One of the first considerations for a company is what taxes it needs to register for and when it needs to do this.
Directors pay their own personal income tax. If you are a proprietory director you must register for income tax and file a tax return with Revenue every year.
We can advise you if you need to register for income tax.
Companies pay corporation tax and must register with Revenue once incorporated.
There are two rates of Corporation Tax: 12.5% for trading income and 25% for non-trading income (e.g. investment income, rental income).
The general VAT turnover threshold for the supply of services is €37,500 and €75,000 for the supply of goods.
An entity must register for VAT if turnover will exceed these thresholds in a 12 month period. We can help with registration and filing of VAT Returns.
An entity must register as an employer with Revenue once it employs personnel. Once registered, the entity must operate a payroll system and make filings with Revenue.
We can help with registration and operate your payroll if you wish.
RCT is operated in the construction, forestry and meat processing industries.
RCT applies to payments made by a principal contractor to a subcontractor.
When a principal contractor enters into a relevant contract with a subcontractor they must register for RCT.
Once registered, the principal contractor is obliged to provide Revenue with details of all relevant contracts and payments made to subcontractors.
This is all done through the ROS system.
Registration of a business name/company name is obligatory if a company carries on a business using a trading name other than its own name.
It may be time to re consider how your company is structured.
The formation of a holding company may have tax advantages for the Directors and Shareholders.
We can advise on the options available to you and the company.
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