Managing Tax Liabilities ? CTS Update Ennis Chamber of Commerce ...

June 7th, 2011 by Ennis Chamber

Cahill Taxation Services in a Press Release for the benefit of Chamber Members has stated that in these continued challenging economic times, managing tax liabilities is a key challenge facing both individuals and businesses alike. In our latest newsletter (available here), we have provided readers with an update of recent changes in tax law and an outline of topical issues which may be of interest. The topics covered include:
1. Incorporation
As a result of the introduction of the Universal Social Charge (?USC?) with effect from 1 January 2011, individuals now pay tax on their incomes at a combined rate of 52% once their incomes exceed ?32,800. With tax rates at these levels, individuals operating as sole traders should give consideration to incorporating their business.
2. Increases in Capital Taxes
In our Budget 2011 Newsletter (available here) we flagged the likely changes that will be made in the area of capital taxes in due course. In particular, the Government?s Four Year Plan provides for significant reductions in capital tax reliefs and increases in the rates of Capital Gains Tax and Capital Acquisitions Tax (both currently 25%) most likely from 2012. These changes if introduced would have a significant impact on the tax cost for families looking to transfer assets to their children. Therefore, if it is commercially suitable to do so, 2011 would be an opportune time to consider transferring assets to the next generation, particularly at current reduced asset values.
3. Finance Act 2011
We have also highlighted in our Newsletter a summary of some of the tax measures introduced in Finance Act 2011 which were not provided for in the Budget announced last December.
4. Finance (No. 2) Bill 2011
We have also analysed the tax measures introduced as part of the Jobs Initiative Budget announced in May. These changes have been legislated for in Finance (No. 2) Bill 2011.
If you would like to discuss these issues in greater detail, please feel free to contact us.
Fergal Cahill
Managing Director

Source: http://www.ennischamber.ie/managing-tax-liabilities-cts-update/

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