Chartered Certified Accountants,
Registered Auditors & Tax Consultants Quayside House

1-2 Princes Street, Tralee
Tel: 066 7129579

November 16th Deadline
Through ROS online -
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Our Tax team provides a range of tax planning services that maximise the benefit to businesses and individuals while enabling total compliance with all relevant tax laws. The team objective is to bring clients comfortably through the complexities of the tax system while protecting them and the wealth they have created.

• Timothy & O’Connor Tax work closely with clients to understand the particular needs of each situation. Each facet is researched. Each circumstance, present and future, is considered before effecting maximum tax efficiency.

• Timothy & O’Connor’s Tax Team is highly experienced across a wide range of industry sectors enabling them to structure highly efficient tax planning solutions for their clients.

• Timothy & O’Connor Tax will optimise client’s tax planning requirements through the provision of long term solutions surpassing the expected minimisation of tax liability.

Corporate Taxation

Timothy & O’Connor Tax offer a wide range of corporate tax services to an extensive range of existing corporate clients. Our advisors work closely with clients to identify excellent planning opportunities that will ensure minimum tax exposure and increased vale for company shareholders.

Corporation Tax services include the following:
- Advice on forming a new business
- Tax registration of newly formed businesses
- Preparation and filing of corporation tax returns.
- Advice as to the amounts of corporation tax payments/refunds due and their due dates.
- Tailored tax planning advice on how best to minimise a company’s overall corporation tax charge.
- Advice on the most efficient methods of structuring a business
- Advice on tax efficient financing of businesses
- Advice on existing foreign companies setting up operations in Ireland including the operations of subsidiaries and branches of foreign entities.
- Advice on minimising the overall tax burden of international company's by utilising Double Taxation Agreements
- Advice to company shareholders on how to maximise their value from a corporate holding
- Planning for Director/Shareholder retirement from a company
Corporate tax regime in Ireland:
- The corporation tax rate in Ireland for trading income is 12.5%, currently among the lowest in Europe. (e.g. United Kingdom 28%, Spain 30%, Germany 15%, etc.)
- Ireland is an attractive location for corporate holding structures due to the low rates of corporation tax and the extensive network of Double Taxation Agreements (as evidenced by the recent proposal by multinationals Ingersoll-Rand (Bermuda based) and James Hardie Industries NV (Netherlands based) to relocate its headquarters to Ireland)
- Withholding tax is not deducted from dividends, interest and royalties payable to individuals and companies located in EU countries and countries with which we have treaties.
- Investments in certain buildings in designated areas are fully deductible against profits.
- Plant and machinery and Motor Vehicles are fully tax deductible against profits over an 8 year period.
- Retained profits are not surcharged in Irish companies. However a surcharge of 20% is payable on the total undistributed investment and rental income of a close company.
- Shares issued to employees under approved profit sharing schemes can be taken as deductions against profits by Irish companies.

Personal Taxation

Timothy & O’Connor Tax has a wide and varied portfolio of individual clients ranging from small sole traders to high net worth individuals. Our tax advisors/consultants work closely with our individual clients to identify planning opportunities which ensure their taxation burden is minimized. We will provide advice which is tailored to suit their particular goals, including specialist advice on Income Tax, Capital Gains Tax and Capital Acquisitions Tax.

Personal Tax services include the following:
- Advice on set up and structure of business in Ireland.
- Tax compliance dealing efficiently and effectively with tax authorities.
- Tax planning for non-national individuals relocating to Ireland.
- Advice to individuals working overseas or coming to work in Ireland.
- Tax planning for Irish individuals, company directors and shareholders.
- Advice on tax efficient investment in property in Ireland.
- Extraction of cash from a business in a tax efficient manner.
- Effective succession tax planning for passing on assets to family members, minimising capital gains tax on disposal of assets and reducing inheritance tax/gift tax bills.
- Retirement planning – advice on the most tax efficient way of drawing down the benefits of your pension plan.
- Dealing with Revenue Audits.
Advantages to the Irish Personal Tax Regime:
- Individuals can make investments in new business, investment property and films and get tax relief on their investments.
- Attractive remuneration packages can be put in place for employees that act as a tax efficient incentive for staff to promote greater productivity.
- Employees moving to or leaving Ireland can benefit from special rules, which reduce their tax exposure.

Value Added Tax (VAT)

It is absolutely vital that every business applies the correct vat rate to the activity it is carrying on. Go to to check out your vat rate on the Revenue website.

Timothy & O’Connor Tax offers a comprehensive VAT service to clients in what can be a very complex area. VAT planning can be of paramount importance in business planning. Our focus is on proper planning to minimise potential VAT costs and optimise potential VAT savings and cash flow benefits.

The services offered by our tax consultants in this area include:
- VAT registration – registration is compulsory if turnover exceeds the following thresholds:

Persons supplying services in Ireland €37,500 per annum
Persons supplying goods in Ireland €75,000 per annum
Intra community aquisitions €41,000 per annum
Fourth schedule services Any services received in Ireland
- The VAT registration threshold for foreign traders supplying taxable services in Ireland or selling goods from stocks held in Ireland is zero.
The annual VAT cash accounting threshold for small firms is €1,000,000.
- VAT compliance and dealing effectively and efficiently with tax authorities.
- VAT planning for property acquisitions.
- Advice and VAT planning for companies and individuals relocating to Ireland.
- VAT advice for overseas businesses trading in Ireland.
- Advice on the VAT treatment of specific business transactions
We also provide a Vat Return preparation and submission Service to all our clients based on their Bi-Monthly, 4 monthly or Annual Return requirements