One of the first considerations for a sole trader is what taxes they need to register for and when they need to do this.
Sole traders pay their own personal income tax. You must advise your local Revenue office when a source of income (other than PAYE income) commences.
Depending on your situation you may need to register for one or more of the following taxes: Income Tax; Employers PAYE/PRSI/USC; VAT; Relevant Contracts Tax (as a Principal Contractor).
We can advise on which taxes you need to register for.
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 is obligatory if any individual carries on a business using a trading name other than their own true names.
A company is a legal form of business organisation. It is a separate legal entity and therefore, is separate and distinct from those who run it.
There are many types of company that can be formed but a Private Limited Company is the most common.
We can arrange the incorporation of your company.
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