Taxation Advice Service for Solicitors and Accountants
TaxTalk provides tax advice for other professionals who do not have tax expertise in house. We can take on ad hoc assignments or become involved in a project. Solicitors and accountants may not have inhouse tax expertise and may require a tax opinion on the tax treatment of specific items. We deal with the Irish Tax Authorities on a day to day basis and have built up useful knowledge and contacts that can assist you.
Revenue Tax Audits
We deal with tax audits for many types of business, this experience allows us to compare different cases and set precedents for other audits so that there is a proven approach for dealing with your audit.
Revenue audits follow specific tax law and codes of practice and dealing with them requires specialist knowledge and practical experience. For example making a voluntary disclosure in the correct format and by a certain time will reduce the tax penalties and interest to be paid and will reduce the risk of a tax defaulters name from being published.
Non tax professionals may not be familiar with Revenue’s Audit code of practice in this area. If the disclosure is not presented correctly, the taxpayer may pay more tax during the audit and have its name published in Irish Oifigual as a tax defaulter, this should be avoided.
Tax Planning for Life Events
We recommend that individuals review their tax exposure at every major life events such as marriage, redundancy, retirement, starting a business, selling and buying assets, and investing.
Financial advisors often deal with tax issues at a high level, but a detailed tax plan may be required for high value transactions. For example buying, selling and gifting of property/business/farm.
Planning for the tax cost of inheritance or asset transfers can save thousands in tax, which might allow the transferee to keep the asset or gift instead of having to sell the asset to pay their tax bill.
Inheritance and succession tax liabilities from selling or passing on assets, are often high, and independent specialist tax advice should always be requested if there are significant amounts of tax.
Tax & Accounting Self Assessment
In Ireland the self assessment of tax liabilities applies to all tax payers. Any person signing the accounts has a responsibility to understand the accounts and tax charge in the accounts.
Tax calculations that need to be verified under self-assessment are sometimes high value; e.g. R&D tax credit relief, foreign tax credit, double tax treaty relief, CGT participation relief, CAT, CGT, VAT reliefs.
Obtaining a review or second opinion from your accountant provides comfort and protection to all.