Personal Taxation (Income tax / PRSI/ USC)
Sheil Kinnear has extensive experience in specialist areas of taxation. The objective of our personal taxation service is to help clients keep abreast with changes in legislation, ensuring that all tax returns conform to the regulatory requirements.
Many traders now operate through corporate structures, given the obvious benefit that limited liability presents. In addition to limited liability, a corporate structure presents both compliance requirements and planning opportunities. Sheil Kinnear can help ensure that you are fully compliant and we can identify the many opportunities to unlock and optimise the benefits for you and your company.
Estate Planning (Capital Acquisition Tax (CAT))
Neglect in the area of Estate planning can cause hardship and expense on surviving families. Such expense can be avoided through timely planning. Our advice will embody your particular wishes, and is designed to ensure your affairs are organised to avoid problems in the future and to limit your exposure to inheritance tax (CAT).
Succession Planning (Capital Gains Tax and Capital Acquisition Tax)
It is important that the succession of your business is planned to limit your exposure to Capital Taxes. We will identify and help maximise the relevant reliefs available and assist you through a smooth and timely transition. Prompt and considered tax planning is critical in terms of minimising the tax cost of succession.
Employer Taxes (PAYE/PRSI/USC)
Employers, be they sole traders, partnerships or incorporated entities are required to calculate and remit payroll taxes on behalf of their employees. This is a statutory requirement and is critical that the correct amount of payroll taxes are remitted and returned on a timely basis. Sheil Kinnear has a dedicated payroll beareau that can work with clients to ensure that payroll is correctly calculated and the various returns and payments are made on a timely basis.
Selling Your Business
Sheil Kinnear has advised on many lucrative business sales. It is vital that all deals are structured in as tax efficient a manner as possible to reduce the sellers liability to Capital Gains Tax (CGT). There are various reliefs such as retirement relief and entrepreneurs relief that are available should the required conditions be met.
New Tax Legislation
Changes in current domestic tax legislation and EU regulations are commonplace. These changes can impact on your business at all levels, making it vital that the precise implications are identified and addressed as early as possible. We constantly monitor legislation to enable clients to adapt and comply with new legislation.
Relevant Contracts Tax (RCT)
Relevant Contracts Tax applies to payments made by principal contractors to sub-contractors in the construction, forestry and meat-processing industries. There are 3 tax rates for RCT, 0%, 20% and 35% and the rate applied will depend on the tax compliance status of the sub contractor. This is a critical tax as it has a direct impact on cashflow and can lead to portions of payments being withheld.
Value Added Tax (VAT)
Value Added Tax, or VAT as it is commonly referred is a very common tax and it is levied on many of the goods and services that we consume in our daily lives. The VAT regime in Ireland is quite confusing and there are various rates in operation depending the nature of the goods/services being supplied and where the goods and services have been supplied. Traders also need to be aware of the possible requirements to submit VIES or Interstat forms depending on where they are trading.
Revenue audits are very stressful events for a business owner. Sheil Kinnear provides experienced support and advice to business before, during and after Revenue audits.
Other tax issues
There are many other tax issues and opportunities that may arise. Our experienced team would be happy to discuss any tax issue with you and below are some of the many areas that may be of interest:
- Key Employee Engagement Programme (KEEP Scheme)
- Research & Developments Tax Credits
- Gift/Inheritance Tax Planning
- Business Restructure and Reorganisation
- Termination payments
- Exit Strategies
- Starting Your Own Business Relief
- Start Up Company Relief
- Start Up Refunds for Entrepreneurs Scheme (SURE Scheme)