Taxation

Our tax department specialise in transactional tax and tax planning services. Our focus is on devising structures at the outset in a timely and pragmatic way which result in the maximisation of tax efficiencies.

Our taxation services include:-

  • VAT planning and consultancy services for trading companies
  • VAT consultancy and planning in respect of property transactions
  • Corporate tax planning
  • Personal tax planning (including advising non-domiciled individuals and other clients where residency is relevant)
  • Capital Gains Tax planning for both Companies and Individuals
  • Capital Acquisitions Tax
  • Taxation implications of marital/relationship breakdown, death and illness

As one of Ireland’s leading corporate Insolvency practitioners we have extensive experience in corporate and business re-organisations. This includes share swaps in trading companies and mergers, acquisitions and business disposals from a taxation perspective.

We also have extensive experience in assisting clients and their advisors with regard to revenue audits and Investigations. Some of the recent work we have undertaken in this area includes:

  • Audits on medical consultants where goodwill has been an issue on the conversation to a limited Company
  • Audits on locum GP’s operating through limited/unlimited companies where Revenue have raised VAT as an issue.
  • Acting in respect of liquidated Companies (on the behalf of directors and in other cases as Liquidator) where Section 438 loans to participators, Section 118, 122 and 122A issues along with other BIK, PAYE and distribution issues have arisen.

We welcome the opportunity to act for any client currently facing a Revenue Audit or Investigation and take pride in the results we have achieved for previous clients.

VAT Planning & Consultancy

Failing to structure transactions correctly can lead to a number of negative consequences for a business, these include but are not limited to:

  • Transactions falling into the VAT net where this is unnecessary and could be avoided. The cash flow impact of same for any business or client is self-explanatory.
  • VAT being charged at the incorrect rate – leading to compliance issues as well as additional negative impacts.

CollinsGarcía offer a full VAT Planning & Consultancy Service that address these issues adding value to our client relationships.

Transactional Services

Business transactions, particularly those in relation to business disposal, acquisition or mergers almost always have a body of Tax consequences across a number of different Tax heads. Such transactions often require, apart from taxation advisors, legal and financial advisors and at CollinsGarcía we are happy to work in conjunction with legal and financial advisors to ensure that transactions are undertaken in the most efficient way. Our expertise in this area includes, but is not restricted to:

  • Advising on asset Purchases as opposed to share purchases and vice versa
  • Corporate reorganisations including the hive out of trades from an existing company to a new company
  • Share for undertaking reorganisations
  • Share for share swaps
  • Mergers and acquisitions
  • Share buy backs (both private and public)
  • Stamp duty consequences, associated reliefs and clawbacks
  • Distribution issues arising from same

Capital Taxes

A number of reliefs currently exist in relation to capital taxes in Ireland, these include, on a personal level:

  • Private Dwelling reliefs
  • Retirement relief (on business assets)
  • Capital Acquisitions relief for farmers
  • Capital Acquisitions relief on business assets
  • Credit for Capital Gains Tax suffered on an event also giving rise to Capital Acquisitions Tax
  • Access to the remittance basis of taxation for non-domiciled individuals when disposing of foreign assets

On a business level relief exists in relation to the:

  • Movement of assets (intra group) which allows gains to be sheltered by losses
  • Participation exemption on disposals of shares held by a parent in a subsidiary company

Capital transactions often attract favourable taxation treatment and our expertise allows clients to take advantage of such favourable treatment. We offer strong advice in these areas.

Trusts

Trusts are used for both asset protection and to facilitate the passage of wealth to the next generation. CollinsGarcía are happy to advise on whether a Trust is appropriate in relation to any particular set of circumstances and the tax consequences of same. We also advise in relation to non-Irish Resident Trusts and anti-avoidance legislation in respect of same.

VAT on Property Transactions

The disposal (and acquisition) of any property often has a host of VAT implications. These start from whether the transaction is inside or outside of the charge to VAT right through to clawbacks arising on the surrender of legacy leases. CollinsGarcía are experts in dealing with the VAT considerations on property transactions whether these be:

  • Commercial sales / leasings or development
  • Residential sales / leasings or development
  • Transitional Properties
  • Disposals and associated Capital Goods Scheme considerations on post1 July 2008 transactions

Personal Taxes

The level of taxes paid by an individual affects, on a day to day level, disposable income and in the longer term the level of wealth. CollinsGarcía provide expert tax advices in relation to:

  • Specified reliefs for High earners
  • Share remuneration consequences on PAYE income for both employees and employers
  • Tax geared investment schemes and capital allowances
  • The advantages of high level pension planning for both employees, employers and proprietary Directors of Companies

Corporate Taxes

A major benefit of Ireland as a corporate location is the fact that on trading income (not otherwise subject to the higher rate of corporation tax) profits are taxed at 12.5%. This particularly low rate stands in addition to other reliefs which currently exist (such as start-up reliefs). We provide clear, concise and commercially intelligent advices which assist in companies achieving:

  • The maximisation of profits subject to tax at the lower rate (i.e. 12.5%)
  • A reduced taxable bottom line (resulting in additional cash being available to the business)
  • Additional shareholder value