IRISH Taxation Law Assignment Help | Law

Home Recent Questions IRISH Taxation Law Assignment Help | Law

Assignment Brief:

This assignment must be answered using IRISH Tax law only, based on the FINANCE ACT 2017.

Not only are you to consider the information required, you must also ensure that you provide the information in a format that is both professional yet understandable for your client.

Marking Scheme:

See Grid.

Knowledge of Irish tax law
Application of tax law
Providing Value added tax Advice to client
Presentation and expression/ Referencing/Presentation to client in user friendly format

Learning Outcomes addressed and assessed in this Assignment:

1. Demonstrate a comprehensive knowledge and understanding of current legislation, compliance and best practice in relation to taxation
2. Critically appraise the interaction of different taxes and their effect on the overall tax liability of the individual/corporation
3. Apply appropriate techniques of enquiry to interpret and communicate technically advanced and challenging material orally or in writing to specialist and non-specialist peers
4. Demonstrate the ability to critically analyse and use relevant information to offer interpretations and solutions to complex financial situations and prepare detailed tax computations for individuals/corporations
5. Provide advice on tax avoidance and the minimisation and/or deferring of tax liabilities by the use of accepted tax planning techniques
6. Analyse and evaluate the impact of taxation on personal and corporate financial management.

Criteria Descriptor

Knowledge of Irish tax law

 

Application of tax law

Providing Value added tax Advice to client

Presentation and expression/ Referencing/Presentation to client in user friendly format

 

 

25%

25%

35%

15%

A (80% - 100%)

Extensive and critical awareness of and grounding in Irish tax law and cases.

Convincing evidence of ability to analyse, evaluate and apply tax legislation

Excellent and convincing rationale Evidence of originality. Impressive use of information gathered to support argument. Critical awareness of strengths and limitations

Fully and appropriately referenced, well presented. Excellent use of language that is user friendly and addresses clients in an appropriate manner

B (70-61)

Clear and critical awareness of and grounding in Irish tax law.

Very good evidence of ability to analyse, evaluate and apply theory Very good use of information gathered to support argument.

Evidence of Client based focus. Clear and well thought through rationale

Very good referencing, well presented and clear use of language.

C (60-69)

Generally clear awareness of and grounding in Irish Tax law.

Good evidence of ability to analyse, evaluate and apply tax law.

Competently formulated advice with some evidence of client focus.

 

Generally well referenced, well presented and clear use of language but with some errors.

D (45-49)

Some limited awareness of and grounding in Irish tax law.

Little evidence of ability to analyse, evaluate and apply tax legislation.

Lacks client focus.

Competent referencing but some inconsistencies. Adequately well presented. Clear use of language but with significant errors.

E (0-44)

Little awareness of and grounding in Irish tax law.

Inadequate evidence of ability to analyse, evaluate and apply tax legislation.

Incoherently formulated advice Very limited use of information gathered to support advice

 

 

Poorly referenced, poorly presented and very unclear language with serious errors.

F

Unacceptable

Unacceptable

Unacceptable

Unacceptable


Munroe Ltd. has been trading profitably as a shoe manufacturer for many years. The €10 ordinary shares in Munroe Ltd. are held as follows:

Tom Munroe                 15,000
Gerry Curtis                 5,000
Pierce Munroe (Tom’s son)         10,000

Tom is aged 54. He has been a Director since 1990 and has always worked full time for the company. His wife Mary, who designs a shoe line for the company, is putting him under pressure to retire, particularly as his relationship with Gerry Curtis has been very strained in recent years and is beginning to impact on the business.

Mary is unpaid for her designer role.

Tom has agreed to retire in the next five years. He currently does not have a pension fund but he has heard from a friend that the company should be paying into one for him and his wife.

The market value of assets and liabilities are currently as follows:

Non Current Assets                     €         €
Land and Buildings                               900,000
Plant and Machinery                             300,000
Goodwill                                                  200,000
                                                               1,400,000
Current Assets
Inventories                                         50,000
Trade Receivables                             51,000
Cash                             2,000,000     2,101,000

Less: Current Liabilities
Payables                        51,000        2,050,000

Net Assets                                           3,450,000


Share capital & Reserves                         3,450,000

Tom inherited his shares on the death of his father, Frank, in August 1990. Frank had acquired the shares for €20,000 in 1970. Their value at 5/4/74 was €35,000. The value of the shares at the date of Frankʼs death was €500,000. It is accepted that the current value of Tom’s share reflects 50% of the net asset value of the company.

Tom wants to exit the company with enough money to fund his life style. He does not want to sell his shares to Gerry.

Tom’s taxable emoluments, (including benefits-in-kind), under Schedule E are €90,500 per annum and have been for the past 5 years. Tom had commenced employment with Munroe Ltd on 5 December 1990.

Pierce, Tom and Mary’s son, lives beyond his means and has no savings.  His father has approached him to enquire whether he is interested in buying Tom’s share of the company.  Pierce is interested in doing so and may be able to take out a bank loan at a rate of 5% p.a.

Tom has visited you for tax advice. At this meeting you discussed relevant tax planning points in respect of his proposed retirement from Munroe in five years’ time and his desire to fund for his retirement.  Particularly he would like you to explore whether it is suitable for him to take extra money from the company over the next five years as dividends and/or whether a company pension scheme should be set up and funded. He had also heard about reliefs available on retirement and has asked you to include consideration of this in your report.

The bottom line is that he would either increase the money he extracts from the company each year for the next five years so that he can build up his personal savings for retirement or sell his shares to either his son or Munroe ltd.  He is also willing to consider a combination of tax saving exit strategies. He is confused and needs your help.

REQUIRMENTS:

Prepare a detailed report for Tom Munroe that:

(i) Sets out at least FIVE methods of cash extraction from Munroe ltd.                                                                   

Clearly quantifies and discusses all the taxation implications of each option you have described in (i) above, from:

Munroe Ltd’s point of view;
Tom’s point of view; and
Mary and Pierce’s point of view

(ii) Which option would Tom prefer and why? 
(iii) Which option would Munroe prefer and why?
(iv) Which option would Mary and Pierce prefer and why?
(v) Advise on any non-tax consideration that your client should take into account.

For the purpose of this assignment, assume that the market value of the company will not change materially over the next 5 years.

Search Here

Latest Reviews

  • Marcus
    30 Apr, 2019

    My assignment help services are provided in the best way by this website. The writers have completed my assignment in such a way that they helped me increase my overall performance.

  • Emy
    29 Apr, 2019

    Awesome work done by the experts of this company. I visited this site to get math assignment completed. My assignment was complete in every aspect. Thanks to the professionals who provided assignment writing help.

  • Darina
    25 Apr, 2019

    All thanks to the writers of Assignment Help 4 Me who completed my Physics assignment in the right manner. The structure of the assignment was totally customized according to my needs and that too at cheap prices.

View All Reviews

Facebook

Assignment Help 4 Me