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Tax Reliefs & Opportunities


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Presentation given at the McInerney Saunders Annual Networking Event 2011.

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Tax Reliefs & Opportunities

  1. 1. What’s Left? Tax Reliefs and Opportunities
  2. 2. Start-Up CT Exemption <ul><ul><ul><li>Extended to end of 2014 </li></ul></ul></ul><ul><ul><ul><li>Exemption from Corporation Tax where the liability not greater than €40,000. </li></ul></ul></ul><ul><ul><ul><li>For first three years of trading </li></ul></ul></ul><ul><ul><ul><li>New Trade </li></ul></ul></ul><ul><ul><ul><li>Not available to certain companies </li></ul></ul></ul>
  3. 3. Personal Property Debt <ul><ul><ul><li>Low property values – negative equity </li></ul></ul></ul><ul><ul><ul><li>Transfer property to trading company </li></ul></ul></ul><ul><ul><ul><ul><li>Stamp Duty at 2% for commercial property </li></ul></ul></ul></ul><ul><ul><ul><li>Trading company to finance capital repayments </li></ul></ul></ul><ul><ul><ul><ul><li>Individual - €2m of income to pay €1m of capital </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Trading Co - €1.15m of income to repay €1m </li></ul></ul></ul></ul><ul><ul><ul><li>Capital Gains Tax Exemption </li></ul></ul></ul>
  4. 4. Sole Trader v Company
  5. 5. Tax Tips <ul><ul><ul><li>Make sure you claim all your entitlements </li></ul></ul></ul><ul><ul><ul><li>Filing of returns on time and through ROS </li></ul></ul></ul><ul><ul><ul><li>Reduce frequency of PAYE & VAT returns </li></ul></ul></ul><ul><ul><ul><li>VAT on cash receipts basis </li></ul></ul></ul><ul><ul><ul><li>Bad debt relief </li></ul></ul></ul><ul><ul><ul><li>Reduced PRSI rates </li></ul></ul></ul><ul><ul><ul><li>Capital allowances </li></ul></ul></ul><ul><ul><ul><li>Go Green </li></ul></ul></ul><ul><ul><ul><li>Assets are held in tax efficient manner </li></ul></ul></ul><ul><ul><ul><li>Small Gift Exemption </li></ul></ul></ul><ul><ul><ul><li>Explore R & D tax credits </li></ul></ul></ul>
  6. 6. Find Out More <ul><li>Visit us Online: </li></ul><ul><li> </li></ul><ul><li>Read More About Our Annual Networking Event & Budget 2012: </li></ul><ul><li> </li></ul>