Rule number #1: you can’t add VAT to your invoices unless you are registered for VAT – ever!
Rule number #2: you can’t claim VAT on purchases unless you are registered for VAT – ever!
Do I need to register?
If you are selling goods you must register if your total sales (turnover) for [...]
One of the most important decisions to be made when starting a business is what legal structure to adopt: sole-trade/partnership or limited company?
Both have advantages and disadvantages. Each business’s circumstances must be examined in its own right as what may suit one set of circumstances may not suit the next.
Firstly we must explain [...]
VAT is a funny old tax. Whether it is charged and who pays it depends on different things, such as whether you are supplying goods or services, the VAT status of the customer, the location of the customer and the supplier, is it a service connected to a building. The place of supply dictates which [...]
Revenue announced yesterday that the pay and file deadline has been extended to midnight on 16 November (previously 15 November).
To avail of this deadline you must both file and pay online.
See here for more information on your pay and file obligations.
See here for an explanation of preliminary tax and [...]
When calculating your profit (or loss) for tax purposes you must be aware that your business expenditure falls into 1 of 2 categories: “allowed” and “disallowed”.
This is not an exhaustive analysis but a brief overview of the basic concepts that can cause most difficulty.
Capital expenditure
Any equipment you buy should go into your [...]
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- VAT basics – a beginner’s guide
- Starting a business: sole-trade vs limited company
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- Pay and file online deadline extended
- Calculating your profit for tax purposes
