ADDING VALUE TO YOUR BUSINESS
BCH Accountancy is a team of experienced and client-focused professionals that consistently deliver practical financial solutions for our clients.
If you want to grow your bottom line profitability while minimising your tax exposure, you need to contact us.
ACCOUNTING
Our Accounting Compliance Services take your stress away by fulfilling all of your annual filing obligations at a competitive rate.
To find out what is included and how the process will work for you, READ MORE HERE
BUSINESS ADVISORY
Our clients see, on average, 20% yearly profitability increases by employing us to help them grow their business.
To find out how we enable our clients to capitalise on business opportunities, READ MORE HERE
TAXATION
Our clients see, on average, 25% reductions in their yearly tax bills through effective retirement planning, review of capital and income tax interactions, assets assessment, proactive reviews and advice. READ MORE HERE
WHAT OUR CLIENTS SAY ABOUT US
We regard Barry as our business coach and our accountant. It is not an overestimation to admit that Barry has been an integral and essential part of our business progression from the outset. He brings a wealth of knowledge, insight, vision and is always available to us. Barry has provided clarity, structure, and direction, which has been needed more than ever over the last 15 months of Covid-19 challenges. Having BCH Accountancy as part of our business pays for itself time and time again.
Barry and the team at BCH Accountancy are always available to us.
They provide a first-class service that ensures we have access to up to date financial information with which to make important decisions.
Having worked with Barry for several years, he has provided us with peace of mind, ongoing support and played a key role in our overall business growth.
Barry and his team are an absolute pleasure to deal with, and I would highly recommend them.
SOLUTIONS WE RECENTLY DELIVERED
Industry
Retail
Challenge
Our client had built up a profitable retail business as a sole trader and was ready to move to a limited company structure.
The client engaged our professional services to ensure this move was made in the most tax-efficient manner.
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Process
Having analysed our client’s business and personal tax, we identified a tax-saving opportunity that transferring a sole trade into a limited company would deliver. Once the business is proven to have an open market sales value, this can be paid to the sole trader by the limited company (often done by creating a Director’s Loan).
The amount paid to the sole trader is subject to Capital Gains Tax at 33%, which is considerably less than the c. 50% rate most self-employed people pay on earnings over €35,300.
Our client was independently valued as the sole trader, and his valuation would have led to a substantial Capital Gains Tax liability to dispose of the sole trade into the limited company.
However, we have analysed all aspects of our client’s taxes and identified that our client had a rental property purchased at the market’s peak that had dropped considerably in value.
When we looked at the difference between the purchase price and current worth, we identified that it would create a capital loss if the client sold the property. A substantial amount of which our client could utilise to shelter the gain on the sole trade disposal. Also, the additional balance being available to carry forward for use against future capital gains.
Result
Our client was delighted with this result as our proposed solution:
1 – delivered substantial savings in Capital Gains Tax.
2 – delivered substantial surplus cash.
3 – made payment of penal tax rates no longer required on the rental income.
Industry
High-End Home Improvements
Challenge
Our client had built a high-end product business with exceptional quality customer service.
The challenge that the client faced was how best to streamline his business to achieve further growth.
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Industry
High End Home Improvements
Process
The in-depth assessment carried out by us identified the following opportunities:
– Re-branding. Our advisory resulted in the successful repositioning of the client’s high-value product in the target market.
– Revamping website. Our advisory resulted in brand consistency throughout the website and full readiness for the brand awareness campaign.
– Developing content creation strategy for Instagram. This package of work has proven to be the easiest to execute and the fastest return on investment.
– Internal communication improvement to solve the breakdown in operational systems and processes. We resolved the breakdown and optimised information flow by working with the client’s employees to agree and define their roles and responsibilities. We also developed a meaningful organisation chart with roles, reporting lines and additional human resources required.
All of the improvements proposed by us allowed the company to sustain further growth in a stress-free working environment. Creating clear organisational structure and reporting lines has allowed the directors to remove themselves from the day-to-day running of the business and focus more on developing strategic opportunities.
Result
Over two years, the strategy and implementation plan we developed resulted in an increase of the company’s annual turnover by 52%.
Industry
IT Contracting
Challenge
Our client has had a successful career as an employee and recently decided to become an independent self-employed contractor set up as a Limited Company.
Result
Due to streamlined internal operations, we offered the required compliance package at a very competitive price. In addition, we facilitated the payment of our fees monthly, which was preferable for the contractor’s cash flow management.
Process
To find out how we achieved this result, READ HERE
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Industry
IT Contracting
Process
First, we reassured our client that the Limited Company structure suited our client’s circumstances and goals. Our client’s main goal was to avail of private pension schemes that allow company directors to deduct their pension contributions from company profits before tax deduction.
In the “SOLE TRADER OR LIMITED COMPANY” blog, we describe the main advantages and disadvantages of setting up a Limited Company in detail.
Secondly, we set up a limited company with our trusted partner for our client.
Thirdly, we agreed to carry out a complete set of compliance services for our client:
– Register the company for VAT, Corporation Tax and Payroll Taxes.
– File VAT returns.
– Run payroll for the IT contractor monthly salary and make the necessary submissions to Revenue.
– Prepare annual accounts for the limited company and make a yearly return to the Companies Registration Office (CRO).
– Prepare and file an annual Corporation Tax return.
– Prepare and file an annual Income Tax return.
Result
Due to streamlined internal operations, we offered the required compliance package to our client at an incredibly competitive price.
In addition, we facilitated the payment of our fees monthly, which was preferable for the contractor’s cash flow management.
CONTACT US
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