All audit teams are partner led. Our audit experience across many businesses enables us to provide comprehensive and cost effective services. Our audit staff receive regular training to ensure their knowledge is both comprehensive and current, enabling them to provide you with a first class service at all times. Pauric Trautt, audit partner.
Range of Audits
Our Audit approach is both progressive and standards-driven. Audit are conducted using robust audit methodologies, the appropriate use of technology and a wide range of compliance tools. All audits are partner-led, underpinned by their sound judgment, objectivity and years of experience. All of our staff have access to exceptional industry training and technical skill-building.
Specialist Regulated Audits
Preparation of Accounts
Our staff of both qualified and part-qualified accountants have a wide range of relevant skills and experience, working in both industry and practice. They are fully cognisant of Irish and international Generally Accepted Accounting Practice, and the current International Financial Reporting Standards. Leveraging our professional network we have access to specialist advice pertaining to all jurisdictions.
Sole Trader Accounts
As a founding member of the Irish Tax Institute and a practicing tax professional for thirty-five years, I'm confident - whatever the tax scenario - that I will be able to provide insight and relevant advice... Padraic Cahill, tax partner.
Value-Added Tax is one of the best known of all taxes partly because most EU citizens pay it almost on a daily basis, sometimes being made aware of their payments on invoices and receipts and sometimes, such as in bars and restaurants in the Republic of Ireland, not being reminded of it at all. Registration for VAT is obligatory for persons supplying services to the value of €37,500 or more per annum or €75,000 per annum in the case of goods.
PRSI Rates and Levies
Pay Related Social Insurance is widely viewed as a tax but it is also the method of social insurance which gives rise to entitlement to contributory pensions and other benefits. Where Income Tax is paid under the Pay As You Earn system operated by employers, the employee share of the Pay Related Social Insurance is deducted together with the employee Universal Social Charge and these, together with the Employer Contributions, are paid over to the Revenue Commissioners as part of the payroll system. We operate payroll systems for some of our clients which large companies normally operate themselves.
The best known of the personal taxes is Income Tax which operates on the basis of the calendar year as the year of assessment. Individuals must file a Return of Income for each tax year not later than October 31st in the year following the tax year. There are concessions for those who file online. If a Return for any year of assessment is not submitted or submitted late, the tax liability for that year is subjected to a Surcharge.
All companies resident in the Republic of Ireland and all non-resident companies carrying on business in the Republic of Ireland through a branch or through an agency tend to be automatically liable to Corporation Tax. The best known of the Corporation Tax Rates is 12.5% applicable to business profits but there are also the 10% rate applicable to manufacturing companies and certain IFSC and Shannon Airport zone companies and the 25% rate payable on non-business income such as interest and dividends.
The best known Capital Taxes are Capital Acquisitions Tax and Capital Gains Tax. Capital Acquisitions Tax applies to gifts and inheritances above certain class thresholds. The highest threshold applies where the beneficiary of the gift or inheritance is a child of the disponer. There is a smaller threshold for a lineal ancestor or descendant, and the smallest threshold applies where the beneficiary is not entitled to either of these two. Capital Gains Tax is payable on gains which arise on the disposal of assets, and it needs careful attention because a disposal may occur even if no capital sum is derived from the disposal, typically a disposal by means of a gift or on exchange.
Companies or individuals experiencing cash flow difficulties and shortage of working capital are welcome to contact us to discuss their options and their legal obligations.
The law does not allow an Auditor to be Liquidator of the same company but even in cases where we might be precluded from acting as Liquidators we can utilise the good working relations we have with other Accountants who undertake the work of acting as a Tax Planner, Examiner, Liquidator or Receiver.
Assessing the commercial or financial implications of legal disputes is imperative to ensure that financial settlements encompass every aspect of your case. The ramifications attached to this assessment are huge and getting it wrong can have long-term repercussions.
We provide acting assistance in cases of suspected or actual fraud, authoritative quantification of damages and acting as expert witnesses capable of making a decisive contribution to your case.
We pride ourselves on providing timely and relevant advice in all areas of income tax, and we have a wealth of experience of both the Irish and UK tax systems.
Our income tax planning service includes:
- Advice on efficient pension and retirement planning
- Enhancing shareholder and individual wealth
- Tax efficient remuneration
- Advice on tax-based investments such as the Business Expansion Scheme (BES)
- Ensuring continuing compliance with the tax authorities
Professional tax planning is an important part of the management of your own personal income and personal finances, whether you are self employed, a company director or pay taxes through the PAYE system.
Arising from our association with member firms within our network group, we can refer clients to Gold Seal Financial Services Ltd. This firm will provide our clients with fair and balanced investment advice over a range of products.
You can also avail of our Free Financial Health Check service whereby a Qualified Financial Advisor will review all your past investment choices and make recommendations for the future.