Services

Tax-planning-compliance

Chartered Tax Adviser, Taxation Compliance & Planning Services

 

Our Tax team provide a range of tax planning services that ensure compliance with all relevant tax laws while safeguarding the company’s assets and maximising the capital available to grow the business. We aim to guide clients comfortably through the complexities of the tax system while protecting the wealth they have created.

  • TOC Tax team work closely with clients to understand their needs. Each facet is researched. Each circumstance, present and future, is considered for tax efficiency.
  • TOC Tax team are highly experienced across a wide range of industry sectors.
  • TOC Tax team consider tax strategies with an emphasis on long term tax efficiency.

 

Corporate Taxation

Corporation Tax is payable on trading income earned in Ireland at 12.5%. Non trading income is taxable at 25%. Aside from our relatively low rate of corporation tax one of the most important reasons for international businesses locating in Ireland is our comprehensive network of Double Taxation Agreements which have been negotiated with all our significant trading partners across the globe. We offer a wide ranging compliance and planning service at TOC with access to specialist advice when required and include the following:

  • Advice on the tax implications of forming a new company
  • Tax registration of newly formed companies
  • 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 to foreign companies setting up operations in Ireland including the operations of subsidiaries and branches
  • Advice on 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
  • Advise on claiming capital allowances, tax loss relief, R&D tax credits, start-up company reliefs etc.

 

Personal Taxation

At TOC we have a wide and varied portfolio of clients ranging from sole traders and partnerships to individuals. We work closely with our clients to identify planning opportunities to minimise your tax burden.  Individuals are not only impacted by Income Tax. Individuals must navigate the entire tax code. Capital Gains Tax applies to profits on the disposal of Capital Assets. Capital Acquisitions Tax is levied on all gifts and inheritances received in a tax year. Stamp Duties are payable on certain transactions. Sole traders must ensure their Local Property Tax payments are up to date or else incur a surcharge penalty on their Income Tax filings. It isn’t just businesses who are subject to Revenue investigation. Individuals often fall foul of tax rules, very often when it comes to renting residential property. Our team at TOC are ready to help you if you find yourself in difficulty and our 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.

 

Value Added Tax (VAT)

VAT is a tax levied on the value added to products as they move through the economic supply chain and is levied on all trading companies and individuals alike. A VAT registered trader must account for output vat on the sales of vatable items and can claim an input credit on any vat incurred during a vat period. It is vital that every business applies the correct vat rate to the activity it carries on. To confirm the vat rate applying to your sales go to VAT Rates

VAT is one of the most complex tax areas and requires ongoing attention in order to manage the working capital cycle of the business. TOC provides a comprehensive VAT service to clients from advising on the correct rates of vat to apply, trading across borders within and outside the EU, trading in electronic services, claiming tax credits, and designing bookkeeping systems to ensure the business captures all the necessary details to ensure compliance with the VAT code.

Our VAT services include:

  • VAT registration – registration is compulsory if turnover exceeds €37,500 pa for services and €75,000 pa for goods or EU Intra community acquisitions of €41,000 pa. The VAT registration threshold for foreign traders supplying taxable goods or services in Ireland is zero.
    Output VAT may be accounted for on a cash receipts basis rather than an invoice basis where turnover does not exceed €2,000,000 or at least 90% of sales are to non vat registered customers.
  • VAT compliance and dealing effectively and efficiently with tax authorities.
  • Advice on the VAT treatment of specific business transactions

TOC provide a Vat Return preparation and filing Service tailored to Bi-Monthly, Quarterly or Annual Return requirements.

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