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Commercial property – new tax approach is needed

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Adrian Byrne: new thinking required.

The last number of years have been difficult ones in terms of property.

However it appears as if the market is beginning to improve and may be a more sustainable investment based on the current prices and rents achieved.

Buyers spent about €939 million on Irish commercial real estate in the first quarter of 2014, almost as much as they paid during the four years through 2012 combined.

Some new thinking may be required around the tax aspects of holding property, during the years of the property boom investors were not concerned with rent or taxation, as their investment model was based on significant capital appreciation with little thought of annual yield or income generation.

On the taxation front significant, gearing and tax breaks often meant that tax was not a factor either.

However in the new market conditions, yield and keeping tax costs to a minimum are a real factor that needs to be addressed.

One clever and often forgotten way of managing the annual tax cost is to claim capital allowances on the plant and machinery embedded in most properties.

Irish commercial property values fell two-thirds between 2007 and 2012, while yields rose to 7.5% from 3.75%.

The lower prices and Ireland’s improving economy has encouraged investors including Elena Baturina, one of Russia’s richest woman, Donald Trump and now Wilbur Ross to look to Ireland for valuable opportunities.

Baker Tilly Ryan Glennon’s tax experts have recently contributed to a ‘Guide to Property for SMEs’, which is available to download from bakertillyrg.ie

■ Aidan Byrne is Baker Tilly Ryan Glennon’s Lead Tax Partner and is responsible for the delivery of all tax services to the clients of the firm. He specialises in advising corporate clients on optimum tax structures.

Connacht Tribune

New course helps make sense of Artificial Intelligence and its uses

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Managers in Galway companies who would like to learn how they could put artificial intelligence (AI) to work for their organisations are being encouraged to sign up for a new course.

It comes as research found that 50% of organisations around the world have adopted AI in at least one function, while 79% of organisations are also exploring or piloting AI projects.

Of those companies who have implemented AI, 63% report revenue increases in the relevant business units.

The new Artificial Intelligence for Managers postgraduate certificate is being offered by NUI Galway to those who wish to get a better understanding of AI and its implications for business and enterprises.

Participants do not need to have any coding skills; this non-technical programme will focus instead on the strategic use of AI and how businesses and management can approach the practical implementation of AI technologies within their company. Candidates will learn about the practicalities necessary for successful AI adoption including data and skills requirements, ethics and legal issues. As such the programme would suit those in management positions in sectors like telecommunications, manufacturing, pharmaceutical, biomedical, finance, marketing, automotive and more.

For more, read this week’s Connacht Tribune.

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Connacht Tribune

GMIT hotel industry’s big cheese

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Cáit Noone

The Galway International Hotel School in GMIT has been listed in the Top 10 Hospitality Management Institutes worldwide by global publication Education.com, for the second year in a row.

During the pandemic, the school continued to deliver courses safely on campus and online including a brand-new series of online masterclasses by industry representatives such as Conor Spacey, Culinary Director of Food Space, alumna Catherine Toolan, Managing Director of Guinness Storehouse, Diarmuid Kelly of Kelly’s Oysters, Siobhan Ni Ghairbith, St Tola Cheese, Bernie Doherty, Galway County Council Community Archaeologist, Padraig McGillicuddy, MD and owner of Ballygarry House, Tom Doherty, Access Hospitality and many more.

Cáit Noone, Head of the school, said: “The tourism industry is a global employer and a qualification from the Galway International Hotel School provides graduates with multiple opportunities to work across the vast industry.

For more, read this week’s Connacht Tribune.

Connacht Tribune Digital Edition App

Download the Connacht Tribune Digital Edition App to access to Galway’s best-selling newspaper.

Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

Or purchase the Digital Edition for PC, Mac or Laptop from Pagesuite  HERE.

Get the Connacht Tribune Live app
The Connacht Tribune Live app is the home of everything that is happening in Galway City and county. It’s completely FREE and features all the latest news, sport and information on what’s on in your area. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

 

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Connacht Tribune

Glenamaddy site goes green

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Green initiative…Peter Flanagan, Site Manager and John McDermott, Procurement Manager at Kingspan.

Kingspan Water & Energy in Glenamaddy is the first manufacturing plant within Kingspan’s global network of 166 manufacturing sites to have its manufacturing process completely powered by renewable energy, following the installation of BioLPG.

Following the July installation of BioLPG, the Glenamaddy site is now 100% powered by renewable energy, closely followed by Kingspan’s manufacturing plant in Aston Clinton, England, which has also reached this milestone.

The move to renewable energy has been a gradual transition over the past five years, following the introduction of renewable electricity to Kingspan Glenamaddy in 2016.

This accomplishment is aligned to the Group’s ground-breaking Planet Passionate sustainability objectives and helps Kingspan to move closer to its ambitious goal of achieving net zero carbon manufacturing* across the business by 2030.

Kingspan Glenamaddy manufactures storage solutions for numerous sectors including agri, water, domestic as well as specialist custom tanks as part of Kingspan’s Water & Energy Division.

“Over the past five years, the introduction of renewable electricity to our Glenamaddy site has delivered a significant reduction in our carbon emissions,” said Peter Flanagan, Site Manager at Kingspan Water & Energy in Glenamaddy.

For more, read this week’s Connacht Tribune.

Connacht Tribune Digital Edition App

Download the Connacht Tribune Digital Edition App to access to Galway’s best-selling newspaper.

Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

Or purchase the Digital Edition for PC, Mac or Laptop from Pagesuite  HERE.

Get the Connacht Tribune Live app
The Connacht Tribune Live app is the home of everything that is happening in Galway City and county. It’s completely FREE and features all the latest news, sport and information on what’s on in your area. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

 

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