Find a Tax Advisor/ Tax Accountant

Pawwed Rig

https://www.boards.ie/discussion/comment/121520006#Comment_121520006

Maybe someone contacted you and is willing to do the analysis and if that is the case great but there is no way I would take on a client who states he only needs an hour or 2 of advice. The risk for a tax advisor is massive and if he gets it wrong and you are down money it is him that gets it in the neck. I would need an hour or 2 to meet you and discuss never mind scoping the work involved, issuing an LOE, complying with AML legislation before even beginning advice here. Best of luck with it anyway and hopefully you find someone that will do it for an hour or 2s fees as you want 👍🏾

case_sensitive

https://www.boards.ie/discussion/comment/121520779#Comment_121520779

Thanks for replying. I've adjusted my question a little accordingly.

What I intended to say was that I have some very direct questions, and have done current-state-of-play calculations based on what I could pay myself under the 'standard' PAYE arrangement. A friend who works in funds suggested that's not the best way to do it, that most directors pay themselves a dividend. As far as my 1 hour reading on the subject determined, your tax liability is very similar in either case, if you're IE-domiciled, which I am.

Looking for a steer rather than liability-invoking custodianship of my accounts.

Taxes

Paying yourself a dividend isn’t usually the most tax-efficient way to extract company profits.

shano_88

Looking for a tax advisor for a us citizen living in Ireland. Preferably in Munster.

Thanks.

StringerBell

https://www.boards.ie/discussion/comment/121523556#Comment_121523556

It's pretty tax efficient from the individuals end.

Company can pay a dividend to you, company can pay tax on that dividend on your behalf, in essence another dividend, in a cycle that goes on and on.

There is more to, and planning and advice would be needed for sure not to mention on going monitoring and assessing of the situation, but it isn't a bad way to take money out of the company tax efficiently for the individual.

Taxes

https://www.boards.ie/discussion/comment/121637181#Comment_121637181

Within SMEs the individual receiving the dividend may be the owner. So the company pays tax at 12.5% on the profits. Dividends are then distributed from the after tax profits, it’s distributable reserves.

The company then pays a dividend to its owner, assume the owner is Irish tax resident, DWT of 25% deducted and remitted to revenue by the company.

The individual, assume a marginal rate taxpayer, pays tax at 50% on the gross dividend received, ,all in. The individual claims a credit for the DWT deducted by the company. So the DWT isn’t a final cost but timing differences between the issuance of the dividend and filing one’s tax return mean it can be a short-term cash-flow headache.

I can think of much more efficient ways to extract money from a company.

Pawwed Rig

Dividends are probably the worst way to extract money from a company.

StringerBell

https://www.boards.ie/discussion/comment/121637213#Comment_121637213

As I said there is more to it, and it may not suitable for all individuals but absolutely you can make it highly tax efficient. We have many clients who do just this.

Taxes

https://www.boards.ie/discussion/comment/121639079#Comment_121639079

@Pawwed Rig and I should give tax lessons.

StringerBell

Do, charge a modest fee for them and live like kings!

StringerBell

Also, OP free advice - look into pensions

hold my beer

https://www.boards.ie/discussion/comment/121639079#Comment_121639079

Dividends aren't a tax deductible expense. The single biggest reason they are not efficient for extracting profits from a company.

Taxes

https://www.boards.ie/discussion/comment/121678229#Comment_121678229

It’s all about the effective tax rate. The CT saving at 12.5% by extracting funds through salary versus dividends is an upside. But that upside is eroded if the person receiving the dividend is a non-proprietary director, for example.

Extracting funds from a company via a dividend is rarely optimal. However, sometimes it is necessary to extract funds via dividends, for example say a close company which generates significant estate and investment income.

I would define a tax-efficient extraction method as a method which leads to an effective tax rate on funds of between 0-25%.

cobham

Looking for accountant with expertise in dealing with inheritance from UK and paying Irish tax due on same.

JorgeL

Hi All, Im looking for a tax advisor that could deal with non-resident tax dealings. PM me if you do know anyone. Many thanks.

gk70

Hi, I'm looking for an accountant to file 2023 sole trader tax return. Very simple set of accounts.

PM if you know of someone thanks

CWMMC

https://www.boards.ie/discussion/comment/121883724#Comment_121883724

Hello,

Can you give some more detail about this? Such as how much turnover and industry etc?