Real Estate and Construction have long been a core specialism of Crowe Horwath and over the years we have advised some of the leading players in the market, including property developers, investors, professional service providers to the sector and, in recent years NAMA, on tax and related matters.
Over the past decade the sector has undergone significant change, with the exit of many high profile property developers and the entrance of new players such as hedge funds, private equity players, pension funds, retail investors, wealth management, sovereign wealth and larger insurance companies.
While growth has returned to the Irish construction sector with increased activity within the commercial property market in Ireland, the industry still faces some significant challenges. These include the shortage of office and hotel accommodation, as well as the lack of affordable housing. Access to finance, the increasing cost of construction and labour and the impact of new legislation are also having a negative impact on businesses operating within this sector.
At Crowe Horwath, we understand these issues and our team of professionals works with our clients within this sector to navigate these issues.
How we can help your organisation
We offer a range of tax and advisory services to support organisations operating within the real estate & construction sector. Our dedicated real estate team will ensure that you receive a high quality, cost effective service tailored to your needs.
Areas we can advise on include:
- Advice on raising finance tax-efficiently and availing of relevant incentives within the tax code
- Advice on operating the RCT system and remaining compliant
- Specialist advice on VAT on property transactions
- Minimising VAT costs and managing VAT cash flows on individual transactions
- Advice on payroll taxes, including the requirement to operate PAYE, the distinction between employees and self-employed contractors and the tax implications of cross-border secondments
- Specialist tax advice on international construction projects, both for Irish businesses operating abroad and for overseas operators working on Irish projects. We liaise with our colleagues across the global Crowe Horwath network where necessary
- Preparation of monthly management accounts
- Payroll compliance services
- Preparation of VAT, Corporation Tax and Income Tax Returns
- Statutory audit and company secretarial compliance services
- Drawing on our vast knowledge of industry workings and our wide network of contacts to impart knowledge to and keep clients abreast of developments within the sector
Specific areas where Crowe Horwath can add value
Structuring Property Transactions
The structuring of property transactions is a complex area, often requiring the interests of several different parties to be addressed. With each transaction presenting its own combination of tax and commercial considerations, it is often necessary to devise a bespoke solution each time. The Crowe Horwath team draws on our years of experience to work closely with the client to achieve this.
For property developers the key to unlocking the door is often the ability to raise finance to get a project started. Reducing the cost of finance can be the difference between success and failure and a favourable tax treatment can help achieve this. Our real estate team combines the expertise of our corporate finance and tax teams to develop tailored funding solutions for your project. Crowe Horwath has an excellent track record advising clients through their funding challenges.
VAT & RCT compliance
VAT and Relevant Contracts Tax (RCT) are permanent features of the construction industry and apply so widely as to potentially impact on all players in the sector. These are highly complex taxes and non-compliance is subject to a severe penalty regime. In light of this, and with the large sums typically involved, it is vital to obtain the right professional advice. Crowe Horwath’s real estate tax team has both the expertise and experience from years of advising clients in the real estate and construction sector.
Interaction with other specialisms within the firm
The firm also has a number of other industry specialisms in areas such as Healthcare, Education and Hotels, Tourism and Leisure (HTL). Through this we have a wide range of experience advising clients on specialist property developments such as hotels, hospitals and nursing homes. Our real estate team can utilise a range of other departments’ commercial experience and specialist knowledge to ensure our clients have a full service offering to meet their needs.
Speak to one of our experienced professionals today to find out how Crowe Horwath can assist you and your business in making smart decisions today that will have lasting value for your organisation.