Why and when does a business VAT register?
A business must VAT register when it's annual income exceeds or is likely to exceed the VAT threshold limits. The thresholds are €75K for provision of goods and €37,500 for provision of services. Once registered the business must charge VAT on it's sales at the correct vat rates. VAT input credits can be claimed on costs associated with running the business and deducted from the VAT on sales.
VAT returns will need to be prepared on a periodic basis and the VAT owed will need to be paid over to the Revenue. If the VAT input credits exceed the VAT on sales, the difference can be reclaimed from the Revenue.
If you need advice on VAT registration, assistance with preparing your VAT returns or simply outsourcing your bookkeeping, please contact us at info@clivelumley.ie or call Clive, 01 802 7552 or 087 917 49 27.
VAT returns will need to be prepared on a periodic basis and the VAT owed will need to be paid over to the Revenue. If the VAT input credits exceed the VAT on sales, the difference can be reclaimed from the Revenue.
If you need advice on VAT registration, assistance with preparing your VAT returns or simply outsourcing your bookkeeping, please contact us at info@clivelumley.ie or call Clive, 01 802 7552 or 087 917 49 27.
What books and records should be kept for my business?
It is critical as a business owner that proper books and records are maintained. Not alone do they form the basis from which the annual accounts of the business and ultimately the tax return of the business are prepared from, but they can also be a management tool for the decision making process for the business in the future.
The business size and it’s reporting requirements will determine at the very minimum the records that need to be kept.
Contact us and we can advise on bookkeeping needs for your business. Also, we provide outsourced bookkeeping, accounting and payroll services at a professional level at competitive rates.
The business size and it’s reporting requirements will determine at the very minimum the records that need to be kept.
Contact us and we can advise on bookkeeping needs for your business. Also, we provide outsourced bookkeeping, accounting and payroll services at a professional level at competitive rates.
How do I tax register a business?
If you have made the decision to start your own business, whether as a sole trader or limited company, then the next step is to tax register.
The main taxheads that need to be considered are as follows:
Get in touch with us and we can simplify the tax registration process and ensure that this step in the business set up is made easier for you, the business owner.
The main taxheads that need to be considered are as follows:
- Income Tax for sole traders and partnerships
- Corporation tax for companies
- VAT if the business exceeds certain income thresholds
- Employer PAYE registration where the business will have employees
- Relevant Contract Tax where the business engages the services of subcontractors
Get in touch with us and we can simplify the tax registration process and ensure that this step in the business set up is made easier for you, the business owner.
How often do I submit an Income Tax Return?
A self employed individual must submit an annual Income Tax Return, Form 11, for each year that they are trading. This return will form the basis for the tax calculation. The return must be submitted to the Revenue Commissioners for the preceeding year, on or before the 31st October of the following year, e.g.: Tax Return for 2016 must be submitted to revenue before 31st October 2017.
Accounts for the business will need to be prepared for the year and the taxable profits from the business along with any additional income will be included in the return. The taxpayer will be entitled to tax reliefs and allowances which will be specific to his/her circumstances.
Income tax returns and payments must be submitted in line with the revenue's guidelines to ensure that the taxpayer is compliant and not subject to interest and penalties.
Accounts for the business will need to be prepared for the year and the taxable profits from the business along with any additional income will be included in the return. The taxpayer will be entitled to tax reliefs and allowances which will be specific to his/her circumstances.
Income tax returns and payments must be submitted in line with the revenue's guidelines to ensure that the taxpayer is compliant and not subject to interest and penalties.
If you have a question about tax, accounting, business issues or audits, contact me to find out how I can help.