Skype: ComerfordFoley or call 051 396703 / (01) 5720605

Routine compliance

Income Tax
If you have an income tax return requirement, or non PAYE income which may result in the need to prepare an income tax return, we have the expertise to ensure that this is done as efficiently as possible for you. This is important as late filing of Tax returns can lead to surcharges, restriction on the use of losses and the inability to claim certain tax reliefs. We will calculate your tax liability, calculate your capital allowances and advise you on your preliminary tax payments. We will also look at legitimate ways to reduce your liability so that you are not paying more than you should be.

VAT / VIES / Intrastat
We offer a broad range of VAT compliance services including VAT registration, completion and submission of VAT returns, VIES (goods and services) & Intrastat statements to ensure your business is fully VAT compliant and all payments/refunds due are dealt with in a timely manner.

Capital Gains Tax (CGT)
The sale of any asset, such as shares, property or land, may result in a "capital gain". Such a gain may be subject to Irish CGT wherever situated. It is important to understand if you are liable to Irish CGT on an asset disposal and it is also essential that the tax cost of a disposal is minimised by the use of any losses available, personal tax exemptions and CGT reliefs such as Retirement relief or Relief for certain disposals of land or buildings. We can assist you with the calculation of your CGT liability and ensure that your return is filed on time.

Capital Acquisitions (CAT)
CAT arises on the receipt of a gift or inheritance. Our team can help ensure that you remain compliant with the return requirements and can assist you with the calculation of any liabilities arising. The current CAT rate is 33% and once the value of a gift or inheritance exceeds a certain threshold, which depends on the relationship between the donor and the recipient, then in most cases you would have a CAT liability. Some generous CAT reliefs exist such as Agricultural Relief and Business Property relief and it is vital that you don't miss out on these when passing on a family business or farm.

Relevant Contracts Tax (RCT)
This tax applies to payments made by principal contractors to sub-contractors in the construction, forestry and meat-processing industries. The old RCT paper system has now been replaced with a new modernised Electronic RCT system. All RCT obligations for principal contractors and sub-contractors must now be completed online through the Revenue Online System (ROS). Three rates of withholding tax apply on payments from principals to sub-contractors which are 0%, 20% and 35% and the rate applied will depend on the tax compliance record of the sub-contractor. When a principal enters into a contract with a subcontractor the details of this, to include the name and PPS number of the subcontractor, estimated duration and estimated contract value must be completed on ROS. All payments to sub-contractors must be notified to Revenue on ROS and Revenue will confirm the correct withholding tax rate to apply to the payment.

Corporation Tax
All trading companies are liable to Corporation Tax on the profits of the company trade and on non-trading income such as rental income and deposit interest. Companies must file a Corporation Tax return and Form 46G within 9 months after the end of their accounting date. We can assist you with the calculation of your company's Corporation Tax liability and ensure that your company's returns are filed on time. When companies are commencing to trade, in some cases, there will be losses in the earlier years. It is important that these losses are captured as they can be carried forward for offsetting against future trading profits. It is vital that the Corporation Tax return is filed on time to ensure full use of available losses and to avoid any additional Corporation Tax surcharge on the company liability.

Employer Taxes - PAYE / PRSI
The employer, whether it is a sole trader, company or Partnership, is responsible for calculating and paying over to Revenue all the Payroll taxes of their employees such as PAYE, PRSI, USC and employer's PRSI. Some employers will have their own in-house payroll capability but others may not feel comfortable spending time on this. We use Sage Micropay which works efficiently to produce payslips, calculate all the taxes owing to Revenue, produce P45's when employees are leaving, keep a track of hours worked and produce P35's and P60's after the end of the tax year. Our staff would be delighted to assist you with your payroll function.

Tax Planning / Non Routine
Our specialist team has considerable experience in tax planning strategies both for start-up businesses and also for more mature businesses looking towards succession or sale. The following are just some of the areas that we have experience in when considering planning opportunities:
  • Business Structure
  • Start your own business
  • Reorganisation
  • Retirement/Succession planning
  • Farming Tax
  • Gift/Inheritance Tax planning
  • Termination payments
  • R&D Tax Credits
  • Mergers and Acquisitions

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