Minimizing the tax you pay in order to keep more of what you earn is a key component of wealth creation, yet many people we meet don’t have a proactive tax plan. Typically they react to the tax bill when it arises and as a result they find themselves unable to benefit properly from the available tax shelters. Good tax planning needs to be pre emptive if it is to be efficient. Our approach is to offer a tax planning service that compliments the work that your accountant does for you . Many of our clients have been referred to us by their accountants who fully understand the limitations of the role they can play in providing clients with tax shelters.

Remuneration Planning
The current economic climate makes increasing salaries difficult and the current high levels of personal tax makes salary increases less attractive. It is more important than ever to find alternatives. We can offer you:

• Advice on alternative remuneration techniques
• Elimination of inefficient remuneration practices
• Advice on tax-efficient and tax-free alternatives
• Guidance in obtaining any necessary Revenue approvals

Estate Planning
We recognize that deciding on the manner and timing of passing wealth to the next generation is one of the most important financial decisions most people ever make. Apart from the tax issues one must consider the following factors:

• Your own personal financial security
• Whether to pass assets under a will or during one’s lifetime
• The ages and the skills and needs of each potential beneficiaries
• Family harmony and the legal entitlements of different beneficiary classes
• The benefits of creating a trust structure
• The tax treatment of different asset classes and different beneficiaries.

Our services in this area include:

• Tax planning
• Preparation of tax-efficient wills
• Creation of trust structures
• Business restructuring before gifting / bequeathing
• Assistance with identification of “best match” between beneficiaries and asset classes
• Advice around family harmony and asset governance issues

Planning for succession is one of the tasks most people defer for longest. This can prove to be a costly mistake. We do not necessarily advocate passing assets early, but early planning for a future succession can produce significant savings – both financial and emotional.  A succession plan is just that – it is a plan. You can follow it or adapt and improve it as circumstances dictate but at least with a plan you know what you are trying to achieve.

Business Exit
Planning for exit from your business is a highly complex process. A successful outcome is far more likely where a realizable plan is formulated at an early stage. Our legal partners guide our clients through the myriad tax, legal and pensions obstacles and opportunities which arise at all stages in the process. We assist with both preparation and implementation of the plan and we support our client’s right through to the conclusion. Certain considerations are always present in any consideration of a business exit plan. These constants include:

• Timing
• Whether “exit” includes disposal or dilution of ownership or merely ceasing to work in the business
• Successor / purchaser identification
• Financial considerations
• Family considerations

Tax is an ever-present consideration that arises in addressing each of these constants. For many people business exit represents the end of their income-earning stage of life. It is therefore critical that the exit process is managed to ensure maximum value is achieved with minimum tax or other leakages. We are experts in eliminating the tax leakages which arise on business exit