Tips for solicitors on making a tax return

Crowe tax director Michael O’Scathaill, recently presented a webinar entitled Tips for Solicitors on Making a Tax Return, as part of the Law Society’s series of Small Practice Information Sessions. 

The annual income tax deadline and resulting payment obligations is always a challenging time for most solicitors, and this year anxiety levels have increased due to the impact of the COVID-19 pandemic. 

In his presentation, Michael gave some tips as to how solicitors might manage the cash flow challenges of meeting their tax liabilities and also some strategies that might be explored for reducing these liabilities. 

Among the topics covered were:

• Revenue’s new debt warehousing scheme and other Revenue supports
• How to consider the impact on 2021 cash flow of decisions that are taken now regarding payment of the tax due in December 2020
• Using pension contributions and EIIS to reduce tax liabilities
• Reviewing key accounting treatments such as Work-in-progress and Bad Debt Provisions to reduce tax liabilities and manage cashflow costs
• Tips for solicitors in replying to Revenue’s compliance programme regarding TWSS claims

Click on the image below to watch webinar:

Crowe has extensive experience working with solicitors and legal practitioners, providing a full range of accounting, tax and consultancy services. Our mix of strategic and functional skills and knowledge allows us to provide both innovative and workable business solutions for solicitors and their clients.