The following is just a sample of the taxation consultancy services Clarus Taxation undertakes on behalf of clients:
- Advice in relation to the reduction of income tax liabilities.
- Advice on the income tax implications of tax residence, ordinary residence and domicile for people going to work abroad or returning from work abroad.
- Advice on the appropriate tax efficient structure on taking up a foreign contract.
- Advice on the optimum tax free payment an individual can receive on the termination of an office.
- Advice in relation to the reduction of corporation tax liabilities.
- Minimisation of the close company surcharge.
- Advice on corporation tax residency / permanent establishment issues.
Capital gains tax (CGT)
- The preparation of capital gains tax computations and submission of capital gains tax returns on the disposal of a capital asset e.g. shares or an investment property and advice in relation to the minimization of same prior to the transaction.
- Advice in relation to the capital gains tax reliefs available e.g:
Capital gains tax retirement relief
- under Section 598 / 599 TCA 1997.
Transfer of a business to a company relief
- under Section 600 TCA 1997.
Capital acquisitions tax (CAT)
- The CAT implications of gifts and inheritances and the timely filing of returns.
- The use of CAT reliefs to minimise potential CAT liabilities or to plan the tax efficient transfer of property during lifetime or on death.
- The preparation and submission of VAT returns on a timely basis.
- Advice on managing VAT and cashflow.
Relevant contracts tax (RCT)
- Advice on whether RCT applies to your engagement.
- All aspects of RCT compliance.
You may need a combination of expertise under all tax heads to deal with specific circumstances or transactions e.g.
The company director and shareholder
- Annual salary planning ensuring maximum tax efficient salaries are extracted.
- The implementation of mileage and subsistence schemes.
- Advice on the optimum shareholding structure of a company.
- Retirement strategies e.g. using capital gains tax relief, pension planning and other strategies to ensure the company director can extract maximum cash from the company tax fee when partially or fully retiring.
- Tax efficient extraction of cash from companies.
- The use of CAT business relief or CAT agricultural relief in passing the family business to the next generation.
- Advice on the tax free division of assets.
- Implementing the correct method of assessment and optimum tax credits for each spouse in the year of separation / divorce and future years.
Disposal or purchase of business
Advice on the most tax efficient means of selling a business e.g.
- The disposal of shares vs. the sale of the assets of a business.
- The VAT implications of the disposal.
- The reliefs available on business disposals (e.g. capital gains tax retirement relief).
Advice on the most tax efficient means of purchasing a business e.g.
- The minimisation of stamp duty.
- The VAT implications of the purchase.
- Advice in relation to the taxpayer’s rights and obligations under the Revenue Code of Practice for Revenue Audits.
- The review and analysis of books and records to identify any issues.
- Advice in relation to the choices available to a taxpayer on notification of a Revenue Audit e.g. the advantages of making a prompted qualifying disclosure.
- Handling all negotiations with the Revenue Commissioners to bring about the best possible result.