‘Misc. Covid-19 Measures, Tax Appeals, LLPs’

Tailored specifically for legal practices, in this three-part webinar, Tax Advisor Fergal Cahill gives us an update for 2021 on tax developments relevant to us arising from Budget 2021, including:

PART 1: COVID Specific Tax Measures:

  • Temporary Wage Subsidy Scheme (TWSS)
  • What did Budget 2021 do for SME’s, including legal practices:
    • Wage Subsidy Schemes – extended
    • Debt Warehousing – expanded
    • COVID Restructure Support Scheme – introduced
    • Loss Relief for Self-Employed (can now carry back 2020 Losses up to €25k per individual taxpayer against 2019 profits)
    • VAT Rate changes
    • Rates – Grant Scheme extended
    • Pandemic Unemployment Payment (PUP)

PART 2: Tax Appeals Commission:

  • Completely independent of Revenue
  • We now have a functioning Appeals system
  • Tax Appeals Commissioners – numbers increasing
  • 2 Cases relevant to legal partners and employees

PART 3: Limited Liability Partnerships (LLPs):

  • Legal Services Regulation Act 2015, Part 8 Chapter 3 - Sections 122 to 132
  • When limited liability protection doesn’t apply
  • The application process
  • Obligations of an LLP
  • Typical LLP structure under the 2015 Act
  • Taxation of an LLP – before & after conversion
  • What has been the take up of LLPs?
  • Will LLPs be popular?
  • Is there any downside?
  • Illustrative examples of practitioners forming LLPs, their practical & taxation issues to be considered, and their decisions

Speaker

Fergal Cahill is Managing Director of Cahill Taxation Services. Fergal is a Chartered Tax Adviser, having spent a number of years in PwC, KPMG and FGS in both Limerick and Dublin, before setting up Cahill Taxation Services in Ennis, Co Clare, in February 2007. With twenty years’ experience, Fergal is recognised as an expert in taxation advisory and consultancy services with particular expertise in Estate & Inheritance planning, Succession planning, Revenue audits, corporate restructuring, mergers and acquisitions, tax appeals, personal tax planning and VAT on property.

Category of CPD: Management (or General)*
Duration: 0.55 Hours

(*which you can also use as General CPD if you have already done your mandatory Management hours).

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