There is no such thing as a ‘silly question’ in tax. Each day my role brings with it a new dimension to consider in the world of taxation. No case is ever the same and each query has its own interesting elements. Accountants generally come to us because they may be unsure of an answer or in need of a second opinion.
One of the pleasures of the role is working closely with fellow accountants on behalf of their clients. In the last few years, I have also supported practitioners who are looking to buy and sell their own practices, and have provided tax advice in this area. This centres on planning ahead and not leaving the decision to sell until the last minute. There are many complex elements to a practice sale and tax is most definitely one of them.
Embrace change in all matters related to technology while expecting the fundamentals to remain
Martin J Kelly & Co is a traditional Irish accountancy practice. We offer the usual mix of company accounting, tax compliance, bookkeeping and payroll. Over the years we’ve developed our strong tax advisory service offering, led by myself and two colleagues. In some cases, it’s simply about giving a steer in the right direction, in others we will get involved at a deeper level.
IT is undoubtedly changing our industry, as it has virtually all industries, and at an ever-quickening pace. However, not everything follows the predicted path. When Revenue introduced ROS, I recall attending the initial information briefing. Many senior accountants confidently foresaw the death of tax returns, yet over 20 years later we still have them – albeit on a different basis. This has taught me to embrace change in all matters related to technology while expecting the fundamentals to remain. AI will bring challenges and opportunities, but I believe there will always be a demand for accountants who can provide a hands-on solid service to their clients.
The mood among our clients at the moment is largely upbeat and we are seeing a lot of M&A activity across all the main industries. However, many clients in the hospitality industry report finding it tough. Towards the end of last year, we were involved in a good number of employment termination advice pieces, especially in the tech sector and it seemed that this was going to be the start of an economic ‘wobble’. However, that appears to have passed and certainly tax receipts are stronger than ever.
I spoke at this year’s ACCA Ireland conference, covering pension planning and preparing for the sale of your business. It was great to see attendee numbers up and it was obvious from the atmosphere that people were happy to be back mingling with their colleagues. Sharing issues and face-to-face conversations with peers is still very important.
I put the ‘out of office’ on and never check my emails, because when I am away, I am away
I have been a lecturer with the Irish Tax Institute for the past 25 years. There is no better feeling than meeting a colleague who tells me that they have gotten through the exams. It also means that I have to keep myself completely up to date with tax legislation, which has certainly been helpful with the tax advisory side of the practice.
There is also nothing better than a break in the west of Ireland to soak up the amazing scenery we have in this country. A day spent cycling or walking in the mountains followed by some high-quality food and drink in the evening is my idea of a perfect break. I put the ‘out of office’ on and never check my emails, because when I am away, I am away.
The most important business lesson I have learned in my career is to take the opportunities as they come. I didn’t set out at the start of my ACCA exams all those years ago to become a practitioner or a tax consultant, but when the opportunity came up, I am very happy that I went with it.
