Taxation - Starting to Trade

We provide a wide range of services especially suited to new business ventures. Because we specialise in this area, we have become familiar with the problems people can encounter.

 

Initial Work:

• Registering for tax purposes
• Assistance in setting up book-keeping system, either manual or computerised
• Exploring the possible structure available and the consequences of each, e,g. trading through a company, through a partnership, or as a sole-trader
• Registering the business name

PAYE:

• Assistance in setting up and maintaining correct PAYE records
• Registering new employees for tax purposes and applying for relevant TDC's
• Preparing relevant gross - net computations
• Preparation or providing assistance for end of year Returns, including P35's and P60's
• Advise on correct PRSI class to be utilised
• Reviewing the possibility of accounting the PAYE/PRSI on an annual basis as opposed to the standard bi-monthly basis

 

VAT:

• Dealing with your VAT affairs or simply assisting you in doing so, including the preparation and submission of VAT Returns

 

Income Tax:

• Preparation and submission of your Income Tax Returns and associated documentation, e.g. Form Med.1, Form 46G
• Advise on appropriate tax payments to be made
• Monitoring any tax saving opportunities that arise
  

See also Services >>Start-ups

 

Details to be provided by New Companies

S.882 TCA 1997 requires the company secretary of a new company to supply certain information to the Revenue Commissioners. Failure to comply can lead to the company being struck off and/or penalties can be imposed both on the company and the company secretary.

In general, this information must be submitted within 30 days of the company commencing to trade. However, sometimes the Revenue Commissioners will request this information (e.g. by issuing a Form 11F CRO). In addition, the Revenue Commissioners must be informed of any major change in the information previously provided within 30 days of such a change.

The information that must be provided includes the following:

• Name of the company
• Address of both the company's registered office and, if different, its trading address
• Name and address of company secretary
• Date of commencement of the company's trade, profession or business
• The nature of this trade, profession or business
• The date to which accounts will be made up

In addition to the above, further information may be requested by the Revenue Commissioners. It should also be noted that additional information must be provided by non-resident companies, including for example confirmation of where the company is resident.

In practice, the above information is provided by the company in a Form TR2 when registering for tax purposes. Occasionally, the Revenue Commissioners will issue a request for the above details in the form of a Form 11F CRO. This usually occurs where there is a period of time between the incorporation of a new company and the commencement of its trade because the Revenue Commissioners will have a record of the new company but will not have received the Form TR2.