Ireland boasts a favourable tax rate of 12.50% for trading income. However there is also a 25% corporation tax rate which applies to passive income, such as in rental, investment income or foreign income from abroad. The possibility of having the profits of an Irish company taxed at the trading rate of 12.5% is based…
WHAT IS A REVENUE TAX AUDIT? A Revenue Audit is a process whereby the figures reported in a company’s tax returns are analysed by Revenue. Generally, an audit will cover the most recent prior year returns of up to four years, but if discrepancies arise, the audit can review the records for six years,…
Financial planning is the process during which you sit down with an Accountant and discuss how financially secure you would like to be in the future, and then devise a plan to help you get there. I see this as one of the most liberating decisions we can take as a person and business owner.…
6 TOP TAX RELIEFS FOR BUSINESS OWNERS Here are 6 Key tax reliefs available to Irish businesses to help them grow and develop. The reliefs provide business owners with very significant tax savings which is an incentive to grow and then possibly sell on the business at a profit, and pay less tax: Entreprenuers CGT…
Accounting Software & Data Analytics – why are they useful Data Analytics is mainly used for decision making in a business. Decisions can be based on gut feelings, past experience or a feeling, alternatively it can be based on facts, such a data. Decisions making can be prone to human bias but Data Analytics can…
The economic impact of Covid may worsen personal and business financial problems, caused by unemployment, pay cuts, business closure and illness. The aftermath of Covid effects disposal income, savings, retirement pensions, investment and debt. This can result in people worrying excessively over a period of time about their financial security. People who get into debt…
6 TOP TAX RELIEFS FOR BUSINESS OWNERS Here are 6 Key tax reliefs available to Irish businesses to help them grow and develop. Tax on selling your business can be significant. These reliefs provide business owners with very significant tax savings which is an incentive to grow and then possibly sell on the business at…
Structure A – Common Business Structure Structure A – SALE offer A business owner receives an offer of €10,000,000 for his Irish Trading Company A. The business owner is an Irish Tax Resident Individual. He receives €10,000,000 in respect of his shares in Irish Trading Company A. On the assumption that the business was built…
(Read in conjunction with our blog on ‘Building A Business To Sell’) Ireland’s Holding Company Regime – relief for the disposal of shares in a subsidiary This article discusses one of the key features of Ireland’s holding company regime, the section 626B Tax Consolidation Act (TCA) 1997 capital gains tax relief for the disposal…
INCOME Net Monthly Amount Net Monthly Amount € € Earner 1 Earner 2 Net self-employed income Employment income Children’s allowance Children’s Gift Funds Rental income Rental income Other income Total INCOME €0 €0 DESCRIPTION AMOUNT PER MONTH € 1.…