Murray Cloney Attends Intertrade Ireland’s Brexit Event

MCAL were delighted to attend today’s Intertrade Ireland’s ‘Practical Help to Navigate Brexit’ event, held in the brand new event centre in Pairc Ui Choimh. Chaired by RTE’s George Lee, the panel included Dr Vincent Power, A&L Goodbody, Moira Creedon, Artemis Consulting, Brian Murphy, Irish Exporters Association, Sarah Foley, Public Affairs Executive Cork Chamber and Daniel Buckley,MD Cloverhill Food Ingredients Ltd. As a Brexit company’call to action’, this event urged all to ‘Plan, Act and Engage’ ahead of next year’s March Brexit deadline.Using innovative smartphone audience poll technology from, all attending were able to put questions to the panel which were addressed at the end of the formal deliveries, by a very able panel chaired most professionally by RTE’s George Lee. Intertrade Ireland are currently promoting their Brexit Funding Support Vouchers which are worth €2000 to eligible companies. For more on this see;

Gerry Mac Bride, Brand Development Executive, MCAL and RTE’s George Lee

Government opens €300 million Brexit Loan Scheme for Irish Businesses

Government opens €300 million Brexit Loan Scheme for Irish Businesses for applications

  • Scheme open to eligible businesses with up to 499 employees
  • Loans of up to €1.5 million at a rate of 4% or less
  • Scheme has the potential to benefit over 5,000 companies impacted by Brexit
  • Scheme administered for Ministers Humphreys’ and Creed’s Departments by SBCI, an agency of Minister Donohoe’s Department
  • Scheme delivered in partnership with the EIB Group and European Commission

Minister for Business, Enterprise and Innovation, Heather Humphreys T.D., Minister for Agriculture, Food and the Marine Michael Creed T.D., and Minister for Finance and Public Expenditure and Reform Paschal Donohoe T.D. today (March 28) opened the Brexit Loan Scheme for applications to allow for the roll out of €300 million in funding to eligible Irish businesses. The Scheme was launched at the Liffey Trust in Dublin’s inner city.

Eligible businesses can now apply for the Scheme through the participating finance providers: the Scheme is open through Bank of Ireland and Ulster Bank, with AIB following in June. The first step for businesses will be to complete the eligibility criteria for the Scheme on the SBCI website.

Speaking at the launch, Minister Humphreys said “Coming from a business background, I am acutely aware of the challenges that Brexit poses to firms. This €300 million Brexit Loan Scheme is one of a number of supports that the Government has put in place to help companies prepare.”

“The Scheme will provide much-needed finance to eligible business impacted by the UK’s decision to leave the European Union. I am confident that it will make a real difference to firms, enabling them to adapt, change and innovate. This, in turn, will help them to become more competitive, a fundamental trait in any resilient business”, Minister Humphreys added.

In last October’s budget, €14 million was secured by the then Minister for Business, Enterprise and Innovation, together with €9 million by the Minister for Agriculture, Food and the Marine, for the Brexit Loan Scheme. The Department of Agriculture, Food and the Marine’s share of funding ensures that at least 40% of the fund will be available to food businesses.

Minister Creed said “The Food Wise 2025 strategy outlines the agri-food sector’s unique and special position within the Irish economy and its potential for future growth. Brexit is obviously a significant challenge given our unique exposure to the UK market. Food businesses will need to focus on competitiveness and innovation in order to continue the growth in Irish agri-food exports, which reached a record €13.6 billion in 2017. I am pleased to launch this important Scheme today, for which my Department’s funding ensures that at least 40% of the €300 million will be available to food businesses.”

The Scheme will be open to eligible businesses with up to 499 employees from today, and has the potential to benefit over 5,000 companies.

Minister Donohoe said “I welcome the launch of the Brexit Loan Scheme, which I announced in Budget 2018.  The Government recognises the importance of the SME sector to the Irish economy and the potential risks that Brexit will bring to this sector. This Scheme is designed to assist SMEs with their short term working capital needs, supporting them in preparing for the challenges that may lie ahead. It will give SMEs time and the financial support to make the necessary changes to help ensure that their businesses remain competitive so that they can continue to grow into the future.”

Earlier this year Ministers Humphreys, Creed and Donohoe signed a counter guarantee agreement backed by the European Commission through the European Investment Fund (EIF), which is part of the European Investment Bank Group (EIB), so that the €23 million secured in Budget 2018 can be leveraged to provide €300 million to Irish businesses affected by Brexit.

EIB Vice President for Ireland, Andrew McDowell, said “The Brexit Loan Scheme today demonstrates the European Investment Bank’s commitment to the Irish SME market and we are delighted to be partnering with SBCI in Ireland to target innovative Irish SMEs. This €300 million joint scheme with SBCI to address Irish companies’ working capital challenges, bears testament to the EIB Group’s strengthened support to enable new investment by thousands of companies across Ireland at a time of uncertainty relating to Brexit.”

The Scheme will be delivered by the SBCI. It’s CEO Nick Ashmore said “Today’s launch in conjunction with the European Investment Fund (EIF), Minister for Business, Enterprise and Innovation and the Minister for Agriculture, Food and the Marine, will provide support to enable eligible businesses impacted by Brexit to have the working capital needed to innovate and diversify, to find new markets, and to grow into the future. This is an important next step for the SBCI as it deploys further risk sharing capacity by building on the success of last year’s Agri Cashflow Support Scheme and the Credit Guarantee Scheme to enhance access to finance for Irish businesses.”

The new EIF support for business investment in Ireland is backed by the European Fund for Strategic Investments and the EU InnovFin Finance for Innovators programme. This Scheme is supported by the InnovFin SME Guarantee Facility, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the support of the European Fund for Strategic Investments (EFSI).


About the Brexit Loan Scheme

The Brexit Loan Scheme, which was announced in the 2018 budget will provide affordable financing to businesses that are either currently impacted by Brexit or will be in the future. The Scheme, which will be delivered by the Strategic Banking Corporation of Ireland (SBCI) through commercial lenders will make €300 million available to eligible businesses with up to 499 employees at an interest rate of 4% or less.

Loan features:

  • Loan amount from €25,000 up to a maximum of €1,500,000
  • Loan term of up to 3 years
  • Loans less than €500,000 will be unsecured
  • Interest rate of 4% or less.

Loans can be used for:

  • Future working capital requirements to fund innovation, change or adaption the business to mitigate the impact of Brexit.

This Scheme is supported by an agreement with the EIF, and SBCI have signed to support lending toward innovative small and medium-sized enterprises (SMEs) as well as small Mid-caps under InnovFin – EU finance for innovators, an initiative supported by the European Commission. This agreement allows SBCI to provide guarantees to lenders financing innovative companies in Ireland for a total of €300 million over the next two years with the support of a counter-guarantee provided by the EIF and backed under Horizon 2020, the EU Framework Programme for Research and Innovation. This is the first InnovFin SME counter-guarantee agreement in Ireland, enabling SBCI to enhance innovative companies’ access to funding at favourable conditions.

 About EIF

The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe’s micro, small and medium-sized businesses (SMEs) by helping them access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment. More information on EIF’s work under EFSI is available here.

About the Strategic Banking Corporation of Ireland (SBCI)

As Ireland’s promotional financial institution, the SBCI’s goal is to ensure access to lower cost longer term funding for Irish SMEs by facilitating the provision of:

  • Lower cost funding to finance providers, the benefit of which is passed on to SMEs and which enhances competition in the SME lending market
  • Risk-sharing and guarantees that enhance access to finance for SMEs and farmers and that address specific market failures
  • Sourcing and delivering EU funding.

All of these elements create a more competitive and dynamic environment for SME finance. The SBCI is a vital part of the country’s financial architecture. By taking a fresh approach to providing access to lower cost finance for SMEs in Ireland, the SBCI is actively supporting the long-term potential of the sector to drive economic growth and create jobs.

About the Juncker Plan

The Investment Plan for Europe, the so-called “Juncker Plan”, is one of the European Commission’s top priorities. It focuses on boosting investments to create jobs and growth by making smarter use of new and existing financial resources, removing obstacles to investment and providing visibility and technical assistance to investment projects.

The European Fund for Strategic Investments (EFSI) is the central pillar of the Juncker Plan. It provides a first loss guarantee, allowing the EIB to invest in more, often riskier, projects. The EFSI is already showing concrete results. The projects and agreements approved for financing under the EFSI so far are expected to mobilise more than €194 billion in investments and support over 426,000 SMEs across all 28 Member States.

About InnovFin

The InnovFin SME Guarantee Facility is established under the “EU InnovFin Finance for Innovators” initiative developed under Horizon 2020, the EU Framework Programme for research and Innovation. It provides guarantees and counter-guarantees on debt financing of between €25,000 and €7.5 million in order to improve access to loan finance for innovative small and medium-sized enterprises and small mid-caps (up to 499 employees). The facility is managed by EIF and is rolled out through financial intermediaries – banks and other financial institutions – in EU Member States and Associated Countries. Under this facility, financial intermediaries are guaranteed by the EU and EIF against a proportion of their losses incurred on the debt financing covered under the facility.

MCAL At Cantillon Forum 2018


As a company, MCAL was delighted to attend this year’s Cantillon ‘Forum For Fresh Thinking’ hosted by IT Tralee, in association with Fexco. Neil Gibson , Chief Economist with EY, kicked off with a stimulating and engaging presentation titled, ‘Navigating through the future border(less) economic landscapes’ and brought into focus our need to make sure, as a nation, infrastructure spending is made in order to facilitate growth. Also in focus was the consideration of what our own company exposure to Brexit may be. Then a lively discussion ensued re personal and business data in focus via GDPR. What for instance, are the implications for any company where client data may be held in UK servers, under UK legislation, post-Brexit? The panel discussion with Jevan Neilan, Dr. Jerry Gallagher, Ogie Sheehy and Fexco’s Tony Sweeny covered most of the salient aspects of company responsibilities in GDPR and as one panel member remarked in terms of regulation and fines etc, ‘they really mean it this time’. Bringing GDPR into company reality, we were reminded of the burden of how our company must demonstrate compliance, at all times, what costs and protocols we need to have in place and how we have to maintain data breech records and be compliant with GDPR laws. The role of the Data Controller in every company was brought right into focus and this of course is where Regtech can help us, using new technologies to alleviate compliance burdens. Jevan Neilan delivered a sharp succinct guide to this area which was most informative and useful. The keynote address by Edel Creely, president of IBEC, gave us an insight to current thinking in IBEC, as to what areas we need to be concentrating on in a soft or perhaps hard Brexit scenario, mentioning in her address, the DEI’s ongoing study of the Skills needs for the workforce going forward. An engaging panel discussion followed, with Fexco’s Tony Sweeney giving us  us food for thought in all areas of data compliance in the geographical areas Fexco currently operates in. Moira Murrell put a defined Kerry CoCo perspective on things, giving an insight to current enterprise development planning and spending, which was itself informative. Patrick Redmond from Shannon Development made interesting comments re workforce skills in the aviation sector as he found them and Stephen O’Herlihy of PFH Technology Group gave us some useful insights into how we use and indeed should be thinking of using current and future technologies.

Tax Accountancy Services


Murray Cloney and Associates, Accountants provide tax accountancy services and advice for businesses in Cork. These services cover all tax needs for businesses to ensure that they meet legal requirements and have accurate information. It is an essential service for any business to ensure that all financial and legal documents are in order. The professionals providing these services have years of experience and dedication backing them up. You are guaranteed the highest quality services available when choosing us. Whether you want help in a difficult situation or you want basic services for tax assistance we are here to help you.

Services We OfferTax consultancy services

Our tax accountancy services cover nearly all areas of business taxes. Filing the proper paperwork, following and complying with the most current regulations and laws, bookkeeping and managing all tax documentation are part of this. Our knowledge and experience allow us to better serve you. We can provide services to get new businesses running and we can keep established businesses on the right track.

Our business advisers will make sure that your taxes are in order. Whatever problem or need you have, we are the team to choose. Our services focus on all business tax needs. For your finances and to keep your business compliant with all regulations we are the team you need on your side.

A Word with Us

Businesses looking for advice can come speak with us. We will assist you in whatever you need in a professional and confidential manner. We can look at your business and give you an informed and accurate direction for your tax plans. We are a team of knowledgeable, competent professionals who can advise you on all tax matters.


Services Available Now

Our services are available to you whenever you need them. Anyone in need of tax accountancy services, whether basic or urgent, can turn to us. Talk with us at length about these services, learn more about what we do and get your business the tax assistance it should have. We can help with bookkeeping, tax filing, urgent tax problems, and tax advice. Any tax-related concern that you have can be settled with us. Contact us now to learn more about these services and the ways that we can benefit your business.

Discover The Top 4 Advantages of Starting A Business Today!

starting a businessDo you want to start your business but cannot really see why you should? It is true that starting a business of your own comes with its own challenges but the advantages cannot be ignored in any way. Do you live in Ireland and are struggling to find the motivation behind why you should start your own business? Then you are at the right place because you are about to discover the advantages of starting a business today.

Flexibility of Schedule

Setting up a business in Ireland can be very useful in this regard. With your own business you become the master of your time. This is because it gives you the freedom to arrange you own schedule. This isn’t the case compared to when you when you work a 9 – 5 jobs where you have to tailor your time to meet the needs and requirements of such work. With your own business you can be rest assured that you dictate you own time.

Increase in Income

This is another aspect where setting up a business in Ireland becomes very tricky. Starting a business doesn’t just give you the room to control you own time but it also offers you a platform where you can increase you earnings. You will not start seeing the rewards straightaway but as time goes on you will see that you have the chance to expand your business which will lead to an increase in your monthly earnings.

Opportunity to Learn the Ropes of Management

If you really want to be a successful manager starting a business of your own is a very good option.This is because you will learn from experience what works and what doesn’t.

Management Consultants


Michael Murray - Murray Cloney AccountantsAnyone who works in the world of business wants their business to succeed. If you have been struggling to keep your business going Management Consultancy could really benefit you and aid the future of your company.

What Do Management Consultants Do?

Many people do not know what business management consultants can do for them. What benefits would you receive from Management Consultancy?

Here are just a few of the benefits:

  • Both you and your employee’s initiative skills and leadership roles will be promoted and taught for every level in your company.
  • You will be given specific and explained feedback about the strengths and weaknesses of your employees which will help to build competence and commitment to doing their very best.
  • Your staff will learn more about their specific roles and will have a chance to truly clarify their positions and keep in-tune with their work relationship.
  • Management Consultancy will help to bring any hidden information to the surface and break the habit of thinking inside the box.
  • It will also help to bring and give value to all of the organisation’s stakeholders such as employees, customers, and shareholders.

What we can do for you

We want to make sure you reach all of the goals that you have set out for your business. We will help you develop your business skills and put them to good use as you learn how to achieve the results you have been looking for. Our business management consultants work with you and customise your experience to your needs. We can work with anyone from private companies to public sector bodies and everyone will learn how to tackle the challenges that arise by using strategy, operations, organisation and technology.

The services we offer for you include:


  • Corporate restructuring.
  • Business Strategy.
  • Executive consultancy and mentoring.
  • Leadership and Management.
  • Business Development.
  • Business Start Ups.
  • Organisation Development.
  • Management Consultancy.
  • Financial Planning.



Whatever your final goal is we at Murray Cloney & Associates Management Consultants seek to help you and your employees find the best possible route to reach for whatever achievements you are seeking. We can help people at any level of business skills and show them the best way to hone their skills and better perform at their role.

Corporation Tax

Corporation Tax is charged on all profits wherever arising, of companies resident in the State and non-resident companies who trade in the State coroporation taxthrough a branch or agency.


How is a Company Taxed?

Companies pay Corporation Tax. This tax is charged on the company’s profits which include both income and chargeable gains. A company’s income for tax purposes is calculated in accordance with Income Tax rules. Chargeable gains are calculated in accordance with Capital Gains Tax rules.

What is the rate of Corporation Tax?

There are two rates of Corporation Tax:

  • The first rate is 12.5% for trading income unless the income is from an excepted trade in which case the rate is 25%
  • The second rate is 25% for non-trading income (e.g. investment income, rental income)

What is Corporation Tax charged on?

Corporation Tax is charged on all profits wherever arising, of the companies.

Basis of Assessment

  • Corporation Tax is assessed on the profits of a company’s accounting period at the relevant Corporation Tax rate in force during that accounting period.
  • Where the rate of Corporation Tax changes during an accounting period, the profits of that period are apportioned on a time basis and taxed at the appropriate rate for the purpose.

Accounting Period

An accounting period for tax purposes is a period of not more than twelve months and is usually the period for which the company makes up its annual accounts.

Paying Corporation Tax & Filing Obligations

The Self-Assessment system ‘Pay & File’ applies to companies. The obligations of a company with regard to paying Corporation Tax and filing its return are as follows:

  • Compute and pay its preliminary tax liability by the specified date.
  • Complete and file, online, a Form CT1 and where applicable a Form 46G.
  • Payonline any balance of tax due when lodging the return i.e. within nine months of the end of the accounting period, subject to the 21/23 day rule. (The specified return date and payment due date is the 21st day of the applicable month. This date is extended to the 23rd of the applicable month for companies who file their return and pay any associated tax due via Revenue’s Online Service (ROS)).

Preliminary Corporation Tax

  • A company is obliged to pay to the Collector General through ROS, the amount of preliminary tax appropriate to the accounting period.
  • The total amount of preliminary tax paid must be equal to or greater than 90% of the company’s final liability for the accounting period.
  • Special provision is made for small companies whose liability does not exceed €200,000 in the preceding chargeable period.

Small companies

A small company is a company whose Corporation Tax liability in the preceding accounting period does not exceed €200,000. A company such as this has the option of basing its preliminary tax on the corresponding Corporation Tax liability for the preceding accounting period.

New or Start-up companies

New or Start-up companies with a Corporation Tax liability of €200,000 or less for their first accounting period will not be required to pay Preliminary Tax in respect of that first accounting period and will instead be required to pay their final Corporation Tax liability for that accounting period at the same time as they are required to submit their Corporation Tax return, i.e. within nine months after the end of the accounting period, subject to the 21/23 day rule referred to above.

When is Preliminary Corporation Tax due?

  • For companies with a tax liability not exceeding €200,000 preliminary tax is payable in one instalment 31 days before the end of the accounting period, subject to the 21/23 day rule referred to above.
  • The new arrangements provides for payment of preliminary tax by large companies in two instalments.
  • The first instalment will be payable in the 6th month of the accounting period and the amount payable will be 50% of the corporation tax liability for the preceding accounting period or 45% of the corporation tax liability for the current accounting period.
  • The second instalment will be payable in the 11th month of the accounting period and the amount payable will bring the total preliminary tax paid to 90% of the corporation tax liability for the current accounting period.
  • The revised arrangements apply generally where the accounting period is more than 7 months in length (for shorter accounting periods, preliminary tax of 90% of tax liability is payable in one instalment as before)



Large companies [companies with a Corporation Tax liability exceeding €200,000 in their previous year].

In order to minimise the interest charges that would otherwise arise for large companies if their preliminary tax payments fell short of 90%, notional allocation of preliminary tax payments between group members for the purposes of assessing the adequacy of preliminary tax payments made by the group for interest charges purposes is now permissible. It is important to note, however, that for such aggregation to take place the claimant company must pay 100% of its Corporation Tax liability by its return filing date.


Writing a Business Plan for Success

Writing a business plan is important for many reasons. The primary justification for taking the time to prepare a solid plan for a business is to ensure that a well-researched plan of action is clarified. The research and thought involved in compiling a plan guarantees that business is starting with a complete understanding of competition, marketing, operational, legal and financial considerations. Continue reading “Writing a Business Plan for Success”

Online Shopping Tax

I do a lot of online shopping. What are the tax implications of buying products from outside the EU?

Online shopping is increasingly popular and in the run up to Christmas its popularity increases as a result of shoppers looking for bargains online.

It is helpful to know of the value of non-EU goods one can purchase before import duties i.e. Customs duty, VAT and excise duty, become payable: Continue reading “Online Shopping Tax”

Lets Make Running Your Business Easier!

The ideal solution is to outsource tasks outside the expertise of the business owner. Unfortunately for some, a lack of cash flow prevents them from making use of an expert.

Fortunately, it is not all doom and gloom. Due to the advent of cloud technology in recent years there are a lot of inexpensive tools out there (many of them free) that make many business processes a lot easier and less time consuming. It seems like there is an app out there these days for everything imaginable.

Here are a few tools that can make running your business a lot easier: Continue reading “Lets Make Running Your Business Easier!”