Services

Click any of our services below for more information.


^ Starting a Business

At S.P Hickey, we understand and can assist you with the many issues that arise in starting a new business, from selecting the corporate structure most suited to your needs to taxation registration, should you incorporate your business or continue as a sole trader? Should your different businesses be held in one company, in separate companies, or within a corporate group? Should you buy shares in a new company directly or via a holding company? We can advise you on the most tax efficient structure given your current needs and future plans.      

We believe that it is essential to structure your business correctly from the outset and we can advise you on the path most suited to your needs.

What we can help you with

  • Registering with the CRO (RBN1)
  • Obligation to the Revenue Commissioners – filing income tax returns and possible tax planning for start up business. Apportion profits & optimal period ends.
  • Obligations to register for VAT – when should one register for VAT and how this will affect their business.
  • Obligations to keep proper books and records
  • What is an allowable company expense
  • What is salary/profit and what am I taxable on. What happens if I am losing money.
  • How do I know how much tax I am going to pay and when do I have to pay it.
  • If I need money for my business, how will I get it.

^ Audit, Assurance & Financial Reporting

In today’s challenging environment, there has been a refocusing on assurance across all industries and sectors. Management, investors and other stakeholders need to trust the information they rely on to make decisions.

At S.P Hickey & Co we have many years experience in providing business assurance and audit services to owner managed and family businesses. Producing quality audits and financial statements is of paramount importance to the firm. Key to our approach is understanding client’s business. We work closely, taking time to understand the business/sector and to make the audit as constructive as possible. We focus on identifying and responding to key issues and risk factors in the business and adding value. We build relationships with our clients with all assignments being led by partner and regular communication with clients. We are proactive during the course of our work and have a ‘no surprise’ philosophy. We are leaders among the professional service providers to the small and medium sized business sector and can give advice on matters of accounting practice, disclosure and any legislative changes. We are competitive on fees while being committed to quality, excellence and integrity.

At the end of each assignment we provide a series of recommendations which analyse performance, highlight weaknesses and suggest improvements for the future development of the business. In performing this we evaluate the financial controls, financial reporting and budgeting processes and identify any inefficiencies and risks. We also identify revenue enhancement and cost savings opportunities.

Our range of expertise spans a wide range of business sectors including…

  • Multi-Unit-Developments/Owner Managed Companies limited by Guarantee
  • Hotels, Golf & Country Clubs, Public houses
  • The Entertainment Industry
  • Property Development and Construction Industries
  • Professional Services Providers
  • Voluntary Sector including charities
  • Manufacturing Companies

^ Company Secretary

To stay in business, a company needs to comply with its legal and statutory obligations under the Companies Acts. The consequences of non-compliance include late filing fees, company strike-off and prosecution of directors.

At S.P Hickey & Co. we can help companies and directors fulfil their statutory obligations effectively and efficiently. We work with companies at all stages of their development, whether it is incorporation, structural changes, or dissolution.

Our services

Our company secretarial services include:

  • Company formation.
  • Winding up and dissolution of existing companies.
  • Maintenance of statutory books and registers.
  • Annual compliance services including annual return and annual general meeting.
  • Corporate restructuring/re-organisation.

^ Management Accounts 


Access to regular management information is crucial to the successful operation of your business. You can react to information in a proactive manner if it is provided on a timely basis. The frequency of the information required can be determined by you i.e monthly, quarterly or half yearly which ever meets your business needs effectively.

Every Business reaches a point where the owner/managers time needs to be focused on development & growth. To enable this they need up-to-date & accurate information on cashflow, margins & profitability.

S.P Hickey & Co will tailor a management accounts reporting pack which will provide key analysis and information on the financial and operational performance of the business.

As part of this process, we will:

  • Nominate a senior member of staff at Partner level who will work with client businesses to provide experience and professionalism in the financial management of their business.
  • The staff member will attend regular management meetings adhering to a structured agenda to facilitate management.
  • Provide regular management accounts which will be presented to the client by the nominated senior partner.
  • The nominated partner will gain an in-depth understanding of the client business and will bring this knowledge and their general business experience to support the development of the client’s business.
  • Focus will be on the driving the profitability of business.
  • Align the business strategy to the overall business Objectives.
  • Ensure the business is well resourced to implement the strategy. 

^ Taxation

 

^ Personal Tax

Personal tax rates are the highest of all the tax rates, and as they impact directly on you, it is vital to ensure all relief’s are availed of and the minimum amount of tax is paid. Self assessment applies to company directors, the self employed and individuals with investment income such as dividends and rent. We will assist you in the preparation of your income tax return, calculate your tax liability and advise you on any payments due.

In addition, we can also advise you on:

  • Tax efficient investment strategies
  • Pension planning, including self administered schemes
  • Extracting assets from a family company
  • Retirement planning
  • Revenue audits

^ Corporate Taxation

Although the rate of corporation tax is relatively low, it still represents a significant annual cost to any profitable business. In order to facilitate the growth of your company, it is vital to ensure that the most tax efficient structure is in place and all possible reliefs and incentives are availed of.

In addition to submitting annual tax returns for Irish tax returns,  our tax department can assist you in the following areas:

  • Tax compliance
  • Corporate tax planning
  •  Establishing a new business
  • Tax-efficient business structures
  • Tax incentives (e.g. start-ups, R&D, employment, energy efficient equipment)
  • Extracting value from your business
  • Business reorganisations and restructurings
  • Transaction taxes (VAT, Stamp duty etc)
  • Taxation of property
  • Revenue practices and procedures

 

^ Capital Taxes

Capital taxes include capital gains tax (CGT) payable on the sale or transfer of an asset, capital acquisitions tax (CAT) which is payable on the receipt of a gift or inheritance, and stamp duty, which is payable on the purchase of assets.

In addition to assisting in filing the appropriate returns and advising on the payment of tax, we can also provide advice on:

  • Availing of CGT retirement relief on the sale of your business assets or shares in your family company.
  • Availing of CGT and stamp duty relief on the transfer of assets between companies.
  • Availing of CAT relief on the receipt of gifts or inheritances of shares in a family business.
  • Minimising stamp duty on the acquisition of a business.
  • Minimising tax (including stamp duty and CGT) on the transfer of assets to a company, or on extracting assets from a company.
  • Fully availing of all other reliefs and incentives in respect of capital taxes.

^ Indirect Taxes

Value added tax (VAT) is often considered not to be an expense of a business as the cost is ultimately passed on to the customer. However where a company or trader has failed to operate VAT correctly and this comes to light in an audit, it will usually be too late to pass the charge on to the customer at which point the underpaid VAT (plus interest and penalties) can become a very significant cost for a business. It is therefore vital to obtain proper advice in advance of any non-routine transactions.

^ Personal Wealth and Tax Planning

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) planning can assist you in ensuring that your family’s wealth is protected. We can assist you in:

  • Availing of CGT retirement relief on the sale of your business assets or shares in your family company.
  • Availing of CGT and stamp duty relief on the transfer of assets between companies.
  • Availing of CAT relief on the receipt of gifts or inheritances of shares in a family business.
  • Minimising stamp duty on the acquisition of a business.
  • Minimising tax (including stamp duty and CGT) on the transfer of assets to a company, or on extracting assets from a company.
  • Fully availing of all other reliefs and incentives in respect of capital taxes.
  • We provide expert planning advice on the mitigation of potential inheritance tax liabilities.
  • Planning in respect of the family home.
  • Ensuring wills are tax efficient.

^ Revenue Audits

At S.P Hickey & Co., we have many years’ experience advising clients on how to manage and respond to Revenue Audits and special investigations. We appreciate that a Revenue Audit can be a particularly stressful time for our clients, which is why we are here to help. In our experience, co-operation with the Revenue Auditor is one of the most important facets of progressing the Audit in a positive manner. We can liaise with Revenue on your behalf and if necessary, negotiate an agreeable settlement.

^ Revenue Aspect Queries

In recent months we have noticed a significant increase in the number of Revenue Aspect Queries. We would therefore like to highlight the increased possibility that Revenue may carry out such queries in respect of your company in the coming years.

In conducting an Aspect Query, Revenue will identify an area where they perceive there is a particular concern or risk to them.  Typically Revenue will request additional information or back up documentation for a specific area.These queries aid Revenue in gaining a better understanding of information contained in the financial statements or corporation tax return of the company.  In our experience, the vast majority of these queries focus on VAT and PAYE.

You should note that in some cases a Revenue Aspect Query can act as a precursor to a Revenue Audit.  However, these queries are not regarded as Revenue Audits and they do not restrict your right to make a qualifying disclosure.

We do appreciate that these Aspect Queries are an additional workload for you.  On the positive side, however, if we can answer Revenue’s queries sufficiently well, this should reduce your chances of attracting a full scale Revenue Audit.  As a result, we believe that dealing with Aspect Queries thoroughly is a good investment.

If you have any areas of concern at this stage please let us know and we would happily review this area or carry out a tax health check on your company’s taxation exposures.  An increasing number of clients are availing of this assistance, and they find it gives them added comfort, as well as an opportunity to deal with potential areas of concern in a timely manner.