Taxation Services

Taxation Services Monaghan

Irish tax regulations can be intricate and ever-changing. That’s why we offer a comprehensive suite of taxation services in Monaghan, designed to help individuals and businesses minimise their tax burden and ensure complete compliance with Revenue requirements.

Our Experienced Team Can Assist You With:

Capital Acquisitions Tax (CAT):

  • Gift & Inheritance Tax Planning:We’ll help you structure your gifting and inheritance strategies to optimise tax efficiency for both you and your beneficiaries.
  • Reliefs & Exemptions: Maximise your benefits with reliefs like Agricultural Relief, Business Relief, and Favourite Nephew Relief.
Taxes File & Label for Taxation Services in Monaghan

Capital Gains Tax (CGT):

  • CGT/CAT Offset: Minimise your overall tax liability by utilising this strategy to offset Capital Gains Tax with Capital Acquisitions Tax paid.
  • Identifying Deductible Expenses: Ensure you’re claiming all eligible deductions to reduce your taxable capital gains.

Corporation Tax:

  • Tailored Strategies for All Company Types: Our team will develop tax strategies that leverage available reliefs like Film Relief, Loss Relief, and Relief for Start-Up Companies, regardless of whether you’re a close company, a start-up, or a film production company.
  • Dividend Withholding Tax & Professional Income Surcharge: We’ll ensure compliance with dividend withholding tax regulations and advise on minimising the impact of the professional income surcharge.

Income Tax:

  • A Range of Deductions and Credits: We’ll help you claim all applicable deductions for business and rental expenses, medical costs, educational fees, and more. Utilise reliefs like Carer Tax Credit, Earned Income Tax Credit, and the Help to Buy Scheme to reduce your tax liability.
  • Employment & Self-Employment Considerations: Ensure proper classification as employed or self-employed, and understand the tax implications of employee benefits, travel expenses, and training course fees.

Additional Taxation Services:

  • Domicile & Residence Checks: We’ll clarify your domicile and residence status for tax purposes, ensuring you comply with relevant regulations.
  • Stamp Duty: Minimise your stamp duty liability with Young Trained Farmer Relief.
  • PAYE Earners: We can assist with claiming tax relief for pensions, medical expenses, rent-a-room income, and mortgage interest (if applicable).

The O’Doherty Agnew & Co Ltd Advantage:

  • Experienced & Knowledgeable Team: Our team stays up-to-date on the latest tax laws and regulations, ensuring you receive the most relevant and effective advice.
  • Personalised Service: We take the time to understand your specific circumstances and develop a customised tax strategy that meets your unique needs.
  • Proactive & Responsive: We’ll keep you informed of any changes in tax legislation and proactively identify opportunities to minimise your tax burden.

We cover a wide range of tax areas, including:

Capital Acquisitions Tax (CAT)

  • Gift Tax & Inheritance Tax
  • Agricultural Relief
  • Business Relief
  • Favourite Nephew Relief
  • CGT/CAT Offset
  • Deductible Expenses
  • Dwelling House Relief
  • Small Gift Exemption

Corporation Tax

  • Close Company
  • Deductible Expenses
  • Dividend With-Holding
  • Due Diligence
  • Film Relief
  • Loss Relief
  • Relief for Start-Up Companies
  • Research & Development Expenditure
  • Professional Income Surcharge
  • Rental Income Surcharge

PAYE Earners

  • Pensions
  • Losses
  • Rent a Room
  • Covenants
  • Carer
  • Medical
  • Tax-Free BIK
  • Transborder Relief
  • Mortgage Interest Credit
  • Working from Home Allowance

 

Income Tax

    • Approved Profit Sharing Scheme (APSS)
    • Artist Exemption
    • Benefit In Kind
    • Blind Person Exemption
    • Carer for Incapacitated Person
    • College Fees
    • Country Money
    • CRSS
    • Deductible Business Expenses
    • Deductible Rental Expenses
    • Dental Expenses
    • Domicile Checklist
    • Domicile Levy
    • Earned Income Tax Credit
    • EIIS Relief
    • Employed v Self Employed
    • Employee Subsistence
    • Employee Tax Credit
    • Employee Travel Expenses
    • EWSS
    • Farm Leasing Exemption
    • Foreign Earnings Deduction
    • Health Expenses
    • Help to Buy Scheme
    • Home Carer Check
    • Home Loan Interest Relief
    • Home Renovation Incentive Check
    • Incapacitated Child Tax Credit
    • Income

Don’t Let Taxes Hold You Back!

Contact O’Doherty Agnew & Co Ltd in Monaghan today. We’ll help you navigate the complexities of Irish taxation and achieve optimal tax efficiency. Schedule a consultation to discuss your specific situation and discover how we can help you save money and achieve your financial goals.

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Frequently Asked Questions about Taxation Services in Monaghan

I'm a business owner in Monaghan. What are some of the main taxes I need to be aware of?

There are several key taxes for businesses in Monaghan:

  • Corporation Tax: This is the main tax on company profits.
  • Income Tax: If you’re a sole trader or partnership, your business income is taxed under income tax.
  • Employer Taxes (PAYE): If you have employees, you’ll be responsible for deducting and paying Pay As You Earn (PAYE) taxes from their salaries.
  • VAT (Value Added Tax): Most businesses in Ireland must register for VAT if their turnover exceeds €80,000 per year.

Are there any tax reliefs available to help reduce my tax burden?

Absolutely! The Irish tax system offers a variety of reliefs to help businesses and individuals minimise their tax liability.  Here are a few examples:

  • Capital Acquisitions Tax (CAT): Reliefs like Agricultural Relief and Business Relief can reduce your inheritance or gift tax.
  • Corporation Tax: Start-up companies can benefit from relief on their corporation tax for the first few years of operation. Film production companies can also avail of Film Relief.

Income Tax: Deductible business expenses, employee benefits (within limits), and certain medical expenses can all be offset against your income tax liability.

What happens if I'm unsure about my tax residency status in Ireland?

Your residency status for tax purposes determines which taxes you’re liable for in Ireland.  If you’re unsure about your residency status, it’s crucial to seek professional advice from a qualified accountant in Monaghan familiar with Irish tax law.  They can help you navigate the complexities of residency rules and ensure you’re filing tax returns correctly.

I'm overwhelmed by the complexity of Irish tax regulations. Should I consider hiring a tax advisor?

Taxation in Ireland can be intricate, and the rules can change frequently.  Hiring a qualified tax advisor in Monaghan can be a wise decision.  They can provide personalised advice based on your specific circumstances, help you claim all available reliefs and deductions, and ensure you’re fully compliant with Revenue regulations.

Where can I find more information about taxes in Monaghan?

The Irish Revenue Commissioners website (https://www.revenue.ie/)  is a valuable resource for information on all aspects of Irish taxation.  However,  it’s important to remember that the website may not provide answers to specific questions about your unique situation.  Consulting with a tax advisor in Monaghan can offer the most relevant and tailored guidance for your individual needs.