herald

Sunday 10 December 2017

Cheryl winds down €2m tax firm here

Singer Cheryl Cole has wound down a company she used to benefit from Ireland's generous tax regime.

Cole became a director of Tara Entertainments Limited in March 2012.

According to accounts filed with the Companies Registration Office, Tara Entertainments was 100pc owned by CC Entertainments International Limited, a UK company.

"The directors consider the ultimate parent undertaking and controlling party of the company to be Cheryl Cole," according to the accounts, seen by the Herald.

The former X Factor judge had set up the company with the help of accountant to the stars Alan McEvoy, whose Live Wire Business Management company is based in Limerick.

Mr McEvoy helps to manage the finances of a multitude of stars, including One Direction's Niall Horan. He is a director on the Mullingar singer's company, Treaty Media Limited.

The latest accounts for Tara Entertainment showed it had the equivalent of just under €3.3m in the bank.

Its total net assets were the equivalent of €2.3m, while it owed just over €1m to its creditors, of which just under €317,000 was owed in tax. All of the amounts are listed in sterling.

legal

An application to have the company voluntarily struck off the list was accepted by the Revenue Commissioners in May.

Cole's actions in setting up the company were completely legal. It allowed her to avail of Ireland's 12.5pc tax rate, which is significantly lower than the UK's 21pc rate. Documents in the UK have also shown that CC Entertainments has also gone into liquidation.

Last year it declared its new assets as the equivalent of only €1.25.

However, the accounts now show it has the equivalent of just under €2.4m in assets.

The website for Mr McEvoy's company says its strength lies in "bespoke financial and accounting packages to suit the client".

"Our services can range from dealing with a client once a year regarding tax compliance to dealing with a client on a week-to-week basis," it says.

lbyrne@herald.ie

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