Winter Taxation Essentials - Series 1
Registering for CPD Fest 2021 couldn’t be more straightforward. We have three packages for you to choose from – 8 hours, 16 hours and 24 hours of CPD – allowing you to customize the event to your own specific needs. Once purchased, pick ‘n’ mix the topics of most interest and relevance to you from any of the sessions running across the week of CPD Fest 2021.
CPD Fest Packages:
Any 8 CPD Fest Sessions
Any 16 CPD Fest Sessions
Any 24 CPD Fest Sessions
The 12 Gifts Of CPD Fest
Over the coming weeks we are going to give you advance access to hugely valuable extracts from the note packs The CPD Fest & The Essential Advisors’ Mix.
With The 12 Gifts of CPD Fest you will get guides, financial statements, checklists, tools, tax papers, letters of engagement and reports all the way up to and including the kitchen sink!
Registration for The 12 Gifts Of CPD Fest is free, quick and straight forward and you can do so here:
Session 1: Topical Tax Cases - Recent Tax and other Decisions
Time: 09:00 – 10:40
Speaker: Brendan Twohig – MK Brazil
There have been some high-profile tax cases over the past year as well as some very interesting decisions via the TAC and elsewhere. This presentation will review some of these cases with the focus being on cases that may be practically relevant to advisors and their clients, including for example:
- Evolution of the 4-year rules and some interesting developments in 2021
- Developments in Termination Payments and the calculation of same
- Land Development – pre-trade v no trade v trade
- Guidance on the meaning of ‘professional services’
- Further developments on the Contract of Service v Contract for Service debate
- Treatment of Single Farm Payments in incorporation cases
Session 2: Topical Tax Issues - 2021 and Beyond
Time: 11:00 – 12:40
Brendan Twohig – MK Brazil
This course covers a diverse range of tax issues which reflect queries raised by Practitioners from all over the country over the past 12 months, therefore reflecting what Accountants are encountering ‘on the ground’. The presentation will include an examination of some lesser-known aspects of familiar topics, including for example:
- Medical Expenses and why these are becoming a persistent problem area
- CGT and problems with the ‘remittance basis’, ’letters of no audit’, ER in liquidation cases, incorporation issues, etc
- EWSS and ‘other reasonable basis’
- VAT on Property – Development v Refurbishment v Minor Development v Repairs
- S.604A Exemption when acquired via gift/inheritance
Session 3: Managing risk and Delivering Value in Social Welfare matters
Time: 13:40 – 15:20
Speaker: Brendan Casey – PRSI Consultant
In this Session Brendan Casey will cover the following topics:
- Minimising Welfare claims against your client or the estate of a deceased client
- Identifying and putting in place remedial action required to limit/reduce exposure to a Welfare Overpayment
- Classifying all clients (and their spouses/partners) who could be susceptible to a Welfare Overpayment
Session 4: Corporate Restructuring
Time: 15:40 – 17:20
Speaker: John Murphy – OmniPro Tax & Legal
In this session, John Murphy will review the most common corporate restructurings we see.
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 and how the reliefs are claimed on the tax returns of the relevant entities
- 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.
- Reclassification of shares to voting and non-voting to allow for a transfer to the next generation while maintaining control. A review of Share buyback rules for CGT purposes.
- Section 626B TCA and how to ensure you come within the remit if not held for the 12 month period
- What to watch when implementing any form of restructuring in group situations – any clawbacks/possible clawback/traps if carried out incorrectly.
CPD Course Facilitators
Brendan Twohig - MK Brazil
Brendan Twohig is a Chartered Tax Consultant and has been working in the tax sector for over 20 years.
He joined the firm in 2006 having previously held key tax positions in both Irish and international firms. In addition to working with clients directly, Brendan also provides support consultancy services to other professional advisors and is a member of various consultancy and liaison groups.
Brendan is also a well known speaker and author on tax issues and regularly makes contributions to both local and national media, as well as to various trade journals.
Brendan Casey - PRSI Consultant
Brendan Casey has been practising as a lecturer and a PRSI Consultant since retiring from the Department of Employment Affairs and Social Protection over 10 years ago.
Brendan advises on PRSI liability issues and is an expert on all of Welfare’s contributory benefit and pension schemes.