24 November 20015
By Tom O’Sullivan
Much like Solicitors who specialise in various aspects of the Law, so too do Accountants specialise in various aspects of Tax.
A Cork firm – Wentworth – has announced a new service to SMEs and corporates which focuses on supporting international growth, including the setup of operations overseas.
The service is being launched with the appointment of two new experts on international expansion and operational support, Cormac Brown and Brendan Lynch.
Research shows Irish businesses are keen to expand oversears
Enterprise Ireland’s annual report for 2014, released earlier this year, showed exports by Irish owned companies increased by 10% during 2014 to hit an all-time high of €18.6 billion. Based on the positive export figures for 2015 to date, this figure is likely to exceed €20 billion for 2015. With exports continuing to be the primary driver for Ireland’s economic recovery, the shape and dynamics of Irish corporates are evolving with many setting up operations overseas.
Customers want added value from Accountants
Commenting on the announcement, Declan Lynch, Wentworth Managing Director said
“Over 40% of our current clients have a base overseas and 60% export their product or service. Irish businesses, both large and small, are looking for more from their accountant outside of the traditional services. Clients now want us to be business advisers who can offer advice on international expansion and provide them with operational support. Our new service provides this and is further bolstered by the expertise of our new consultants, Cormac Brown and Brendan Lynch, who are experienced tax and corporate restructuring advisors.”
Cormac Brown, a tax consultant specialising in domestic and international taxation, joins the Wentworth team as a consultant along with UK-based Brendan Lynch, a management consultant who has specific expertise in corporate restructuring and organisational evolution. Cormac has 25 years’ experience in taxation, much of which was spent in the ‘Big Four’ Accounting firms as well as with a top tier international law firm, and will further strengthen Wentworth’s Taxation department. Brendan has extensive Irish and International commercial experience in private and plc organisations, having occupied a number of senior executive roles. Brendan adds a wealth of knowledge and experience to Wentworth’s Advisory department. They will provide specific expertise and guidance for companies seeking to make the international move.
“Many businesses can fall in to numerous taxation traps when they expand internationally and, sometimes are unaware they have created a permanent establishment overseas and that they have taxation liabilities in the new jurisdiction. Our new service ensures that the appropriate operational and governance structures are put in place, allowing businesses to function properly and in a controlled manner”
added Mr. Lynch.
Summary of service
The service will identify and advise businesses on the financial, commercial and taxation implications of international expansion. It will assist businesses with new market research, taxation planning, cost base analysis, establishment of the finance function, transfer pricing, corporate structuring and the provision of interim management services along with a range of other services necessary for a smooth overseas expansion.
Wentworth provides audit, accountancy, tax, corporate finance and advisory services
to SMEs, corporates and private clients. Specialised services include; corporate transactions, corporate restructuring, turnaround management, tax planning, grants, forensic accounting and litigation support. For further information www.wentworth.ie