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Coll.ie

Our Services

Tax Returns - Preparation & Planning

Tax Preparation and Planning

In today's environment, more and more people have to file tax returns either because they have other sources of income e.g. rental properties, investment income etc or they need to claim many of the allowances that are available to them. The penalties for not filing are severe so it is important that you keep your tax affairs fully up to date. If you are self employed, a PAYE worker or company director, now is the time to get your tax return in before the Oct 31st deadline. To assist you with this, we offer the following financial and tax services:

Taxation

  • Personal Tax Returns
  • Company Tax Return
  • PAYE/PRSI
  • VAT Returns
  • Capital Gains Tax
  • Taxation consultancy for complex issues

Tax Advice and Planning on the following areas

  • Business Start up / Expansion
  • The most efficient tax structure for your business
  • Business Expansion relief applications
  • Section 481 film relief applications
  • Advice on tax efficient investments
  • Tax implications on foreign and domestic property investment
  • Inheritance Planning
  • Succession Planning
  • Revenue Tax Audit / Tax Appeal
  • General communication with revenue on behalf of our client’s

Regulatory Requirements

  • Company Tax Law
  • Business Regulations

Typical Questions our clients may ask

  • Property owner: I have rental income , where can I get my tax return completed?
  • PAYE taxpayer: Who can help me check that I am claiming all the allowances that I am entitled to?
  • Estate Planning: How can I ensure that I pass on my assets in as most tax efficient method as possible?
  • Retired: Can we leave our house to our child and avoid paying tax?
  • Marriage breakdown: What are the implications on my tax situation?
  • I just made a gain on a disposal of my foreign property? What are the tax implications?
  • Employee: I am about to be made redundant. How much am I entitled to tax free?
  • Business Owner: My accountant just prepares my tax returns but I never get any advice on future tax planning.
  • New businesses: Which is more tax effective, to set up my new business as a sole trader or form a company?
  • Retirement planning: Is it true that I can build up a pension fund of up to €2.3million for retirement?
  • Succession planning: How can I pass on the family business to my children in a tax efficient manner?
  • Self-Administered Pensions. Can I set up my own pension fund, make my own investment decisions and retire at 50?
  • Business owner: I am in partnership for the last 25 years but now want to step back. How can I access the cash tied up in the business without incurring tax of up to 41%.
  • Second Opinion: I already have an accountant but would like to get a second opinion from a tax specialist on what are the best options for me when planning my finances.

    If you can identify with any of the issues above, give us a call in our Galway office at 091-592080 and we can help.

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Independent Financial Advice

Independent Financial Advice

Although there are many products and investment opportunities available today, very little formal management of these resources take place. Most individuals concentrate on WHAT they invest in e.g. property, shares, cash etc as opposed to HOW the investment is structured. For example an individual may shop around for an extra 0.5% or €500 on an €100,000 investment not realising that he or she could have saved up to €47,000 in income tax and levies by structuring that same investment through their retirement plan.

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Redundancy Services for Employers

At Coll & Co, we are uniquely placed to assist companies and individuals facing redundancy situations as, in addition to our taxation expertise, we are also authorised by the Institute of Chartered Accountants in Ireland to provide investment advice. This means that we can advise on the range of pensions and investment opportunities available to individuals.

 
This fully integrated service to employers and employees combines taxation advice on your redundancy package together with a full financial health-check which integrates tax planning into your Financial plan.
 
Depending on your requirements, we can tailor our service to meet your needs.

Our Tax consultants can provide Employers advice in relation to:
  

  • The tax treatment of any proposed redundancy package
  • Calculation of employee’s entitlement to statutory redundancy and tax exemptions due in relation to taxable lump sums.
  • Presentation to employees explaining their entitlements and the options open to them.
  • Gaining approval from the Revenue Commissioners regarding the application of the Increased Exemption to each individual employee.
  • Liaising with your pension providers to determine the effects of pensions accrued on the tax free lump sum calculation.

 

 

 

Redundancy Services for Employees

At Coll & Co, we are uniquely placed to assist companies and individuals facing redundancy situations as, in addition to our taxation expertise, we are also authorized by the Institute of chartered Accountants in Ireland to provide investment advice. This means that we can advise on the range of pensions and investment opportunities available to individuals. This fully integrated service combines taxation advice on your redundancy package together with a full financial health-check which integrates tax planning into your Financial plan. Depending on your requirements, we can tailor our service to meet your needs.

Our Tax consultants can provide advice in relation to:

  • Preparation and filing of your personal tax return including any claim for Top slicing relief.
  • Completion of a Financial Health-check  that deals not only with investment options for your lump sum investment but also provides advice on all aspects of your financial affairs (see below).
  • Independent Financial Health-check service: As a non-commission, fee based advisor, we can offer completely impartial advice on the Pension and investment opportunities available to individuals.

    Our Approach

    Firstly we arrange for the employee to complete a comprehensive questionnaire and after a detailed review, we present them with an independent report on all aspects of their financial position including:

    • Investment options
    • Pensions and retirement planning
    • Succession and estate planning
    • Protection strategies

    We work to ensure that the plan is as tax efficient as possible. In particular we provide input where required on the following areas:

    Pension Advice

    • Assess optimal pension structure for you as part of a comprehensive review of financial position.
    • Comparison of pension schemes e.g. self directed pension scheme, PRSA, pension backed mortgages and other private pensions
    • Review of your pension options at or close to retirement in conjunction with your Life Company. We then discuss this report with you, and work with you to establish your key financial objectives, your attitude to risk and your financial needs in the short, medium and long terms. Your individual and family circumstances are taken into account in order to formulate an appropriate financial plan to achieve those objectives.
 

Business Advisory & Consultancy

Business Advisory and Consultancy

Having spent 10 years in Public practice with KPMG and 13 years at Senior finance levels within industry, both in Ireland and the US, Rory offers a unique blend of experience and has detailed knowledge of the issues facing Business owners and Financial controllers in both local and multinational companies. Our services include:

  • Consultancy service to both local and multinational companies where Rory's extensive experience as a CFO and European treasurer with large multinationals can be applied to your organisation.
  • Interim Financial Controller service where specialist expertise is required for a defined project or for perhaps a day a week over a period of time.
  • Business plans.
  • Acquisition and disposals

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Business Acumen Training

Business Acumen Training

Business Acumen Training using Zodiak: The Game of Business Finance and Strategy

Coll & Co have partnered with Paradigm Learning, to offer their flagship program, 'Zodiak: The Game of Business Finance and Strategy' to our clients. Utilising an engaging board game during a 1 day session, employees are put in charge of a €40 million business. During a 'simulated' three years of play, participants learn how business decisions impact the bottom line and learn the basics of finance and strategy. Business acumen helps everyone understand that it's not enough to ask, "How do we cut costs?" or to say, "We need to increase sales".  Digging deeper, employees with higher levels of business acumen will ask questions that take into consideration the far-reaching impact of potential decisions and demonstrate a greater ability to make the connections between performance and results. Questions such as:

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Contact Us

Author Situated in the heart of Barna Village just outside Galway City, Coll & Co. are independent financial and taxation advisors, offering services to the PAYE individual, Owner Managers, Company Directors and the Self-employed.
  • Tel: + 353 (0)91 592080.
  • Fax: + 353 (0)91 592081
  • Email: Get in touch with us.
  • Free Car park at rear of premises