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Tuesday, December 01, 2015

Revenue Obligations

As one of the longest established low tax jurisdictions within the EU, Ireland holds major attractions for international businesses, including highly educated staff and a 12.5% corporation tax rate for profits from Irish trading.

SQA_AuditorsIreland has a growing international tax treaty network which reduces and, in some cases, completely eliminates withholding taxes on incoming royalty payments, dividends and interest. Double tax relief is available for withholding taxes against an Irish entity's corporation tax liability.

Other important features of the Irish Tax Law include:

  • There are no Controlled Foreign Company rules
  • There are exemptions from capital gains tax for the disposal of qualifying participations
  • There is no incremental Irish tax on dividends from foreign subsidiaries, which are paid out of income that has been subject to a tax rate of 25% or more.

We can reduce your tax exposure and the administrative burden of complying with tax legislation by:

Corporation tax

  • Finding the best tax structure for your business.
  • Obtaining all of tax credits, exemptions, reliefs and capital allowances for you.
  • Getting the best capital or revenue tax treatment for your company.
  • Acting for you in discussions with the Revenue Commissioners.
  • Using double taxation agreement reliefs for international companies.
  • The timely filing of corporation tax and corporation tax returns.

Private companies

  • The setting up of group corporate structures for tax relief.
  • The re-organisation of existing group corporate structures for tax relief.
  • Reducing tax on disposals and acquisitions.
  • Business disposal
  • Reducing capital gains on sale of a business.
  • Disposal of the shares or the assets of a company.
  • VAT on disposal of the business assets.
  • Tax reliefs in extracting cash from a company on retirement.
  • Passing on a portion of the proceeds to others in a tax-efficient manner.

Company directors and shareholders

  • Annual salary planning for tax purposes.
  • Mileage and subsistence schemes.
  • Tax-efficient extraction of cash from private companies.
  • Pension planning for the company director on retirement.
  • The use of retirement funding for the purchase of property.
  • Retirement strategies to extract maximum cash from the company tax-free
  • Employee incentive schemes
  • Share incentive schemes, share option schemes and approved profit sharing schemes.
  • Revenue audits
  • Review of potential problems prior to Revenue audit.
  • Preparation of voluntary disclosures.
  • Negotiations and settlement.
  • Representation at Revenue Commissioners Appeal Hearings.
  • VAT
  • VAT registration.
  • VAT planning and administration.
  • VAT schemes.
  • VAT control and reconciliation.
  • Filing VAT returns.
  • Problems solving with the Revenue Commissioners.
  • Negotiations and settlements.
  • Group VAT registration.

Corporate presence in Ireland or abroad

  • The best tax structure for setting up a business in Ireland or abroad.
  • Avoiding a permanent establishment in a country with a higher corporation tax rate than Ireland.

We provide specialist personal tax advice and services for:

  • Income tax
  • Finding all available tax credits, opportunities, exemptions and reliefs.
  • Using available tax reliefs to reduce income tax liabilities.
  • Building employment termination packages for low income tax exposure.
  • The timely payment and filing of income tax and income tax returns.

Capital gains tax (CGT)

  • Finding available reliefs for the sale of a business, property or any other capital asset.
  • Reduce CGT payable e.g. CGT retirement relief, principal private residence relief or the transfer of a site to a child relief.
  • The CGT free transfer of a sole trader’s business to a limited liability company.
  • Calculating and timely filing of relevant returns.

Capital acquisitions tax (CAT)

  • Planning and reviewing a will.
  • Finding CAT exemptions.
  • Transferring assets into trusts.
  • Section 60 insurance policies to cover potential CAT liabilities.
  • Transfer of assets to others in a tax efficient manner.
  • Finding CAT business property relief to pass on business assets or private trading companies.
  • Finding CAT agricultural property relief to pass on farming land and assets.
  • Using fixed, bare and discretionary trusts as tax efficient ways for the passing on of assets.
  • Calculating and the timely filing of CAT returns.

Tax residence and domicile

  • Tax residency, ordinary tax residency and domicile status for tax purposes.
  • Limiting income tax liabilities.
  • Double taxation agreement reliefs.
  • Estates and trusts
  • Taxation of fixed, bare and discretionary trusts.
  • The calculation of all tax liabilities and the timely filing of returns in estates and trusts.

Marital disputes

  • The settlement of family assets without a tax charge.
  • The method of assessment and tax credits for each spouse in the year of separation/divorce and future years.

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