Guest blog by Kieran Kennelly, Parfrey Murphy.
The BES was introduced to allow individuals a tax deduction for the cost of investing in certain Irish companies. The purpose of the relief is to encourage investment and to create or maintain employment in such companies. It is well documented that Irish business are currently facing major difficulties in raising finance from banks. Given the current circumstances Irish companies would be extremely well advised to consider the BES as an alternative method of raising finance for the purposes of creating or maintaining employment, enlarging capacity, increasing sales, engaging in research and development, identifying new markets and developing existing markets.
Companies involved in the following activities can qualify for the BES:
(i) Manufacturing.
(ii) Rendering services in the course of a service undertaking in respect of which an employment grant or its equivalent was made available by an industrial development agency.
(iii) Commercial research and development.
(iv) The cultivation of horticultural products in greenhouses.
(v) The cultivation of plants in the State by micro propagation or plant cloning.
(vi) The construction and leasing of an advance factory building.
(vii) Research and development activities undertaken with a view to the carrying on of trading operations referred to in (i), (ii) or (v).
(viii) The cultivation of mushrooms within the State.
(ix) The operation of one or more tourist traffic undertakings.
(x) The sale of export goods by a special trading house.
(xi) The production, publication, marketing and promotion of qualifying musical recordings.
There are, needless to say, various conditions that must be fulfilled for a company to be able to implement a BES scheme and for the investor to secure income tax relief. For example, the investor must normally hold the BES shares for 5 years.
The investor will receive income tax relief at the higher rate of income tax if applicable (subject possibly to the high earner’s restriction).
Broadly speaking the BES works as illustrated by the following example:
X Limited is a manufacturing company that qualifies for the BES. 10 individuals subscribe for 10,000 €1 Euro shares each i.e. an investment of €10,000 each. For argument’s sake let us presume each individual pays income tax at 41%. Therefore each individual secures income tax relief of €4,100 Euros. The company uses the money for 5 years and following that period the 100,000 shares are redeemed for €1 each. Therefore each individual gets his €10,000 investment back. It is as if the company had an interest free loan of €100,000 to use during the period.
Please email me at kierank@parfreymurphy.ie if you have any queries or leave a comment.
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Did you know that many small companies do not require an audit of their Financial Statements? Companies that meet certain criteria can qualify for audit exemption. Audit exemption removes the need for an audit but accounts still need to be prepared and submitted to the Companies Registration Office (CRO) and Corporation Tax returns will still need to be filed. Proper books and records will also still need to be kept, even if an auditor is not delving into them in detail.
Instead of filing audited accounts with the CRO, a company can either prepare and submit their own accounts (in the correct format) or ask an accountant to prepare them for them.
What’s an audit?
An audit is an examination of the Financial Statements of a company by an independent person, an auditor. The auditor attaches a report to the Financial Statements stating that they show a true and fair view of the state of affairs of the company and of the profit or loss for the period (or otherwise, as may be the case). The auditor will also review the Financial Statements to ensure that they have been prepared in accordance with company law and accounting standards.
Auditors need to follow international auditing standards, even for small audits, and are subject to regulation by their professional body. An audit can be a costly process, so availing of audit exemption can significantly save on professional fees.
Criteria
In order to avail of audit exemption, a company must satisfy all of the following conditions, both in respect of the current financial year and the preceding financial year (unless it is the company’s first financial year):
- turnover less than €7.3 million for the year
- balance sheet total less than €3.65 million at the end of its financial year
- the average number of employees less than 50 for the year
- the company must not be a parent or subsidiary
- the company must not be regulated under financial, banking, insurance, investment or trade union legislation
- the company must not be a public company or limited by guarantee
- the annual returns must be up to date having been filed on time with the Companies Registration Office and abridged financial statements attached.
As the above shows, it is vital that annual returns are filed on time with the CRO. Missing an annual return deadline can have costly repercussions in terms of filing fees and the requirement to have an audit.
Before claiming audit exemption, the directors need to be sure that an audit isn’t required for other purposes, for example, as a condition of a grant claim. Banks may also require audited accounts.
How does a company apply for audit exemption?
The directors need to:
- Pass a resolution stating that the company is taking advantage of audit exemption.
- Keep a written record of the resolution which is available for inspection.
- Make certain declarations on the face of the audit exempt Balance Sheet stating that the company is availing of audit exemption.
- Inform the auditor of the decision to claim audit exemption.
Shareholders have the right to object to the company availing itself of audit exemption by serving notice on the company. Shareholders holding in excess of 10% of the voting rights (in aggregate) must serve notice of the objection in the year prior to the year in which exemption is being availed of or during that financial year (at least one month before the year end).
What happens to the auditor?
Once the auditor has received notification that the company will claim audit exemption, he/she must serve notice on the company within 21 days. The notice specifies whether there are any circumstances that need to be brought to the attention of members or creditors in relation to the company’s decision to avail of audit exemption. The auditor must send a copy of this notice to the CRO within 14 days.
The auditor can be retained as an accountant to prepare the Financial Statements, annual return to the CRO and corporation tax return. The accountant does not need to be concerned with following international auditing standards although he/she will need to prepare Financial Statements in accordance with accounting standards and company law. The accountant may attach an “Accountants Report” to the audit exempt Financial Statements but an opinion is no longer given on the Financial Statements. Qualifications are not given and as such there is no “qualified” report. However, if the accountant considers that the Financial Statements contain errors or are misstated, he/she will not issue an Accountants Report.
Auditing standards are getting stricter every year and an audit can place disproportionate burden on a small company. Therefore it is vital for directors of small companies to claim audit exemption where possible and to keep it by submitting annual returns on time.
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Tags: annual return, audit, audit exemption, company
Anyone who is planning their retirement has numerous considerations on their mind – can a family member take over the business, when can I afford to retire, how will I occupy my time after retirement? The tax considerations can be well down the list of priorities.
Yet, tax planning for retirement needs to take place well in advance of the final decision to retire. Provided certain conditions are met, it is possible to dispose of your business assets and pay zero Capital Gains Tax using CGT retirement relief. As you know, Capital Gains Tax (CGT) is a tax on gains arising from the disposal (by sale, gift or otherwise) of certain assets.
So what conditions apply to this relief?
- The disposal must be made by an individual (and not for example by a company).
- The individual must be 55 or over.
- The disposal must be of qualifying assets (e.g. business assets or family company shares).
- The qualifying assets must have been held for a minimum period immediately prior to the disposal – normally 10 years.
- When the disposal is of family company shares the individual must have been a working director for a minimum of 10 years up to the date of disposal, 5 years of which were on a full time basis.
Note : A company is defined as a family company when an individual holds either:
- A minimum of 25% of the voting rights of the company, or
- A minimum of 10% of the voting rights and his / her family (including him / her) holds a minimum of 75% of the voting rights of the company.
Although the relief is called Retirement Relief, an individual can still remain actively involved in the business and remain a shareholder and/or director of the company following the disposal of the business assets.
If an individual disposes of an asset owned by him but actually used by the family company, the disposal of the asset can also qualify for CGT retirement relief, provided it has been owned by the individual for the minimum period and is sold along with his shares, at the same time and to the same person.
This might arise where a shareholder or director rented a business premises to his company, and he is now selling his shares along with the building to a third party.
Disposals to a Child
Provided the qualifying conditions are met, where a business owner disposes of qualifying assets to her child, full CGT retirement relief is available regardless of the consideration given or the market value of the shares.
However, there is a clawback of the relief if the child disposes of the assets within 6 years. The clawback is the CGT which would have been chargeable in the first place if CGT retirement relief had not been available. The clawback is payable by the child who received the assets and not the parent. If no monies were exchanged on the transfer, market value is imposed when calculating the CGT payable.
The definition of a “child” can include the child of a deceased child (i.e. a grandchild where the parent is deceased), or a niece / nephew who has worked substantially on a full time basis in the business for 5 years ending on the date of disposal.
Disposals to other parties
Full Relief
Where the proceeds of the sale of the business assets do not exceed €750,000, full relief is available bring the CGT liability to NIL – providing all conditions have been met.
Marginal Relief
Where the proceeds exceed €750,000 an individual may still be entitled to claim partial or marginal relief. Marginal relief reduces the CGT payable on the disposal to an amount equal to half of the excess over €750,000.
For example: Kieran’s family company shares are sold for €800,000. Therefore full relief, as described above, is not available. Let’s say that the CGT liability is calculated as €120,000 without relief. However marginal relief reduces the CGT liability from €120,000 to €25,000 (i.e. half the difference between €800,000 and €750,000).
It is also very important to note the €750,000 limit is an individual lifetime limit. Therefore all previous disposals must be considered when calculating the relief and a clawback of relief previously granted may occur.
However, as the €750,000 threshold is a “per individual” limit a husband and wife that both own business assets or family company shares, could both potentially avail of CGT retirement relief separately, subject to meeting the normal qualifying conditions.
If the proceeds of a company are expected to exceed the €750,000 limit, there can also be scope for legitimately reducing the value of the company for CGT purposes, particularly with late pension planning.
CGT relief is one of the more generous tax reliefs out there. Business owners or those holding family company shares should seek professional advice as soon as possible to discuss potential planning opportunities.
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Tags: cgt, retirement, tax relief
Anyone who knows me will tell you that my second home is on the internet. So besides Twitter and Facebook, the following are the websites I used most often, in no particular order:
1. Revenue Online Services – ROS (acess through www.revenue.ie)
I log on to ROS a few times a day to get details of which returns are due for my clients, details of taxes that have been paid and most importantly to file returns. Practically all our client tax returns are filed online now. As well as being convenient (no need for stamps and a trip to the post office), extended deadlines are available when filing online.
It’s hard to imagine a time when we used to send a trainee accountant to queue in the tax office for an hour or more to collect a simple report.
2. Revenue Commissioners (www.revenue.ie)
If you know what you are looking for, this is a great site. It has all the Revenue leaflets and publications online as well as handy list of the VAT rates on thousands of products and services. The downside is that the search facility isn’t great. It can turn up strange results for your search terms and doesn’t appear to sort the results in terms of relevance.
3. Dept of Enterprise, Trade & Innovation – Redundancy (www.deti.ie/employment/redundancy)
Given the times we are in, I find myself on this site often. As well as giving information on redundancy payments and procedures, it has an online calculator which will compute an employee’s redundancy entitlements and you can even file a claim online.
4. National Employment Rights Authority – NERA (www.employmentrights.ie/en/)
This is a good site for general employment advice such as how many holidays an employee is entitled to, which days are public holidays each year, what happens if a public holiday falls on a Saturday as well as minimum wage entitlements for different industries.
5. Companies Registration Office – CRO (www.cro.ie)
The CRO site has lots of information on forming companies and responsibilities of directors but I use it mainly for the company search facility. You can search by company name, number or address and then download any documents filed with the CRO such as Form B1 (details of directors and shareholders) or annual accounts . There are fees involved for downloading docments which can be paid by credit card. Note that certain types of companies such as unlimited companies don’t need to file accounts and that small and medium sized companies file abridged accounts.
6. Citizens Information (www.citizensinformation.ie)
This is a treasure trove of information on all aspects of being a citizen of Ireland – from births and deaths to education, the welfare system and consumer rights. Everything is in plain, simple English with links to further information.
While the information above doesn’t replace advice from a professional, they can be a great starting place for finding out information on a topic. Do you have any favourite business websites?
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Tags: website
If an employer hires a new employee during 2010 and that employee meets the qualifying criteria, then the employer will not have to pay employers PRSI in respect of that employee for one year. The rate of employers PRSI is either 8.5% or 10.75% of the employee’s gross pay. The scheme can cover employees already hired since the start of 2010 as well as any hired before the end of 2010.
The main criteria are that the job must be a new position of at least 30 hours work per week, that the new employee must have been in receipt of social welfare payments for at least 6 months or in a FAS work placement programme for 3 months and that the new job must be for at least 6 months. However, each application must first be approved by the Department of Social Protection before the scheme can be applied. You will need to complete a PRSI 20 form and send it with a current tax clearance cert to the Department of Social Protection (address on form).
There is a limit to the number of new employees an employer can hire – 5% of existing workforce or, for smaller businesses, maximum of 5 jobs.
Full details of the scheme can be found on the Department of Social Protection’s website.
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If you are one of the many directors in the unfortunate position of having to close down your company, you may be wondering how you go about it. In general there are there are two ways a company can be dissolved – by strike-off and by liquidation – with strike-off being more straightforward and relatively cheaper.
This blogpost covers the technical aspects of removing your company from the Register of Companies and with the Revenue Commissioners only. There will obviously be other considerations when closing down a business, including HR issues, which are outside the scope of this blog.
Let’s start with strike-off. There are two types of strike-off, involuntary and voluntary.
Involuntary Strike Off
Some directors just leave the company “die a death” that is, they fail to file annual returns and allow the Companies Registration Office (CRO) to strike off the company. The CRO can strike a company off the register if it has failed to file just one annual return. The company will get advance warning of the pending strike off and should it choose to ignore the reminders, the company will be struck off.
This course of action is not recommended as the consequences of this can be severe including:
- Any assets of the company becoming the property of the State
- Loss of the protection of limited liability is lost
- Possible disqualification of directors from acting as directors or having any involvement in the management of any company plus the costs of the Director of Corporate Enforcement in taking such an action.
Even if a company is struck off, creditors can apply to have the company restored and a liquidator appointed through the High Court. See High Court liquidation below.
Voluntary Strike Off
A company that has ceases to trade can apply to the Companies Registration Office to strike off the company provided there are no assets or liabilities in the company. In some cases, it may be necessary for directors to write off any loans owing to them from the company.
To apply for voluntary strike off the company will first need to ensure that all returns have been filed with the CRO and Revenue Commissioners. The directors should then request a letter of no objection from the Revenue Commissioners. On receipt of this letter, an advertisement needs to be placed in one daily newspaper with nationwide circulation and published not more than four weeks prior to the application for strike off. Therefore timing is crucial. (See Form H15 for details of which newspapers are acceptable.)
The advertisement should be worded as follows:
XY Limited [formerly EFG Limited], trading as Z, [and formerly having traded as W], having ceased to trade/never traded (as applicable) having its registered office at [123 Main St, Cork ] and formerly having its registered office at [100 Main St, Cork] and its principal place of business at [ 200 Main St, Cork], and having no assets or liabilities, has resolved to notify the Registrar of Companies that the company is not carrying on business and to request the Registrar on that basis to exercise his powers pursuant to section 311 of the Companies Act 1963 to strike the name of the company off the register.
By Order of the Board
Name of director/secretary (as applicable)
A director of the company then requests the CRO to strike off the company by sending a completed Form H15 to the CRO together with the letter of no objection from the Revenue Commissioners and the full newspaper page where the advertisement appears.
It can take a few months for the strike off process to be completed and the company will be asked on two separate occasions whether it still wishes to be struck off. The CRO will then advertise its intention to strike off the company in Iris Oifigiuil and a month later the company will be struck off and dissolved.
The company will need to separately deregister for taxes with the Revenue Commissioners by completing Form TRCN1.
See also Members Voluntary liquidation below.
Liquidation
In a liquidation the assets of the company are sold/realised by the liquidator and the proceeds are distributed to the creditors and members in order of priority, as determined by companies legislation.
There are three types of liquidation:
- Creditors voluntary liquidation
- Members voluntary liquidation
- Court liquidation
Creditors Voluntary Liquidation
A creditors voluntary liquidation is normally initiated by the directors of an insolvent company. If a company is insolvent and the directors believe that they are unable to return the company to a solvent position then they need to take professional advice and consider appointing a liquidator.
Insolvency occurs either where a companies debts are greater than its assets or a company is unable to pay its debts as they fall due.
A meeting of creditors is held (for which at least 10 days notice must be given). At this meeting, a brief statement is usually read out by the Chairman of the meeting outlining the reasons for liquidating the company. The creditors (or their appointed proxies) are given the opportunity to ask relevant questions. The liquidator’s appointment is confirmed at the meeting by the creditors who have the power to appoint an alternative liquidator if a majority (in value) of creditors support such an action.
The liquidator will contact creditors asking them to submit their claims against the company. This includes all classes of creditors, including employees and unsecured trade creditors.
Creditors of the company are entitled to join a Committee of Inspection who meet with the liquidator during the course of the liquidation to receive updates and to approve certain courses of action as proposed by the liquidator.
The liquidators will sell/realise the assets of the company and distribute the proceeds to creditors as appropriate. The liquidator will also investigate the collapse of the company and report any matters to the Director of Corporate Enforcement as appropriate.
Members Voluntary Liquidation
A members voluntary liquidation occurs when a solvent company is wound up. A majority of the directors must make a statutory declaration that they believe the company will be able to pay its debts in full within a period not exceeding 12 months from the commencement of the winding up. Within 28 days, the members must then pass a special resolution to wind up the company and appoint a liquidator. The resolution to wind up must be advertised in Iris Oifigiuil within 14 days of passing the resolution.
It is extremely important to complete and file the declaration of solvency correctly. Otherwise, the winding up can become a creditors voluntary winding up.
A members voluntary liquidation can be a tax efficient way for shareholders to restructure organisations or withdraw funds from a company on business cessation because the gain is normally taxed at the Capital Gains Tax rate as opposed to the higher Income Tax rate.
Court Liquidation
A court liquidation is commenced by order of the High Court on foot of a petition. The petitioner is usually a creditor who petitions on the grounds that a company is unable to pay its debts. An Official Liquidator is appointed by the Court with powers to liquidate a company, investigate its activities and pursue errant directors.
The above are the ways in which companies can be dissolved, some of which require the appointment of a liquidator. It can be an enormously stressful time, but the important thing for directors is to deal with the closure of a company as soon as possible. And the first step is usually to contact their accountant, who although they may not act as liquidator, can advise on how to proceed with the winding up.
If you require any further information, please feel free to email me in confidence at orlal@parfreymurphy.ie.
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Tags: close down, company
Despite the difficult economic environment, there are still some tax reliefs to be found.
The following are a selection of tax reliefs and exemptions for companies which have been introduced to stimulate the economy and encourage a greener environment, as well as some existing reliefs for trading losses.
Research & Development
The R&D tax credit is available for companies carrying on R&D activities in the European Economic Area (EEA) in a relevant period.
From 1 January 2009 the R&D tax credit has increased from 20% to 25% of the qualifying R&D expenditure spend.
The definition of research and development activities is extensive and includes systematic, investigative or experimental activities in the field of science or technology. For more informaiton see R&D Tax Credit.
100% Capital Allowances in year 1 for Energy Efficient Equipment
Certain energy efficient equipment qualify for 100% capital allowances in year 1 rather than spreading the cost over a number of years. There is a list of specific qualifying equipment which includes catering and hospitality equipment, electric vehicles and IT systems. If you are planning on purchasing energy efficient equipment in the near future, please check the list of equipment on the SEI website to see if it qualifies. Note this applies to companies only – not sole traders.
Exemption for Start-up CompaniesQualifying new companies are exempt from Corporation Tax for the first three years, provided the Corporation Tax liability is less than €40,000 per annum – marginal releif available.
Trading Losses
Did you know that trading losses can be used in the following ways?
1. Offset against the total profits of the company’s current accounting period (income from all sources plus chargeable gains excluding gains on development land).
2. Carried back and set against profits of the immediately preceding accounting period(s) of the same length as the accounting period in which the loss was generated where the company was carrying on the same trade in those period(s) also.
3. Carried forward, without time limit, and set against profits from the same trade in subsequent accounting periods.
Note: in order to benefit fully from the use of trading losses the company’s corporation tax returns will need to be filed on time with the Revenue Commissioners. Otherwise Revenue will restrict the use of such losses.
Terminal Loss
Where a company incurs a loss in its last period of trading, terminal loss relief provides an element of relief in these situations by providing that losses incurred in the last year of trading can be carried back against income from the same trade in the 3 years preceding those last 12 months.
As always, if you have any queries on the above, please leave a comment or email me at blog@parfreymurphy.ie.
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Tags: company, tax saving, Taxation
For companies experiencing trading difficulties, the obligation to file an annual return can fall down the list of priorities. Failing to file an annual return on time leads to filing penalties and the loss of audit exemption which can lead to further financial loss for the company. The CRO have informed us that it is not in a position to waive these sanctions even if a company is in financial distress.
So, what can be done in this situation?
Firstly the directors should always be aware of their company’s annual return date (ARD). A company’s annual return (including relevant accounts) need to be filed in the CRO within 28 days of this date. The date is normally communicated to the directors by the CRO and can be found by doing a company search on www.cro.ie. Please contact me if you cannot find your company’s ARD.
Provided the filing date hasn’t passed, it may be possible to extend the ARD by up to 6 months by filing a Form B73. Remember that while the ARD may be extended by up to six months, the new ARD must be within 9 months of the accounts year end. Once a Form B73 has been submitted, a company must wait five years before it can submit another B73, should the need arise.
Even if a company has submitted Form B73 in the last five years (or a B73 is not appropriate given the circumstances), it is possible to gain extra time to file its annual return by making an application to the High Court.
Another solution is to file the annual return online. The annual return needs to be filed online before the deadline date but the company gets another 28 days to file the appropriate accounts.
However, once the filing date has passed and the annual return and accounts haven’t been filed, it is too late. The CRO are obliged to impose late filing penalties of €100 plus €3 for every day the return is late plus audit exemption is lost.
Therefore, make sure you are aware of your company’s ARD, act early to ensure that the deadline is met or seek advice and assistance early if you think that you may miss the ARD deadline.
As always, if you have any queries about CRO filings or other company secretarial matters, please feel free to contact me blog@parfreymurphy.ie.
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The 2010 Finance Act has introduced a fixed pay and file date for CAT (gift tax and inheritance tax) of 31 October. Previously, if a CAT return and payment was due, in respect of a gift or inheritance, the return had to be filed and the payment made, within 4 months of the valuation date.
- For all gifts and inheritances with a valuation date between 1 January and 31 August – the CAT return must be filed by 31 October of that year and any resulting CAT liability must be paid by that date.
- Where the valuation date arises between 1 September and 31 December the relevant date for filing and payment is 31 October in the next year.
It is not always possible to manipulate the valuation date (the valuation date will normally be the date of probate or the date of death) but where there is an element of control 1 September would appear to give the maximum amount of time before payment of 14 months.
The existing paper return (Form IT38) is being replaced with a simplified paper version where the beneficiary is not claiming any reliefs or exemptions except the small gift allowance.
Where any relief or exemption is being claimed the return must be filed electronically through ROS. A major advantage of ROS is that the system will calculate the correct CAT due based on the information entered on the return.
Remember that CAT is a Self Assessment tax. The obligation to make a return to the Revenue Commissioners rests with the person who receives the gift.
A surcharge will now arise in respect of late returns. A 5% surcharge applies subject to a maximum of €12,695 where the tax return is delivered within 2 months of the filing date. A 10% surcharge up to a maximum of €63,485 will be applied where the tax return is not delivered within 2 months of the filing date.
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Tags: CAT, gift, inheritance, Taxation
Many businesses are facing decreased turnover levels and are considering deregistering for VAT. Are there any clawbacks of VAT previously claimed? This depends on whether the business elected to register for VAT.
A business can elect to be registered for VAT even though turnover is below the thresholds for registration. A business which elected to register for VAT may cancel registration by arrangement with the relevant Revenue District. However, it can result in a VAT liability. Any excess of VAT refunded over VAT paid during the 3 years prior to the cancellation (or the period of election if less) must be paid to the Revenue.
If turnover goes below the threshold, a business may also cancel VAT registration. A clawback will not occur as long as the business didn’t initially elect to register for VAT.
Important points to note:
- Check the TR1 or TR2 that was submitted to the Revenue on registration to confirm whether you elected to register for VAT.
- Even if turnover falls below the threshold, a business may still be obliged to be VAT registered e.g. the business receives fourth schedule services.
- A de-registered business must constantly analyse turnover and monitor whether or not it is necessary to register for VAT again.
Ceasing to trade
When a business ceases to trade, the Revenue should be notified as soon as possible so that the VAT registration number can be cancelled. Otherwise, the Revenue will continue to issue VAT returns, and demands for estimated liability will automatically be issued if the VAT returns are not submitted.
See also:
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Tags: cancel, close business, registration, VAT
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