Course Summary

Duration8 hours

PresenterVarious

Course Overview


The Irish Accounting & Tax Summit 2022 – Tax Stream

Session 1: The Valuation of Shares – Forget Tax Rules in the Process at your Peril – John Murphy – OmniPro

Session 2: Pitfalls to Avoid When Disposing of Shares – Paula Keaney – Doyle Keaney

Session 3: Capital Gains Tax Relief Overview – Paul Murphy – Martin J Kelly & Co

Session 4: Brexit – The Gift that Keeps on Giving – Update on VAT & Customs – Rose Tierney – Tierney Tax Advisors

Session 5: VAT – Inter-Community Acquisition and Supply – Morna Canty-Ahern – Brass Tax Consultancy

Session 6: Exploring the Tax Landscape of Buying and Selling – Kate Prendiville – Baker Tilly

Session 7: High Net Worth Update – Exit Strategies for Business Owners in 2022 – Joe Thompson

Session 8: Managing Risk and Delivering Value in Social Welfare – A 2022 Reminder – Brendan Casey


Course Details

Session 1: The Valuation of Shares – Forget Tax Rules in the Process at your Peril – John Murphy – OmniPro

In this session John Murphy reviewed the important tax considerations when valuing shares in a company whether the transfer arises as a result of gifts, share buybacks or share transfers for consideration.

Session 2: Pitfalls to Avoid When Disposing of Shares – Paula Keaney – Doyle Keaney

The aim of this session will be to concentrate on transactions that may give rise to unintended or unexpected tax liabilities; fall within anti avoidance legislation or result in an unexpected clawback of reliefs.

In this session Paula covered the following topics:

• Earns outs and their interaction with CGT reliefs – avoiding potential pitfalls and maximising the benefit of the reliefs
• Funding an exist – managing potential income tax pitfalls on an exit
• Issues to be aware of when disposing of shares to the next generation
• Clawback of reliefs

Session 3: Capital Gains Tax Relief Overview – Paul Murphy – Martin J Kelly & Co

An Increasing numbers of clients are looking to plan for retirement and the sale or transfer of their business. This session aims to provide an analysis of the different types of reliefs that are available and how a client can be advised in readying the business for its sale/transfer.

During this session, Paul Murphy covered the following topics:

• Review of the main reliefs including retirement and entrepreneur
• Sale to a third party and the pre-planning required such as the split of property and trade
• Transfer to family – possible extraction of cash via share buyback
• Transfer to family – overview of business relief available for the next generation

Session 4: Brexit – The Gift that Keeps on Giving – Update on VAT & Customs – Rose Tierney – Tierney Tax Advisors

In this session Rose Tierney covered the following topics:

• What has changed with Brexit since the beginning of this year – What changes are Yet to Come?
• How will these impact on your client base – What do you need to know for year end reporting?
• What sort of checks are being made – How can you be ready for those checks?
• What work should exporters be doing in confirming the origin of their products?
• Other changes Brexit and Non Really Brexit related.

By completing this session, you will be brought up to date with the Brexit process and VAT changes.

This session will be of most interest to accountants who don’t deal with Customs issues day to day.

Session 5: VAT – Inter-Community Acquisition and Supply – Morna Canty-Ahern – Brass Tax Consultancy

In this session Morna Canty-Ahern provided guidance on VAT fundamentals for the individual and a company who has business dealings within and outside the EU.

• VAT Fundamentals – Individual and Companies
• Inter-community Acquisitions and Supplies – Retirement and Entrepreneur Relief
• VAT Outside the EU- UK
• Use and Enjoyment Provisions
• Postponed Accounting -VAT.

By completing this session, you will;

• Refresh your knowledge of VAT fundamentals,
• Understand the implications of various VAT issues
• Gain understanding of the impact of the Use and Enjoyment provisions
• Understand Postponed Accounting for VAT
This session will be of most interest to Tax Advisors and Business Owners.

Session 6: Exploring the Tax Landscape of Buying and Selling – Kate Prendiville – Baker Tilly

While some say there are seven stages in the lifecycle of a business, others say the day you buy a business should be the day you start planning to the sell the business. With this said, every business both large and small needs to consider the impact of their commercial decisions on the ultimate realisation of value from their business or asset.

As professional advisers, we must consider both the practical and technical implications when advising our clients throughout the lifecycle of their business. The professional advisor will require a real understanding of the key elements of a sale transaction when assisting their client bring a business to market or alternatively acquire a business in a competitive economic climate

M&A/deals activity levels have ups and downs each year; however, the numbers would suggest growth over the longer term as demonstrated by the following data:

• In the 2000s a typical year saw $3-3.5 trillion of deal value and 30-35,000 deals a year,
• In the 2010s this continued to grow, and
• In 2020s so far, we have seen over 2.5 trillion plus of deal value and 45,000 deals a year.

While global M&A may seem like a behemoth industry, as accountants and tax advisors a client’s corporate transaction (buying or selling a business) can create the pinnacle point of our advisory role. For this reason, having a strong understanding of the M&A landscape can give advisors the cutting edge when compared to their competition.

In this session Kate Prendiville covered the following topics;

• Vendor presale structure – Is the structure fit for purpose?
• Asset -v- share sale.
• Due diligence process.
• Acquisition finance and consideration.
• Earn out & deferred consideration.
• Sales Documents – SPA & Tax deed.

By completing this session, you will be able to provide your clients with a clear and concise understanding of what is required when buying or selling a business, including how best to manage the transaction process.

Session 7: High Net Worth Update – Exit Strategies for Business Owners in 2022 – Joe Thompson

With the country emerging from Covid restrictions and entering into the new living with Covid business environment, there are many mergers and acquisitions happening in 2022 for business owners and entrepreneurs. Many business owners are taking the opportunity to exit/sell or retire. It is important that businesses have the optimum/correct structure in place for a tax efficient exit bearing in mind the exit strategy of the business owner. This session will give the the following insights:

– An understanding of what exit strategies and tax planning opportunities are available for business owners in 2022 in terms of a tax efficient exit from a business or the sale of a business
– Planning for CGT holding company exemption for business owners on a sale of a business through a holding company
– Planning for CGT Retirement relief on a sale/transfer of a business
– Planning for CGT Revised Entrepreneur relief on a sale/transfer of a business
– Review of the Liquidation Option on a wind up of a business
– Other tax planning tools for business owners exiting/retiring in 2022 including the review of pre-retirement pension planning and tax-free termination payments
– How to identify pitfalls in client structures with a tax efficient exit in mind
– How to identify if a client structure is currently structured with a tax efficient sale in mind.

Also, in this session Joe Thompson covered how the reliefs interact and the potential pitfalls to avoid.

– Case Study showing the tax planning for claiming the CGT holding company exemption,
– Case Studies on potential claims for CGT retirement relief/CGT Revised Entrepreneurial relief on a sale/business transfer
– The conditions relevant for claims for CGT holding company exemption, CGT Retirement relief/CGT Revised Entrepreneur relief
– How to maximise pension tax planning pre exit/retirement and how to maximise tax free termination payments pre exit/retirement
– How the tax reliefs interact and potential pitfalls to avoid.

By completing this session, you will learn/understand/be able to identify how clients (business owners) can exit/sell a business tax efficiently, how the CGT reliefs work an interact, potential savings that can be achieved and pitfalls to avoid.

Session 8: Managing Risk and Delivering Value in Social Welfare – A 2022 Reminder – Brendan Casey

Welfares are currently rolling out an audit of all Means Tested payments to clients, the clients desperately need their Accountant’s help to deal with Welfare when reviews of their Qualified Adult Allowance or Non-Contributory Pensions are being made

In this session Brendan Casey covered the following;
• Classifying all clients and who is susceptible to overpayments
• How to minimise Welfare Claims against your client