Frank Greene initially worked in the Revenue Commissioners and has been a tax partner in Mazars for over 15 years advising across a diverse range of tax issues, including buying and selling companies, property development, succession and estate planning, employment taxes and tax audits.
BREXIT Mazars is working with many companies within Ireland and foreign companies to plan their business to minimise the disruption of a no-deal Brexit. The primary concerns from a client perspective are the imposition of customs duties in trading with the UK, and the cashflow issues of VAT at the point of entry rather than the more benign intra-EU position where goods can move freely within the Customs Union.
Mazars is also assisting many international companies located in the UK, where they mainly trade with the EU, to establish their activities in Ireland. We have also seen some activity on the corporate acquisition side where UK companies are acquiring entities in Ireland as a defensive hedge against the likely difficulties of trading with the EU from the UK.
BUSINESS EXIT At Mazars we believe it is vitally important that business owners meet with their tax adviser regularly, and especially coming up to retirement. The main points that arise for clients are future financial security, accessing pension pots and availing of the various tax reliefs to include Retirement Relief and Entrepreneur Relief.
If retirement involves passing on the family business to other family members, taxpayers need to look at the relevant CGT and CAT reliefs available. To access the various reliefs, many conditions need to be met, and the unwary can easily fall foul by not engaging with their tax adviser at an early stage. In many instances, there is a lack of understanding of how to structure exits from a business mixed in with succession planning, and some people are missing out on the ability to extract tax-free monies or monies at the low 10% CGT rate for entrepreneurs.
This first appeared in Business Plus magazine in September 2019.