With our technical proficiency and vast experience, we provide expert taxation advice to our clients. We offer tailored tax planning solutions to help our clients minimise tax liabilities and we provide a full tax compliance service to help our clients meet their tax obligations.
We provide expert taxation advice to our clients. Our primary aim is to ensure that clients are tax compliant while exploring opportunities to minimise their tax liabilities:
We advise corporates in a range of sectors including information technology, hospitality and education. We assist our clients to ensure compliance with their corporation tax obligations whilst also seeking out opportunities to reduce tax exposure or structure operations more efficiently from a tax point of view.
Compliance is of paramount importance. Prevention is always better than the cure and the costs associated with compliance are far less than the associated penalties for non-compliance. This includes the risk of Revenue audits and investigations along with the subsequent reputational damage to the business. Our clients benefit from our expertise which ensures they remain compliant at the same time as availing of all appropriate opportunities for tax savings as they become available.
B.J. Dennehy & Company has a wide and varied portfolio of personal clients ranging from small to high net worth individuals. Personal tax is the most diverse and complex area and includes Income Tax, Capital Gains Tax and Capital Acquisitions Tax. We have a deep expertise across these taxes and advise on compliance and planning and provide ongoing support in these areas.
PAYE Modernisation has changed the landscape of the administration of employment taxes. Employers are no longer required to submit periodic P30s or annual P35 returns. Instead employers must adopt Real time reporting (RTR). This requires employers to submit details of each employee’s pay to the Revenue Commissioners before each payment. A detailed breakdown of all pay and deductions must be disclosed in respect of each employee.
Our expertise can help you to assess and understand the challenges that Real Time Reporting (RTR) present. We assist employers to develop an end to end solution that the operation of RTR runs smoothly and efficiently. We are currently helping employers in the following areas:
Reviewing payroll processes as they apply to the management of payroll taxes. This typically involves working with key staff to identify the necessary system and process improvements to meet the requirements of RTR.
Advising on the payroll tax implications of company cars, share based income and other employee benefits and other common areas of challenge under RTR.
Advising in relation to payroll software solutions which will best suit their business. This involves ongoing input and guidance.
We offer a comprehensive VAT service to clients in what can be a very complex area. We provide advice and assistance to our clients with their VAT obligations including;
- VAT compliance reviews identifying potential VAT saving opportunities and potential exposures;
- Advice on issues such as the VAT treatment of complex transactions including merger & acquisition transactions, property transactions;
- VAT from an international perspective; and
We support and liaise with clients over the course Revenue VAT audits and subsequent dealings with Revenue officials
Revenue audits are a daunting, stressful and time-consuming experience for any taxpayer regardless of the nature of their business operations or their own personal tax position. Audits and compliance interventions carried out by Revenue are used as a mechanism of monitoring tax compliance and generally cover a specific period for a particular tax or multiple taxes if the taxpayer is registered for such. Revenue may extend the review period of investigation if the circumstances require it. Revenue audits cover a review of all profits, income and gains and verify the accuracy of tax returns.
Revenue audits continue to become more onerous as Revenue has deployed significant resources to investigate compliance. Technological advancements have led to detailed reviews of a taxpayer’s affairs being analysed far more efficiently. Revenue now have the capability to scrutinise data in a way that was rarely possible in the past. This has led to taxpayers being required to produce significant amounts of records and data for Revenue inspection. Our favoured approach is to perform regular health checks, spot the pitfalls and ensure that our clients are best placed to deal with an audit or intervention if selected.
Our approach is multi-disciplinary across all tax heads. We have the technical and practical know-how to drive the audit forward to completion and are equipped with honed negotiation skills to ensure our clients can continue business as usual.
We assist in audits across all areas of tax and if you have been selected for audit, we can help with the following:
- Interacting with the Irish Revenue Commissioners on your behalf;
- Review of the areas under audit in advance of the audit commencing, any issues which may need to be disclosed prior to the audit and preparing any necessary disclosures in advance of the audit to mitigate penalties and to avail of non-publication;
- Carrying out regular reviews to ensure your tax compliance is at a consistently high level;
- Negotiation with Revenue to ensure the best settlement possible if there are penalties or interest to be paid; and
- Ongoing support throughout the audit process and continuous de-briefing to ensure our clients tax affairs and systems are accurate and compliant going forward.
Passing assets and wealth to the next generation requires careful planning. When considering such a scenario there are a range of complex tax issues including Capital Gains Tax, Stamp Duty & Capital Acquisitions Tax (Inheritance/Gift Tax). Our focus is to maximise all available reliefs and to provide support on an ongoing basis.
- Retirement Relief: Despite it’s name, this relief actually has nothing to do with retirement or any such requirement. This is a major relief in the passing of a business to the next generation, where Capital Gains Tax which would normally be chargeable on such a transfer or sale; Although recent legislation has restricted this relief, it remains a significant benefit for those who wish to transfer business assets to the next generation. This relief is also applicable to those who wish to sell their business to a third party and can satisfy the requirements of the legislation;
- Entrepreneur Relief: where a business owner or farmer sells a business the first €1m in gain is subject to a low CGT rate of 10%. The portion of the gain above €1m will be liable to CGT at the normal 33% rate;
- Business Relief: Individual in receipt of business assets would normally be chargeable to Capital Acquisitions Tax (for gifts & inheritances). Business Relief can reduce the exposure of Capital Acquisitions Tax by 90%;
- Agricultural Relief: Like Business Relief, Agricultural Relief can mitigate the Capital Acquisitions Tax exposure by 90% on the transfer of agricultural assets.
The requirement for a reorganisation may follow from a change in ownership or a wish to adapt to an ever changing environment.
Company reconstructions may be planned & implemented to effect changes such as the division of the company into separate businesses, partition of the company between separate shareholders or the extraction of value for the benefit of shareholders.
Any such transactions may involve multiple tax implications such as Capital Gains Tax, Stamp Duty, Corporation Tax and Company Law compliance. With effective tax planning, such changes can be effected with minimum cost and for maximum shareholder benefit.
Specialised projects involving companies & the maximisation of shareholder benefit. A company may have substantial wealth locked-in in the form of property and financial assets. We examine how to this may be distributed to shareholders in the most tax-efficient manner. Options open to shareholders include a Members’ Voluntary Liquidation (where a company is solvent).
Other examples include:
Tax efficient extraction of funds from a company by means of :
- Ex-Gratia payments;
- Pension contributions on behalf of directors;
- Share buy-back by the company from the director/shareholder.