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…

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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…

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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…

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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…

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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…

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Calculating your profit for tax purposes

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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Preliminary tax and start-ups

What is it? Preliminary tax applies to self-assessed tax payers and companies. This article deals with preliminary tax for humans as opposed to companies. Preliminary tax is a payment of income tax in advance or on account. It must be paid on or before 31 October of the year to which it relates, eg the…

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Back to college: tax relief on tuition fees

If you are in the unfortunate position of not having your or your children’s college fees covered by a grant you may get some help by way of a tax relief. What is it? Quite simply – a reduction in your income tax bill! The reduction is given in respect of certain tuition fees paid.…

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Finance (No.2) Bill, 2011

The Irish Government published Finance (No.2) Bill on 19 May. The main purpose of the Bill is to legislate for the tax changes made in the Government’s jobs initiative.   VAT The Bill provides for a second reduced rate of VAT of 9%. The 9% rate will be temporary running from 1 July 2011 to…

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Professional subscriptions benefit in kind

Finance Act, 2011 removed the tax exemption from payments or reimbursements of professional subscriptions paid by an employer on behalf of employees. Professional subscription fees are now a taxable benefit and subject to PAYE, PRSI and USC. However, it is still possible for an employer to pay an employee’s professional fees without a benefit in…

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