Personal Taxes

We are specialists in all personal taxes. Everyone who is subject to taxation needs professional advice if they are to optimise their tax position and ensure they meet all the onerous compliance requirements. Our team can provide you with year round advice on all aspects of personal taxation to give you peace of mind. Our aim is that you are as tax efficient as possible and that you benefit from every euro of tax saved.

We provide specialist tax advice and services for:

1. Income tax

• The quantification of annual income tax liabilities utilising all available credits, tax opportunities, exemptions and reliefs.
• Using available tax reliefs e.g. the Business Expansion Scheme, tax incentive property investment and pension planning to reduce income tax liabilities.
• The use of tax efficient funding for the purchase of property.
• The structuring of employment termination packages for minimum income tax exposure.
• Implementing the most suitable business structure.
• The timely payment and filing of income tax and income tax returns.

2. Capital gains tax (CGT)

• The use of available reliefs in relation to the sale of a business, property or any other capital asset to minimise CGT payable e.g. CGT retirement relief, principal private residence relief or the transfer of a site to a child relief.
• The CGT free transfer of a sole trader’s business to a limited liability company to avail of the benefits of limited liability and the corporation tax rate of 12.5%.
• The quantification of CGT liabilities and the timely filing of relevant returns.

3. Capital acquisitions tax (CAT)

• Advising on planning and reviewing a will.
• Making full use of CAT exemptions.
• Transferring assets into trusts.
• Advising on Section 60 insurance policies to cover potential CAT liabilities.
• The transfer of wealth and assets to family members or any other individuals in a tax efficient manner.
• The use of CAT business property relief to pass on business assets or private trading companies in a tax efficient manner. This may include an element of restructuring prior to the gift or inheritance to maximise the reliefs available.
• The use of CAT agricultural property relief to pass on farming land and assets.
• The use of other available CAT reliefs (e.g. dwelling house relief and the small gift allowance) to pass on assets.
• The use of fixed, bare and discretionary trusts as tax efficient mechanisms for the passing on of wealth and assets.
• The CAT implications of a gift or an inheritance, the quantification of CAT liabilities and the timely filing of CAT returns.

4. Tax residence and domicile

• Tax residency, ordinary tax residency and domicile status and the tax implications (income tax, CGT and CAT) of same.
• Limiting income tax liabilities using split year residence relief, cross border workers relief and the seafarers allowance.
• The use of double taxation agreement reliefs.

5. Estates and trusts

• Taxations aspects of fixed, bare and discretionary trusts.
• The quantification of income tax and CGT liabilities and the timely filing of returns in the administration of estates and trusts.

6. Marital disputes

• The division of family assets without giving rise to a tax charge (e.g. CAT, CGT or Stamp Duty).
• Implementing the correct method of assessment and optimum tax credits for each spouse in the year of separation / divorce and future years.

Related Article:         Corporate and Business Taxes

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