Liquidating a company to avoid tax
You could sell an existing business ( a Sole Trader ) to a new company and pay for Goodwill in the Sole Trader.Some quick Irish tax tips to help you avoid paying too much tax 1.
You can also use the credit card statement as a reminder of what journeys you undertook ( but make sure pay the balance off every month by direct debit ). If you are made redundant from a business that employs you, you can take a tax free redundancy lump sum depending on your earnings and on your length of service with the company. If you borrow money to invest in a company you can reclaim the interest against your taxable income. Tuition fees paid to colleges are tax reclaimable, for example if you do further job-related study. Stamp duty is deductible when disposing of investment property e.g.
Many tax options depend on getting notice in advance of transactions. Consider incorporating your business as there are many tax advantages. You can be taxed at Corporation Tax rates rather than Income Tax rates which would save a lot of money.
You could rent property to the company, and you could take advantage of retirement relief if you ever sell or wind up the company.
if you have rental property which you subsequently sell.
The Stamp Duty you paid on purchasing the property ( plus all other expenses like solicitors fees, architects fees, estate agent fees ) can be deducted before computing the taxable gain. If you are over 55 years and have worked in a business for over 10 yeas then the disposal of the business if exempt from Capital Gains Tax for sums of up to €750,000.