Tax

Here at LSMQ we understand the challenges faced by businesses and individuals in preparing and compiling your tax returns as well as planning for tax implications for the future. Choose the team that knows this specialist area. Not all accountancy firms have an expert Tax Department on site that can work with your advisor / accountant to make sure your tax affairs are in order and to advise you on the best decisions for you.

We can advise you on:-

  • Business Tax
  • Personal Tax
  • Succession, Estate & Wealth Planning
  • VAT
  • Employee Compensation & Benefits

Business Tax

LSMQ understands that all businesses have different needs. We have a comprehensive understanding of different tax types and industry sectors which allows us to deliver taxation services that meet our client’s individual needs.

LSMQ’s tax experts work with a range of clients, from family businesses, to SME’s, to large corporate groups, operating in a wide range of industry sectors. Our tax experts have many years of experience advising businesses at all stages of their life cycles.

At LSMQ we work closely with our clients to enable our clients to meet all compliance obligations, to identify tax opportunities and to avoid exposure to risks. We also co-ordinate with LSMQ’s Audit, Accounting and Advisory Service teams to make sure our taxation strategies work for your entire business.

Our Corporate Taxation services include:

  • Business / Group structure advice
  • Tax efficient financing structures
  • Tax incentives
  • Reconstructions, mergers and demergers
  • Succession planning
  • Pre-sale restructuring
  • Extracting value for shareholders tax efficiently
  • Dealing with Revenue audits and interventions

We also provide annual Corporate Tax compliance services, including R&D tax credit claims, optimising capital allowance claims and tax health checks.

Personal Tax

At LSMQ we have a dedicated Personal Tax Team that provide tax compliance and tax consultancy services to individuals, sole traders, partnerships, trusts and company directors.

We provide a wide range of taxation services to our personal tax clients to enable our clients to structure their affairs in a manner that allows for the optimum use of tax reliefs as well as compliance with all payment and filing deadlines.

Our tax partners and managers are Chartered Tax Advisers and members of the Irish Tax Institute.

Our Personal Taxation services include:

  • Preparation of Income Tax Returns
  • Maximising relevant reliefs
  • Planning for business growth
  • Planning for business retirement and succession
  • Tax planning advice on Capital Acquisitions Tax and Capital Gains Tax
  • Dealing with Revenue audits and interventions

Succession, Estate & Wealth Planning

Whether transferring assets to the next generation or planning an exit strategy from your business, significant decisions are needed. For all tax planning, timing is critical, particularly as many tax reliefs have qualifying conditions regarding minimum periods of ownership, employment, etc. that must be satisfied.

At LSMQ we have the tax experts and experience to advise you on your estate and wealth planning so that the optimum outcome in terms of tax efficiency, family security and business succession are reached.

Our services include:

  • Business succession and tax planning strategies
  • Optimum structures for family businesses
  • Retirements and family succession
  • Share buy backs and redemptions
  • Completion of Capital Gains Tax computations and Returns
  • Review of Wills
  • Liaising with other professional firms
  • Dealing with Revenue audits and interventions

Revenue Audits & Interventions

Revenue audits and compliance interventions are a central component of the Irish Self-Assessment Tax System.

Individuals and businesses often find Revenue interventions worrying and demanding on their time and resources. Where a tax liability arises there are various options available from undertaking a self-correction, without a penalty, to making a qualifying disclosure which can mitigate penalties arising and avoid publication and prosecution.

Revenue audits generally arise from risk-based assessments by Revenue of individuals and businesses. Undertaking a tax health check can ensure that you maintain a level of compliance that meets Revenue requirements and reduces the risk of interventions.

Not all Revenue interventions take the form of a Revenue audit or Revenue investigation. Revenue also have a number of non-audit compliance interventions that include: assurance checks, aspect queries, profile interviews, site visits and follow up of outstanding returns.

Regardless of type of intervention it is important that individuals and businesses are aware of the implications of the intervention and the options available.

Our services include:

  • Undertaking tax health checks
  • Pre audit tax review
  • Advice in relation to Revenue audits and compliance interventions
  • Assistance in completing qualifying disclosures, self-corrections etc.
  • Providing the necessary assistance in a Revenue audit and negotiating settlements

LSMQ’s tax experts can help individuals and businesses carefully manage their Revenue intervention and provide the necessary support throughout the process.

VAT

VAT has evolved into a complex tax, full of detail and pitfalls. Failure to operate VAT correctly can have significant and costly ramifications for businesses and individuals.

LSMQ’s VAT experts advise both individual and corporate clients on all aspects of VAT compliance and provide specialist VAT advice.

Our VAT services include:

  • VAT registration and compliance service
  • VAT advisory service and heath checks
  • VAT on property transactions including the VAT implications on the purchase and sale of property, the grant of leases, surrenders and assignments
  • Clarification on the application of VAT to a particular transaction
  • Optimising VAT recovery for business
  • Advising legal and other professional firms
  • Dealing with Revenue audits and interventions

Employee Compensation & Benefits

LSMQ understands that attracting, motivating and retaining key employees is vital to the success of a business. We can help you create and implement tailored tax efficient remuneration packages to attract and incentivise the best staff for your business.

Our tax partners and managers are Chartered Tax Advisers and members of the Irish Tax Institute.

Our tax experts can help with the following:

  • Structuring optimum remuneration packages
  • Design and implementation of employee share incentive schemes, reward and bonus planning and other forms of remuneration
  • PAYE, PRSI & USC health checks
  • Tax consequences of the provision of various benefits to employees
  • Tax implications of redundancy, termination payments or other specific payments
  • Inbound and outbound international secondments and assignments
  • Dealing with Revenue audits and interventions