‘How To Plan It Properly & Tax Efficiently’

In this video, two tax experts give us an overview of this practical area and what we must know to focus on if we are to competently and efficiently navigate our exit for ourselves, our practices, our partners, our families, and our clients.

Many don’t realise that from a tax perspective, retirement directly impacts others besides yourself. Proper advance tax planning and strategic prior implementation is essential if they are to be minimised and our career efforts and retirement fund are to be maximised.

Our tax experts run through the typical tax issues arising under the many headings crucial to be aware of when preparing ourselves and our partners for exiting successfully and smoothly. These aren’t limited to the practical matters just for the retiring practitioner, but equally include the likes of practice succession, Retirement Relief, incorporated entities (e.g. premises being personally owned and the trade conducted through a company, and when not to charge rent to your company), mixed partnerships (e.g. retiring partner over 55 with other younger partner(s) and CGT arising for the younger partner(s) who can look to utilise Revised Entrepreneur’s relief (reduced 10% rate of CGT)), etc. etc..

Topics Covered Include:

• Calculating the ideal annual income you’ll need in retirement
• Pension – what’s the ideal pension pot?
• Sell, Close or Merge?
• Capital Account of the Practice
• Liable to CGT
  • Retirement Relief
  • Entrepreneur Relief
  • No tax benefit immediately for the acquirer
• Premises
  • A business asset
  • Accidental ‘investment asset’
  • Not sold along with the business
  • Entrepreneur Relief – 3 of the last 5 yrs, 2yrs window to sell?
• Income Tax Treatment on Profits
  • Year of Cessation
  • Post-Cessation Receipts
• Retirement Relief
• Entrepreneur Relief – reduced rate of CGT
• CAT – Business Relief (reduces taxable value by 90%)
  • Partnership Assets
  • Sole Trader
• Merger
  • WIP
    • How to value
    • Split fee with new merged entity
  • Premises
    • Rent, investment asset
  • Change of accounting date
    • Profits can drop out

Speakers

Neil Mulcahy is a Chartered Accountant and a Chartered Tax Consultant with over 20 years in practice. In particular, he has extensive experience in dealing with Revenue audits, advising clients under all tax heads and implementing efficient tax plans.

He also has daily ‘hands on’ experience dealing with VAT on property transactions for private clients and is well accustomed to the typical queries solicitors come across in dealing with Vat on Property. Neil holds engagements with a number of legal firms who refer their VAT on property queries to him to examine specific property transactions and complete Requisitions on Title for VAT.

Mark Lonergan is a qualified Barrister, Chartered Accountant and Chartered Tax Adviser. He has been providing specialist Tax advisory for more than twenty years, with a particular focus on tax issues for SMEs and Private Clients. Mark has significant experience in dealing with Revenue in contentious situations including Audits, Investigation and Tax Appeals. He has been involved in hundreds of Revenue Audits and numerous appeals at High Court level.

Mark trained with a big four firm and worked in senior roles with various medium sized accountancy practices. In addition to assisting SMEs and private individuals, his expertise in tax matters allows him to provide specialist consultancy services to other accounting/legal professionals. He has particular expertise in VAT on property, taxation considerations arising from property development, and company cash extraction issues, as well as succession planning for High Net Worth Individuals.

As taxation is a multifaceted discipline, Mark takes a holistic approach to supporting clients, considering their tax issues from all angles, including legal, accountancy and commercial. A tax problem can often be solved by a company law provision, the application of an accounting standard, or indeed the application of EU Law.

Mark has lectured on accountancy, taxation and law in various third-level colleges and to professional bodies. He regularly publishes articles in Tax/Accountancy Journals, as well as in publications like the Sunday Business Post and the Village.

Category of CPD:	Category B / A
Duration:	0.5 Hours