Tax impacts all
of life’s big events
and decisions.

Tax credit for research
& development spend.

Goal:Secure 25% corporation tax credit for research and development spend by a food production client.

Project: We worked with the client’s technical staff to identify ‘qualifying spend’ on an attempt to resolve a scientific/technological uncertainty as to how smoked flavouring could be added to certain meat products. Once the qualifying activities were identified, we collated the financial information across the various expense categories, and prepared an R&D report to be used in the event of a future Revenue audit of the tax credit.

Staggered gifts and inheritances to the family

Goal: : Pass assets to children in a staggered manner to achieve two goals; to maintain the financial independence of the parents until the end of their lives, and to minimise the possibility that assets would be wasted by inexperienced children.

Project: We reviewed the full circumstances of the clients’ personal and business assets, as well as the current and potential financial position of each of their 6 children. We assisted the family in determining who of the children should inherit the trading business and how the business and property assets could be separated. By relying on relevant capital gains tax and gift tax reliefs/thresholds, we advised on how to minimise taxes on gifts of assets during the parents’ lifetimes and inheritances due to the children under the terms of the wills. Working with the family’s lawyers, we ensured that the proposed lifetime gifts were correctly made, that all of the relevant tax returns were filed with Revenue and that the parents’ intentions in relation to inheritances were correctly reflected in the parents’ wills.

Giving a key employee an ownership share in the business

Goal: Give shares to a ‘key employee’ in a way that minimised taxes on the transaction and also gave the founders peace of mind that the shares could not be transferred to an unfriendly third-party.

Project: We advised on the creation of a group structure, including holding company and subsidiaries, as well as the reclassification of the companies’ shares. Working with the client’s lawyer and company secretary, we ensured that all of the relevant documentation to effect this was prepared and filed with the CRO. We advised on the relevant payroll taxes and how these should be reported to Revenue. We also worked with the client’s lawyer to put an appropriate shareholder agreement in place, in order to protect the position of both the ‘key employee’ and the founders of the business.

Tax-driven business financing

Goal: Generate third-party investment for the build and operation of a wind turbine.

Project: We advised on the creation of an Employment Investment Incentive Scheme (EIIS) that provides income tax relief for investors who commit to retaining their EIIS company shares for at least 4 years. We assisted the client, their lawyer and company secretary in preparing the relevant investment prospectus and all relevant CRO paperwork. The relevant Revenue submissions were also prepared and filed by us.

Trading in a post-Brexit world

Goal:Assist in a change of market focus caused by the UK leaving the EU.

Project: Our client is an Irish manufacturing company that specialises in developing and producing components for the car industry, with primary markets in UK and Germany. Faced with a new customs regime for UK exports, we advised on the new framework for exporting from Ireland to the UK, and liaised with the client’s hauliers and in-house finance team to make the necessary changes from an Irish VAT and customs perspective.

We also advised on the potential Irish tax and social security implications arising for an Irish employee if they were to be posted to Germany, to develop the German market further. Liaising with German tax advisers, we also flagged the potential German tax implications if a German branch/establishment were created by the Irish employee.