Seminar focuses on acting in the most tax efficient manner possible

In these difficult times for business it is always important to continue learning and trying to find ways and means of improving how you operate your business.

In these difficult times for business it is always important to continue learning and trying to find ways and means of improving how you operate your business.

With that in mind, an interesting information seminar entitled ‘Be in the Know – topical tax and legal opportunities to help your business grow’ was presented by Kilkenny Chamber of Commerce, with Kilkenny based legal and accountancy practices Poe Kiely Hogan Lanigan Solicitors and PWC Accountants on Wednesday in the Ormonde Hotel, Kilkenny.

The seminar was opened by John Purcell, president of Kilkenny Chamber of Commerce. Ronan Furlong of PWC Accountants. Ronan discussed the issue of raising capital for business which is clearly an issue which is presenting difficulty for a quite a number of businesses. Ronan spent some time explaining the Employment and Investment Incentive which is a scheme allowing people claim income tax relief for investments in qualifying businesses.

Roisin Purcell of PWC Accountants then discussed various issues to include rewarding key employees, the taxation benefits of incorporation, research and development tax credits. Roisin’s points focused on how a business, or business person, can act in the most tax efficient manner possible.

At that point, the speakers from Poe Kiely Hogan Lanigan Solicitors began to discuss various topics. Tim Kiely of Poe Kiely Hogan Lanigan introduced each speaker, beginning with Brian Kiely. Brian discussed succession planning in business with particular emphasis on share structures, cross life cover, shareholders agreements and taxation reliefs.

John Hickey of Poe Kiely Hogan Lanigan continued on the theme of succession, but with a particular focus on the taxation implications of passing assets to the next generation. John pointed out that while various tax free thresholds have decreased, and tax rates have increased, there are still tax reliefs available that would allow people transfer assets in a tax efficient manner provided they correctly plan the transfer.

The final speaker was Owen Sweeney of Poe Kiely Hogan Lanigan. Owen discussed the upcoming Companies Bill. Owen made very clear that whilst this is only a Bill as yet, it will be enacted in legislation in the not too distant future and so people should be aware of its implications. The Companies Bill will have a huge impact on company law in general, and on how companies operate. The seminar was very informative, and was well received by those in attendance.