Tax Planning

Revenue have helplines to assist taxpayers, but they do not provide advice on how to organise your affairs to minimise tax you pay.

If you want to make tax savings but do not want to interpret tax laws, you need professional advice.

At D V Mannion & Co we offer all clients tax planning reviews. We help to ensure that our clients only pay as much tax as they are legally obliged to and no more!

Whatever your tax planning needs we try to find some tax saving to suit your circumstances.

Some tax tip examples

We have included a series of tax tips below which provide general guidance on various tax saving strategies and should answer some of your tax questions.

Employing your wife

As a self-employed person, it is allowable to pay your wife a salary. There are rules that need to be followed, such as how much to pay your wife and keeping the evidence of the payments made. Sole traders with higher rate tax liabilities will benefit and tax savings could also be made by setting up an employer pension scheme.

Capital Gains – Using Home as Office

If you are selling a second or third home, you may want to reduce any capital gains tax on the sale. The garden shed and other fixtures and fittings are treated as wasting chattels for Capital Gains Tax, and no CGT is payable on the gain made from their sale. You could get your solicitor to show part of the selling price in the contract for these items.

If you claim tax relief for the use of a room as an office there can be a tax charge when you later sell your home, We can advise you of measures that can be taken to help to minimise or mitigate a capital gains tax liability.

Recover VAT

Recover VAT on invoices that you have paid or received before you registered for VAT by including the input VAT on your first return. Make sure you have the VAT invoices and keep a schedule of the adjustments you have made. Be careful though, there are time limits and rules for this recovery measure so be sure to speak with your accountant!