Audit & Accounting
Our audit philosophy is based on integrity, objectivity and independence. This provides clients with a robust and comprehensive audit and assurance process. We take the time to understand clients business, the environment that they are operating in, the risks that they are facing and their concerns.
Our team of accountants provide you with the skills, knowledge and expertise that we have developed over thirty years working across a range of industries and sectors with sole traders, small and medium sized business. Ouraudit department will ensure that your company is fully compliant with all statutory obligations. Our services are tailored to meet your individual needs, whilst minimization any disruption to your business.
Our role as auditors is not limited to compliance; we also seek to deliver real value to your firm. We achieve this by identifying weaknesses in your internal control system and analyse performance from a practical perspective, highlighting problems and suggesting improvements for the future. Your involvement is actively sought throughout the audit process.
We can help you meet your tax compliance deadlines by contacting you early with the view to gathering the information pertinent to your tax return. Personal tax rates are the highest of all tax rates, and as impact on you directly, it is vital to ensure all reliefs are availed of and the minimum amount of tax is paid. It also allows you to know well in advance of the tax deadline exactly what liabilities will arise in October and gives to time to organise funds.
Self assessment applies to company directors, the self-employed and individuals with investment income such as dividends and rents. Our personal tax specialists will assist you in the preparation of your income tax return, calculate your tax liability and advice you of any payments in advance.
At P Hickey & Co. we work with our clients to ensure that their operations and activities are organised in a tax efficient manner. Our professional team is experienced in all areas of corporation tax and our strengths include an ability to advise on detailed tax legislation and practice in the context of our client's specific company and industry circumstances. Effective corporate tax planning is complex and wide ranging. Some aspects of planning includes advice on
Suitable financing arrangements
Appropriate business ownership structures
Efficient profit extraction arrangements
The ever-changing tax environment in the context of the enactment of new legislation, Irish and EU/International court rulings and changes in Revenue practices and procedures.
Value Added Tax is one of the most complex and onerous tax regimes imposed on business - so complex that many businesses inadvertently overpay or underpay VAT. In addition the complexity means that valuable in house resources could be deployed elsewhere in the business. The ever widening scope of VAT, the constant stream of detailed changes to the regulations, call for a trained professional eye to ensure that you do not fall foul of the regulations and do not pay more VAT than you need to. We can provide you with a cost effective VAT service, which includes:
- Preparation of VAT Returns.
- Assistance with VAT registration.
- Advice on VAT planning and administration.
- Use of the most appropriate scheme.
- VAT control and reconciliation.
- Day to day advice on matters as they arise.
Relevant contractors tax, or RCT, applies to payments made under certain contracts within the construction, forestry and meat processing industries. Where the appropriate compliance procedures have not been followed, a principal contractor can be assessed to tax at 35% on all payments made to subcontractors. It is therefore vital that all the requirements of the RCT legislation are adhered to and our taxation specialists can assist you in this regard.
P Hickey & Co's compliance department can arrange for your company to be registered for corporation tax, PRSI and VAT. We will prepare the application forms and liase with the Revenue Commissioners on your behalf.
We provide expert planning advice on the mitigation of potential inheritance tax liabilities. We aim to produce an effective plan which both meets your requirements and tax savings. The matters which will be considered in planning effective inheritance tax savings are:
- The use of trusts.
- Planning in respect of the family home.
- Ensuring wills are tax efficient.
If you wish to know more about our Inheritance tax planning service or would like to arrange a free initial meeting in order to discuss how we can help you in more detail please contact us.
P. Hickey & Co. has in-dept knowledge and experience of helping clients to deal with Revenue auditors. As part of the operation of self-assessment, the Revenue Commissioners have significantly increased the number of Revenue audits they conduct. These audits are now widespread for income tax, corporation tax, VAT and RCT. In addition, the powers of the Revenue Commissioners have expanded significantly and have become more onerous and complex. Penalties for non-compliance and the tax code also have increased substantially.
At P Hickey & Co., our services include pre audit health checks, liaising with the Revenue Commissioners during audits and negotiating settlements, where necessary.
Protecting family wealth is a priority for most people and effective tax planning has a large part to play in this process. Our Capital Acquisitions Tax (CAT) and Trust Planning experts can assist you in ensuring that your family's wealth is protected. We can assist you in:
- CGT Retirement relief on the sale of your business assets or shares in your family company
- CGT and stamp duty relief on the sale of your business assets or shares in your family company
- CAT relief on the receipt of gifts or inheritance of shares in a family business
- Stamp Duty on the acquisition of a business Tax (including stamp duty and CGT) on the transfer of assets to a company, or on extracting assets from a company
- All other reliefs and incentives of capital taxes.
Annual Companies Registration Office returns: All limited companies are obliged to make annual returns to the Companies Registration Office. We will prepare the return and appropriate financial statements to accompany it and advise you on the timely submission of same.
Preparation of statutory minutes: All companies are required to maintain minutes of annual general meetings and extraordinary general meetings. We will prepare legally compliant minutes on your behalf and maintain your company minute book for you.
Other Companies Registration Office returns: All changes of directors, share capital, registered office etc. must be notified to the Companies Registration Office. We will complete the necessary forms on your behalf.
Restoration of companies to the register: A company, which has been struck off the register by the Registrar of Companies, can be restored to the register by direct application to the Registrar. We will complete all necessary returns to ensure your restoration application is successful.
Monitoring of filing deadlines: New laws governing the filing of Companies Registration Office returns have recently being enacted which significantly changes the annual return deadlines for companies. We actively monitor all our client companies and advise them when their returns fall due.