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Taxation

From the provision of tax compliance services to tax planning across all tax heads, FMB depends on one of the most important resources of them all: experience.

When it comes to Personal Tax, Corporate Tax, Capital Gains Tax and Inheritance/Gift Tax, we offer a full suite of taxation compliance services, ensuring that our clients are continually up to date.

Capital Gains Tax Planning

Capital Gains Tax is payable on gains accruing from the disposal of assets: transfer of ownership by sale, gift, exchange or otherwise. Our tax department offers advice in each area. In particular, our team advises on how to best maximise the allowances, reliefs and exemptions available – and therefore minimise any liability arising. Some of these reliefs may apply:

  • Annual small gains exemption
  • Relief for capital losses
  • Negligible value claim
  • Principal private residence relief
  • Revised entrepreneur relief
  • Retirement relief
  • Transfer of a site to a child

In the current market, Capital Gains Tax planning may be of particular interest. Some of our clients may wish to dispose of assets with falling values to crystallise capital losses. We will calculate your Capital Gains Tax liability, advise on ways of reducing it, and identify when it needs to be paid.

Gift and Inheritance Tax Planning

Capital Acquisitions Tax is charged on the receipt of assets by way of gift, inheritance or otherwise received at less than market value. Where assets are transferred at market value, any future increase in their value will accrue to the transferor’s children or beneficiaries. We work closely with clients wishing to pass on their business and other assets to their successors in the most tax-efficient manner possible. This begins with reviewing the assets held and available exemptions and reliefs for each individual client. Some of the more common exemptions/reliefs include:

  • Small gift exemption
  • Exemption for spouses
  • Agricultural relief
  • Business property relief
  • Credit for Capital Gains Tax paid against Capital Acquisitions Tax due
  • Exemption of certain dwellings

We also regularly advise on the taxation implications arising from specific terms contained in our clients’ wills and the use of discretionary trusts for both taxation and personal reasons.

Corporate Tax Planning

At FMB, our team have advised on the tax-efficient restructurings of group companies – both from corporate finance and taxation planning perspectives. We recently acted as lead tax advisors on pre-sale re-organisations of companies involved in the fruit wholesale business, insurance brokerages and the chemical industry. We have also advised foreign entities on the establishment of holding companies and trading subsidiaries in the Republic of Ireland – and the associated taxation benefits, including the ability to repatriate profits to many other jurisdictions without suffering withholding taxes.

Revenue Audits

FMB has significant experience in representing clients, both corporate and personal, in Revenue audits and investigations. The importance of planning for Revenue audits cannot be overstated, due to the low monetary threshold after which publication of default can arise. This is currently set at €35,000. Importantly, this €35,000 sum is the aggregate of the tax due, statutory interest and penalties. Therefore, although the tax not previously paid may have been less than the €35,000 threshold figure, the interest charged and the penalty imposed are aggregated with the tax liability for the purposes of the €35,000 limit. Therefore, the taxpayer may find themselves being published in Iris Oifigiúil and in the national press. It is possible to avoid publication arising from tax defaults by voluntarily furnishing details of the tax default to Revenue, together with a payment for outstanding taxes, interest and penalties. This approach can also bring about a large reduction in penalties to be applied. At FMB, we strive to make your affairs less taxing.

We can also assist you in preparing your tax returns and advise on PAYE and PRSI. Additionally, we also provide international tax planning and secretarial services as well as dealing with tax investigations and VAT planning.

You can book a consultation with John today and make your business affairs less taxing. 

Contact us today and learn more on how to cope with and avoid the many pitfalls of taxation.

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