CPDStore Ireland

Business Succession Planning Within the Family

Speaker: Mairead Hennessy - Taxkey

Time: 10:00 – 11:40

Parents and others who own substantial business assets should give serious consideration to how and when the business will be passed to the next generation. Some of the key considerations when contemplating any such transfer include: 

• The financial security of the parents, nature and value of the business;
• Taxed on lifetime transfer versus transfer on death 
• Tax reliefs available, and 
• Certainty as to valuations

The tax considerations for business succession planning are varied and complex. While the lifetime transfer of business assets may give rise to Capital Acquisitions Tax (CAT), Capital Gains Tax (CGT) and Stamp Duty, the transfer is at a point in time when its value is known with certainty. 

This can provide security as to the ability of all parties involved (transferor and transferee) as to qualification or otherwise for the relevant tax reliefs. On the other hand, the transfer of a business on death does not give rise to a CGT or Stamp Duty charge, but there is no absolute certainty as to what the value of the business will be on the valuation date or indeed whether the intended beneficiary will satisfy all of the qualifying criteria for CAT relief and where that recipient will have sufficient funds to cover their tax liability. 

Business owners look to their accountants and tax advisors for guidance on these matters. This webinar will cover the tax treatment of lifetime and post business transfers. 

In this session, Mairead Hennessy will cover the following:

• CGT treatment of lifetime business transfers within the family including CGT Retirement Relief and CGT Entrepreneur Relief planning 
• CAT treatment of lifetime and post death business transfers within the family including CAT Business Relief and CAT Agriculture Relief planning
• Stamp duty considerations of lifetime transfers 
• Family Partnerships for Family Business Succession
• Holding Company Structures 

By attending this session, delegates will gain a detailed understanding of the main tax considerations for business succession planning from the perspectives of both the current and future owners. This material will enable accountants and tax advisors to have knowledgeable conversations with their clients and advise on suitable succession planning options. 

Life After Brexit: An Update on Cross-Border VAT

Speaker: Laurent Doggett & Roxsaneh Moussavi – Essentia Global Services

Time: 12:00 – 13:40

This presentation will look at the VAT landscape since the UK’s departure from the EU. Laurent Doggett & Roxsaneh Moussavi will highlight the importance of being aware of cross-border VAT requirements when businesses supply goods or services outside the UK; in some cases, getting it wrong can lead to significant delays when importing goods into the EU, or the total loss of VAT if paperwork is not completed correctly. 

Laurent & Roxsaneh will also review the key obligations that Brexit has brought about for UK businesses, as well as some planning ideas which could ease the burden of VAT compliance, save costs, and improve trade for businesses.

This presentation will be relevant for any business which supplies goods and/or services to EU customers, including private consumers/e-commerce. 

In this session, Laurent and Roxsaneh will cover the following:

• What’s changed for VAT after Brexit?
  • New VAT and Customs requirements
  • New EU e-commerce package
• Key problem areas and risks for UK business in the EU
• Planning opportunities
• What businesses should be doing if they are planning to expand into the EU, and beyond

With EU VAT rates as high as 27%, and penalties for errors reaching up to 300% of the error, it is important that people in finance and accounting that have responsibility for VAT reporting are aware of some of the issues that can arise, and how they can be navigated.  By attending this session you will learn how to identify those potential issues, what needs to be done to address them and understand when to seek professional advice.