March 2017

2

January

In this Month’s Issue

• Message from our CEO

• New Members

• News

• Launch of Prompt Payments Code

• Disability Seminar

• Digital Marketing Tips

• Management Development Programme

• Data Protection Regulations

• Tax Update

Click on any section to start

WWW.ISME.IE

Message from our CEO

WWW.ISME.IE

Dear ISME Colleague,

We hope that Spring is proving to be a busy season for you, and that business is looking up. There is a lot happening from an ISME point of view which is of relevance to you.

The Department of Jobs and Enterprise has launched their Prompt Payment portal. ISME has campaigned on prompt payments for a long time, indeed we have advocated a statutory approach by the Department. While this voluntary code falls short of that, we are delighted that there is at least a recognition of how important it is for SMEs. We’re also delighted to see ISME Board member Eoin Fitzpatrick leading from the front, and his testimonial is there for all to see on the portal. We encourage ALL businesses to sign up, and stick to the code.

The department has also launched a full and comprehensive listing of supports available to SMEs, which you’ll find here.

At last, as we hit the month of March, the UK Government will trigger Article 50, and we can get on with the negotiation of Brexit. Hopefully this will reduce, if not remove, some of the uncertainty around the issue. If your business is affected by Brexit, please let us know as soon as possible.

There will be a busy time on the lobbying front ahead. Issues which will directly affect your business will be discussed over the coming months: Insurance, commercial water charges, commercial rates, etc. We’re also about to seek nominations for the Sean Hannick SME award this autumn. You can expect to hear from the ISME team on these and other issues.

Finally, we’re delighted that Moya Doherty has agreed to address our AGM in Croke Park on 2nd June, no doubt a great many members will be interested to hear her amazing story, from the Eurovision, to Riverdance, and RTE.

Neil NcDonnell

CEO, ISME.

ISME Welcomes the Following New

Members

WWW.ISME.IE

• Ashdown HVAC Controls Ltd.

• Ballyclough Playschool

• Cameo Products Ltd.

• Caterquip

• Carl Stewart

• City Wide Consultants & Mediators

• Comet Textile Printers Ltd.

• Curamach Strings

• East Coast Facility Services

• Ellickson Doors

• Eurobase

• Fishpond

• Jerry O'Rourke & Sonst

• Kender Bearing & Transmission Ltd.

• Magico Ltd.

• Malahide Post Office

• Michael Cahir

• Mochua Print & Design

• Murphys Bakery

• Right Solution Centre

• Ryans Arbutus Bread

• Signiatec Ltd.

• SME finance & leasing

• The Printworks Group

• Thermo Air Ireland

• Vaughan Tree Care

• Worldwide Windowframes Ltd.

NEWS

ISME INFORMATION DATABASE FOR SMEs 2017 ISME have compiled a database of supports that are available to SMEs in Ireland. In this database you will find Academic Institutions, Accelerators, Chambers, Enterprise Centers, Hubs, Networks and State Supports. See the members’ area of the ISME website to view our Database for SMEs here. ∞

MEMBERSHIP /SUBSCRIPTIONS - PLEASE PAY: Thanks to the majority of our members who pay their annual subscriptions on time. Please ensure that yours is paid to enable us to fund our work. Payments can be made by Direct Debit. Please contact the office if you need further assistance or a Direct Debit Mandate. ∞

REBUILDING IRELAND - COMMERCIAL CONSTRUCTION OPPORTUNITIES - BREAKFAST BRIEFING This event will take place in the Gibson Hotel, Dublin: 10th March 7.45am - 9.30am (registration at 7.30am). The briefing will provide an authoritative view of how the plans set out in Rebuilding Ireland will feed into a pipeline of commercial opportunities for builders, construction professions, and building products companies all over the island of Ireland – for several years. The speakers are influential participants in, and commentators on, the construction & housing sectors in Ireland – covering Social Housing, Private Housing, planning, regulation, procurement and policy. Registration is free - companies are invited to send their name, company name and contact details to laurar@envision-ni.co.uk. ∞

INTERNS FROM UCD LOCHLANN QUINN SCHOOL OF BUSINESS AVAILABLE FOR 6-WEEK SUMMER PLACEMENTS The UCD Quinn School of Business Summer Internship Programme is an internationally recognised programme that attracts applications from students in top tier universities in the United States across disciplines such as finance, accounting, marketing, public relations and business analytics. The Quinn School is currently recruiting Dublin based organisations interested in hosting unpaid interns for a 6 week placement this summer. Beginning Monday, June 19th to July 27th, students will work during office hours Monday to Thursday with Friday free for class at UCD. Further information is available by contacting the Internship Manager on quinninternships@ucd.ie or 01 716 4756 / 4826. ∞

SELL YOUR STORY - CHANGING THE WAY YOU SELL BY TELLING STORIES Wednesday, 15th March, 10:00 AM - 4:00 PM, Croke Park, Dublin Offering special rate for ISME members and guests. To avail of this price you just go to www.speakeracademy.ie , press Book Now and put in the Discount Code ISME into the promotional code and the price goes to €249 - a savings of €100 Find out more on Conference video here or Tim Sanders Invite here. ∞

PROCUREMENT Keep up to date with public procurement. ISME’s partner, Keystone Procurement Group, bring you Weekly Updates and an E-tender Report on procurement. To see the full range of creative strategic solutions available visit http://keystonepg.ie/

NEWS: ELEVATE SPRING 2017 BRIEFING SESSIONS This month, we will be holding a series of eight briefing sessions around the country inviting members of the SME community to attend. The sessions will be chaired by Conall Ó Móráin, presenter of The Sunday Business Show, Today FM and will include speakers, Paula Carney-Hoffler, Client Credit Risk & Compliance Manager, Hugh J Ward & Co Solicitors who will be discussing Debt Management; and Ross McCarthy/Donnacha Phelan from Keystone Procurement who will be providing insight and recommendations on tendering to the public sector. In addition, there will be a selection of companies who offer alternative sources of Finance to SMES who will pitch their services and will meet with those present to discuss finance options at the break and after the event. Dates and locations are listed below. 7th Feb, 10am-1pm Dundalk 7th Feb, 6pm-9pm Dublin City Centre 9th Feb, 10am-1pm Galway 9th Feb, 6pm-9pm Mullingar 15th Feb, 10am-1pm Limerick 15th Feb, 6pm-9pm Cork 22nd Feb, 10am-1pm Kilkenny 22nd Feb, 6pm-9pm West Dublin ∞ MEMBERSHIP /SUBSCRIPTIONS - PLEASE PAY: Thanks to the majority of our members who pay their annual subscriptions on time. Please ensure that yours is paid to enable us to fund our work. Payments can be made by Direct Debit. Please contact the office if you need further assistance or a Direct Debit Mandate. JOIN A TEAM THAT MAKES A DIFFERENCE We are currently recruiting new National Council members for 2017 to represent SMEs nationwide. This role is instrumental in developing and influencing policy and strategy for SMEs and you can be the voice for your area and/or business sector. To find out more please contact Neil McDonnell, CEO, email: neil@isme.ie or telephone 01 662 2755. See more here ∞ JUDGES BEGIN SEARCH FOR PARTICIPANTS IN THIRD START-UP ACADEMY The AIB Start-up Academy is a joint venture between The Irish Times and AIB to help your start-up business by providing you with information and networking opportunities. By applying below, you can win a place at the AIB Start-up Academy run by Irish Times Training, and get support for your new business from The Irish Times and AIB. A panel of judges drawn from the entrepreneurial community and from The Irish Times will decide who gets a place – there will be 10 finalists shortlisted, so spaces are scarce. One overall winner will win a marketing prize package to the value of €250,000. Apply here for your place. ∞ LOCAL ENTERPRISE OFFICE TRADING ONLINE VOUCHER WORTH €2,500 The National Digital Strategy aims to get a further 2,000 businesses trading online by the end of 2015. To this end, the Department of Communications, Energy & Natural Resources (DCENR) has launched a Trading Online Voucher Programme and has teamed up with the Local Enterprise Offices to deliver this to Irish business. For more information please see here. SELL: YOUR STORY Speaker Academy are changing the way people sell by telling stories. This is a must attend conference for Sales/Marketing Directors/Managers/Leads - Solopreneurs/CEO's of SME's. This event will be held in Croke Park on March 15th 2017 from 10am - 4pm. Early Bird €249 booking on www.speakeracademy.ie ∞

USEFUL BUSINESS VIDEOS Here are two useful business videos. There are lots out there. If you know of any that you think other ISME members would be interested in please send them to liz@isme.ie for inclusion in newsletters. Click on the images to start the video. Science of Persuasion Will it Make the Boat Go Faster Dr. Robert Cialdini. 11 mins 50 secs. Ben Hunt Davis. 3 mins 47 secs. ∞

HR ISSUES ST PATRICK’S DAY The next upcoming Public Holiday falls on Friday 17th March 2017. Full time employees have an immediate entitlement to public holiday benefits. Part-time employees must have worked at least 40 hours in the five weeks ending on the day before the public holiday to qualify for public holiday benefit. The public holiday will entitle the employee to one of the following: a) a paid day off on that day b) a paid day off within a month of that day c) an additional day of annual leave d) an additional days pay. For further information please call 01-6622755 or contact niamh@isme.ie ∞

10% DISCOUNT ON YOUR NEXT RENEWAL - ISME MEMBERSHIP REFERRAL SCHEME We all know the power of referral; this is the highest compliment we can receive. Now you can receive a 10% Discount on your next annual membership fee for each new member you introduce. Contact us at sales@isme.ie or call the sales team at (01) 662 2755 ∞

ISME BLOGS: The Year of Living Dangerously Dermot Bannon Economics One for the Road View all ISME Blogs ∞

PRESS RELEASES: ISME Greets Launch Of New Prompt Payments Code Investment In Public Services Must Take Priority High Cost Of Living Damaging Our Competitiveness ISME Calls For Legislative Action ISME Welcomes High Courts Decision To Overturn 40k In Damages Cost Of Living Impacting Employment Numbers ISME Welcomes Action Plan For Jobs 2017 View all Press Releases

NEWS

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WHERE? City West Hotel (Conference Centre), Dublin

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WHEN? 26th of April 2017 - 10am - 5pm

FREE ENTRY

ISME GREETS LAUNCH OF NEW PROMPT PAYMENTS CODE

The Department of Jobs,

Enterprises and Innovation in

association with ISME,

launched a public campaign

to promote awareness of the

‘Prompt Payment Code”.

The Minister of State for

Employment and Small

Business, Pat Breen met with

the Prompt Payment Code stakeholders (ISME, SFA, Chambers Ireland and

IBEC) to discuss the importance of paying on time.

By signing up to the Code and displaying the PPC Seal received upon

registration, businesses are sending out a clear signal to their suppliers and any

potential suppliers, that they pay their bills on time.

As part of the awareness campaign a new PPC portal has been developed

where, in addition to signing up to the code, businesses can also find

information and advice on prompt payments. Businesses can now sign up to

the code in less than two minutes.

Commenting on the launch, ISME, CEO Neil McDonnell said “ISME has been

lobbying for prompt payments for many years. Late payments are constantly

referenced by our members as a major issue, threatening the viability of

small businesses.”

ISME member, Eoin Fitzpatrick of Fitzpatrick wholesales said “Running a

business is hard enough. Having to hide from supplier’s chasing payments is

something I can do without. I get better deals from my suppliers because I am

a prompt payer. All business should pay according to the agreed payments

terms. Prompt payments does impose a discipline on a business, but it is worth

it”.

ISME encourages all its members to sign up to the portal, which can be

accessed here.

MICRO – To promote growth and employment in rural areas by leveraging under utilised EU

opportunities and promoting participation in the EU single market by Microenterprises

The idea behind MICRO is to develop and deploy Open Educational Resources (open and widely

available training content and modules) targeted at micro and craft type enterprises in rural areas to

foster their chances of growth and access to the EU single market and EU opportunities to ultimately

enhance their competitiveness.

IRL’s target group includes microenterprises and micro entrepreneurs in rural areas and farmers, who

wish to explore / develop strategies for their entry to the single EU market.

We are seeking responses to the question of ‘What are

the training needs of rural micro enterprises in Ireland?

With a view to accessing the EU single market

Are you a Rural Micro Enterprise? If so we would like to hear from you.

You can complete our online survey on

http://www.microsmetraining.eu/ or call Siobhan on 09064 82744

The National Disability Authority (NDA) would like to extend an invite to ISME members who have experience employing a person/s with a disability to attend a day seminar to share their experiences and views on developing disability-smart organisations. For further information contact Deirdre today 01-6762014 www.employerdisabilityinfo.ie

Invitation to attend NDA Disability Seminar

Topic: Developing Disability-Smart

Organisations

Your Business Needs to be Online.

For all SMEs, no matter what type of business you’re in, you really have to have an online presence – it’s not a nice addition but

a necessity. Think about how people source information and purchase products/services. * Over 85% of the population in

Ireland has broadband access, and ** Ireland has the highest penetration of phone internet users anywhere in Europe, North

America or South America. Consider when you want to book a restaurant, do you look online to see what’s in the area and

view reviews? Another example is when looking for a supplier for your business, do you go online to do research?

For many, the idea of building a website, delving into the world of social media, and writing online content is overwhelming but

fear not, here’s a simple guide for SMEs that can make their business go digital.

Planning & Strategy

Before you start, you need to decide on your key focus and targets, and this in turn this will inform your digital marketing

strategy. You need to think about what you want to achieve through your online marketing activity – is for information only; to

create or build awareness of the business; is it linked to a special event or offer with a focus on uptake? It’s important to note

that your digital strategy should reflect the overall business strategy.

Budget & Timing

Consider that while digital marketing in many ways is a cost-effective way to market, it is though, very resource and time heavy.

You need to decide on the budget you want to allocate to this activity, and this will be dependent on your digital marketing

strategy. One key question you need to consider is whether you are using a third party for digital marketing or doing it in-house

– this could mean just you. This decision will be reliant on your budget and the resources you have at your disposal.

When thinking about the budget you need to consider the cost of the website (development and maintenance); content

creation – website and social media; SEO (Search Engine Optimisation) and digital ads. The main cost is generally a human one

– a person, be it in the company or using a third party, who needs to have the sufficient skills and knowledge to be able to

manage the website, social media and other digital activity. A positive with digital versus other types of advertising, is that you

can be in control. There is the capacity to change content, budget and timing in Google Adwords and Social Media ads at any

time. Another positive is that you can measure the response immediately.

Ideally digital marketing activity should be ongoing such as website maintenance and updating content, however, it is

important to look at when you want to activate key digital marketing activity – is this scheduled around a campaign/event;

resources (in-house or third party), your business calendar or taking place on a continuous basis?

Websites

Your website is your virtual business card and at a minimum should promote what your business does, has contact information,

and its written for an audience accessing information online using different devices. The cost and creation of a website has

greatly reduced in recent years and there are many software options that can be used at a low cost; or some more elaborate

websites can be developed with extra features and increased functionality, such as client portals or online payment functions.

One thing that many forget is securing a domain name – your business name may already be taken using .ie or .com, so you

have to consider other options. For instance, you might be Smith&Co but that name is gone – so consider other alternatives

such as adding Ireland to the name, or looking at .eu, .net or .org in the domain name. Research other sites, talk to other

businesses about their websites before doing anything. Some good DIY website builders include wix.com, simplesite.com, and

*Source: CSO, 2015 ** Source: Statcounter Report, 2015

webby.com. There are many websites that provide useful tips about domain names and websites including iedr.ie and

hostingireland.ie. As an example, it took less than 10 minutes to do this basic ISME website below using simplesite.com.

Social Media

Another online platform that can promote your business and communicate to existing and potential customers, can be social

media. However not one size fits all here, not all the channels may suit your business or customers, and the way you use them

will vary. I will talk in more detail in later articles about social media but for now, here’s a quick look at some of the different

options available.

Twitter is a popular choice for many as it provides a great platform for sharing information directly at any given moment, using

up to 140-characters in the post. For business, it’s a key digital tool for directing traffic to your website.

Facebook can also be a good support for business however it needs a different approach to content and messaging to Twitter.

Facebook is primarily a broadcast site, so your focus will be in building and nurturing a community and promoting content to

them to build awareness of your brand/business. When your community starts engaging with your Facebook page, their

friends will become aware of your business because their activity on your page will show up on their friends’ News Feed.

Facebook can be a good tool around an event or campaign and tends to be more successful when strong visual content is used

– photos or video.

LinkedIn is predominantly used for business to business marketing as it’s a community of professionals – in a business mindset.

It’s core purposes are networking and recruitment however more and more this is expanding. There are two ways a business

can create a presence in LinkedIn – via a company or a group page. A LinkedIn company page helps you network and prospect

for quality sales leads, but it also establishes your business image. The group page is a micro-environment that allows you to

host a gathering of people interested in a similar topic. This is more a forum for discussion and information sharing.

Some other social media sites I’d like to mention are around video or photo sharing such as YouTube, Vimeo, Instagram and

Pininterest. These sites are often an add-on to other social media activity, for instance hosting video content on Youtube and

linking to Twitter, Facebook and LinkedIn accounts. The key here is content and this has implications on the cost and resources

to produce video and photo output.

Google+ should also be included in a social media plan for one simple reason –a Google+ Business page is immediately

indexed by Google. This means the content you post to your page can rank in search results even if your website doesn’t – key

to SEO strategy. This is huge for companies and professionals, because the websites that appear on the first page of Google,

and especially in the first few positions, get 54.8% of all clicks from users. Another reason is that there are a great deal of

resources in one single place: Hangouts, Communities, YouTube, Google Search, Gmail, Google Maps and many others. Each

of these can benefit and optimise your marketing strategy and increase your business profile.

There are other social media channels a business can use and it’s hard to keep up with them in such an evolving online space.

What is important to note is the network choice should be about what best fits the business, its customers and the digital

marketing strategy.

In future articles, I will be looking in more depth at Online Advertising, SEO, Content Marketing, Social Media, Online PR,

Measurement of online activity and tips and tools for Email Marketing.

MARKETING FOR SMES

Maeve Whooley, Chief Marketing Officer, ISME

Join us for free support and practical advice

Trading Online Regional Events

Cork - 8th March

Galway - 15th March

Dublin - 3rd April

Training on how to trade online

Q&A with local businesses who sell online

Ask the experts from Facebook, RTÉ, Amazon and more

Connect with other businesses and suppliers

Book your free place online now www.dccae.gov.ie/tradingonline

More details & further events to follow

Management Development

Training

The ISME Skillnet is funded by member companies and the Training Networks Programme, an initiative of Skillnets Ltd. funded from the National Training Fund through the Department of Education and Skills.

I was delighted with the Advance Business Programme. It allowed me to step away from the day to day of the business, interact with other business people, take stock of where the business is at and where I would like it to be. It was a very practical proactive course and I would highly recommend it to any business owner. Eibhlín Keohane Keohane Readymix

Management Development Training Every business wants to improve their bottom line. With this in mind ISME Skillnet has developed a suite of Management Development Programmes specifically designed for SMEs. Delivered by highly experienced and knowledgeable individuals, the programmes provide an understanding of and ability to implement the essential elements needed for achieving business success.

ADVANCE BUSINESS PROGRAMME This certified programme provides you with an ideal opportunity to do just this. You will develop an understanding of the key management functions and best practice and be able to use related tools and techniques immediately, becoming the driving force needed to build a strong and sustainable business. The programme will facilitate you, the owner manager to: • Take a helicopter view of your business and critically analyse it • Identify key functional areas, e.g. HR, Marketing, Finance, etc.,

for improvement • Use structured tools and techniques to implement change • Plan for continuous improvement.

Programmes starting in Cork and Dublin in November

BOOK NOW

For all your training needs contact Liz Carroll: T.: 01 – 6622755. E.: liz@isme.ie. W: www.isme.ie//training/training-courses

Management Development

Training

ESSENTIAL MANAGEMENT SKILLS Essential Management Skills is a certified programme for newly appointed managers/supervisors, or those who have yet to receive training, and who want to develop the fundamentals of management skills.

In order to grow your business you need skilled managers in place. The skills learned on the programme will help your managers to: • Be better managers, with an improved aptitude for business • Be more effective communicators in all business situations • Have a more proactive, skilled approach to doing business • Have additional skills in finance, people and profit management

“The course gave me the opportunity to enhance my organisational, communication and management skills and helped ASA Pharma PLC implement a CRM system in the most efficient way possible.” Teresa Meaney, ASA Pharma.

“The course gave Teresa a great confidence, increasing her overall knowledge of the business and building on the organisation and presentation skills. Highly recommend it.” Ann Donegan, ASA Pharma

All courses: ISME Skillnet Members €1650, Non Member: €1895. This includes 8 days training, 2 days mentoring by a highly experienced and knowledgeable SME Business Mentor.

For all your training needs contact Liz Carroll: T.: 01 – 6622755. E.: liz@isme.ie. W: www.isme.ie//training/training-courses

The ISME Skillnet is funded by member companies and the Training Networks Programme, an initiative of Skillnets Ltd. funded from the National Training Fund through the Department of Education and Skills.

The General Data Protection Regulations-Are you ready? The EU General Data Protection Regulations (GDPR) will come into force on May 25th 2018. The implementation of these new regulations will bring about the biggest reform seen in Data Protection legislation since the introduction of the Data Protection Acts 1998 & 2003. It is crucial that all companies are aware of their obligations under these new regulations and, in order to avoid significant fines upon implementation, organisations must prioritise GDPR compliance in 2017. The main changes introduced by GDPR can be summarised as follows: Increased rights for individuals: GDPR strengthens existing rights as well as introducing some new rights for individuals. Examples include the right to be forgotten (i.e. to request certain information relating to them to be erased); the right to data portability (the right to request the transfer of personal data between providers); and the right to restrict certain processing. An emphasis is also placed on greater transparency rights, stating that when data is collected the Data Subject must be provided with certain details about their rights such as the right of erasure, the right to withdraw consent, the right to complain to the Data Protection Commission, etc. Tougher Sanctions and Penalties: The new regulations provide for much tougher penalties, enabling fines of up to 4% of annual turnover or €20 Million (whichever is the greater amount) for certain breaches. Individuals will also have the right to claim compensation if they suffer “material or non-material” damage as a result of a data protection breach. New Data Breach Notification Requirements: All data protection breaches must be reported to the Data Protection Commission, without undue delay, but where possible, within 72 hours of the breach occurring, unless it can be shown that the breach is unlikely to result in a risk to the rights of the Data Subjects. Higher Consent Standards: It will be crucial to be able to show that consent for data collection and processing was given. Explicit consent must be provided for the processing of “sensitive” information (e.g. information related to health, genetic, racial and biometric data). In addition, the ability to withdraw consent must be as easy as the ability to give consent. An obligation for certain organisations to appoint Data Protection Officers: Pubic Authorities, or data controllers/processors whose core activities consist of processing operations which require “regular and systematic monitoring of data subjects on a large scale” or processing of sensitive information on a large scale, must appoint an independent Data Protection Officer (DPO). The DPO should have expert knowledge of Data Protection legislation and their primary role should be to ensure compliance with the GDPR. New obligations for Data Processors: Data processors will for the first time have specific obligations imposed on them. They must designate a DPO (if required), notify the controller without undue delay upon becoming aware of a breach, and maintain a written record of any processing activities undertaken on behalf of the controller. Data processors will also be liable for penalties, as well as claims for compensation from Data Subjects. The above provides only a summary of the fundamental changes that will occur with the implementation of GDPR in May 2018. It is crucial that all organisations make themselves aware of the changes that will apply to their own business, and work to ensure compliance well before the May 2018 deadline. For further information on GDPR please contact 01-6622755 or niamh@isme.ie

Would you like to be interviewed on air about YOUR business? Have your say on the ISME Hour

ISME Hour, Tuesdays from 8pm to 9pm, allows ISME members to reach and interact with a large audience in a relaxed, yet informative way. It is an ideal promotional opportunity for our members. Contact us LIVE during the show on Twitter with the hashtag #ISMEhour Members (and listeners generally) can interact in real time with the radio show and interviewees. A podcast is also made available 48 hours after the show is broadcast. If you would like to be interviewed about your business on the show please contact info@allcharityradio.ie

ISME TAX UP DATE

IMPORTANT TAX DATES FOR MARCH 2017

March Dividend Withholding Tax

14th Due date for payment and filing of returns of withholding tax on dividends paid

by companies in February 2017.

PAYE/PRSI

23rd Payment of PAYE/PRSI deductions for February 2017 (ROS filers).

VAT

23rd Payment of January/February 2017 VAT liability and filing of related VAT return

(ROS filers).

Corporation Tax

23rd Company year end 30th April 2017: Preliminary tax due, minimum 90% of total

liability for the year. Small companies can pay 100% of previous year’s

liability (ROS filers).

Company year end 30th June 2016: Payment of balance of corporation tax and

filing of corporation tax return (ROS filers).

Company Secretarial

28th Filing of Annual Returns dated 28th February 2017.

Corporation Tax

31st Company year end 30th September 2015: Close companies with undistributed

profits may have to make a distribution by this date to avoid surcharge.

Company year end 30th June 2016: Filing of ‘Return of third party information’

(Form 46G).

Company Secretarial

31st Company year end 30th June 2016: Final date for holding Annual General

Meeting and latest possible Annual Return date for 2017.

Income Tax

31st Deadline for claiming Separate Assessment for 2017. Deadline for Nominating

Assessable Spouse or Nominated Civil Partner for 2017.

Taxation of Maternity Benefit, Paternity Benefit, Adoptive Benefit and Health and Safety Benefit

The following benefits payable by the Department of Social Protection are chargeable to income tax.

• Maternity Benefit • Paternity Benefit • Adoptive Benefit • Health and Safety Benefit

Maternity Benefit is a payment to an employed or self-employed woman who is on maternity leave from work and who satisfies certain PRSI contribution conditions.

Paternity Benefit is a payment to an employed or self-employed person who is on paternity leave from work and covered by PRSI. It is paid in respect of births and adoptions which occur on or after 1st September 2016.

Adoptive Benefit is a payment to an adopting mother or a single male who adopts a child. It is available to both employees and self-employed people. Certain social insurance (PRSI) contribution conditions must be met. Adoptive Benefit is paid for a continuous period of 24 weeks from the date of placement of a child.

Health and Safety Benefit is a weekly payment for women who are granted health and safety leave under the Maternity Protection Act 1994. Health and safety leave is granted to an employee where the employer cannot remove a risk to the employee’s health or safety during pregnancy or while breastfeeding, or cannot give the employee other 'risk-free' duties.

The Charging of Income Tax The charging of income tax on the benefits/payments referred to above (aside from paternity benefit) commenced from 1st July 2013 by virtue of Section 126 of the Taxes Consolidation Act 1997 (as amended by Section 8 of Finance Act 2013). These benefits/payments are exempt from PRSI and the Universal Social Charge.

Example: Margaret commenced maternity leave on 1st May 2013. She successfully applied for maternity benefit from the same date. All payments to Margaret in respect of the period 1st May 2013 to the 30st June 2013 inclusive are made tax free. All payments made to Margaret in respect of the period commencing 1st July 2013 are subject to income tax.

Method of applying taxation In PAYE cases, the employer will not be required to include the benefit as part of pay for PAYE purposes. Instead, Revenue will, where possible, collect the tax due on this income by adjusting the tax credits and standard rate band in respect of recipients and issue a revised certificate of tax credits and rate bands to the employer. The adjustment to the tax credits and standard rate bands will be the main method of taxing these benefits. In the case of self-employed individuals, any maternity benefit received from 1st July 2013, or any paternity benefit received on or after 1st September 2016, should be returned as taxable social welfare income.

Prepared for ISME by: Byrne & McCall Accountants & Tax Advisors, Core B, Block 71, The Plaza, Park West, Dublin 12.

Tel: (01)612 0580 Fax: (01) 620 5625 email: info@byrnemccall.ie www.byrnemccall.ie

ISME – Powered by Entrepreneurs

March 2017 Newsletter T: 01 6622755

E: info@isme.ie www.isme.ie