New Tax Guide For SMEs

30 Jan 2017 | 12.28 pm

New Tax Guide For SMEs

‘Ideal for any budding entreprenur’

30 Jan 2017 | 12.28 pm

Chartered Accountants Ireland has published a new tax guide aimed at informing owner-managers what they need to be aware of on the tax front when running and expanding their businesses.

According to Kerri O’Connell, author of Small and Expanding Businesses: Getting the Tax Right: “With the economy now in growth mode, SMEs have entered a crucial phase of decision-making and the tax implications of these decisions will have a huge impact on their long-term growth potential and sustainability.”

O’Connell is a Fellow of Chartered Accountants Ireland, an AITI Chartered Tax Advisor and a member of the Society of Trust & Estate Practitioners (TEP). She has been advising small and medium-sized businesses in Ireland for 20 years.

The daughter of two entrepreneurs, O’Connell trained and worked in two of the ‘Big 4’ international accounting firms and was tax partner in a medium-sized accountancy practice for 11 years. She is the founder of Obvio Tax Services.

The book focuses on four main areas: payroll taxes, VAT, income tax on business profits earned by a sole trade or partnership, and corporation tax on business profits earned by companies, as these are the taxes that affect most Irish businesses. Three case studies are also included and developed throughout to illustrate and explain the tax issues with worked examples. The contents include:

  1. Business Structures and their Tax Implications
  2. Tax Implications of Financing the Business
  3. Acquiring or Letting a Business Premises
  4. Getting the VAT Treatment Right
  5. Payroll Issues Affecting Employees and Directors of Close Companies
  6. Keeping Taxes on Profits Down
  7. Managing Tax Payments and Returns
  8. Dealing with a Revenue Audit and other Revenue Approaches
  9. Business Structures for Expansion and their Tax Implications
  10. External Investment through the Employment and Investment Incentive Scheme (EIIS)
  11. The R&D Tax Credit and the ‘Knowledge Development Box’
  12. VAT and Personal Tax Issues Arising from International Sales
  13. Establishing a Foreign Presence

Millionaire entrepreneur Simon Pratt, CEO of Avoca, is a fan of the tome. “Kerri has skilfully managed to bridge a gap between the basic tax information available from Revenue and the expensive detailed advice available from the tax specialist. It is an ideal reference book that should be on hand in the office of every budding entrepreneur in Ireland,” said Pratt.

Small and Expanding Businesses: Getting the Tax Right costs €45 in bookshops and online at www.charteredaccountants.ie/books.

 

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