DECLAN McEVOY

ifac

Head of Tax ifac

TAX ISSUES For food and agri clients, the main focus was initially TWSS to ensure continuity of business supplies and services. Following this was the move to EWSS and the necessary finance applications. Debt warehousing was important too, and all fed in to a busy time for tax professionals. Brexit has reared its head again, with the move to the UK becoming a third country. The main issue is still tariffs.

TAX WAREHOUSING Our clients are happy with tax debt warehousing and no major issues have arisen. With the lower rate of interest applying, it has worked well. Ensuring clients are keeping current taxes up to date since reopening is the most solid advice we can give.

TAX INCENTIVES The Employment Investment Incentive Scheme is massively important to the SME sector, and we would welcome more certainty and less red tape. Self-certification places the risk onus on the investment promoter. Pre-clearance should be possible and would help in removing uncertainty.

GREEN ECONOMY A longer-term approach is needed, and a move to guarantee tax allowances and relief up to 2030 would help hugely. Tax measures should include:

• Increase in cap allowance ceiling for electric cars.

• The 100% write-off to increase in line with this.

• Greater infrastructure for charging.

• Incentives for businesses to move to lower carbon energy.

FAMILY BUSINESS The Capital Gains Tax rate should be lowered to encourage asset disposal without being hammered for tax. At the latest, business owners should start retirement planning at 50 years of age to enable exit at any time over 60. A 10-year lead-in to ensure involvement of the next generation or new management is a must, as is openness and transparency around succession, with full and open discussion.

‘We would welcome more certainty around the EII Scheme’