Tax Advice

Now, more than ever, it is critical for Irish taxpayers to be on top of the latest tax developments. Armed with the right information, businesses and individuals can identify potential tax opportunities and pitfalls and in doing so either increase or preserve their capital resources.

 

McAvoy and Associates advise on every Irish Tax whether Income, Capital or Asset Transfer Taxes, bringing the right mix of professional skill and tax experience to help Irish businesses and individuals manage their Tax Liabilities.

 

Our experienced tax professionals include some of the leading professionals in the field of Irish taxation. They advise on all aspects of business and personal taxation, applying a breadth of tax experience to every assignment and proactively addressing all the tax issues that flow from every business decision.

Business Tax

For several generations Ireland has played a leading role in enacting tax legislation designed to encourage business formation and to help the profitable development of business. The Irish legislature is usually quite willing to respond to changes in the business environment by adapting and amending its tax laws.

 

As a result the country’s business tax incentives and reliefs are frequently modified. A good example is Entrepreneur Relief from CGT, a summary of which is set out below, the latest version of which has been amended to make it more useful to entrepreneurs. A well-advised business will make best use of opportunities such as this. Needless to say, we aim to make sure that our clients are well-advised.

 

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Private Client Tax

If you need to file a Personal Tax return or just need advice on a personal tax matter, we can offer you a first-class service.  We work with private clients on a wide range of issues, from simple Tax Returns or Repayment Claims to very complex returns and specialist tax advice.

 

Because private clients often have a wide range of business interests that may include holdings in Private Companies, Partnerships and Family Investment Partnerships, our private client service provides expert advice on the entire range of taxes to which they and the entities that they control are exposed.

 

Thus, we view private clients and their interests as a unit and in this way, provide integrated advice on the Income Tax, Capital Gains Tax, Corporation Tax and the various wealth transfer taxes that affect both them and their companies.

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Inheritance and Gift Tax

The protection of family wealth though effective Inheritance Tax Planning is important to all our clients. At McAvoy & Associates we provide specialist advice on Will Planning and Lifetime Gifting to enable assets to be transmitted to future generations and to minimize the Inheritance and Gift Tax exposures.

We also advise on the creation of trusts, whether for family or charitable purposes and provide an advisory service to clients and solicitors for overcoming tax problems that arise in the course of the administration of estates.

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Capital Gains Tax (CGT)

Capital Gains Tax is charged on gains on the disposal of assets. The disposal could be by way of sale or gift. While the standard rate of CGT on gains is 33% there is also a special 10% rate that applies to taxpayers qualifying for Entrepreneur Relief. Apart from this however, there are many reliefs and exemptions that can reduce or alleviate the charge to tax.

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Value Added Tax

VAT is a transaction-based tax and is levied on supplies of goods and services.  VAT-registered traders account for VAT on supplies of goods and services and recover VAT charged to them on goods and services used for the purpose of making VATable supplies.

 

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Stamp Duty

Stamp duty is a tax levied on instruments, that is on written documents. In order for a charge to arise the instrument must fall within the charging provisions.  The main heads of charge are:

  • Conveyance or transfer on sale,
  • Lease,
  • Mortgage, bond, debenture, covenant and warrant of attorney to confess and enter up judgment, and
  • Bond, covenant or instrument of any kind whatsoever.

 

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