Taxation

If we wish to live in a modern civilised society, taxation is a necessary evil.   However it is a huge burden on employees,  self employed people and companies.  The tax system is bewilderingly complex, administratively demanding,  enquiring , intrusive and a significant burden on cash flow. The compliance standards expected by the tax authorities are exacting.   Errors and omissions are penalised heavily and the Revenue Commissioners have an awesome range of tools and powers at their disposal to enforce collection.

Here are some interesting facts.

1. The marginal tax rate for a single person on earnings above €33,800 per annum ( €650 per week) is 51%.
2. To reward an employee with €1 per week extra take home pay, it costs an employer €2.26, at modest income levels.
3. A €50,000 capital gain generated in a family company and subsequently distributed to the shareholders could cost up to €34,000 in taxation.
4. Undeclared income of €1,000 could turn into a tax liability of €2,000 in a short time with interest and penalties, after a Revenue Audit.

Hence it is critical to manage  your tax affairs efficiently.    At Nestor & Co, we work with all our clients large and small, to strategically manage their tax affairs.  We want our clients to understand the tax implications of a transaction before embarking on it.  We encourage discussion and debate.

We help our clients to;

1. Be compliant.
2. Minimise the administrative burden.
3. Pay what is owed and no more.
4. Plan their tax affairs to minimise liabilities and maximise wealth.
5. Be informed.

Tax Compliance

Compliance with the tax code is essential to survive in business today.   The Revenue Commissioners have a vast array of powers to ensure compliance and they have no hesitation in using them against delinquent tax payers.   The team at Nestor & Co. work with each individual client to ensure that tax returns are filed on time, with accurate information, properly documented, with all reliefs and allowances maximised.

Revenue Audit

Our experienced  tax partners will engage with every client who is chosen for revenue audit.  This can be a stressful experience , even for the most experienced  business people.   We will review all relevant  files and documentation before the audit.  We will discuss and explain the audit  procedure with the client before commencement  and we will ensure the process goes as smoothly and as efficiently as possible.  We will attend the opening and closing meetings with the Revenue officer and deal with queries raised.  We will endeavour to bring the audit to a conclusion as soon as possible.

Minimise administration

At Nestor & Co we engage with clients at all stages of business development, from start up to maturity  to put in place an accounting / bookkeeping system that serves the needs of the business.

Tax Planning

Our professional team at Nestor & Co.  will help you legally minimise your tax bill.  We will keep  you informed of all new tax incentives.   We will help you implement tax efficient strategies to minimise taxation under all tax heads, including income tax,  corporation tax, capital taxes and indirect taxes.

Remember you must “ Render unto Caesar, what is Caesar’s “.  At Nestor & Co, we will do our utmost to ensure you don’t pay him a premium.