The Spring Taxation Essentials – 8 Hours Tax CPD For Irish Accountants
8 Hours Tax CPD
Your Spring Taxation Essentials Facilitators
John Murphy – OmniPro Tax & Legal
Paul Murphy – Martin J Kelly & Co.
Spring Taxation Essentials – Course Note Pack Sneak Peek
In order to give you an idea of the quality of the notes pack you will receive when you attend The Spring Taxation Essentials, we have organised two free downloads which you can claim immediately by clicking the button below.
What you will get –
Advanced View Document 1 – Corporate Restructuring Checklists
These are the exact checklists that John uses every time he undertakes a Restructuring Project. They have been developed on the back of countless restructuring projects to ensure that nothing slips through the cracks on such a complex transaction.
Advanced View Document 2 – Your Essential Guide to R&D Tax Credits
In Your Essential Guide to R&D Tax Credits, Paul Murphy, gives you an overview of the operation of the R&D Scheme, the limits on refunds, the qualifying conditions and the practical application for claiming relief.
For immediate access to both documents simply click the button below –
The Spring Taxation Essentials – 8 Hours Tax CPD For Irish Accountants
Our Taxation Essentials tour series kicks off each year with The Spring Taxation Essentials. This 8 Hour Tax event covers a range of topical tax issues that have been specifically identified as either persistent problem areas or opportunities for accountants to be proactive in the identification and implementation of taxation solutions for their clients.
Session 1: Valuing Shares, Reorganisations and Other Capital Tax Issues
Part 1 – Valuation of small and medium-sized companies – The methodology, the tax considerations and the impact of placing the incorrect valuation on the company.
Valuation of small and medium-sized companies or sole traders:
The approach to valuing small to medium companies;
A quick review of the valuation methods;
Some of the more common methods used in practice;
The impact of non-trade items on the balance sheet;
The use of rules of thumb – multiples – sample multiples for various industries;
The minority discount – when is it appropriate – the rates to use?
Summary of what should be included in a formal valuation
The common errors made and common adjustments that should be considered
The importance of determining what percentage of shares is being valued and who is it being valued for
The Tax Considerations
Recognising the importance of assessing the reasons for the valuations – different valuations for the same transaction for tax purposes – The detail tax rules in relation to CGT, CAT and stamp duty;
Reviewing the meaning of market value, willing buyer and willing seller;
When carrying out the valuation -assessing the impact of:
special interest parties; and
prior offers or sales of the company;
sales subsequent to the valuation date;
The surcharges imposed if the valuation is incorrect;
The impact of getting the valuation incorrect – surcharges etc.
Some common errors and reminders when engaging in succession planning in relation to retirement relief, entrepreneurial relief, share buyback and business asset relief.
Part 2 – Group reconstructions – Creation of Groups – Share for share / share for undertaking transactions – a whistle-stop tour
The creation of a group structure has significant advantages. It allows shareholders to protect any excess cash or non-trading type assets in the parent company such that if things go bad in the subsidiary, then the assets in the parent company are not at risk.
In certain instances, a shareholder may wish to sell their company on, in order to increase the attractiveness for a potential purchaser it may make sense to transfer out the trade from an existing company to a new company such that the purchaser acquires a new company and only acquires the trade assets or liabilities. The transfer out of a trade may also work well in succession planning scenarios where certain assets in the existing company are not trade assets and as such are assets that a parent/disponer may want to hold onto.
This session will review the tax reliefs available on the creation of a group structure or actions that can be taken to ensure that a company is more ‘saleable’. It will cover:
The CGT and stamp duty exemptions available on a share for share exchange and what a share for share exchange means. It will discuss the instances where a clawback of any relief may apply;
The CGT and stamp duty exemptions available on a share for undertaking transaction and what this means. It will also consider what other tax issues needs to be considered when such a transaction is undertaken. It will discuss the instances where a clawback of any relief may apply
It will highlight the importance in transfers between groups of getting the sequence right.
A possible option to create individual holding companies post incorporation where there is value in the company.
Session 2: A review of the main anti-avoidance considerations & 2018 Finance Act Changes to Farm Tax
Part 1 – A Review of the Main Anti-Avoidance Considerations
This will review recent changes made for anti-avoidance provisions included in some of the most common reliefs utilised by Irish tax practitioners. Any tax advisor advising in today’s environment should be aware of these specific anti-avoidance provision.
It will look at the anti-avoidance provisions brought into Entrepreneurial relief, Retirements relief, Incorporation relief, Section 135 – deemed distributions on sale of shares in certain instances, Section 817, Participation relief and stamp duty on property transactions.
It will also look on a high-level basis on general and specific anti-avoidance and the surcharges that can be imposed if a transaction falls foul of this legislation and the importance of wording in any advice given to clients.
Part 2 – Farm Taxation – A Review of the Changes Made in Finance Act 2018
Whether you have 1 or 100 farm clients it is essential that you understand the current farm tax landscape and are fully up to date with the latest changes introduced by the Finance Act 2018. In this brief session, John will tackle the following –
Transfer or Sale of Farm – the taxes to consider
Succession Case Study
Session 3: Preparing 2018 Corporation Tax Returns
In advance of the busy corporation tax filing period, this seminar will bring the accountant through the entire filing process pointing out some topical filing tax tips along the way with the aim of ensuring that the CT1 return is filed correctly and efficiently.
Review of information required for filing the return
Completion of form CT1
Areas of Revenue interest and audit
Current topical issues and how to deal with them –
Health insurance – payroll and TRS implications
Session 4: Review of Corporation Tax Reliefs
This seminar is designed to review the main corporation tax reliefs currently in existence to ensure that your corporate clients are up to date. It will also review the current popular corporate structures.
Review of main reliefs – R&D, KDB, IP
Conditions for claiming start-up relief etc
Group relief overview/loss reliefs
Time frames for claiming relief
Pre-year end tax planning
CPD Course Facilitators:
John Murphy – Head of Corporate Consultancy, OmniPro
As head of our Corporate Consultancy team, John relishes problem-solving to help accountants develop innovative client solutions and sharing technical knowledge on tax, financial reporting and auditing.
A Chartered Tax Adviser, he advises clients in practice on a range of issues from income tax, tax planning, restructuring and exit planning to Revenue audits. In addition, he provides support on financial reporting, auditing and company law; conducts company valuations and advises on pre-sale restructuring.
John also plays a key role as a researcher and subject-matter expert in developing OmniPro information products such as the CompaniesAct2014.com and FRS102.com. As a speaker at OmniPro CPD events, he brings these industry-leading insights to accountants participating in our training programmes.
A Chartered Accountant and Qualified Financial Adviser, John has over a decade’s Big 4 experience with EY and PwC, providing tax and audit services for a portfolio of clients, ranging in scale from SMEs to multinationals.
Paul Murphy, Martin J Kelly & Co
Paul Murphy is a taxation consultant and management accountant for Martin J. Kelly & Co. He is a corporation tax lecturer for the Irish Taxation Institute and is an Associate of both the Irish Taxation Institute and the Association of Chartered Certified Accountants. He is a co-author of the Irish Taxation Institute’s annual publication, Irish Taxation Law and Practice.