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Fexco acquires London’s largest specialist foreign exchange business for £10m

Kerry-based fintech company Fexco has acquired London’s leading retail foreign exchange company Thomas Exchange Global (TEG).

It is understood that the acquisition is valued at around £10m (€11.2m).

TEG has over one million customers across its 15 branches in London.

The deal, the company’s eight acquisition in the UK since 2012, means that Fexco now has a 12pc share of the estimated £9bn foreign exchange market in London.

“We are very pleased to have acquired a business with the reputation and reach of TEG, the largest London-based FX retailer,” Joe Redmond, MD of retail foreign exchange division, Fexco, said.

The deal confirms our belief in the future of cash and the incomparable role it plays in a balanced payments and travel money portfolio.”

Fexco’s Retail FX division now employs 500 people serving the travel money requirements of over four million customers through its UK and Ireland wide network of 125 branches.

Commenting on the acquisition, Sakthi Ariaratnam, CEO of TEG, said that the deal presented a “fantastic opportunity” for the two companies to “further capitalise on the significant opportunities present in the national and international FX marketplace.”

Founded in 1981 today Fexco employs over 2,300 people across the group. The company has operations in 29 countries across Europe, the Middle East, Asia-Pacific, North America and Latin America.

Last month Fexco announced the creation of 175 new jobs at its headquarters in Killorglin, County Kerry

Article Source: http://tinyurl.com/kbwqb42

Europe warned of gas shortage without more Russian imports

Europe will face a gas shortage and price spike as soon as the next decade if it doesn’t decide quickly to boost imports from Russia as gas purchases from the US or Qatar fail to match  Read more

Ireland listed amongst top EU countries for big data investment

The vast majority of global corporates have identified Ireland as a possible or likely location for data-driven investment in the next year, new research has found. Read more

Ireland listed amongst top EU countries for big data investment

The vast majority of global corporates have identified Ireland as a possible or likely location for data-driven investment in the next year, new research has found. Read more

Question: An employee is currently paying nursing home fees for his elderly mother. What tax relief is he entitled to claim in respect of these fees and how does he obtain it?

Tax Fact Answer:

Nursing home fees qualify for tax relief at the employee’s marginal (highest) rate of tax. Normally tax relief for health expenses is claimed following the end of the year on PAYE Anytime or by completing a Med 1 form. However, for PAYE taxpayers, in certain circumstances Revenue may grant tax relief during the tax year. The taxpayer should contact his local tax office with the relevant details. In order to qualify, the nursing home must provide qualified nursing care on-site on a 24 hour basis.

Revenue published their Annual Report for 2015.

In 2015, Revenue collected €45.79 billion in taxes and duties, up 10.6% on 2014 and the second highest figure for net receipts in the history of the state.
PAYE, PRSI and USC collected through payroll accounted for €10.95 billion, €8.86 billion and €3.64 billion respectively, a total of €23.45 billion collected by employers through payroll!
In comparison, VAT accounted for €11.93 billion and Corporation Tax accounted for €6.8 billion.
The compliance rate for Local Property Tax stands at 97% in 2015.
There were almost 748,000 transactions conducted through PAYE Anytime with 532,421 unique users.
Revenue’s compliance programme in 2015 included over 461,000 compliance interventions yielding over €642 million. This included almost 43,000 PAYE compliance checks yielding €16 million.

Revealed: Black market trading cost economy €2.5bn last year

Black market trading is estimated to have cost the economy close to €2.5bn last year.

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Ryanair reaffirms profit forecast, announces €800m share buyback

Ryanair on Monday reaffirmed its full-year profit forecast after higher passenger numbers offset lower fares and said it would return €800m to shareholders through a share buyback.

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The Irish unemployment rate was unchanged in June from the previous month, as evidence from a new survey also suggested that the rapid rise in the number of jobs is slowing.

CSO figures showed that seasonally adjusted numbers on the live register fell by only 500 in the month, much slower than the declines of 1,000 and 1,200 posted in May and April.

As a result, the unemployment rate was unchanged from May, at 9.7%, but sharply lower than the rate of 11.4% in June 2014.

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Revenue at the world’s 10 largest investment banks rose 9%, year-on-year, to $44.9 billion in the first quarter, as financial market volatility and central bank stimulus measures boosted profits.
Trading in fixed income, currencies and commodities (FICC) divisions, which are particularly exposed to economic conditions, were the outperformers, up 5% on a constant dollar basis, data from industry analytics firm Coalition shows.

Revenues from FICC have slumped in recent years on the back of tougher regulations and low market volatility, that has prompted investment banks to reshape themselves, shedding staff and exiting certain business lines.

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