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    Income Tax Returns

    Contact us for advice on all aspects of your income tax returns. Many people pay too much tax as they do not claim all their reliefs and entitlements. Is it time for you to have a tax health check? It's less stressful than a visit to the doctor. If you are due to get tax back, it should prove to be rewarding.You may be entitled to claim tax relief for health expenses or many other tax reliefs. If you want to be reassured that your tax affairs are in order why not contact us for advice? We provide a GP type consultation for only €60.

    It can be even more important to make sure that you are fully tax compliant. Often PAYE workers think they have no other tax obligations. If you have other income such as investment income, or you sell assets at a profit you are required to file a tax return. If you don't do so you might incur tax penalties and interest charges. You could even face prosecution. We provide the advice without breaking the bank.There are many reliefs and exemptions available to taxpayers based on their personal circumstances and lifestyle. Knowing that they are there is only half the battle. It takes experience to identify the relief due and to use it in the best interests of the taxpayer.

    Tax Returns for Landlords

    Let us review your rent accounts to ensure you are claiming all your entitlements in your own best interest. Landlords can claim tax relief for interest on loans, subject to recent restrictions, property management expenses, and repairs and maintenance. This is one of the more common income streams that benefits from expert advice.

    Income Tax Returns for Owner-Managers

    We specialize in maintaining tax records and returns for owner-managers, whether they are company directors, partners or sole traders. This includes financial advice in relation to capitalization, funding, business protection and pension provision.

    Revenue Audit Advice

    We assist clients with Revenue Audits by providing tax and financial health checks to ensure compliance and highlight areas of weakness to facilitate putting in place controls that should avoid the pitfalls and ut the cost of compliance in the long run. Prevention is always better than the cure and we advocate a proactive approach to tax compliance for this reason.

    We also help clients and their accounts to prepare for and manag Revenue Audits where necessary. Revenue audits are complex and may require technical expertise that is not always present for normal annual reviews. Under self-assessment the tax payer is responsible to ensure compliance. Disclosure of errors or irregularities before the audits begins reduces the penalties that might arise if discovered by the Revenue. It is therefore important to take independent expert advise to maintain control. We provide that advice.

    Tax Penalties

    With effect from December 2008 tax penalties will become even harsher and they shall be applied with greater vehemence than ever before. It is easy to let tax arrears buid up unwittingly or in the expectation of paying them fro future income. In fact the tax system is designed to facilitate these arrangements. However, it does not take account of the fact that expectations have not been realised through no fault of the proprietors and they wil be prosecuted for failing to pay tax.

    While operating through a limited company can provide some degree of protection, operating as a sole trader or partnership offers no shelter. It is vital to have a clear understanding of requirements and obligations associated with tax compliance in order to put in place procedures to satisfy these conditions and avoid the pitfalls. Alternatively the result can be far more wide reaching than mere tax.

    Business Taxation

    We recognise the burden that business taxes place on businesses of all sizes. With our expertise and experience we can take this away so that you can concentrate on your core business. Our services are tailored to suit the needs of our clients. We can handle all calculations, records and returns for:

    • Payroll Taxes
    • Value Added Tax
    • Relevant Contracts Tax
    • Income Tax
    • Corporation Tax

    Deductible VAT - With effect from 24 December 2008 a taxable business can deduct 20% of the VAT charged on the purchase, hiring, intra-Community Acquisition or importation of certain qualifying vehicles where the vehicle is used for at least 60% business purposes. The car must be first registered for VRT purposes on or after 1 January 2009 and have a level of CO2 emissions of less than 156g/km (i.e. CO2 emission bands A, B and C).

    The car must be used by the business, primarily for business purposes, for a period of at least two years. If a business disposes of that car within that two-year period, a clawback of some of the VAT deducted will arise. A clawback will also arise if business use goes below 60% in that two-year period. However, if the business sells the car after that two-year period, there will be no clawback.

    Employment of Family Members

    If family members are employed in the business tax should be applied to their earnings in the normal was. This means that they should be registered as employees with the local Inspector of Taxes and PAYE operated based on a valid Tax Credit Certificate which should be obtained from the Revenue Commissioners. The rules that apply for operating PAYE for staff also apply for payments to employed family members. Of course if the nature of the engagement is that of a business partner, different rules apply. Partnership would involve registration of the business as a partnership with its own VAT and tax numbers.

    It is common for businesses to employ family members without making any payment for their services. This can prove very costly if it results in the loss of tax credits which the family member may then lose. Attention should be paid to the PRSI status of the individuals concerned. There may be restrictions in terms of the PRSI class that should apply for family members.

    Residence & Taxation

    In general an Irish resident citizen is taxable in Ireland on their worldwide income and gains. Foreing income may also be subject to tax abroad. It may be possible to recover the foreign tax or claim exemtion in the foreign jurisdiction. If not it is usually possible to reduce the chage to Irish tax based on established rules and regulations.

    The rules that apply to taxation of capital are similar. Irish property assets are taxable in Ireland irrespective of the residence of the seller. Likewise assets such as company shares deriving their value from property in the State are subject to tax in Ireland.

    In the case of both income and gains the charge to Irish tax may be avoided if the person is not resident when the income or gain arises. The rules for residence are complex, and only change the tax consequences when the person has been non-resident for a number of years. There are exceptions to the general rule and it is important to take professional advice.

    Retirement Relief

    A person aged 55 years or over can, subject t conditions, claim exemtion from capital gains tax on sale of all or part of their business. It is not necessary for the person to actually retire to claim the relief. While there are limits on the extent of the relief for sales to strangers, transfers to certain family members can be made free of tax irrespective of the value involved.

    The conditions for retirement relief may have to be satisfied over time. It is important to take professional advice early. We specialise in providing expert advice on all aspects of tax and finanical planning. Contact for further information.

    Personal Tax

    We provide independent taxation advice at all levels. Whether your needs related to business, employment, pensions or investment our experience covers all apects of tax. The principle personal taxes which are listed below require the tax payer to file returns in order to claim their entitlements and to confirm all sources of income and gains to the Revenue Commisioners.

    Having a suitably qualified tax adviser ensures that you can plan so that your taxes are minimised by availing of all reliefs and entitlements, many of which only apply if certain conditions are satisfied over time. It is therefore important to get tax advice at the earliest possible date. We provide a FREE Personal Financial Review for Income Tax Clients.

    Remember To Claim For Health Expenses

    You can recover up to 41% of health expenses by way of tax relief. THe recent budget changed introduced chages to the rate at which tax relief is given. This includes most health expenses with the exception routine dental, opthalmic and marternity care. The refunds can be significant in the case of the provision of dental bridges and crowns, nursing home care for dependents and even visits to your GP and prescription medicine.

    Taxation of Rental Income

    Certain deductions are allowed in calculating taxable rental income. They include property management expenses, cost of repair and maintenance, the expense of wear and tear on fixtures and fittings, insurance, advertising and letting expenses and mortgage interest on money borrowed to purchase, improve or develop the property. Mortgage interest relief is only allowed if the tenancy is registered with the Private Residential Tenancy Board.

    Gift & Inheritance Tax

    Tax @ 25% is charged on certain gifts and inheritances. The responsibility to pay the tax and file the returns rests with the tax payer. There are reliefs available under certain conditions. The transfer of assets by way of gift can give rise to stamp duty and capital gains tax in addition to gift tax.

    Early planning can establish what if any taxes might arise and how they can be reduced or eliminated by careful use of the reliefs and other tax reduction techniques. Personal exemptions apply before calculating the tax. In addition there are special reliefs and incentives. The transfer of the family home or a site may pass without tax. Business relief applies to the transfer of business assets and can reduce the taxable value to 10%. Special provisions also apply to agricultural property.

    In order to qualify for relief it is necessary to satisfy the Revenue Commissioners that the special conditions have been complied with. Expert advice should be sought at the earliest possible date and it should be reviewed regularly and at least every 3 to 5 years.

    Inheritance Tax & Grant of Probate

    Capital Acquisitions Tax are undergoing fundamental changes in 2010. This involves new rules governing contacting the Revenue Commissioners, filing returns and paying tax. It is intended that the changes will create greater awareness of this little know tax. However, the effect is to place a greater burden on the taxpayer under self assessment. This includes tax surcharges if returns are not filed on time. It is important therefore to be aware of the existence of the tax and to have advisers who can help you to fulfill your obligations.

    Transfer of Business Property Relief

    Gifts and inheritances are subject to tax @ 25% in the hands of the beneficiary. A business that is valued @ €10,000,000 could give rise to tax of €2,500,000. Business Property Relief, which applies to transfers by individuals who are over 55 years of age, or greater can reduce the taxable value to 10%. This would result in the taxable value of the above business being reduced to €1,000,000 which could facilitate a transfer without any tax. Business transfers require expert knowledge which we can offer. Contact us for more information.

    Tax Incentives & Relief

    There are many tax reliefs and incentives available in the Irish tax system. Some require simple advice in order to understand and claim entitlement. Others require expert advice. It always makes good sence to have an independent profesional review carried out . In financial terms this would be similar to getting your GP to carry out a health check. Some of the main tax reliefs are:

    • Health expenses for the tax-payer and their dependents
    • Payments into a tax approved pension plan
    • Mortgage interest relief & CGT exemption on residence for dependent relative
    • Business Expansion Scheme
    • Film Investment Schemes
    • Patent Income Exemption
    • Special arrangements for dependents
    • Tax relief for separated spouses
    • Special treatment based on a person's residential status

    Taxation of Companies

    Companies are taxed as a separate legal entity from their owners. The standard rate of tax in Ireland is 12.5% for normal trades. Companies can be liable to tax at up to 25% on certain types of income. There are special rules for calculating the taxable profits of companies and it is important to be fully aware of how they work to avoid tax traps and to minimise the overall cost to the owners.

    In certain cases companies profits can be surcharged and can attract other tax disadvantages by not taking steps to optimise the company's financial structure and how the owners take remuneration and reapply the profits. It is important to take review this on formation of the company and to review it regularly thereafter taking account of changes in operating circumstances and legislation.

    For owner managed companies, in particular, the operating structure and funding procedures that companies follow are very important and require careful planning and review. Simple steps from the start will reap rewards in the future.

    Since 1990 it is possible under company law for a company to purchase its own shares. This can be important to facilitate restructuring and survival of companies for the next generaltion. In general profits withdrawn from a company are subject to income tax (currently 41% + PRSI and levies). When profits are used to buy back shares special arrangements can be made for them to be taxed using capital gains tax rates (currently 25%). This clearly give a valuable advantage. In certain cases the recipient of the funds can qualify for their extraction totally free from tax.

    The main forms of remuneration for owner managers are cash remuneration and benefits in kind, rent on premises leased to the company and dividends from distributable profits. Each income category can give rise to different tax costs. Expert knowledge ensures that the owners optimise their reward.

    It is usually necessary for the owners to provide funds by way of capital and loans for a company. There are strict rules governing the tax consequences of providing and repaying these funds, They should be arranged with full knowledge of the consequences and cost. It can mean the difference between financial success and failure.

About Us

We provide a comprehensive range of tax and financial services as well as the established detailed accountancy services. Our financial planning services takes care of all your business and personal needs.

Contact Us

We are available during standard business hours to answer your queries via phone, email or by using our web contact form. Please visit this page to get in touch, we promise to respond within 48 hours.