Question
How do I model tax exempt clients in Ireland?
Answer
Voyant Adviser is not designed to be multi-jurisdictional. It is hard coded with Irish tax rules.
However, you could avoid most of the Irish tax rules, if they are no longer applicable to your client, with the following workarounds.
Earnings - Enter your client's earnings on the Other Income screen as tax free other income (i.e. net of taxes).
Investments, Savings and Pensions - Enter any investments and cash holdings, including pensions, on the Investments screen with a 'Type' of Offshore Taxable, you could then set the Tax Rate on these assets to whatever rate is applicable or to 0%, if deemed net of taxes.
- Illiquid Assets - Any properties entered on the Real Property screen should be deemed tax exempt if given a 'Type' of Main Residence.
Savings, Sweep Default Cash Accounts - Lastly, interest bearing cash accounts are assumed to incur DIRT in the Irish software. If you want to avoid this on any future surplus lump sum inflows that would normally be deposited into your client's default cash account (e.g. John's Cash), then go to Default Surplus Accounts > Sweep Options and select a target 'Offshore Taxable' account in which to sweep these inflows as an alternative to keeping them in default cash and set the Tax Rate accordingly.
Bear in mind that any incomes entered on the Employment screen will be subject to Irish tax rules and any investments entered as any type other than Offshore Taxable will be subject to the rules for those products in Ireland.
Also, pensions entered on the various pensions screens would be subject to Irish pension rules.
The only unavoidable taxes, I suppose, would be CAT.