Study For Tax In Your Coffee Break

Thank you to Amicus: Search and Recruitment for Sponsoring this episode. To find your next Finance or Accounting Role, head to https://amicus.ie/ and tell them that we sent you!In this episode, we're looking at what happens when shares are being sold—by a person or by a company—and how that affects your tax treatment in the exam. With markets taking a dip in April 2025, it's a timely topic, and a favourite for the examiner too.I'll walk you through how to spot whether the shares are quoted or unquoted, why that matters, and what reliefs (if any!) might be available. We'll cover Entrepreneur Relief, Retirement Relief, and the lovely Holding Company Exemption, along with some very exam-relevant group structure traps like clawbacks and capital group transfers.Main Topics covered in this Episode:Difference between quoted and unquoted sharesIdentifying who is disposing of the shares (individual vs company)Capital Gains Tax (CGT) implications for individualsEntrepreneur Relief and Retirement ReliefCorporation Tax on chargeable gains for companiesHolding Company ExemptionClawback of reliefs in group structuresImportance of exam technique and common trapsThank you for listening to Study For Tax in your Coffee Break!If you enjoyed the episode, make sure to leave a rating and review on your Podcast platform and share it with others to let them know you enjoyed the podcast.If you'd like to purchase the books from which the content of this podcast is made, head to https://paulabyrne.ie/tax-books/.Thank you to Matthew Bliss for editing and production of this episode. If you'd like him to edit your podcast, send an email to business@mbpod.com or head to https://www.mbpod.com/.

Thank you to Amicus: Search and Recruitment for Sponsoring this episode. To find your next Finance or Accounting Role, head to https://amicus.ie/ and tell them that we sent you!In this episode, Paula Byrne outlines the recent changes to the Research and Development Tax Credit in Ireland, which has increased from 25% to 30%. She details the conditions for companies to qualify for the credit, the process of claiming and obtaining refunds, and the implications of these changes for limited companies engaged in research and development. Paula also covers how companies can leverage the tax credit for in-house R&D expenses, plant and machinery, and buildings used primarily for R&D activities and what you should look out for in an exam question with the change to the Credit.Episode Summary:Eligibility: The R&D tax credit is available to limited companies in Ireland, not sole traders. The company must be within the charge of Irish corporation tax.Tax Credit Rate: The tax credit has moved from 25% to 30%.Location of R&D: Research and development must be carried out in Ireland, the EU, the EEA (including Norway, Liechtenstein, and Iceland), or the UK.Claim Submission: All R&D claims must be submitted within 12 months from the end of the accounting period.Refund Options: Companies can offset the credit against tax liabilities over a three-year period, or opt for a repayment in the form of refundable installments over the same period.Usage of Credit: The credit applies to in-house R&D expenses, including overheads, plant and machinery, buildings used for R&D, and can potentially be applied to salaries of key employees under specific conditions.Key Employee Benefit: The tax credit can be partially allocated to key employees, provided they meet conditions like spending 50% of their time in R&D activities and maintaining an effective income tax rate of at least 23%.Thank you for listening to Study For Tax in your Coffee Break! If you enjoyed the episode, make sure to leave a rating and review on your Podcast platform and share it with others to let them know you enjoyed the podcast.If you'd like to purchase the books from which the content of this podcast is made, head to https://paulabyrne.ie/tax-books/.Click here to grab your ideal audio revision material for Tax Conditions for this year.Thank you to Matthew Bliss for editing and production of this episode. If you'd like him to edit your podcast, send an email to business@mbpod.com or head to https://www.mbpod.com/.

Thank you to Amicus: Search and Recruitment for Sponsoring this episode. To find your next Finance or Accounting Role, head to https://amicus.ie/ and tell them that we sent you!Every time the ACCA Advanced Tax exam is completed, the Examiner creates a report to give candidates feedback on the overall results and advice for what to look for in future exams.In this episode, Paula Byrne gives you a review of the primary pieces of feedback from the Examiner's Report that you should note for when you complete the exam in 2025.Resources Mentioned in this Episode:Download your copy of the ATX IRL Examiner's Report: https://www.accaglobal.com/content/dam/acca/global/PDF-students/acca/p6/examinersreports/ATX%20IRL%20Examiner's%20report%20D24.pdf.Listen to the Partnerships Episode for your Revision: https://player.captivate.fm/episode/7d439553-9545-4722-b83b-04bcbc968949/.Thank you for listening to Study For Tax in your Coffee Break! If you enjoyed the episode, make sure to leave a rating and review on your Podcast platform and share it with others to let them know you enjoyed the podcast.Click here to grab your ideal audio revision material for Tax Conditions for this year.Thank you to Matthew Bliss for editing and production of this episode. If you'd like him to edit your podcast, send an email to business@mbpod.com or head to https://www.mbpod.com/.

Thank you to Amicus: Search and Recruitment for Sponsoring this episode. To find your next Finance or Accounting Role, head to https://amicus.ie/ and tell them that we sent you!In this special episode of the podcast, Paula Byrne and Simão Couto discuss the challenges and strategies for studying for the ACCA exams, particularly the advanced tax exam, as a non-native English speaker. They cover Simão's coping mechanisms for managing stress and his unique approach to studying in a foreign language.Topics in this Episode:Introduction to Simão Couto: Discussion on Simão's background and his experience as a Portuguese student studying ACCA in Ireland.Approach to Studying in a Foreign Language: Simão's strategy of using English exclusively for notes and studies, even though it's not his first language, and his methods for expanding vocabulary and improving writing skills.Coping with Stress and Exam Preparation: Simão's techniques for managing stress during the ACCA exams, including walking, listening to podcasts, and going to the gym.Experience with the ACCA Exam: Insights into taking exams in a non-native language, interacting with classmates and professors, and dealing with technical challenges during the exam.Reflection and Future Aspirations: Simão's thoughts on possibly pursuing a career in communications post-qualification and philosophical advice on handling exam results and career decisions.Thank you for listening to Study For Tax in your Coffee Break! If you enjoyed the episode, make sure to leave a rating and review on your Podcast platform and share it with others to let them know you enjoyed the podcast.If you'd like to purchase the books from which the content of this podcast is made, head to https://paulabyrne.ie/tax-books/.Thank you to Matthew Bliss for editing and production of this episode. If you'd like him to edit your podcast, send an email to business@mbpod.com or head to https://www.mbpod.com/.

Thank you to Amicus: Search and Recruitment for Sponsoring this episode. To find your next Finance or Accounting Role, head to https://amicus.ie/ and tell them that we sent you!In this episode, Paula Byrne delves into the specifics of dwelling house relief as it applies to capital acquisition tax, explaining the conditions and exceptions for receiving a house or apartment tax-free through inheritance or as a gift. She emphasizes the importance of understanding qualifications such as the main home requirement, dependent relative provisions, and the necessity for beneficiaries to live in the dwelling for certain periods.5 Key Learnings:Introduction to Dwelling House Relief: Explanation of what dwelling house relief is and its distinction from CGT relief.Conditions for Tax-Free Inheritance: Criteria for inheriting a dwelling house or apartment tax-free, including the necessity of it being the main home of the disponer and exceptions for dependent relatives.Three-Year Residency Requirement: Requirement for the beneficiary to have lived in the donor's main home for three years prior to inheritance and the restriction on owning other property.Six-Year Residency Post-Inheritance: Obligation for beneficiaries under 65 to live in the inherited property for six years after inheritance, along with rules for reinvestment upon selling the inherited property.Gift Provisions and Dependent Relative Clause: Additional conditions for qualifying under dwelling house relief when receiving a property as a gift, including the requirement for the beneficiary to be a dependent relative.Thank you for listening to Study For Tax in your Coffee Break! If you enjoyed the episode, make sure to leave a rating and review on your Podcast platform and share it with others to let them know you enjoyed the podcast.If you'd like to purchase the books from which the content of this podcast is made, head to https://paulabyrne.ie/tax-books/.Thank you to Matthew Bliss for editing and production of this episode. If you'd like him to edit your podcast, send an email to business@mbpod.com or head to https://www.mbpod.com/.

Thank you to Amicus: Search and Recruitment for Sponsoring this episode. To find your next Finance or Accounting Role, head to https://amicus.ie/ and tell them that we sent you!In this episode, Paula Byrne delves into the topic of liquidations, discussing the tax implications and various scenarios that can arise when a company goes into liquidation. She covers aspects such as chargeable gains, balancing charges, close company transactions, and the potential for shareholders to claim certain reliefs.Topic List for this Episode: Overview of Liquidations:Explanation of liquidation scenarios, including solvent and insolvent companies.Negligible value claims and loss carry forwards.Tax Implications on Asset Disposals:Chargeable gains and balancing charges on plant and machinery.Corporation tax rates applicable to chargeable gains.Sales to Shareholders:Market value sales vs. undervalued sales.Ring fencing losses and close company implications.Base cost adjustments for shares.Calculating Available Cash for Distribution:Determining cash inflows and outflows.Accounting for disposal proceeds, bank balances, receivables, payables, bank overdrafts, and long-term loans.Capital Gains Tax (CGT) for Shareholders:CGT liability on remaining cash distributions.Entrepreneurial and retirement reliefs and their respective conditions (appointment timelines for liquidators).Thank you for listening to Study For Tax in your Coffee Break! If you enjoyed the episode, make sure to leave a rating and review on your Podcast platform and share it with others to let them know you enjoyed the podcast.If you'd like to purchase the books from which the content of this podcast is made, head to https://paulabyrne.ie/tax-books/.Thank you to Matthew Bliss for editing and production of this episode. If you'd like him to edit your podcast, send an email to business@mbpod.com or head to https://www.mbpod.com/.

Thank you to Amicus: Search and Recruitment for Sponsoring this episode. To find your next Finance or Accounting Role, head to https://amicus.ie/ and tell them that we sent you!*****In this episode, Paula talks about the different tax considerations related to Share Buybacks for companies, and the reliefs available when a company deftly manages whether CGT or Income Tax is required in each scenario.Topics Covered:Overview of Share BuybackGeneral explanation of share buyback.Context in exams - a case study where a company buys back shares.Income Tax vs. Capital Gains Tax (CGT) TreatmentDefault treatment as an income tax event under schedule F.Preferable treatment as a CGT event and why (lower tax rate at 33%, CGT reliefs).Conditions for CGT TreatmentThe company must be a trading company or a holding company of a subsidiary.Shares must be in an unquoted company.Shares must have been held for five years by an Irish resident individual.Redemption must be for the benefit of trade.Substantial reduction in the shareholder's interest (25% reduction, shares 30% or less post-redemption).Examiner's IndicatorsRecognizing share buyback questions in exam cases (e.g., shareholders not getting along, detrimental to the company).Tax Reliefs for Qualifying ShareholdersEntrepreneurial relief and retirement relief.Potential to pay no tax on share buyback.Treatment for Non-Qualifying ShareholdersTaxed under schedule F.Tax calculation: agreed buyback price minus nominal value of shares.Rate of tax at marginal rate.Withholding tax at 25% by the company.Special ConsiderationsDistinction from close company transactions.Capital loss for those taxed under income tax.Company's Perspective on Share BuybackPotential stamp duty liability.No stamp duty if shares are converted to redeemable preference shares first.Thank you for listening to Study For Tax in your Coffee Break! If you enjoyed the episode, make sure to leave a rating and review on your Podcast platform and share it with others to let them know you enjoyed the podcast.If you'd like to purchase the books from which the content of this podcast is made, head to https://paulabyrne.ie/tax-books/.Thank you to Matthew Bliss for editing and production of this episode. If you'd like him to edit your podcast, send an email to business@mbpod.com or head to https://www.mbpod.com/.#taxation #CGT #incometax #ireland #paulabyrne #stampduty #accounting

The tax implications of when a soletrader incorporates.

Favourite ex student Pat Dolan, from Amicus Recruitment, gives some very generous advice.

Corporate Groups....what's not to love?

This turns out to be a homage to a certain undergraduate tax lecturer....and to employers.

What's involved in the decision behind buying shares versus buying the assets of a business?

In this episode we look at the availability or otherwise of ER, RR and BR where the company (in which we hold shares), holds investment assets.

Learn how the esteemed Muhammad Ilyas navigated his way through the Irish ATX paper as interviewed by the equally highly esteemed fellow country man Rameez Javed #pakistan #accaatx #bestpassratesinireland

No new taxes involved in partnerships - its the application of our already very well known taxes that is being challenged

Employee share incentive schemes can be an effective way of offering tax savings to employees in addition to encouraging employee participation and support.

Learn how the fabulous Yue Luo navigated her way through the extremely tough Irish ATX exam as interviewed by the equally fabulous Jessica Yang.

Fellow celt and UK expert ATX lecturer, the fabulous Aileen Edgar, very kindly jumped on my podcast to share her views of the new Professional and Ethics marks which are new for 2023 exams.

This is a taster of Reorganisations.   It's important that you acquire the only ACCA/ CPA approved tax material, to give yourself the best chance of passing these exams.   Contact ann.donegan@griffith.ie  to obtain your copy.  ALso worth noting that I have a 81% pass rate so if you want the very best chance sign up with me   

Close companies - students love or hate. You must go through the pain of learning off all the tax consequences of the difference transactions.  Only then can you love this topic! For further information see the only approved ACCA Irish ATX textbook available from ann.donegan@griffith.ie

Seamus joined the army as young man, working his way up the ranks to Commandant. At age 56 he retired.  Encouraged by Mrs O' Sullivan Seamus decided to embark on the professional accountancy route.   .He approached this like a military campaign. He shares his tactics here, Enjoy!

Another very examinable area in an advanced tax exam is residency tax. This episode looks at some of the trickier rules. To order the only ACCA and CPA approved Irish tax text books: https://www.griffith.ie/faculties/griffith-professional-accountancy/order-books

Whats not to love about VAT on property? Once we master the fundamentals the rest falls into place.

A gloomy area of the ATX syllabus but examinable nevertheless.

This area of the syllabus has been somewhat overlooked by the ACCA ATX examiner. We had a full blown question in June 2017 and a small Agricultural Relief aspect in a Trust question in June 2021.

Deirdre shares her secrets and gives us an insight into SBR.

Reg has over 40 years experience lecturing ACCA and is one of the founding directors of Griffith College. Reg is one of the most highly respected lecturers in Ireland and keeps us all on our toes to ensure we deliver top quality lectures. In this podcast Reg chats about how students should approach the ACCA exams.

This episode looks at the when PPR relief applies and when it doesn't!

Patrick shares his study tips and approach to the CPA Advanced Tax Strategy exam.

Another examinable area where we have a look at the key points we need to know. Note that UK is NOT in EEA. However it does still qualify for R & D tax credit.

James specialises in helping students pass professional accountancy exams and is very successful at doing so.

Clarice a very high achieving ATX student shares her 'funky' secrets with us.

Katie is awaiting her ACCA ATX results and shares her journey with us. I was very interested in her approach. By the time Katie walked into the exam hall she totally 'owned' the exam. UPDATE...as expected Katie passed!!!

Students often overlook the area of personally held assets ...at their peril.

This episode looks at the taxation implications of a discretionary trust. A discretionary trust is one where the trustees have complete discretion over the assets including when they will appoint the assets to the beneficiaries.

This episode attempts to demystify the taxation of pensions.

Revenue audit questions invariably include the issue of not processing an 'employee' through a payroll system and therefore not paying their taxes over to Revenue. What are the consequences of this?

A very examinable little rule thats often forgotten or not used correctly by students.

An often forgotten but examinable relief. This is not a difficult relief. However, students tend to forget to test for this, loosing valuable marks.

Disclaimer: The information in this podcast is intended as an exam revision guide only. While every care is taken to ensure accuracy of information contained in this article, Paula Byrne does not accept responsibility for errors or omissions howsoever arising. Email paula@paulabyrne.ie