Some points to ponder

• As well as earning for today, are you growing your wealth to enable you to ride out any unforeseen dips in your income that may be outside your control?

• How will you fund your retirement?

• Have you put much thought into your business structure? Poor business structure can lead to unnecessary tax and admin costs.

• Less than 3% percent of Irish SME’s are either sold to third parties or transferred to the next generation. Is your business accumulating wealth for you, such that you have an asset to sell/pass on to the next generation?

• Have you considered the most efficient way to pass your wealth on to the next generation? Careful tax planning can substantially reduce your loved ones inheritance/gift tax?

• Tax is one of the main costs in any business/individuals life. Are you sure that you are minimising your tax liabilities?

• Are all of your assets tied up in your limited companies? This could result in double taxation when you decide to retire/sell your business.

• Many businesses grow organically beyond the capability of their accounting systems. Has your business reached this stage? Perhaps it is time to look at your accounting/ERP system.

• Cash flow is the most critical oil in any business: Are you managing your debtors and creditors such that you are maximising your return on your working capital.

• Are you a high earner paying too much tax? Maybe you should consider some tax incentive schemes.

• Do you want to expand your business but can’t access the cash to do so, talk to us about strategic development and funding options.