Ltd Co business advisor recommendations

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Pearly

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I have been searching through the forums here and reading stories similar to mine has made me realise it's time to get some professional help with my own business. (Ltd company, goods & services). Age 55 now and hoping to retire in 5-10 years time. No pension, 500k in retained profits sitting in the bank account earning no interest... Was hoping to avail of retirement relief/ Entrepreneurs relief rather than going the pension route. Looking for a recommendation for someone that specialises in owner-managed businesses and can offer advice on: Business succession, Retirement Relief, Company restructuring and pension planning for directors. Grateful for any advice from the financially wise ones here, very out of my depth with this.
 
Pearly said:
500k in retained profits sitting in the bank account earning no interest...
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There are a number of existing threads touching on this sort of of issue. E.g.

Optimizing Tax-Efficient Investments as self-employed: Company vs. Personal Investments

Hi everyone, I’m a 29-year-old IT contractor based in Ireland, working through my own limited company as the sole director + secretary. My situation is as follows: • Income: I earn around €600/day, working approximately 20 days a month. • Pension Contributions: I have an Executive...
www.askaboutmoney.com
And more here:


You probably need to talk to your accountant and maybe a tax expert in order to create a plan to extract retained profits in a tax efficient manner from the company.
 
Thanks for that, I have read a lot of these threads but I think I need a business advisor who can help me plan the best course of action. So if anyone has recommendations please do share. My accountant is a family member who does the returns etc perfectly but they're not great on giving advice and options on future planning. They suggested I post here.
 
Hello,

In my opinion, you need to get:

- a good accountant, who has plenty of business dealing with SMEs,

- a tax consultant, to help structure and plan how best to extract funds tax efficiently, drum your company

- a good independent pension advisor. With a in the, I mean a genuine independent, who will charge you a fee for advice, and won't be tied to one or more pension providers.

You need to be looking at things like retirement relief, Entrepreneur Relief (business disposal), maximising your pension contributions (and where this funds are invested), perhaps salary (and even employing family members) etc.

What part of the country are you in ? Depending on location, perhaps some people here could offer a
few recommendations, for you ?
 
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Thank you for this, yes I agree completely and feel a tax consultant is first on the list, then pension advisor. It's hard to know where to find these people other than a Google search. I'm based on Dublin if anyone has recommendations?
 
Hi,

While I've no skin in the game, and I'm not conflicted, I've recently recommend Clancy & Associates Tax Advisors & Wealth Management, here on AAM, and would happily do so again.

They are a well established independent tax advisory firm, based in Lucan.
 
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Pearly said:
No pension, 500k in retained profits sitting in the bank account earning no interest... Was hoping to avail of retirement relief/ Entrepreneurs relief rather than going the pension route.
Click to expand...
Get a good accountant. It's not simply a case of liquidating the company and taking out the €500,000 tax free. Those reliefs apply t chargeable business assets, not cash.
 
This does sound more like wealth and financial advise rather than "business advisor" which will perhaps bring up support in searches more closely linked to business decisions/efficiency/growth.
 
This thread may be of interest. View expressed that holding cash might not be fatal to a claim for Entrepreneurs' relief
 
I have 33 years experience as a Financial Planner and I agree it has been extremely difficult to find all the services under one roof.

So, we’ve set out to fix that

www.fairstone.ie

Fairstone Private Client | Fairstone

Premium integrated wealth, tax & estate advice for Irish families and business owners. Get all your financial needs managed from Fairstone.
www.fairstone.ie www.fairstone.ie

Ps I’ve also recently sold my own business and so have first hand experience of the issues facing Irish SMEs.
 
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