Changes, challenges and new requirements mean it is essential to stay informed and ahead, and you need the right tax team on your side. You need to be sure you are meeting your company’s obligations and are compliant. And you want to have the answers to the all-important question: how can I reduce my tax liability through sound strategic planning?
Our experienced tax consultants have the knowledge and expertise to advise individuals and businesses on all areas of taxation. They will ensure that you are aware of all your tax obligations and of the credits and reliefs available to you. Whether you are dealing with Income Tax, Corporation Tax, Capital Gains Tax, Capital Acquisitions Tax (Gift Tax and Inheritance Tax) or VAT, our tax consultants will help you to plan and minimise the cost to your business or livelihood.
We adopt a proactive and commercial approach to your tax planning. We make sure that taxation advice is never given in a vacuum, that it takes account of personal circumstances and the economic and business context, and that it is specifically designed to achieve your long-term objectives.
At Slattery & Partners, we will assist you with a full spread of taxation services including:
Income Tax is a tax on an individual’s earnings or profits, which employees pay on their salary through the PAYE system. Self-employed individuals pay Income Tax on their business profits. Employees are also liable to income tax on any rental income or dividends received and are required to submit a return to Revenue each year, as do those who are self- employed. We can plan the most tax efficient structure for you – to ensure more money in your pocket.
Tax efficient structuring of your business
Let us guide you on how to structure your organisation and your income in the most tax-efficient way.
Corporation Tax is chargeable on company profits – such as income and capital gains (other than development land gains). In general, it is computed in the same manner as Income Tax for individuals, but different rates of tax apply.
Capital Acquisitions Tax (CAT)
This tax is payable on gifts and inheritances and is important for the transfer of assets to the next generation as it is the main tax that will impact on the passing of wealth. The relationship between the disponer (person granting the gift/inheritance) and the beneficiary (person receiving the gift/inheritance), will determine the lifetime tax-free threshold a beneficiary can receive before being liable to tax on the excess.
Slattery & Partners is regularly consulted on Succession Planning, Inheritance Tax and Gift Tax planning. We are here to help you plan for the tax-efficient transfer of assets between family members, with peace of mind.
Capital Gains Tax (CGT)
Capital Gains Tax (CGT) is payable by a chargeable person on gains which arise on the disposal of chargeable assets. A disposal takes place whenever the ownership of the asset changes. All forms of property, whether situated in the state or not, are assets for the purpose of Capital Gains Tax when disposed of by an Irish resident taxpayer. These include property, shares, copyright, patents etc.
Chargeable persons include individuals, trusts, certain non-resident companies and companies disposing of development land.
If you are selling your business, how should you structure the sale to reduce your capital gains tax liability?
People and Tax
From salary planning for shareholders and directors, to the structuring of profit-sharing schemes and retirement planning – let us help and advise.
VAT is a tax on transactions rather than on profit. Depending on the type of transaction (different Goods and Services), different rates of VAT will apply. Businesses registered for VAT can claim back VAT incurred on their inputs (eg. phone, electricity, material purchases etc.) and will pay VAT on their sales at the appropriate rate of VAT, depending on the type of Goods or Services they supply. We can help with VAT registration, administration and the filing of returns.
VAT on Property
The current rules for VAT on property transactions were introduced in Finance Act 2008. In general, the supply of a freehold property or freehold equivalent interests in ‘new’ properties, during economic activity, is subject to VAT at the rate of 13.5%.
Generally, all sales of “old” property (those outside the period when considered ‘new’) are exempt from VAT. The notable exception is the sale of residential properties by a developer/builder, who is entitled to recover the VAT on the acquisition or development of the property.
Where a property is exempt from VAT, a joint option to tax may be available whereby the seller and purchaser can opt to tax the sale.
The Letting of property is exempt from VAT, but in some circumstances the landlord may decide to tax the letting for the specific property.
Vat on the sale of property is charged at the Reduced Rate (13.5%) and VAT on Lettings is charged at the standard rate (23%)
Stamp Duty is a tax on the purchase of property or shares.