Even when you are only starting out it pays to plan for the future. We can help you through the different stages of your businesses development from start up to growth to exit strategies.
Many businesses start out as Sole Traders and then as they grow, they may want to convert to a Company. This has many advantages:
We can help you consider your options and explain the obligations.
There may be capital gains tax implications on the conversion to a company but there are also reliefs and allowances available to minimise the capital gains tax liability on conversion.
Whatever your business goals, it is worth thinking about how you might exit the business in the future. We can help you to decide which is the best exit strategy for you depending on your business goals.
An exit strategy is a method by which entrepreneurs and investors, transfer ownership of their business to a third party, or by which they recoup money invested in the business.
When you stop working, you will need to replace your wage or salary with a retirement pension. You need a pension plan to supplement the State Pension. A pension plan is a special type of savings plan designed to build up a 'pot of money' for your retirement years. Your regular contributions enjoy attractive tax saving breaks which reduce the cost to you. If you pay income tax at the 40% rate on some of your income, the net cost of every €100 you invest in your pension is €60. The tax treatment is different if the pension contributions are paid by your company.
The value of your retirement fund can go up or down and it is important to be patient and understand the nature and reasons for the movement in your retirement fund.
We can put you in touch with someone that can help you arrange a suitable pension plan for you.
There is now probably no better method of converting company profits into personal wealth than through a Director's pension scheme. This can be a complex area of financial advice. We can point you in the right direction.
The R&D tax credit scheme is an attractive tax incentive. The R&D tax credit is open to companies in Ireland that undertake qualifying research and development activities in Ireland or within the EEA. The R&D tax credit can be a significant source of tax saving / cash.
Loss making companies can also benefit from the R&D Tax credit by receiving a cash refund of the credit, subject to some conditions.
If you operate as a Sole Trader and part of your activities relate to R&D, you may want to consider converting to a company to avail of these credits. We can advise you.
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