Finance-AW-Q450

Finance-AW-Q450 Online Services

 

Assignment 2
 

At a recent networking event in the Dublin Chamber of Commerce, you met Peter Matthews and John Wilkes, two successful UK resident entrepreneurs based in London. They have worked together on a number of projects and they are the majority shareholders in an Irish incorporated car insurance company NoXS Limited (“NoXS”) which is based in Grand Canal Dock. They act as non-executive directors to NoXS and travel over to Dublin three times a year to attend board meetings. Due to the recent media attention about Irish corporation tax rates and potential changes to the Irish legislation, they are concerned that NoXS might not be considered to be an Irish resident company for corporation tax purposes as both men are UK residents and controlling shareholders.
 
NoXS owns 100% of the shares in Bankfin Services Limited (“Bankfin”), an Irish resident company, which was profitable for the first time in 2014 and paid a dividend of €350,000 to NoXS. As this is the first time a subsidiary company of NoXS has paid a dividend, they are unsure of how to treat the dividend receipt from a tax perspective.
 
NoXS has been approached by a rival company looking to acquire the full shareholding in Bankfin which would result in a profit of €2 million. Bankfin is not considered to be part of the core business model for NoXS and they have agreed in principal to the disposal as it will provide them with much needed funding for a new venture they are taking on. Makeit Limited (“Makeit”) was incorporated in February 2015 and is a 100% subsidiary of NoXS. They are a manufacturing company and are only expected to generate a profit in the region of €100,000 in 2015. Peter and John recall that they were able to obtain relief from Irish corporation tax on a new company they set up in 2013 and would like to avail of this relief again if possible.
 
Upon the incorporation of Makeit, Peter and John were advised that they should also register the company for VAT. As the services provided by NoXS were exempt from VAT, the finance team have not had much exposure to VAT. Makeit will purchase raw materials from America and will sell goods to customers in Ireland and the EU.
 
NoXS had an exceptional year of trading in 2013 and incurred a tax liability of €270,000. The preliminary tax instalment had been sufficient to cover the tax liability however they recently received a letter from Revenue informing them that they had not filed a CT1 return for 2013. The matter is currently being investigated by the finance team however Peter and John aren’t too concerned as the correct tax liability has been paid. Prior to 2013, the tax liabilities for NoXS didn’t exceed €100,000 and the tax liability for 2014 was calculated to be €190,000.
 
Peter Matthews phoned you when he got back to London and asked you to prepare tax advice in relation to the above issues.
 
You can read more about our case study assignment help services here.
 

How it Works

How It works ?

Step 1:- Click on Submit your Assignment here or shown in left side corner of every page and fill the quotation form with all the details. In the comment section, please mention Case Id mentioned in end of every Q&A Page. You can also send us your details through our email id support@assignmentconsultancy.com with Case Id in the email body. Case Id is essential to locate your questions so please mentioned that in your email or submit your quotes form comment section.

Step 2:- While filling submit your quotes form please fill all details like deadline date, expected budget, topic , your comments in addition to Case Id . The date is asked to provide deadline.

Step 3:- Once we received your assignments through submit your quotes form or email, we will review the Questions and notify our price through our email id. Kindly ensure that our email id assignmentconsultancy.help@gmail.com and support@assignmentconcultancy.com must not go into your spam folders. We request you to provide your expected budget as it will help us in negotiating with our experts.

Step 4:- Once you agreed with our price, kindly pay by clicking on Pay Now and please ensure that while entering your credit card details for making payment, it must be done correctly and address should be your credit card billing address. You can also request for invoice to our live chat representatives.

Step 5:- Once we received the payment we will notify through our email and will deliver the Q&A solution through mail as per agreed upon deadline.

Step 6:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.

Case Approach

Scientific Methodology

We use best scientific approach to solve case study as recommended and designed by best professors and experts in the World. The approach followed by our experts are given below:

Defining Problem

The first step in solving any case study analysis is to define its problem carefully. In order to do this step, our experts read the case two three times so as to define problem carefully and accurately. This step acts as a base and help in building the structure in next steps.

Structure Definition

The second step is to define structure to solve the case. Different cases has different requirements and so as the structure. Our experts understand this and follow student;s university guidelines to come out with best structure so that student will receive best mark for the same.

Research and Analysis

This is the most important step which actually defines the strength of any case analysis. In order to provide best case analysis, our experts not only refer case materials but also outside materials if required to come out with best analysis for the case.

Conclusion & Recommendations

A weak conclusion or recommendations spoil the entire case analysis. Our expert know this and always provide good chunks of volume for this part so that instructors will see the effort put by students in arriving at solution so as to provide best mark.

Related Services


 

Requirement
 

Write a letter to Peter and John addressing the tax issues for NoXS and Makeit covering the following points
  Marks
(a) Outline the criteria for a company to be considered Irish resident and if NoXS meets this criteria (12)
(b) Explain the tax treatment of the dividends received by NoXS from Bankfin (10)
(c) Outline the tax treatment on the potential sale of Bankfin and any reliefs that NoXS may be able to obtain
  (12)
(d) Advise them on the potential Irish corporation tax exemption for start-up companies (12)
(e) Outline the pay and file requirements for NoXS for 2014 (10)
(f) Advise Peter and John on the implications of filing a CT1 form late (10)
 
(g) Explain to Peter and John when does a charge to VAT occur (10)
(h) Advise on the VAT treatment of purchases made from outside the EU by Makeit (12)
(i) Outline the VAT treatment on sales made to Irish and EU customers (12)
 

Product Code-Finance-AW-Q450
 

Looking for best Finance-AW-Q450 online ,please click here