Taxation

Taxation is an inevitable cost of providing for the running of our economy. The economic downturn has caused the Government to seek new sources of taxation in order to meet the day to day costs of the various services provided. The boom year revenues from stamp duty and capital gains tax have greatly diminished and it is expected that The Commission on Taxation, which will soon present its report to Government, will recommend a broadening of the tax base to include property taxes and more extensive local Government charges.

Tax Reliefs

Tax reliefs are expected to be curtailed, including capping the tax-free lump sum which can be received from pension funds on retirement.

Other tax reliefs may be introduced, such as that recently introduced whereby start-up companies can avail of tax-free earnings for the first three years after incorporation.

Seed capital relief and BES reliefs are available, as is relief for investments in pension funds. These have become less popular due to the collapse in share prices, but they still remain a useful method of investment, whether through self-employed schemes or those invested through funds administered by life companies.

In these days when many businesses are struggling, we can help you to claim loss reliefs if applicable.
Most reliefs have by now been restricted to the standard tax rate, such as medical expenses relief, but many reliefs remain unclaimed due to lack of knowledge of what may be claimed.

Tax Compliance

On the other side of the coin, failure to comply with the extensive legislation surrounding tax compliance can result in substantial interest charges and penalties. Whether you are an individual, a sole trader or a company director, we can help you to legally minimise your exposure to taxation by advising you of reliefs available, by claiming such reliefs on your behalf where applicable, and by helping you to meet filing deadlines.

We can advise on the tax implications of buying, selling or merging a business, including availing of appropriate stamp duty and capital gains tax reliefs.

Expert Advice

Taxation is an extensive area and we have the expertise, either in-house or by direct access to the top specialists in each area, where required. For a free introductory meeting, please contact us by phone (353) 45 433633 or by email info@longaccounts.ie