Your trusted partner and advisor

For over 40 successful, interesting and progressive years we have worked for, served and helped businesses, companies and individuals in the region and further afield to grow and manage their businesses, to plan their family future and succession, and to oversee their continuing financial and taxation affairs.

The team at GMK Partners is committed to our clients, and our mission is to continue advising and guiding our client companies and firms to grow, achieve their objectives and achieve success.

As stated last year, we live in a very uncertain and largely unpredictable world. The worldwide political environment is aggressive and protectionist. International taxation issues and tariffs threaten our stability and future national finances. While our exchequer surpluses should continue fairly solidly for the next say five years, the use of this surplus and ultimately the reversion and adjustment to the quantum of our local tax base will be the major issues in the medium term if not the short term.

On the other hand, interest rates have fallen and energy costs have stabilised somewhat. However, the economy remains strong and corporation tax revenues are still reaching historic highs - but with the dangers mentioned above, will in due course have a significant detrimental affect on our very open Irish economy.

Cause for optimism

We will always welcome foreign direct investment into Ireland, but are likely to be competing more in the future for these enterprises. Despite these dangers, and our ever-increasing cost base and shortage of suitably skilled personnel at all levels of the economy, there always remains grounds for optimism, and for the economy and country to prosper.

As a nation and an economy, we operate in a free enterprise environment and accordingly it is ultimately to our own companies and firms, with their enterprise, their energy and their innovation, that we must increasingly look, to encourage and bring about growth and prosperity in our economy. It is to business, with our entrepreneurs, business leaders and committed workers, and to effective government, national and local, that we must look, to create jobs, stimulate growth and progress the natural upward development of the economy and our people in general.

It is crucial therefore to encourage business development and planning from the smallest enterprise to the largest. It is crucial to recognise our business people, our staff, good service, improved products and processes, and our voluntary sector; in order to engage, serve and satisfy the most important people of all; our customers.

That is why the Cavan Business & Tourism Awards are important, particularly at this time, to recognise and encourage the ordinary services and the extraordinary services performed by our existing, our new and our emerging local Cavan businesses.

GMK Partners

Initially founded as GM Kelly & Co, in 1984, the firm changed its name to Kelly Rahill & Co and is now practicing as GMK Partners (with its full title as GMK Accounting & Tax Partners Ltd). It essentially remains the same but greatly expanded firm since 1984 and it continues to provide a comprehensive, reliable, innovative and highly professional service covering all aspects of accounting, auditing, taxation, business and strategic planning, and financial and banking strategies to a broad range of clients.

The firm is very active in bank lending applications, bank negotiations, grant applications, etc.

Farnham Financial Services

Through our sister company, Farnham Financial Services Ltd, we provide a full service to enable our clients and also any others, to choose and plan their strategies for pensions, investments and life assurances, mortgages finance, etc.

As indicated, the need for good, progressive and imaginative accounting and financial advice remains critical to business survival and success. Through our partnership with ACCA and its network of business consultants and associates, our firm can offer the sort of benefits usually associated with much larger practices and will work with you to protect and grow your business.

Meet the Partners

The firm was founded initially by Gerard M. Kelly, B.Comm, MBA, FCCA, QFA, RPA, who took first place in Ireland and third worldwide in his final admitting accountancy exams. Apart from the Managing Director, Gerard Kelly, the current directors are Kevin Gillard, M. Eng., M. Sc., FCCA, AITI; and Jacqueline Cunningham, MIATI, FCCA, with a full staff of qualified accountants, accounting students and administration; in a number of specialist departments, taxation; business advisory and consultancy, IT, auditing, retirement and succession planning, farm partnerships and companies, etc.

Our sister company, Farnham Financial Services, was also founded by Gerard M. Kelly, and now also fellow director, Anna Smith, QFA, RPA, PTP, and supporting staff. It was formed to independently look after the insurance, savings and investments, and pension needs of our clients, but also other business clients and the public in general; and advise on investment strategy and future wealth building and protection.

Farnham Financial Services Ltd is located separately in spacious premises at 6-8 Ashe Street, Cavan, a building in which, coincidentally, Gerard Kelly’s father’s family resided over 100 years ago on return from America.

Cutting-edge technologies

The accounting practice GMK Partners occupies extensive modern premises at The Orchard Centre, Loughtee Business Park, Drumalee Cross, Cavan, which is an easily accessible location with excellent parking facilities and is close to all amenities.

The firm is substantially a paperless office and continues to use the latest computer technology and equipment, with the latest cloud based solutions and safeguards, to enable clients update their accounts any time and from any location, and to work with GMK Partners online to complete accounts quickly with rapid response times. This is particularly important in the current climate with Revenue highly effective and committed to the use of online reporting and paying, for all taxes including payroll.

Current developments

Last year, but worth referring to again, saw the introduction by the Revenue of ERR, or Enhanced Reporting Requirements, effective from January 1, 2024, whereby employers must report to Revenue before or at the time of actual payment to employees and directors all expense payments for:

- Travel and Subsistence;

- Small Benefits Exemption (The ‘voucher’ payment to employees currently of up to €1,500 tax free annually); and

- Remote Working Daily Allowance.

Auto Enrolment

In addition, January 1, 2026, will see the actual introduction of Auto Enrolment, having been signed into legislation by the President on July 9, 2024. This is the new automatic pension system for employees earning over €20,000 not otherwise covered by an employer’s existing pension scheme, and all employers must be aware of the provisions.

For further advice or queries on the implications and application of the above changes, we will of course be happy to oblige.

ACCA approved employer

GMK Partners continues to be an ACCA Approved Employer at the highest level (Platinum), providing a professional environment where staff can progress their careers.

This level of recognition as a training practice is held by only a handful of practices on the island of Ireland. The programme allows the firm to benchmark training policies and procedures against ACCA world-class training standards, and staff can flourish and progress their career.

The practice always seeks financial talent and high achievers with flair and business acumen to join us to train and develop their technical expertise and experience, in a progressive, modern and pleasant environment and to progress their careers with us.

Clients

Our business clients range from family run enterprises and farms, to a wide range of professional clients, large private concerns and companies, co-ops, financial institutions and government bodies, involved in all areas of commerce, industry, agriculture, manufacturing, marketing and consumer services.

Contact us

GMK Accounting and Tax Partners Ltd and Farnham Financial Services Ltd are always very happy to discuss with you your particular issues and this will be without cost or commitment for you on your first consultation.

Call into the offices at the Orchard Centre, Cavan, call 049-4361777 or email info@kellyrahill.com; and for Farnham Financial Services Ltd at 6-8 Ashe St., Cavan, call 049-4373860, or email annasmith@farnhamfinancial.ie