Tax planning - Income Tax (IT)
Irish tax residents are liable to Irish Income Tax on world-wide Income
It is important to ensure that all income is declared and that taxes are paid on time to avoid the possibility of interest or penalties arising.
We assist our clients to get their tax affairs in order as the cost of disorder is penal.
It is equally important to take full advantage of all the reliefs available under the Income Tax codes.
We advise our clients on the relief's available and ensure they are fully claimed.
We assist our clients in ensuring that they meet preliminary and final IT deadlines.
Restriction in use of tax reliefs by taxpayers with higher incomes.
Ensure tax deductible business expenses are fully claimed.
Ensure trading losses made are set off against all other income.
Consider converting your business into a limited liability company.
Contribute to a personal pension contract.
We provide tax advice on pension planning, advice on tax shelters as well as income tax planning structures.
Advice on tax-based investments such as the Business Expansion Scheme (BES) and film schemes
Wealth management advice
Ensuring continuing compliance with Revenue regulations
Tax planning in a downturn
Utilise Losses for Tax Relief against spouses’ salaries on which PAYE has been paid.
Utilise Terminal loss relief: where a business ceases to carry on a trade and has incurred a loss it can carry back that loss against the profits of that trade for the previous three years.
Write Down of Trading Stock: of particular relevance to developers and site and work in progress valuations should be reviewed.
Tax planning considerations for investors
Invest in property tax shelters (e.g.: section 23 property, nursing homes, medical centres, hotel investments).
Claim rent a room relief.
Acquire tax free savings income.
Invest in commercial forestry ventures.
Tax planning considerations for employees
Ensure mileage allowances are claimed if employee owned vehicle is used for company business.
Ensure subsistence allowances are claimed, if applicable.
Consider becoming self employed.
Advice on efficient pension and retirement planning
Enhancing shareholder and individual wealth
Tax efficient remuneration
Tax planning considerations for partnerships
Relief for a share of partnership losses can set off against their total income. Tax relief on partner's losses may be restricted restructuring into sole trades may be advisable.
