Tax Planning & Compliance Services
Boland & Partners provides personal tax planning and compliance services to all types of private clients including company directors, owner-managers, professionals and others. As a family run business, we offer a very personalised service and work with our clients to identify and implement suitable personal tax planning opportunities as they arise. The following is a range of personal services we can provide:
(i) Advising on Income Tax Issues including residence and domicile status
Income Tax is charged on income of individuals and others arising in a tax year which runs from 1 January – 31 December.
If you are resident and domiciled in Ireland, you are liable to Irish income tax on your total income from all sources i.e. your worldwide income.
You are regarded as Irish resident if your presence in Ireland amounts to:
(a) 183 days or more in a tax year or
(b) An aggregate of 280 days in the current and preceding tax year.
You are present for a day if you are present at any time during the day.
We advise our clients in all areas of income tax including:
- Advise on the calculation of income tax liabilities as well as preparation and completion of Annual Personal Income Tax Returns
- Advise on all Income Tax reliefs and allowances
- Advise and correspond with the Revenue on our client’s behalf
(ii) Retirement Planning, including succession and inheritance planning
We advise our clients on a range of retirement planning issues such as:
- Share Disposal
- Share Redemption
- Structuring the transition of family businesses to next generation:
As a family run business, we understand the challenges and opportunities that other family businesses face. Business transition to the next generation is an issue which must be planned in order to maintain the longevity of a successful business. It is vital that a succession plan is put in place and the results of this plan communicated to the successors at the right time so that your business will succeed past the leadership transition and deliver into the future.
We advise clients in the following areas so that the whole process runs smoothly:
- Advise on Succession Strategy
- Sale of Business
- Tax Planning for the process
(iii) Advising on Marital Breakdown
Even though a marital breakdown is very emotional, the tax consequences of any financial transaction which takes place because of the breakdown should not be overlooked. It is essential that careful tax planning should be carried out before any financial transactions take place as different tax consequences apply to informal separation, formal separation and divorce.
We advise clients in the following areas:
- Payments between spouses including maintenance payments
- Tax Advise in relation to succession planning
- Tax Advise on property transactions
We also provide related services including:
- Wealth Management and
- Forensic Accounting and expert Witness Services
(iv) Capital Gains Tax
When you sell or dispose of an asset (for example, shares or a house), you are liable to pay capital gains tax on the gain you realise at a rate of 33%. The first €1,270 of gains in a tax year are exempt.
There are many CGT reliefs which may be availed of including:
- Retirement Relief
- Relief on transfer of a business to a company
- Share Transactions
- Principal Private Residence Relief
We advise clients on all aspects of Capital Gains Tax including the following:
- Tax planning in relation to future disposes to maximise CGT reliefs available
- Advising on all CGT reliefs and exemptions
- Preparation of Capital Gains Tax computations in relation to disposal of assets
(v) Capital Acquisitions Tax
If you receive a gift or inheritance, you are liable to pay capital acquisitions tax at a rate of 33% on the balance in excess of the Group Threshold Amount. The group threshold depends on your relationship with the donor.
There are a number of reliefs available, including Business Relief, Agricultural Relief, Favourite Nephew Relief.
We advise our clients on all Capital Acquisitions tax issues, including availing of CAT reliefs and exemptions.