When seeking potential acquisitions, a purchaser is seeking:- Strong customer and client lists Strong brands Experienced management teams/key staff Access to new markets, key supplier relationships, licences Intellectual property Ultimately the purchaser wants to acquire future positive cashflows, which are either in place or have the potential to be realised. Acquiring an existing business is…
Read MoreWe have witnessed the impact of Covid-19 on businesses in Ireland since mid-March 2020. It has had a particularly devastating effect in the retail and hospitality sectors. The Government introduced reliefs at an early stage of the pandemic. In particular, the TWSS scheme has been a success by delivering assistance directly to affected businesses. The…
Read MoreAll of us rightly or wrongly consider that once we have a backup for the data on our computers that we are fully covered in the event of a disaster. However, as some of you will have already learned the hard way, that this is rarely the case. A disaster can be defined as “any…
Read MoreStructure The legal structure for your business e.g. sole trader, single company, holding company or cross border group and the detail of how the structure is implemented and operated are key ingredients in achieving a tax efficient sale. This can be the difference between qualifying for a tax-exempt disposal or paying capital gains tax at…
Read MoreThe planning of an audit is a fundamental part of completing a successful assignment. The process can be broken down into the following stages; Stage 1- Appointment The main focus of this stage is ensuring that there are no factors that prohibit the assignment from commencing. The following procedures are carried out as part of…
Read MoreWhen a business is considering purchasing a vehicle the ultimate cost of the vehicle will be determined by a business’s ability to recover the VAT. Most businesses are aware that VAT can be reclaimed in respect of the purchase of a commercial vehicle but may not be aware that an element of VAT can be…
Read MoreBackground With the growing number and use of cryptocurrencies (Bitcoin, Ethereum, Lightcoin, Ripple etc.) Revenue issued ac manual in May 2018, setting out the tax implications. Business accepting cryptocurrencies For business which accept payment for goods or services in cryptocurrencies there is no change to when revenue is recognised or how taxable profits are calculated.…
Read MoreErrors in the preparation and submission of VAT returns can be very expensive for businesses. It is important that businesses review their VAT returns regularly and have sound internal procedures in place to ensure that VAT returns are completed correctly. One common item that businesses overlook is the requirement to repay VAT reclaimed in respect…
Read MoreWhat approach to use: A valuation approach is the method used to determine the fair market value of a business. The most common approaches are: Market approach The market approach is based on finding prices for comparable businesses or transactions in the public or private markets and using them to infer the value of the…
Read MoreThe EU are reviewing the operation of Vat within the European Union. The following proposals have been made: The Cornerstones of a definitive vat regime The principle of taxation at destination for intra-EU cross border supplies of goods. Under this principle the Vat rate of a member state of destination, where the buyer is located,…
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