T.A. Sheehan & Co.

Est. 1988

Personal Tax Planning

Our personal tax services cover all main tax heads including income tax, capital gains tax, gift/inheritance tax, stamp duty and, where relevant, foreign taxes.

We begin by understanding what you want to achieve. We would all like to protect our personal wealth, but must do so whilst complying with all Revenue Commissioners regulations. Our expert knowledge will allow us to make sure you make the most of all available tax allowances and benefit structures, so you do not pay more tax than you have to.

We can help you to:

  • Minimise your tax bill, through effective tax planning, (using tax reliefs, allowances and tax efficient structures)
  • Structure your business interests to maintain your wealth
  • Assess the tax implications of family events, such as starting a family, separation, divorce or death
  • Prepare your personal tax returns required under self assessment
  • Determine the amounts and timing of tax payments
  • Deal with the Revenue Commissioners on your behalf, helping to manage negotiations and resolve disputes.
  • Advising on the restrictions on “specified reliefs” for high earners introduced in Finance Act 2006;
  • Advising on all aspects of employment taxation, including tax efficient remuneration packages and benefits-in-kind;
  • Advising on the tax implications of moving to or from Ireland, including the implications of acquiring or losing Irish tax resident status.
  • Advising on implications of being non-domiciled in Ireland and how the benefits of remittance tax basis applies. With effect from 01/01/2008 UK sourced income is included within this rule so that we can assist any UK domiciled Irish resident individuals can plan their tax affairs more efficiently.

We undertake a thorough review of our clients’ personal and financial positions so that we are able to advise them on their legal requirements to complete and file tax returns to the revenue authorities and how to organise their tax affairs in the most efficient way.

Typical questions we would ask a new client:

  • Are you single, married, separated, widowed or divorced?
  • Do you have dependents?
  • What is your date of birth?
  • What sources of income do you have?
  • What assets/liabilities do you own?
  • How long have you been resident in this country?

All of the answers to these questions are important so that we are able to advise clients on their potential tax liabilities and on the benefit of various allowances and relief’s that may be available so as to reduce their tax liability