Our advisors are aware of the numerous legal, financial, taxation and other general issues that arise in the early stages of a business. We believe that careful tax planning is required at the outset of any new venture and that it is essential to link tax planning to the specific financial objectives of the business owners.

New businesses need to be correctly structured. Our tax consultants have the knowledge and experience to assist start-ups and SMEs in setting up:

– Suitable trading structures
– Tax efficient methods of financing a business
– Appropriate shareholding structures

Capital Acquisitions Tax (CAT) comprises both Gift Tax and Inheritance Tax. At Kelly Murray, we assist clients in planning for the impact of CAT on future gifts or inheritances, as well as advising on the CAT implications of gifts or inheritances already received.

Careful planning for CAT has become particularly important for the following reasons;

– Possible future increases in the rate of CAT
– Recent increases in CAT e.g. the increases in the CAT rate from 20% to 33% along with the recent reduction in CAT tax free thresholds
– Tax saving opportunities presented by current low property values

CAT planning can be a critical issue when preparing a will because future CAT costs arising from inheritance may be very high. Indeed CAT liabilities may even require that assets be sold to provide adequate cash to pay the relevant tax liabilities.

We work closely with you and your solicitor to mitigate such future tax liabilities.
Making decisions when preparing a will can be difficult for many other reasons. We assist you in making those decisions which should, to the maximum extent possible, ensure that your wishes are achieved and that the related tax consequences are mitigated.

Planning business succession
We have significant experience and expertise in advising on the strategic, taxation and other commercial aspects of a succession plan – from formulation to successful implementation.

Our consultants advise on the key tax mitigation issues associated with succession planning and also on the specific commercial issues involved in each individual case.

Careful thought and consideration in advance of retirement can significantly reduce your tax liabilities. Besides passing the business onto others, owners will also want to ensure that there will be a continuous and adequate income stream for their own retirement.

Unfortunately, experience shows that many businesses do not survive through a second generation. So planning on behalf of the successor is critical to maximising the chances of future success for the business.

At Kelly Murray, our tax consultants can advise and assist on all taxation aspects of company reconstructions and reorganisation, including:

– Sale of a business (or part of a business)
– Changing direction of a business
– Closure of certain parts of the business
– New equity investment
– Acquisition
– Debt restructuring
– Segregating business activities for various reasons, such as succession planning, financing or simply to minimise overall tax costs
– Appropriate strategies for dormant companies, such as wind-up, strike off or restoration

We focus on the strategic priorities of these transactions and ensure efficient post-transaction structuring. Where a reconstruction or reorganisation needs to take place, our experience and commercial focus can ensure tax-efficient outcomes.

Your business structure can be complex, whether you are an SME or a much larger organisation, and we can also provide specialists with in-depth experience in complex structures and related issues, including due diligence.

Non-compliance with statutory obligations can result in significant late filing fees for companies.
At Kelly Murray, we help companies and directors to be fully compliant with their filing obligations under the Companies Acts.

We offer a wide range of services to individual clients, group clients and professional intermediaries such as solicitors and accountants.

These services include:

– Reminders on annual statutory compliance obligations
– Attendance at board meetings
– Company incorporations
– Company searches
– Company strike-off applications
– General compliance
– Registered office address facilities

We ensure that your company meets its annual statutory compliance requirements. Besides providing regular reminders as due filing dates approach, our annual statutory compliance package includes preparation of the annual return and drafting of the AGM documentation to approve the accounts.

Kelly Murray professionals can also attend, take minutes and perform general company secretarial duties at board meetings. These can be held either at our premises or elsewhere.

The accurate recording of business decisions is an important aspect of a developing business. Under the Company Law Enforcement Act 2001 in Ireland, the Director of Corporate Enforcement may now inspect a company’s minute book.

We provide a fast, efficient and complete company incorporation service. We can arrange the formation of the appropriate form of company (private, limited, unlimited, single member, guarantee etc.). Our tax department advisers are also available to review your specific requirements and recommend a tax efficient structure.
We can assist with the preparation of documentation to effect changes in company structure, including:

– Appointment and/or resignation of directors and secretary
– Share allotments and share transfers
– Increase of authorised share capital
– Changes to your company’s memorandum and articles of association
– Change of company name or change of objects

We ensure that your statutory company registers are kept fully up to date. We can prepare draft minutes to register changes in advance of statutory company meetings and can also arrange for the signed minutes to be safely retained at our offices.

We can assist in the selection and evaluation of accounting software for your business and have experience in doing so over a wide number of business sectors. The software we use for in-house accounting is Quickbooks and we are registered Quickbooks Advisors. We train clients in the use of Quickbooks and tailor that training to their specific needs. We also tailor the chart of accounts and reports to best suit your business’s requirements.

We have considerable experience with other off-the-shelf software packages such as SAGE, Big Red Book and TAS Books.

We utilise the internet as much as possible to allow time efficient file transfers to and from clients.

We can extract information from accounting software into Excel in order to better present information for clients’ specific needs where the in-built software reports may be insufficient.

Whether you are selling your business, raising debt or equity finance, seeking investment opportunities or need advice to expand your business organically or by acquisition, talk to Kelly Murray.

We assist companies in the identification, appraisal, structuring and negotiation of deals and transactions, giving assistance and advice on the complexities and risks involved along the way.

In today’s increasingly regulated environment, directors and others responsible for corporate governance have significant legal responsibilities.

As a result, they often choose to seek professional help from experts to ensure that their organisation has sound corporate governance procedures and risk management policies.

Our professional staff at Kelly Murray can review the adequacy of controls and systems in your organisation and make recommendations in respect of control weaknesses and any failures in compliance with relevant regulatory requirements.

In particular, we assist directors and others responsible for corporate governance to ensure compliance with:

– Directors’ Compliance Statement (required by public limited companies and some larger private limited companies)
– International Financial Reporting Standards (IFRS)
– Director’s statement on internal controls
– Mullarkey Report (Republic of Ireland), Cadbury Report (UK)

Corporate governance reviews are particularly important for directors of large companies. They are also relevant to other companies and organisations with:

– Boards that contain non executive directors
– Responsibilities to account for the use of public funds
– Public interest obligations
– Third-party investors such as grant agencies and venture capital
– Various stakeholders ranging from banks to staff and shareholders

Governance issues may include some of the following; board structure, board composition, internal control procedures, safeguarding of assets, risk management, composition of audit committees, and the implications of “shadow” directors. Other issues include:

– The structure and role of the management team and its interaction with the board
– The reporting structure in a company or organisation
– Structures and roles of board sub-committees
– Responsibilities of key individuals including the chairman, chief executive officer, the company secretary, the senior independent director, executive and non-executive directors
– Policies on remuneration, risk mitigation and fraud
– Interaction between the board and internal and external audit functions
– Communications with stakeholders

Disposals are about selling a business – the entire business, part of it or shares in it. Whatever the reason for the sale, you want an experienced and respected deal maker, one who can find the right buyers, convert them into a sale, and negotiate the best possible price.

At Kelly Murray, we have extensive experience in the disposal process, with a proven track record in maximising value for clients and closing deals successfully.

Our team assists clients to sell their businesses and can manage all stages of the process, including:

– Reviewing the business and valuation
– Identifying potential buyers
– Preparing sales memorandum
– Soliciting and evaluating offers
– Providing advice on the sale, including the best after-tax position
– Negotiating heads of agreement
– Closing the deal

Due diligence reviews require a robust assessment of financial information. They also need to take account of a wide range of commercial and non-financial issues such as the economy, market developments, taxation policy, the legal environment, technology developments and operational aspects of the companies involved.

At Kelly Murray, we have extensive experience and expertise in conducting financial, commercial and taxation due diligence reviews for investors, banks and other parties, including legal professional teams involved in processing M&A deals.

These reviews are carried out by our team of experienced partners and senior specialists in assurance and transaction services, and reduce the risk of any surprises after a proposed transaction is completed.
Our experts assess the risks and opportunities of the transaction, providing factual, quality reporting and reassurance.

We can also call upon our in-house experts in taxation, property, restructuring and insolvency to make valuable inputs into the due diligence process. Where necessary, we also collaborate with external experts in providing a fully comprehensive due diligence service.

At Kelly Murray, we provide forensic accounting services to individuals, private companies, banks, legal advisers and those responsible for governance in the public sector.

Our experts have been involved in a wide range of investigations, from corporate and private disputes to issues emerging in acquisitions, and the restructuring of groups or companies.

Examples of areas where we have considerable experience include:
• Commercial disputes
• Valuation disputes
• Shareholder disputes
• Asset tracing and identification of undisclosed assets
• Issues arising in receiverships and other formal insolvency procedures
• Bankruptcy
• Insurance including loss of profits
• Fraud
• Marital disputes

In the current climate, our expertise has become highly relevant in restructuring and insolvency cases and we often bring significant value to our client in this regard. Examples include asset tracing and asset reviews for banks and for the disposal of bank assets by the National Asset Management Agency (NAMA).

Kelly Murray assists businesses and organisations in processing claims from a wide range of grant providers, including:

• IDA Ireland
• Enterprise Ireland
• FÁS
• County and City Enterprise Boards
• Department of Tourism, Culture and Sport
• Leader funding
• Fáilte Ireland
• Údarás na Gaeltachta

Grant types include feasibility, employment, capital expenditure, R&D, and Research Technology and Innovation (RTI).

Professional tax planning is an important part of the management of your own personal income and personal finances, whether you are self-employed, a director or paying taxes through the PAYE system.

At Kelly Murray, our approach to effective income tax management involves working with and listening to our clients to understand their particular circumstances and requirements.
We analyse your objectives, then come up with suitable and workable tax-based solutions, tailored to your specific goals and expectations.

We pride ourselves on providing timely and relevant advice in all areas of income tax, which ensures our clients are compliant with tax rules and regulations.

With major changes in tax legislation for high-income earners, our team can advise how best to plan your tax by taking your overall circumstances into account.

Our tax planning services include:
• Enhancing shareholder and individual wealth
• Tax efficient remuneration
• Income and wealth protection
• Tax advice for not-for-profit sector, where key issues include VAT and tax relief for contributors
• Partnership taxes for professional service firms
• Management of Withholding Tax for professional service firms who have public sector clients
• Advice on R&D tax credits for the green technology and other sectors
• Efficient pension and retirement planning

Companies and other organisations need to know that their accounting systems are working effectively, in order to minimise risks such as possible loss of assets and also to ensure that their financial statements do not contain material errors.

That’s why many clients appoint Kelly Murray for internal control and system reviews. We provide independent assurance that the systems and controls of the organisation are adequate, effective and appropriate to the accounting and financial risks of their organisation.

Our experts check that everything is as it should be, with objective reviews that are independent of the executive management team. We assign audit and assurance experts to carry out internal control and system reviews, and our report can then be used as a basis for further improvements.

Our internal control and system reviews are particularly important for:
• Businesses or organisations which are based in multiple locations
• Situations when problems in financial reporting and internal controls have come to light
• When businesses or organisations are restructuring or merging
• Rapid growth organisations

Whether you are an owner manager, company director or other stakeholder, the liquidation of a business can cause stress and disruption to all concerned. At Kelly Murray, our focus is on managing the process to get the best possible outcome given the precarious state of the business and its financial position.

The new Local Property Tax is causing difficulty to many taxpayers who may not have lodged returns with Revenue previously. At Kelly Murray, we are offering advice and assistance in filing both manual and electronic returns with Revenue.

The breakdown of relations between married partners or those in civil partnerships can be a very traumatic and stressful time, so it is understandable that those going through this process often overlook the tax consequences.
These consequences are long-term and often irrevocable, so it is essential to carry out careful tax planning before you make any final financial decisions.
At Kelly Murray, we have considerable experience in the issues that arise during marital breakdown and divorce settlements or the break-up of civil partnerships.

Our tax consultancy services in this area cover issues such as:

• Payments between spouses or cohabitants
• Tax issues involving property
• Tax issues regarding succession planning
• Issues regarding inheritance tax

The rules applicable to informal separation, formal separation and divorce can also be complex. For example, these are just some of the issues that need consideration:

• Both spouses may be entitled to the Single Parent’s Tax Credit and an increased standard rate cut-off point
• Maintenance payments to children are usually exempt
• Payments to a spouse or civil partner may have tax consequences, depending on the circumstances
• The transfer of the family home should not give rise to tax problems if due care is taken
• Joint assessment may still be an option, even after formal separation has occurred

At Kelly Murray, we listen in an empathetic way and establish your wants and needs. We always aim to present complex information in an easy to understand manner, give calm analysis of the financial situations of both spouses, and liaise with the legal teams on your behalf.

The new Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 came into effect at the beginning of 2011. The Civil Partnership Act confers tax benefits on cohabiting couples and property rights on “qualifying cohabitants”.
This is a relatively new area in terms of tax, property and other legal issues. In short, a qualifying cohabitant now has the right to seek redress from the courts in a similar manner to that available for married couples.