FPM Win Best UK Tax Practice Award by WillyWoodcock


									            choosing   Which                                                         golf
            computer   Choice?                                                       competition
            accounting                                                               success
            software                                                                 pageeight


                 a quarterly newsletter from                             fpm chartered accountants
issue 20» SEPT 2008

                          FPM Win Best UK
                          Tax Practice Award
landfill gas

tax refund
for builders

five awards                                                                                        Pictured left to right, compere Gaby Logan; Paddy
for team fpm                                                                                       Harty; Ben Perry, WH- Marks sattin (sponsor) and
pagesfour&five                                                                                                   Mark Blair, sales Director LexisNexis.

seven new                           FPM Accountants         clear and specific evidence     Awards represented an             achievement in being the
appointments                        LLP, headquartered      of teamwork (rather than        outstanding achievement           first Irish firm to win the
pageseven                           in Newry with offices   individual achievement)         for TEAM FPM. He                  Accountancy Age UK
                          in Belfast, Dungannon and         and signs of how the team       congratulated especially the      Accounting Firm of the Year
                          Dundalk, recently won the         found a way to offer an         FPM Tax Department under          Award (in 2005) illustrates
                          LexisNexis Best General           exceptional service to its      the inspired leadership of        FPM’s endeavour not only to
                          uK Tax Practice Award at a        clients by adding extra value   Tax Partners Paddy Harty          meet client expectations, but
                          glittering banquet and gala       and bringing competitive        and Janette Burns.                indeed exceed client service
                          dinner held in the London         advantage to the firm or           The success in the UK          expectations.
                          Hilton, Park Lane Hotel           company.                        Taxation Awards together             On the back of their Tax
                          which attracted over 750 of          Other factors that were      with FPM’s previous               Award success, FPM added
                          the top tax professionals         considered by the Judges                                          four additional awards within
                          throughout the uK.                were:                                                             a few weeks, as highlighted
                             FPM become the first ever         • Development of                                               later in Client Matters.
                          Irish firm to win an award at     relationship with clients;                                        FPM won the People
                          the prestigious LexisNexis           • Commitment to                                                Development Award and
                          UK Taxation Awards which          professionalism and high                                          the Innovation in Industry
tax matters               have now been held for            ethical standards;                                                Award at the Greater Newry
free inside               eight consecutive years.             • Evidence of proven                                           Business Awards and then,
                          These Awards have become          success; and                                                      the Managing Talent Award
writing a                 the “Gold Standard” in
                          the UK for a tax team or
                                                               • Any innovative use of
                                                            technology or response to
                                                                                                                              and Work-Life Balance
                                                                                                                              Award together with being
uk will                   individual to have their          emerging tax challenges.                                          Highly Commended in the
pagesix                   skills and achievements              A delighted FPM                                                Cross Border Employment
                          recognised by their peers.        Managing Partner, Feargal                                         Award at The Irish News
                             The distinguished Panel        McCormack, stated the                                             Workplace & Employment
                          of Judges were looking for        success in the UK Taxation                                        Awards 2008.

                      Building and sustaining business development

                                                                                                                                   2                                 NEWS

   FPM Tax Refund for Builders
Who are and Property Developers?
   we?                                                       Many builders and property
                                                             developers are experienc-
                                                                                                                                          deductible expense in your profit and
                                                                                                                                          loss account and will undoubtedly
         FPM, established in Newry                           ing extremely difficult                                                      force you into a loss making position.
           in August 1991, is a client                       times. it is believed that                                                      The benefit of recognising a loss
 focused, euro friendly chartered                   land and property prices saw their                                                    of £1.5million in your accounts is that
          accountancy and business                  largest monthly fall last month,                                                      when you are completing your next
consultancy, partnership practice                   since 1991. Those who bought                                                          tax return this loss can be carried
     with offices in Newry, Belfast,                land in 2006 and early 2007 will                                                      back and tax you may have paid on
        Dungannon and Dundalk. A                    have paid prices often exceeding                                                      your profits in 2007 can be refunded
  member of Polaris International                   £1,000,000 an acre if the land had                                                    to you. If you are a sole trader or
        network with offices located
  throughout the world, FPM has                     planning permission or if it was           By Paddy Harty                             a partner in a partnership and you
          specialist skills in accounts             zoned for future development. The          FPM Senior Partner                         write down the value of your land by
 preparation, audit, tax planning,                  crash in the property market has                                                      £1.5million you may be entitled to a
   cross border business and tax                    now left developers with land and                                                     refund of up to £600,000. If you hold
                                                                                               on their Balance Sheets as ‘stock’.
     advice, business consultancy,                  houses which they cannot sell and                                                     your land through a development
       strategic planning, corporate                                                           Assume you bought development
                                                    large debts which they are strug-                                                     company, your company’s refund
        finance, corporate recovery,                                                           land at £3million, with a current
                                                    gling to service.                                                                     may be as high as £450,000.
          restructuring & insolvency,                                                          market value of £1.5m it is likely that
                                                        Some help may be at hand how-                                                        This refund of tax may provide
  wealth management and public                                                                 your land will have been disclosed on
       sector consultancy including                 ever as Standard Accounting Practice                                                  some short term assistance in repay-
                                                                                               your business balance sheet at cost
            economic appraisals and                 dictates that stock (in this case                                                     ing your current outstanding bank
                                                                                               of £3million. When your March 2008
                           evaluations.             land) is valued at the lower of what                                                  debts and delay any charges which
                                                                                               accounts are being prepared this
          FPM has a trusted advisor                 it cost or what it is worth at the bal-                                               may be taken against you by your
                                                                                               land must be restated at its valuation
   relationship with its clients and                ance sheet date (known as its net                                                     creditors.
                                                                                               of £1.5million because this is lower
       has an affinity with emerging                realisible value). Most developers                                                       For further information contact
                                                                                               than cost. The write down of this
        and growth companies. The                   will have their land bank recognised                                                  Paddy Harty at p.harty@fpmca.com.
                                                                                               land by £1.5million is shown as a tax
backbone of its practice is owner
   managed businesses (OMB’s)
             and small medium sized
     enterprise (SME’s) who share                   UK Mortgage Tax Relief for Self Employed Persons
     a common goal, the desire to                   With the so called credit crunch many householders              to make a loan to your business rather than you and you
  grow and be sustainable in the
                              long term.            are struggling with their mortgage payments. But                use this loan to re-pay those undrawn profits. The pay-
                                                    did you know however if you are self employed it is             ment you receive from the business is then used to clear
    FPM has won no less than 15                     possible to get tax relief on the mortgage interest that        off your mortgage and you are then left with a business
  prestigious awards since 2004,
    including, LexisNexis Best UK                   your paying.                                                    loan and not a personal loan which effectively can get you
     Tax Practice Award 2008, the                     Tax relief and mortgage interest used to be called Miras      tax relief at up to 40% on a typical £150,000 mortgage
     NI SME Business of the Year                    Mortgage Interest Relief at Source and ended many years         taken out over 15 years you would save just over £31,000
  Award 2004, Accountancy Age                       ago. However, a Sole Trader or a Partner who has an             of interest. Effectively you are reducing the cost of your
 UK Small Firm of the Year 2005                     accumulation of undrawn profits in their business in their      home by 20%.
         and The Global Excellence                  capital account can effectively get tax relief on their mort-      For further information contact FPM Senior Partner
               Quality Award NI 2006                gage. You go about this by getting your mortgage provider       Paddy Harty at p.harty@fpmca.com.
  The practice has eight partners
           and now employs seventy
            people and has achieved
 average annual growth since its
      inception of 25% per annum.                   Undisclosed Monies In Ireland?
                                                             The       irish       Revenue                                                   Persons who have tax issues relat-
                                                             Commissioners          recently                                              ing to monies on deposit and who wish
                                                             announced a voluntary dis-                                                   to avail of the opportunity to make a
                                                             closure deadline for undis-                                                  voluntary disclosure will receive the
                                                    closed income or funds held in                                                        following benefits:
                                                    irish bank, building society or other                                                    • The penalty for underpaid tax will
      CONTACT iNFORMATiON                           accounts.                                                                             be substantially mitigated;
           FPM Accountants LLP                         FPM Chartered Accountants have a                                                      • Their name and settlement amount
                   Newry Office:                    specialist team in place that have the                                                will not be published by Revenue in
      Dromalane Mill, The Quays,                    relevant experience and expertise to                                                  the quarterly list of tax defaulters in
      Newry, Co Down BT35 8QS                       assist individuals who need to make a                                                 Iris Oifigiúil;
              Tel: 028 302 61010
                                                    disclosure and have previously assist-     By Bernie Smyth                               • Revenue will not initiate an investi-
                                                    ed many individuals and companies          Senior Tax Manager, FPM                    gation with a view to prosecution.
                     Belfast Office:                who successfully availed of Revenue                                                      Taxpayers who are already under
           1-3 Arthur Street, Belfast
                           BT1 4GA                  Amnesties, in both Ireland and UK.                                                    enquiry or who failed to disclose these
                Tel: 028 9024 3131                     What is happening?                      is on money which was undeclared for       accounts in a previous investigation
                                                       Under recently introduced regula-       tax purposes, not money which was          are precluded from making a qualifying
            Dungannon Office:                       tions, Irish banks and other financial     already taxed correctly.                   disclosure.
  25 Georges Street, Dungannon                      institutions are required to provide          What should i do and when should           Persons who failed to come forward
           Co Tyrone BT70 1BT                       Revenue with details of the names and      i do it?                                   under previous Revenue initiatives,
            Tel: 028 877 50 400                     addresses of account holders where            Taxpayers have until 15 September       e.g. Bogus Non Residents/ Offshore
                                                    interest in excess of €635 was paid.       2008 to submit a notice of intention to    Assets/ Single Premium Insurance
                 Dundalk Office:                                                               make a voluntary disclosure under this
                 FPM Partnership                       Who will it affect?                                                                Policies, are encouraged by Revenue
                                                       The initial focus is on taxpayers who   initiative.                                to come forward under this initiative
      Block 5, Quayside Business                                                                  Revenue announced on 4 June
         Park, Dundalk, Co Louth                    had €100,000 or more in aggregate in                                                  but will not benefit from non-publica-
                Tel: 042 93 88898                   these accounts, which included funds       2008 that a full disclosure with all due   tion. Such persons will be entitled to
                                                    not previously declared for tax, at any    tax, interest and penalties must be        mitigation of penalties for co-operation
      Website: www.fpmca.com                                                                   made by 15 January 2009.
        email: info@fpmca.com                       time between 1 January 2005 and 31                                                    and are unlikely to be prosecuted.
        FPM Accountants LLP and FPM Partnership     December 2007.                                What are the benefits of making a          For further information contact Bernie
                       are part of the FPM Group.
                                                       Revenue emphasise that the focus        voluntary disclosure?                      Smyth at b.smyth@fpmca.com.
        All details and tax data correct at time
        of going to press. FPM cannot be held
      responsible for any errors, omissions or
       action taken as a result of the enclosed
 information. FPM always recommend that you
    seek professional advice and consultation.
                                                              advice           that’s          just     a    click        away...             fpmca.com

                                                                                                                                          IN BRIEF...
    EDINA’S                                                                                                                               Seamas
    First                                                                                                                                 Passes
    Landfill Gas                                                                                                                          Exams
    In N Ireland
                                                                               Left to right - Philip Pollock (General Manager
                                                                           edina Manufacturing Ltd), Tim Colhoun FPM, Colin
                                                                           McKibbin (edina Manufacturing), Paddy Harty FPM

              FPM       client    edina            With the development of Quinn           install, test and commission a
              Manufacturing     Limited          Environmental, the Quinn Group            new landfill gas utilisation plant
              based at Lissue industrial         developed a highly controlled waste       including containerised 537kWe
     estate, Lisburn have recently               and disposal facility in Lisbane, Co      landfill gas generator, containerised
     completed a contract to supply              Armagh. Edina Manufacturing was           blower station and flare, 415V /
     its first landfill gas generator in         awarded the contract to supply a          11kW step up transformer and 11kV
                                                                                                                                          FPM senior Manager,
     N ireland to one of ireland’s most          537kWe Landfill Gas Generator.            switchgear at the Lisbane landfill             seamas Keating recently
     successful companies, the Quinn               The project involved a full turn-       site, Tandragee, Northern Ireland.             became one of only three
     Group.                                      key installation to design, supply,                                                      Northern ireland people
                                                                                                                                          to pass the uK insolvency
                                                                                                                                          exams with the Joint
                                                                                                                                          insolvency examination

DB McLarnon Gain ISO Accreditation                                                                                                        Board.
                                                                                                                                             Seamas recently travelled to
                                                                                                                                          London to be presented with
       FPM client DB                   the prestigious isO 9001      family business is involved in    game”.                             his Membership Certificate for
       McLarnon      Fire              – 2000 accreditation for      the supply and maintenance           “Throughout the process         R3 Association of Business
       Protection Agency               quality standards by          of fire protection equipment,     we received advice on best         Recovery Professionals.
have become one of only                the British standards         training in the proper use        practice and procedures               Seamas works in the FPM
                                                                                                                                          Corporate Recovery and
a handful of companies                 institute.                    of fire-fighting equipment        from our business advisers         Restructuring Division, along-
in their industry to gain                The long established        and the supply of health and      FPM and we are delighted to        side Director Alison Burnside.
                                                                     safety signage.                   have our quality standards
                                                                        Proprietor        Brendan      recognised       by     BSI
                                                                     McLarnon        noted    “We      Management Systems”                The Irish News
                                                                     supply equipment to many
                                                                     different industries, local
                                                                                                          BSI’s Jonathan McKinley,
                                                                                                       presenting the certificate
                                                                                                                                          / FPM Business
                                                                     government,         hospitals,    to Brendan McLarnon said           Seminar Series
                                                                     education       departments,      “I am delighted to see a           Following the success of
                                                                     library boards, schools,          company fully committed            last year’s Irish News / FPM
                                                                     hotels, factories, churches       to the quality process. The        Business Seminar Series
                                                                     and so on. We recognised          fire protection industry           it is planned to organise a
                                                                     that our customers were           is not one that achieves           further three seminars at four
                                                                     beginning to seek better          many quality applications,         venues in Dundalk, Newry,
                                                                     quality service and so we         but we were impressed              Dungannon and Belfast on
                                                                     began an implementation           by      the     commitment         three consecutive weeks in
                                                                                                                                          October commencing Tuesday
                                                                     of internal quality control       and      determination   of        7 October 2008. The Dundalk
                                                                     procedures in a bid to            the proprietors to gain            and Newry seminars will
 DB McLarnon team celebrate their success with FPM staff.            keep one step ahead of the        accreditation.”                    be held on Tuesdays and
                                                                                                                                          the Dungannon and Belfast
                                                                                                                                          seminars will be held on
                                                                                                                                          Wednesdays commencing on
Students Be Debt Aware!!                                                                                                                  8 October 2008.
                                                                                                                                          Seminar topics will be:
         As students celebrate their           problem arises when students have               In addition to this, bankruptcy may        1. Credit Crunch- Tips for
         successes and prepare for             significant unsecured debts over and         well restrict the type of career the stu-     Surviving the Credit Crunch,
                                                                                                                                          and Cashflow Management.
         university it’s important             above these and believe that one way         dent is able to pursue. They will have to     2. Tax Tips and Tax Planning
that they get their finances in order          of avoiding repaying all these debts is      declare for a number of years that they       re Cross Border Business.
quickly.                                       to adjudicate themselves bankrupt. To        were a bankrupt and it will affect their      3. Enhancing Profitability.
   For many students this will be the          try and clear your debts in this way is a    ability to obtain credit for such things as   Further details concerning the
first time when they will be living away       myth! Firstly, regulated student loans       a mobile phone, car or mortgage.              business seminars series will
from home and will have to budget              are not written off in bankruptcy and           Mum and Dad should always be               be issued shortly.
for rent, food, utilities, course materi-      many of the other debts may carry a          careful when giving and signing guar-
als, clothes and socialising. Colleges         personal guarantee from parents or           antees, seek legal advice if you are not
and student unions will be there to            other family members ie rent/utilities..     sure about what you are being asked           New Dundalk
help claim any available bursaries but
there will likely still remain a significant
                                               Therefore in bankruptcy, the loans,
                                               which may comprise of credit cards,
                                                                                            to sign, put a cap on the level at which
                                                                                            you are prepared to guarantee up              Office
amount of debt – currently over 50%            store cards, mobile phones or rent may       to. For students, remember that while         FPM have moved to a new
of all graduates leave university with         have been guaranteed by their parents        these may be the best days of your life,      state-of-the art Dundalk office
debts over £10,000.                            when credit was first requested several      be debt aware and don’t incur debts           located at FPM Suite, Block
                                                                                                                                          5, Quayside Business Park,
   Regulated student loans re living           years before, but now in bankruptcy          that you may well be repaying well into       Dundalk, Co. Louth.
and tuition fees are automatically             become payable by whoever guar-              your 30s!!                                    The telephone and fax
repaid when the student starts work-           anteed the debt. Therefore, while the           For further details contact: Alison        numbers remain the same.
ing and earns more than £15,000 per            student doesn’t have to repay the debts      Burnside at: a.burnside@fpmca.com
annum as part of the Paye system. The          those around them may well have to!!
                                                                                                                                            We do appreciate
             advice               that’s       just      a    click       away...               fpmca.com                                      Referrals

FIvES                                                                           4                            AWARD
                                                     From Tea

                                             Team FPM celebrate their succe                                                  in indu
                                             Tax Director Brian Keegan, siobh in London. Pictured left to right are: iCAi    Northe
                                             Trainor, Paddy Harty, Anne Roon an McCreesh, Feargal McCormack, Ailish
                                             McParland and David Carr.       ey, Janette Burns, Niamh Higgi
                                                                                                            ns, Dearbhail

                                                              FPM’s success in winning the Managing Talent
                                                              Award and the Work Life Balance Award at
                                                              the prestigious irish News Workplace and
                                                        employment Awards 2008 climaxed a phenomenal three
                                                        month period for FPM when they won five business

                                                          In May, FPM achieved a major UK success when they
                                                        became the first Irish practice to win the UK General Tax
                                                        Practice of the Year Award at the LexusNexis 2008 Tax
                                                        Awards in London. FPM also won the Excellence in People
                                                        Development Award and the Innovation in Industry Award at
                                                        the Greater Newry Business Awards 2008.

                                                           In winning the Excellence in People Development Award,
                                                        it was recognised that learning and development are
                                                        embedded in the FPM business planning process. In simple
                                                        terms, FPM believe that “none of us are as smart as all of

                                                                                                           sir Reg empey
                                                Team FPM celebrate at the irish News Awards with Minister from left are:     Gary C
                                                MLA and irish News Business editor, Gary McDonald. Pictured Reg empey,       Manag
                                                Anne Rooney, Ruairi Martin, Teresa Campbell, Bernie smyth, sir
                                                Feargal McCormack, Brenda O'Hare, Alison Burnside, Tim Colhoun,
                                                Burns and Gary McDonald.

        advice   that’s   just   a   click   away...                fpmca.com

     SUCCESS                                       5

am FPM...                                                                                                                              Uk BesT general
                                                                                                                                   Tax PracTice award

                                                                                                                                         innoVaTion in
                      the innovation               Team FPM accept excellence in                                                       indUsTrY award
al McCormack receives ry Mcentee,
                    Ger                            Hatch and Brian Doran of south People Development Award from Arnold
ustry Award from Mr                                                                 ern
                                                   from left; Rachael stanfield, Mary Regional College (sponsor). Pictured
ern Bank (sponsor).                                Tim Colhoun, Michelle Hawkins, Keenan, Mary McKinley, Angela Carragher,
                                                   sweeney, Danielle Hillen, Miche Arnold Hatch, Feargal McCormack, Connor
                                                                                   lle Rice and Brian Doran.

   us” and adopts a shared responsibility approach                FPM Managing Partner Feargal McCormack
   throughout the organisation reflected in the                stated “these award successes don’t happen
   concept of “TEAM FPM”, that is, “working together           because of any individual, but recognise our
   everybody achieves more”.                                   shared responsibility commitment to creativity
                                                               and thinking outside the box in order to achieve
     In being presented with the Innovation in                 continuous improvement and provide leading
   Industry Award, it was recognised that FPM                  edge advice”. He added “FPM recognise that it’s
   endeavours to differentiate itself from its                 most important resource is the intellectual capital,
   competitors by creating a competitive edge and              attitude, passion and commitment of the people
   establishing a brand and proactive trusted advisory         who work in the firm. Teamwork and inspiring a                      PeoPle deVeloPMenT
   reputation for innovation and organisational                positive attitude, have been pivotal to the success                              award
   excellence, where the emphasis is on teamwork,              of FPM”.
   adding value and getting the client service right.
                                                                  The firm which has offices in Newry, Belfast,
                                                                         Dungannon and Dundalk employs 70
  “Working together                                                      staff and seeks to attract, develop and
                                                                         reward the very best talent to ensure its
  everybody achieves more”                                               business and its clients’ future success.

                                                                                                                               Managing TalenT award

Crawford of Royal Mail (sponsor),
ging Talent Award to Feargal McCo presents the
                                  rmack.                  John D'Arcy of KPMG (sponsor) presents the Work
                                                          Life Balance Award to Feargal McCormack.
                                                                                                                              work life Balance award

                                              advice   that’s          just        a    click         away...                fpmca.com

                                             Which                                                                     6                         ADvICE
         IN BRIEF...                         Choice?                                                   Choosing a
                                               By Frank Shield
                                               Director FPM

                                                “Most businesses now have         2. in-house Web-based provider             website to process orders. Costs
                                                their records computerised.          Having decided the level of com-        should not be the sole factor that you
                                                Choosing the right account-       plexity you next need to decide            consider when deciding to buy an
                                                ing package is a difficult        whether you want to run your               accountancy package.
 Sister Michele                        choice particularly as there are so
                                       many packages on the market.
                                                                                  accounting functions in-house or over
                                                                                  the internet using a web based provid-
                                                                                                                             4. Cost
                                                                                                                                At the lower level a very basic
        Bursary                            Price and functionality varies so      er. There are advantages and disad-        package will cost you £250 however,
        The Rooney Alumni, com-        much as to make objective compari-         vantages either way. An on-line solu-      this is unlikely to meet all of your
  prising former Rooney Fellows        sons very difficult without spending a     tion will involve a recurring a monthly    needs. It is very important as well to
   selected as students from the       lot of time. Some of the factors that      fee whereas an in-house solution           remember the role of training as the
      Southern Regional College        need to be taken into consideration        will be a one off purchase price with      training is vital for the staff that will
   to spend a year in Pittsburgh,      when computerising your business are       annual licence and up-grade fees.          be using the system on a day to day
       recently announced a new        as follows:                                3. Business emphasis                       basis.
Sister Michele O’Leary Bursary         1. What level of complexity do you            When choosing an accountant             5. Training
      in honour of Sister Michele      require?                                   package bear in mind business                 Be aware that the training costs on
     O’Leary, a former President           At a basic level you need to decide    expansion and include in the deci-         an accountancy package quite often
         of the Ireland Institute of   if you just want something to replace      sion the level of complexity in the        exceed the costs of the software itself.
                        Pittsburgh.    the cash book and handle receipts          software that may be needed in the         Far too often businesses have the
    Sadly Sister Michele passed        and payments or to help you to             median term. Think where the busi-         computer software, but do not know
        away a few years ago but       prepare your VAT returns. You may          ness will be in 2 years time, will it be   how to utilise it.
   the Rooney Alumni wanted to         decide that you also need a highly         going through rapid growth or change          For further information contact
     acknowledge Sister Michele        sophisticated system to handle stock       in direction, will the volume levels       Frank Shields at f.shields@fpmca.
 for her phenomenal leadership         control, job costing and which will        be increased or will you want to be        com.
      and support to the Rooney        integrate with the website.                able to connect your products to your
Fellowship and for empowering
 them to reach higher than they
        ever could have reached.
    The Bursary will be awarded
     to a student from the Newry
                                       Writing a UK Will...                                                                  the first £125,000 of the estate and a
                                                                                                                             third of the balance.
                                                                                                                                If you have no children but there
         Campus of the Southern                if you have not written a          furniture, books, tools and private
                                                                                                                             are surviving members of your family,
   Regional College who is con-                Will your assets may not           motor cars. It is important to know that
                                                                                                                             for example parents or brothers of
tinuing study at University. The               necessarily pass directly to       the family home may not necessarily
                                                                                                                             sisters, your spouse would receive
   Rooney Alumni also launched                 your surviving spouse. Your        pass to the surviving spouse if there is
                                                                                                                             any personal possessions and the
     a high quality Sister Michele     estate will be distributed under the       no Will in place.
                                                                                                                             first £200,000 of the residuary estate.
       O’Leary Memorial Booklet.       Rules of intestacy.                           If you are married with one child,
                                                                                                                             The balance of your estate would be
                                          Testacy is the situation where some-    the surviving spouse would receive
                                                                                                                             split equally between the surviving
                                       one dies without a Will. The amount        your personal possessions, the first
                                                                                                                             members of your family and the
                                       of your estate which will pass to your     £125,000 of the estate and the balance
                                                                                                                             surviving spouse.
                                       spouse will vary depending on whether      would be split equally between the
                                                                                                                                So, for peace of mind it is essential
                                       you have children and also on whether      surviving spouse and the surviving
                                                                                                                             to have a Will in place before you die.
                                       you have any other surviving family.       child.
                                                                                                                                For further details contact FPM Tax
                                          If you have children, your spouse          If you are married with two or more
                                                                                                                             Director Anne Rooney at: ap.rooney@
                                       will receive your personal possessions.    children, your surviving spouse will
                                       Such items would typically be jewellery,   receive your personal possessions,

                                                                                    Newry City Marathon
         CBE For                                                                    Pictured are the FPM Team who
                                                                                    entered the inaugural Newry City
                                                                                                                              much time to look at the scenery.
                                                                                                                              Conditions were extremely hot with
      Dan Rooney                                                                    Marathon that was run on Bank
                                                                                    Holiday Monday 26 May 2008.
                                                                                                                              a stiff wind blowing, and while this
                                                                                                                              was great for the spectators, it was
         Her Majesty the Queen                                                         Those who ran were Connor              not ideal for the runners. All of Team
 recently announced the award                                                       Sweeney, David Carr, Tim Colhoun,         FPM completed the event with vary-
     of an honorary CBE to Dan                                                      Rachael Stanfield, Sinead Higgins,        ing times and all are looking forward
Rooney, President of Pittsburgh                                                     Orlagh Brannigan, Ciara Hardy,            to the next event!
   Steelers and Joint Chairman                                                      Mary     McKinley
         of the Newry Pittsburgh                                                    and Ruairi Martin.
    Partnership in recognition of                                                   Anna Sosin also
  his exceptional contribution to
    Peace and Reconciliation in
                                       King of the                                  ran but is not pic-
Northern Ireland. Dan recently
 visited the FPM Newry offices,
                                       Mountains...                                    The event was
                                                                                    run over a pic-
                                                                                    turesque course
 where there is a meeting room         FPM senior Partner, Paddy Harty
                                       presents Colin Robinson, stamullen           between Newry
            named in his honour.                                                    and Poyntzpass,
                                       Club, with the FPM sponsored King of
                                       the Mountains competition Jersey, which      but the runners
                                       he won recently in the very successful       did    not   have
   We do appreciate                    Newry Wheelers 3-Day Cycle race.

                                                 advice          that’s           just     a   click        away...             fpmca.com

& NEWS                                            7
Running Your Own Business...                                                                                                                  IN BRIEF...
          Running your own business                                                            assassins and the world is full of             UK Tax Free
          is the greatest game in
          town, but, you should be
                                                                                               talented people who have failed.
                                                                                                  Confidence is the force which               Payments to
          conscious that it is risky.
   Business is all about people and
                                                                                               propels you towards your goal,
                                                                                               without confidence you will lack the
relationships. Persistence beats                                                               knowledge that you can actually                Why not pay employees who
Resistance. You must get up and get                                                            achieve your goal and not just dream           are parents partly with childcare
                                                                                                                                              vouchers which they can use to
up again and keep going. I believe                                                             about it. Belief is what creates the
                                                                                                                                              fund nursery and after school
that an entrepreneur is a person who                                                           expectation of success.                        care. The first £243.00 a month
has a vision to see the future and the                                                            Keep focussed on encouraging                paid as childcare vouchers to
passion to make it happen.                         By Feargal McCormack                        the customer to come back and the              an employee is free from both
   In most businesses the two most                 FPM Managing Partner                        basics: market need, controlling costs,        tax and national insurance
important assets are off the balance                                                           low overheads and watch the pennies,           costs. The vouchers must be
sheet, that is the business clients and            be a commitment to life long learning       that is tight cash flow controls and           offered to all staff and must
customers and secondly the people                  and personal development.                   avoid overtrading.                             be paid to a registered child
                                                      I also believe that you must be                                                         minder.
who work in the business and it’s also                                                            Complete commitment is the only
                                                                                                                                                 Why not also supply employ-
important to appreciate it is in this              prepared to change with changing            way to achieve success, it sustains            ees with tax free mobile phones.
order, customers first and people who              circumstances. There are no                 you when you feel like quitting and            Remember to make sure that the
work in the business second.                       shortcuts. I firmly believe that with       rewards you when you succeed. In               employer owns the phone and
   It is necessary to concentrate on               the will you can almost do everything,      order to have commitment to your               takes out the contract with the
what you are good at and get help                  without the will you can do nothing.        goals you must develop inherent                phone provider.
where you are weak. In terms of                    You must recognise that your staff          persistance for your business to grow             Also, it is important to remem-
continuous improvement, there must                 can be your ambassadors or your             and succeed.                                   ber that only one mobile phone is
                                                                                                                                              allowed for each employee. If you
                                                                                                                                              have any long serving employees
                                                                                                                                              who have been with the business
NI Innovation voucher Scheme...                                                                                                               for more than 20 years, you can
                                                                                                                                              recognise their loyalty with a tax
small businesses in the North are to               at up to £4,000 which they can redeem        the vouchers are universities, further        free bonus worth up to £50.00
be given vouchers to help them fund                against the cost of practical advice and     education colleges and publicly funded        for every year of service. The
                                                                                                                                              gift must not be cash or vouchers
their efforts to grow and boost their              expertise on specific projects from a        research bodies covering a range of
                                                                                                                                              but can be any tangible asset, for
exports under a new scheme. invest                 range of knowledge providers any-            technical and business areas. The             example a widescreen television
Ni is providing the money to enable                where on the island of Ireland.              scheme will give the small firms access       or for example a holiday. You can
them to partner with research cen-                    The £900,000 set aside for the            to the expertise of 38 seats of knowl-        make a gift to an employee every
tres of excellence to access practi-               scheme – over three years – is being         edge.                                         10 years but not more frequently.
cal advice and support.                            provided through the £90m Innovation            For further information contact Ruairi        For further information contact
   From June 1 small businesses can                Fund announced in January.                   Martin at r.martin@fpmca.com.                 FPM Tax Manager Ailish Treanor
apply for ‘Innovation Vouchers’ valued                The knowledge providers accepting                                                       at a.treanor@fpmca.com.

                                                                                                                                              RoI Innovation
                                Danny Hughes from
                                Saval joins the FPM Audit                                                                                     voucher
                                and Accounts department
                                with specific responsibility                                                                                  Scheme
                                for the growing business                                                                                      The objective of the innovation
                                sector. An accomplished                                                                                       Voucher scheme is to build
                                Gaelic footballer starring                                                                                    links between ireland’s public
                                with Down in the recent                                                                                       knowledge providers and small
                                All-Ireland Senior Football                                                                                   businesses and to create a
                                Championship, A qualified                                                                                     cultural shift in the small busi-
                                Chartered Accountant,                                                                                         ness community’s approach to
                                Danny has considerable                                                                                        innovation.
                                business experience.                                                                                             All Small companies (except
                                                                          Gary Digney from Saval joins       Bernice Quinn from               small enterprises in the transpor-
                                                                          the FPM Corporate Finance          Newtownhamilton joins the        tation and agricultural sectors) are
                                                                                                                                              eligible for an innovation voucher.
   7 New Staff                                                            department from BDO Stoy
                                                                          Hayward. A qualified Chartered
                                                                                                             FPM Accounts and Book-
                                                                                                             keeping division, having
                                                                                                             previously gained significant
                                                                                                                                              The company does not therefore
                                                                                                                                              have to be an Enterprise Ireland
                                                                          Accountant Gary has previous
                                                                          corporate finance and internal     industry experience. Bernice     client to qualify.
                                                                          audit experience and will be       has considerable expertise in       If your company wishes to
                                                                          based in the FPM Belfast office.   SAGE and PAYE.                   explore a business problem or
                                                                                                                                              opportunity, you can apply for an
                                                                                                                                              innovation voucher worth €5,000.
                                                                                                                                              The voucher can be exchanged
                                                                                                                                              for advice and expertise from
                                                                                                                                              accredited knowledge providers.
                                                                                                                                              To be successful in your applica-
                                                                                                                                              tion, your project must require an
                                                                                                                                              innovative solution, provide addi-
                                                                                                                                              tional value to your company and
                                                                                                                                              have on going benefits.
                                                                                                                                                 In 2007 a total of 428 vouch-
                                                                                                                                              ers were awarded to small
                                                                                                                                              enterprises by Enterprise Ireland.
                                                                                                                                              There are a total of 28 accred-
                                                                                                                                              ited knowledge providers in the
Judith shields from Newry              David Cranley from Killowen        Helen Hanna from Dungannon         Bronagh Quinn from Kilkeel
                                                                          joins the FPM Recovery and                                          Republic of Ireland and a further
joins the FPM Accounts and             joins the FPM Accounts and                                            joins the FPM Administration
                                                                          Restructuring division and is                                       10 in Northern Ireland. In col-
Book-keeping department                Book-keeping division. Following                                      Team. Bronagh who has
                                                                          based in the FPM Dungannon                                          laboration with Invest Northern
from University. Judith is on          a career in financial services                                        a Degree in Business
                                                                          office. Helen brings with her                                       Ireland, Enterprise Ireland voucher
an Accounting Technician               and fund management in Dublin,     considerable commercial            and Finance has previous
                                                                                                                                              holders can now access the 10
training contract with FPM             David has decided to pursue a      experience from previous           administration experience from
                                                                                                                                              Knowledge providers in Northern
                                       career in accountancy.             employment.                        working in Legal Practices.
                                                                                                                                                 For further information contact
                                                                                                                                              Michael Farrell at m.farrell@
             advice               that’s           just        a   click       away...               fpmca.com                                fpmca.com.

                                                                                                                           8 JUvENILE GOLF

                                       Pictured from left with the prizewinners in the Don Patterson Open Juvenile Golf Competition are:
                                       Feargal McCormack, Paddy Martin, Warrenpoint Captain Gerry sands, Don Patterson, Lady Captain
                                       Angela Mcshane and Paddy Harty.

                                          Inaugural Don Patterson Open
                                            Juvenile Golf Competition -
                                            A Fantastic Success...
                                               The inaugural Don Patterson              with young Warrenpoint star Katie McKee
                                               Open Juvenile Golf Competition           being a close second on 39 strokes.
                                               held at Warrenpoint Golf Club
                                               on Thursday 14 August 2008                 Local boy, Ruairi McCormack, aged 8
                                       was acclaimed as a fantastic success             years won the Don Patterson Special Prize
                                       by all involved. The competition which           (selected by Don) with a very creditable
                                       was sponsored by FPM was fortunate               34 strokes in the boys U-9 competition.
                                       to enjoy good weather and amazingly              Runner up prizes in the Don Patterson
                                       attracted upwards of 140 competitors             special prize were presented to Manx
                                       from across the island of ireland. The           Kennedy age 7 from Clontarf and Ellie
                                       quality of the golf as reflected in the          Richmond age 7, Castlerock.
                                       results was exceptional.
                                                                                          Parallel to the Golf Competitions, Junior
                                          The boys Under-13 competition which           Golf Ireland under the direction of Gary
                                       was played over the first 9 holes was won        Laverty and Denise Henry and supported
                                       by Jake Whelan of Slade Valley Golf Club,        by golf coaches Kevin McGivern and Nigel
                                       Dublin with a great score of 34 representing     Shaw provided free golf coaching sessions.
                                       one under par. A close second was Stefan
                                       Greenberg from Tandragee with 35 stokes.           The Captain of Warrenpoint Golf
                                       The Girls U-13 competition which was             Club Mr. Gerry Sands and the Lady
                                       played over the back 9 was won by Ruth           Captain of Warrenpoint Golf Club Mrs.
                                       Hewlett from Kirkstown, with 42 strokes          Angela McShane presented prizes at the
                                       whilst the runner up was Judith Connolly         competition and were fulsome in their
                                       from Portadown with 53 shots.                    praise of the competitors who travelled all
                                                                                        over Ireland to compete.
                                         The boys Under-11 competition which
                                       was played over the back 9 holes was
                                       won by Patrick Jordan of Lurgan with a
                                       magnificent gross score of three under
                                       par 32 strokes. The runner up in this
                                       competition also with a very good score
                                       was Adam McCormick from Comber with
                                       35 strokes. The girls’ Under-11 competition
                                       was also played over the back 9 holes
                                       and was won by Eleanor Metcalfe from
                                       Laytown, Bettystown with 48 strokes, whilst
                                       the runner up was Bethany Thornbury from            Each competitor participating in the
                                       Tandragee with 57 shots.                         competition received a signed Certificate
                                                                                        from Don Patterson.
                                          The boys Under-9 competition which was
                                       played over the opening 6 holes was won             Special presentations were made to
                                       by Reece McKeown from Lisburn with a             Don Patterson to honour his association
                                       very impressive 30 strokes. Tadhg Griffin        with the competition and his enormous
                                       from Carlow, the runner-up, also had 30          contribution of 50 years commitment to
                                       strokes for the 6 holes but was defeated on      promoting Juvenile golf in Warrenpoint
                                       the back 3 holes.                                and indeed Ireland. Paddy Martin the
                                          The girls Under-9 competition which           Juvenile Convenor at Warrenpoint Golf Club
                                       was played over 6 holes commencing on            also received a presentation for his work
                                       the 10th tee was eventually won by Ciara         in assisting with the organisation of the
                                       Richmond from Castlerock with 37 strokes         competition.

              designed & printed by

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