Many people dream of becoming ‘snowbirds’ – those lucky people who spend the colder months in sunny destinations. But the tax implications of moving overseas – especially as a business owner – can be daunting. Rules around tax residence can be hard to decipher and the financial consequences of getting your planning wrong can be significant. There is a lot of hidden complexity in this topic that can be easy to overlook. In this episode Goodbody’s Catriona Coady and David Clancy of Clancy and Associates talk about the myths – and realities – of moving abroad.

Entrepreneur relief? Retirement relief? Business relief? What is the right relief for your business exit? Every situation is unique, depending on your age, who is acquiring your business and how long you’ve been an owner. In this episode Goodbody’s Catriona Coady and David Clancy of Clancy and Associates talk about the tax reliefs that can apply on the disposal of your business and the best way to position yourself to take advantage of them.

Understanding the intentions of other shareholders in your business is essential for strategic planning and execution, but is especially important when you want to exit. In this episode we’re talking about what happens when one owner is exiting but the other owner – or owners – are staying. Goodbody’s Catriona Coady and David Clancy of Clancy and Associates look at how share buybacks can facilitate your transition and how to achieve an optimal tax outcome when you exit.

The standard reasons for incorporating a business come down to tax and liability, but incorporation is really about separating the owner from the business and creating the best conditions for commercial success. In this episode, Goodbody’s Catriona Coady and David Clancy of Clancy and Associates discuss the benefits of incorporation and getting the right corporate structure.

Partnerships bring added complications to ownership as well as exits. In this episode, Goodbody’s Catriona Coady and David Clancy of Clancy and Associates talk about how partnerships differ from other types of ownership: how profits get divided, how pensions work, and the best way to leave when the time is right.

An introduction to the Once In A Lifetime series.