Through boom and bust, BK has continued to help keep us profitable and they are a great source of positive encouragement. Nothing is too much trouble. I would recommend BK without hesitation to anyone in business or thinking of starting a business – BK is a firm of accountants who are professional, knowledgeable, experienced and who will go the extra mile.
Where possible, the option of gifting cash subject to the annual gift exemption of €3,000 to each beneficiary should be availed of. This is a medium to long term strategy, the effect of which is to pass wealth which can grow in each beneficiary’s name without depleting the tax free thresholds available to them.
If you would like to pass on cash to your children or grandchildren, tax free, this strategy should be implemented as early as possible, to obtain maximum value transfer up to a certain age.
A married couple with two children who implement this strategy from the birth of their children can each gift €3,000 per child, per year. This has the effect of passing €252,000 total value (ignoring any return on investment) from the parents to the children free of gift tax.