VAT Registration

When you are starting your own business, whether as a sole trader, partnership or a company, you need to determine if you are obliged to register for VAT and what VAT rate should be applied to your sales. Once registered VAT charged on sales needs to be paid to the Revenue Commissioners (after deducting VAT on purchases and expenses) on a timely basis. Who needs to register? The main reason for registering for VAT is that the business engages in the supply of taxable goods or services within Ireland. A business whose turnover, in any twelve […]

Company Stationery and Websites

If you are setting up in business and designing your stationery and website please be aware that there are some legal requirements surrounding what needs to be included.   Headed Stationery As required by legislation the following should be included on a company’s headed paper: Company name plus Limited, Ltd, Teoranta, Teo, plc as appropriate Names of directors (including any former names) Nationality of directors if not Irish Business name (if different from company name) Country of registration Registered number Address of registered office   Websites   There are a number of regulations concerned with information […]

Forming a Company

To form a company in Ireland the easiest option is to appoint a formation agent to form the company for you. The main advantage of appointing a formation agent is that the company will be formed faster. An agent using the CRODISK system can have a company incorporated within 5 days. Submitting the documents yourself can take up to 6 weeks. With an agent you may also get some added extras such as company seal and registers (but you will need to ask if these are included.) However, budgets can be tight in starting a company […]

Registering as a Sole Trader

Click here to arrange a meeting or here for a telephone call. A sole trader is the simplest form of business in Ireland. As the name implies, it refers to one individual who owns and operates a business. A sole trader can have employees to assist with the running of the business, but it is the sole trader who owns the business, taking all the risks and rewards. To register as a sole trader you will need to complete a Form TR1 (available on, sign it and send it to your local Revenue District Office. Thinking of starting your […]

Retailers: Cash Register Requirements

As you may be aware every business is obliged to keep proper books and records relating to: All sums of money received and expended in the course of the trade or profession All sales and purchases of goods and services The assets and liabilities of the trade or profession All supporting documentation, including invoices and receipts as well as details of the calculations must also be retained. For retailers, this includes daily till receipts that show all the individual sales from the day as well as the end of day total. A daily summary of transactions […]

Registering a Business Name

If a sole trader trades under a name other than his/her own name, then he/she needs to register a business name. For example Kevin Mulcahy is a sole trader who runs a cafe called “The Daily Grind.” He will need to register this name so that suppliers, government departments and the public is aware of who the legal entity is behind the business. Remember that companies who trade under a name other than the company’s own name also need to register the trading name. Business names can be registered by submitting one of the following forms […]

Mileage and Subsistence

Generally, an employee or director is liable to tax on expenses received from an employer. However, where an employee or director incurs motor or subsistence expenses in the performance of the duties of their employment/office then the reimbursement can be made tax free with certain conditions. Employees or directors must be on a business journey from their normal place of work to claim tax free mileage and subsistence. A common mistake that sole traders make is to claim mileage and subsistence using Civil Service Rates. They can only claim for the actual expenses they incur so […]

Non Principal Private Residence Annual Charge

The €200 annual charge on non principal private residences for 2010 must be paid between 1 April 2010 and 31 May 2010 for non principal private residences held at 31 March 2010. See for details. Update: Late payment fees come into effect from 1 July 2010 and are €20 per month or part of month. Payment can be made online at on/after 31 March 2010. PDF

Extended Deadline for Disclosing RCT Errors

The Revenue Commissioners have extended the deadline to 15 April 2010 for making a disclosure in relation to the RCT Return for 2009. If a principal contractor discovers that payments were made gross to any subcontractor who had a valid C2 but not a revevant payments card, then a qualifying disclosure should be made before 15 April to avail of a fixed penalty of €3,000 rather than the normal interest and penalties, which could be substantial. The fixed penalty of €3,000 will apply to each instance of the failure to deduct RCT. It only applies where […]

Mandatory e-Filing of Tax Returns

As you may be aware, from 1 January 2010, the Revenue have extended the mandatory online filing requirements to include “large companies.” Initially “large companies” were to be identified as those not qualifying for audit exemption. However, the Revenue have now clarified that the mandatory online filing requirements are for companies with: Turnover greater than €7.3m and Number of employees greater than 50 Therefore, companies meeting these conditions must pay and file all tax returns online including VAT, PAYE/PRSI and Corporation Tax. PDF

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