Help!!! I can’t pay my taxes!

Many businesses are finding it difficult to make ends meet and pay their creditors when they fall due. Arguably, one of the most feared creditors of businesses is Revenue. Why? Substantial interest, penalties, surcharges and potential fines and prosecution if you get it wrong. In extreme cases Revenue can place an “attachment order” on your…

Continue Reading →

Are your business expenses exclusive?

Getting your head around deductible expenses for tax purposes It’s getting round to that time of year again were small business owners are seriously thinking (perhaps panicking!) about getting their tax returns completed. There always seems to be an increase in inquiries around this time, extending to late October, about what deductible expenses for tax…

Continue Reading →

Soletrader tax returns and accounts – what exactly is needed?

I frequently get requests to quote for “filling in” or “filing” a tax return for a sole trader. Often the potential client doesn’t fully understand the full extent of their obligations.  They think in terms of the final act, ie the tax return, and not in terms of how to get there. So how do you…

Continue Reading →

Changing from a soletrade to a limited company

Changing from a soletrade to a limited company Many people start out in business as a soletrader and once the business is off the ground “graduate” to a limited company. There are various reasons for changing from a soletrade to limited company, some real, some perceived: To avail of lower tax rates Protection of limited…

Continue Reading →

Action plan for jobs – what’s in it for start-ups?

A lack of detail for starters! Let’s take the main points. The Action Plan for Jobs (APJ) has 15 action points for 2012 relating to indigenous start-up businesses. None of these has a time scale (other than “2012”). These pronouncements by Government are obviously given an overly positive slant, a little spin, and an inevitable…

Continue Reading →

PRSI refunds – putting the record straight

There has been a lot of inaccurate reporting and information on so called PRSI refunds due to an error by the Department of Social Protection. Firstly, what is being talked about is not PRSI refunds but health levy refunds.  That is why refunds can only be claimed up to 2010 as the health levy was…

Continue Reading →

VAT basics – a beginner’s guide

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 taxable goods you must register if your total sales (turnover) for…

Continue Reading →

Starting a business: sole-trade vs limited company

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…

Continue Reading →

Exploring exports – VAT basics

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…

Continue Reading →

Pay and file online deadline extended

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 computing profits for…

Continue Reading →

Page 4 of 8