tax support to professional services practices
TRANSCRIPT
Crowleys DFK
Providing Tax Support to Legal Practices
WWW.CROWLEYSDFK.IE
Contents
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About the Firm
Sector Experience
DFK International
About Us
Tax Support to your Practice
Case Studies
Service Offering
Our Talented Tax Team
Our Team
Benefits of working with Crowleys DFK
Why Work With Us?
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Legal & Professional Services
Foreign Direct Investment
SMEs
Public Sector
Not-for-Profit
Property & Construction
Markets Served
Audit & Assurance
Tax
Advisory
Outsourcing
Service Areas
5 Partners 55 Staff
Resources Locations
At Crowleys DFK we never lose focus on your objectives
Crowleys DFK in a Snapshot
Personal tax
Corporate tax
International tax
VAT
Transfer Pricing
Capital Tax
R&D Tax Credit
RCT
Revenue investigation & audits
Succession planning
Dublin
16/17 College Green Dublin 2
Cork
5 Lapps Quay Cork
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Sector Experience
We are proud of the reputation and long term relationships we have built with our legal clients over the years. Our highly skilled specialists provide strategic and practical advice to help clients meet their compliance and regulatory obligations and business objectives.
At Crowleys DFK we have a wealth of experience advising and working with
legal services firms.
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Our Services
1. Reporting Accountants Reports
2. Health checks in advance of Law Society visits
3. Management accounts
4. Annual financial statements
5. Personal and partnership tax
6. Succession planning
7. Non-competitive tax support
8. Outsourced payroll & accounting
9. Guidance on IT development issues
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Working with the Legal Profession
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215 member firms
DFK International (“DFK”) is a major international association of independent accounting firms and business advisers that has been meeting the needs of clients with interests in more than one country for more than 50 years.
Our DFK membership provides our clients with an integrated and robust global delivery mechanism across the world.
Where DFK member firms work together on cross border assignments we operate as one team. This is a powerful and important feature which save clients time, money and allow resources to be best utilised.
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420 offices worldwide
Across 90 countries
worldwide
11,011 Partners and
staff
US$1.237bn total fee income
DFK International
Local Knowledge - Global Presence
The firm is an independent member of DFK International
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Service Offering
Non-competitive Service Partnerships
The talented people in our tax department can provide your practice with non-competitive support across a range of tax heads.
We can provide effective advice in dealing with complex tax issues
1. VAT on Property
2. Capital Taxes (CAT, CGT)
3. Revenue Audits
We have developed successful service partnerships with a number of local and overseas legal practices, other accountancy practices and overseas specialist VAT companies.
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Portfolio
Our work involved:
1. Carrying out a comprehensive review of the lease documents.
2. Providing the client with detailed written explanation of the VAT references therein, in a clear, concise and jargon free manner.
3. Advising on the VAT treatment of the “fit-out contribution”.
4. Identifying certain VAT clauses which would expose the client to a VAT cost if events outside of their control occurred.
5. Working with the client’s solicitors to propose a revised wording for these VAT clauses.
6. Liaising with the landlord’s solicitors to agree on acceptable wording for the VAT clauses, removing this exposure for the client.
The client was able to secure the lease on the premises with their exposure to future VAT costs greatly reduced.
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Referred to us by their solicitors, the client was a growing company entering into a 20-year lease on a new business premises.
As they carry out some VAT-exempt activities, the client wanted to ensure they weren’t exposed to any future unforeseen VAT costs before signing the lease.
VAT on Property Advice to a Tenant
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We provided advice, often at short notice, during the negotiations on each property. Specifically, we:
1. Reviewed of the history of each property and the VAT status of the potential buyer.
2. Provided written advice on the appropriate VAT treatment to minimise the VAT cost for the client.
3. Prepared the necessary documents and invoices that the client was required to provide to the purchaser.
4. Worked with the client’s solicitors to ensure the correct VAT Special Conditions were included in each Contract for Sale.
The client was able to focus on selling his property portfolio for the maximum return without worrying about delays due to waiting on VAT advices.
The client, referred to us by their solicitors, was disposing of a substantial Irish property portfolio in a number of lots.
They wanted to know whether to charge VAT on each property sale. Where VAT was to be charged, they wanted to ensure the correct VAT special conditions were included in the Contract for Sale of each property.
VAT on Property Advice to a Vendor
Case Studies
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Portfolio
After meeting with the executors and establishing the background and requirements, we:
1. Drafted a written report for the executors:
• Outlining the tax cost for the beneficiaries on inheriting as set out in the will.
• Making suggestions to reduce this tax cost by re-distributing the estate based on personal circumstances of the beneficiaries.
• Outlining the tax implications (CAT, CGT, stamp duty) of the re-distribution and what steps to follow.
2. Liaised with the solicitors for the estate to assist with drafting a Deed of Disclaimer.
3. Filed the CAT Returns on behalf of each beneficiary.
A sizeable tax savings was achieved by the beneficiaries.
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The deceased left a farm, cash and shares to his children and grandchildren (the beneficiaries).
The executors of the estate were referred to us by their solicitors to determine if there was scope to re-distribute the estate and minimise/eliminate tax costs.
Inheritance Tax Advice to Executors
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After meeting with the client to establish their domicile and residence position in Ireland and explain the circumstances under which they may have an Irish CAT liability on a foreign inheritance, we:
1. Contacted the foreign solicitors to establish the client ‘s inheritance and what taxes had been paid in the foreign jurisdiction.
2. Liaised with a DFK International member firm to establish whether our client had any tax obligations in the foreign jurisdiction.
3. Prepared the Irish CAT return for our client claiming the relevant reliefs and submitted it to Revenue in advance of the filing deadline.
4. Provided recommendations to reduce any Irish CAT liability the client’s children (who lived aboard) would have on a future gift/inheritance from them.
Our client was tax compliant in both jurisdictions and their tax was minimised through the use of reliefs in both countries.
An individual, who recently moved to Ireland, received a cash inheritance from a relative abroad.
The client was referred to us by their solicitor to determine whether they had an Irish Capital Acquisitions Tax (CAT) liability on the inheritance.
CAT Advice on Inheritance from Abroad
Case Studies
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The talented and experienced senior members of our tax team
Meet Our Team
Edward Murphy
Partner
Siobhán O’Hea
Director
Siobhán has particular expertise in personal tax planning, property tax incentives, business re-structuring and company start-ups. She has extensive expertise in dealing with VAT and RCT.
Clients say ‘..she does everything to understand a situation and create the best possible solution.’
Joanna Mullan
She advises many of our personal and corporate sector clients on a wide range of tax issues.
These range from corporate tax compliance, VAT and RCT issues to income tax, PSWT and DIRT recovery matters
Caroline Butler
Consultant
Specialising in carrying out comprehensive tax compliance reviews under all major tax heads, Caroline has extensive expertise in dealing with the Revenue Commissioners on all tax matters including Revenue audits.
She has particular experience carrying out VAT and PAYE reviews.
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Edward specialises in the areas of property transactions, international corporate structuring, VAT and employment tax issues.
He believes that by having a deep understanding of his clients’ objectives, he can provide advice that is commercially effective.
https://ie.linkedin.com/in/edwardmurphy2
Consultant
https://ie.linkedin.com/in/siobhanohea
https://ie.linkedin.com/in/joannamullan
https://ie.linkedin.com/in/carolinebutler
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By having a dedicated team of tax experts we can ensure that we are always on-hand to answer crucial questions at the point when they are needed.
Always available
At Crowleys DFK we have built our reputation on our ability to deliver professional services based our promises.
We will work closely with all of your key people to ensure we understand what you need to achieve from our relationship. This will then ensure we always deliver on our promises.
Reputation through delivery
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We always deliver to our promises
Why Work With Us
Subject matter experts Our talented tax people are proven subject matter experts on a range of tax including Capital Taxes, VAT on Property and Revenue Audits.
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Connect With Us
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www.crowleysdfk.ie
Crowleys DFK @CrowleysDFK
This publication is intended only as a general guide and should not be used as a substitute for professional advice.
Directors: James O’Connor Tony Cooney Edward Murphy Colette Nagle Vincent Teo Crowleys DFK Unlimited Company trading as Crowleys DFK. Registered Office: 16/17 College Green, Dublin D02 V078. Company No. 393878 A member firm of DFK International a worldwide association of independent firms. Registered to carry on audit work and authorised to carry investment business by the Institute of Chartered Accounts in Ireland (ICAI). Chartered Accountants Ireland is the operating name of ICAI.
Contact Us
+353 21 4272900
www.crowleysdfk.ie
https://twitter.com/CrowleysDFK
https://www.linkedin.com/company/crowleys-dfk