Building Your Business
All You Need to Know About Business Recovery & Insolvency

12 December 2013

A new book published by Chartered Accountants Ireland seeks to address the key issues currently facing businesses and business advisers as a result of the property and financial crash. The new book was launched in Belfast by Simon Hamilton MLA, Minister of Finance and Personnel.
 
The Tax Implications of Business Recovery and Insolvency in Ireland, Northern Ireland and the UKby Paddy Harty and Alison Burnside, both of FPM Accountants LLP, is a single reference guide to taxation and insolvency on the island of Ireland, north and south.
 
The fallout from the property and financial crash has raised significant taxation issues for insolvency practitioners, administrators, receivers and liquidatorsin Ireland, Northern Ireland and the UK.
 
These professionals are grappling with complex tax issues which often have very different rules in each separate jurisdiction. The authors and publishers advocate that dealing effectively with these issues will help to drive economic recovery at a local level.
 
Speaking at the launch, Finance Minister Simon Hamilton said: “This book, the first of its kind, is timely as our economy is starting to show signs of recovery and we are beginning to emerge from what has been the deepest and most protracted recession in living memory.
 
“Recent results from both Ulster Bank and Danske Bank have recorded rises in business activity and a growth in consumer confidence.
 
“The content of this book provides a single reference guide to taxation and insolvency issues and is an innovative way of reaching out to those who are seeking adviceon what is a very complex subject. Providing guidance on how to deal with these issues will be of assistance to both businesses and practitioners.”
 
Author Paddy Harty FCA says: “There are considerable differences between the neighbouring jurisdictions in areas such as VAT and Corporation Tax in corporate situations, particularly with regard to property. Cross border treatment of personal tax issues in areas such as loans, guarantees and investment are also very different. These differences create real difficulties for businesses and business advisers, especially in aftermath of the property and financial crash of 2008.”
 
Alison Burnside, author of the new book says: “We set out to examine some of the typical problems faced by taxation and insolvency professionals in both jurisdictions on the island of Ireland. We’ve used practical examples which people can easily relate to and offered guidance on how businesses and advisers can approach these difficult issues.”
 
Speaking at the launch of the new book, Michael Diviney, Director of Publishing at Chartered Accountants Ireland said: “We are delighted with this new publication. It is unique in that it’s a single reference guide to taxation and insolvency covering Irish and UK law. It’s an important guide for anyone working in taxation or insolvency on the island of Ireland and will be of great value to business advisers, those in the property sector and the general business community.”
  
The Tax Implications of Business Recovery and Insolvency in Ireland, Northern Ireland and the UK is available now from www.charteredaccountants.ie/books or good bookshops throughout the island of Ireland. Price: £43.00.
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