2014. 

A lot of the tough decision making and rationalisation programmes that companies have put in place over the last four years has stood well to their existence and survival and now they are positioned well to take advantage of the moderate but positive upturn in the economy.

In this Newsletter we've a real selection of topics covered including, retirement planning, funding for SMEs, tips on getting the right life insurance, taxation on debt write-down, EII and details on the diesel rebate scheme. I hope you'll find some of the topics of interest to you and your business and if you'd like to discuss any of the items in more detail do give us a call.

I wish you all the best for the remainder of the year and I'd like to sincerely thank you for taking the time to have a browse through the Newsletter.

Retirement Planning
by Fachtna O'Mahony

As people consider retirement and the later years of their lives, issues such as maintaining a standard of living, succession planning, state pension entitlements and in particular taxation tend to take centre stage in their lives and rightly so for if not then they are most likely going to lose out somewhere and not provide for the next generation as well as they could.

One often hears the phrase "you can't take it with you" which is of course stating the obvious, however when it comes to succession planning and taxation I'm more inclined to say "plan carefully or the State will take it off you"


Read more»
Funding for SMEs - Whats available
by Yvonne Barry
Do you need help bridging a financial gap for your business, but the bank has turned you down? Don’t be disheartened; there are other sources of funding that might be able to help.

As well as being a partner with Quintas I am a non-executive director of Microfinance Ireland and also the Chairperson of Cork Foundation which helps both small to medium enterprises (SMEs) find funding when banks have said no.

Microfinance Ireland (MFI) is a not-for-profit lender; established to deliver the Government’s Microenterprise Loan Fund. The fund forms part of a suite of financial schemes provided through the Department of Jobs, Enterprise and Innovation to help businesses across all industry sectors.

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Current Vacancies
by Quintas
We have a number of vacancies at present and are recruiting for the following positions:
  • Audit Senior
  • Payroll Administrator
  • Part Qualified Accountants
  • Trainee Accountants

If you or someone you know would like to find out more or apply for any of these vacancies contact Paul O'Connell at paul.oconnell@quintas.ie

7 tips to get the right Life Insurance
by Quintas Wealth Management

Here are just a few tips to make sure you get the right Life Insurance:

1 – Comparison shop online
2 – Consider features besides price.
3 – Find out what your employer offers.

4 – Purchase enough coverage.
5 – Don’t forget to adjust your coverage.
6 – Don’t cancel a policy before getting a new one.
7 – Speak to a Financial Advisor if you have questions.

Click on read more to see an extended explantion of these points.

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Tax Implications on Debt Writedown
by Dave O'Brien

New rules have come into force restricting the amount of capital losses available on disposals where there has been a debt write down.

Since 1 January 2014 new legislation aims to ensure that only the economic loss on disposals is available against capital gains in situations where there has been debt forgiveness.

Under the old rules, if you disposed of an asset for €1 million, which originally cost you €2 million (all purchased through bank finance) then you had a capital loss of €1 million which could be used against future gains. This was the case irrespective of whether the €2 million bank loan was partially forgiven by the bank.
From 2014, if your €2 million loan was written down to €1.5 million and you sold the asset for €1 million the CGT loss would only be €500,000, i.e. your economic loss.

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Diesel Rebate Scheme (DRS)
by Denis Healy

The Diesel Rebate Scheme was introduced into Ireland in late 2013 which provides for the repayment to qualifying road transport operators of part of the mineral oil tax paid on the auto-diesel purchased within the State by them for use in the course of business.  This relief applies to purchases made on or after 1st July 2013. The scheme is available to both bus and truck operators in the State.

The repayment rate is calculated in accordance with a sliding scale, whereby the maximum amount repayable will be €0.075 per litre, when that price is €1.54 per litre (incl. VAT) or over, and Nil when the price is at or below €1.23 per litre (incl. VAT). For this calculation, the average price of auto-diesel will be determined in accordance with data provided by the Central Statistics Office.

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EII - What is it? Old BES v's New EII
by Stephanie McLarnon

Employment & Investment Incentive (“EII”) scheme is one of the final remaining opportunities for individuals to claim Income Tax Relief at the Marginal Rate of 41%. While it provides Tax Relief for individual investors it also provides companies with an instant cash flow benefit. This investment scheme is designed to promote both job creation and investment in Small & Medium Size Businesses using investment capital.

Read more»
Recent News
by Sarah O'Neill

Qualified Accountants

We'd like to congratulate Quintas staff members, Gary Sheehan, Caitriona O'Connor, Valerie Leahy & Don Broderick on recently achieving their qualifications as accountants.  They are pictured above at a presentation given by Quintas Partners, William Hogan and Patrick Kearney.

Mercy Stars

Quintas were proud sponsors of the Mercy Stars event which took place on Saturday the 27th September at the Clarion Hotel.  The event was organised by the Mercy Hospital Foundation to recognise those individuals, teams, and fundraising volunteers who go the extra mile for patients and colleagues at the Mercy Hospital.

Pictured above is Derik Whyte & Aidan Crowley of Tour de Cour being presented with their award by Tim McCarthy of Quintas.

Irish Hospice Foundation Coffee Morning

On Thursday 18th September we held a coffee morning in aid of the Irish Hospice Foundation and whilst enjoying some lovely cakes raised some money for a great charity.

Debt Resolution Open Evenings

The Quintas PIP, Mark Ryan, is hosting FREE Information Evenings on debt resolution, insolvency and bankruptcy on Thursday evenings from 5.30pm to 7pm.  These open evenings offer you the opportunity to meet with Mark Ryan for a 15 minute consultation whereby he can advise you on how you can best overcome your debt worries.  If you would like to avail of this offer contact Sarah O'Neill on 021 4641400 or email soneill@quintas.ie

To hear an interview which Mark recently did with Neil Prenderville on Red FM click here.

Appointment Announcement

Quintas Wealth Management is pleased to announce the appointment of Matt Conlon as Senior Wealth Manger.  Matt has joined QWM from Allied Irish Bank where he worked as a Senior Wealth Consultant. 

Matt is a Qualified Financial Advisor and has over 20 years’ experience in Financial Services focusing on Retirement Planning, Protection and Investments.

Matts main area of responsibility will be the servicing of wealth management needs of clients based in the midlands region of Ireland.

New Arrivals

Congrats to Carol Quinn & her husand Colm on the birth of Callum

Congrats to John O'Sullivan and his wife Cathy on the birth of Michaella

Congrats to Dave O'Brien and his wife Orla on the birth of Ellie

Award Winner

l-r Donna O'Connor, presenting Anne with her award

Quintas Wealth Management was delighted to annouce that Anne O'Doherty, Senior Wealth Manager, WON the title of  Champion Sales Advisor/Consultant – Financial Services category of the Irish Sales Champion Awards which were held at the Aviva stadium in June.

The Champion Sales Advisor/Consultant award category recognises the level of skill required to successfully engage in consultative selling of Financial Services based on client individual needs. 

Congrats to Anne from all in Quintas.

Irish Cancer Society Fundraiser

Ian Walsh, Senior Wealth Manager of Quintas Wealth Management recently participated in a Friends First Golf Marathon in aid of the Irish Cancer Society. Ian and the other participants are pictured below.

Click here to view an article which appeared in Irish Broker Magazine.

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