A major part of any successful business is keeping on top of your filing requirements and ensuring that you are compliant with all the relevant authorities.
Currently in Ireland you are required to register for VAT if you believe you will generate turnover from the provision of services over the value of €37,500 in any continuous period of twelve months. This increases to €75,000 for the sale of products.
If you're just starting out, we can help you decide whether you need to be VAT registered or not. We also will monitor your situation, so that should it become obligatory for you to register for VAT, we can deal with all of the paperwork for you.
Standard VAT returns are filed and paid bi-monthly. Revenue may allow you to file your VAT return quarterly, bi annually or annually.
We can prepare your VAT return, either from your own book keeping records or we can take care of your book-keeping and the VAT return. Any business registered for VAT must also file an annual Return of Trading Details (RTD).
If you employ staff, you must keep payroll records and submit a form P30. This is a monthly or quarterly return of PAYE, USC, PRSI & LPT to the Revenue Commissioners. A P30 must be submitted and paid within 23 days of the period end.
You must also submit a year end P35 return. We can provide a payroll service or help you set up the payroll records.
This system is due to change in 2019. We can help you cope with this change
The year-end accounts provide invaluable information about your business and are particularly useful if, for example, you wish to make a mortgage application or raise finance. Your accounts will be prepared in accordance with accounting standards and we will check that you are claiming everything you are entitled to.
Every limited company in Ireland is subject to corporation tax on their profits.
Whether you are a Sole Trader, Partnership or Limited Company, letting us prepare your year-end accounts will relieve you of what can be an extremely stressful and time-consuming exercise. We offer competitive pricing with flexible payment terms and are dedicated to offering a professional, friendly service.
A company must use the Revenue Online Service (ROS) to file its return and pay any tax due under mandatory e-filing. A company has to:
A company must file its return and pay any tax due 9 months after the end of the accounting period (and on or before the 23rd of that month).
Interest and penalties may apply if returns are filed late.
Preliminary Corporation Tax
A company may be obliged to pay preliminary corporation tax depending on its profitability.
We can assist in determining if preliminary tax applies to your company.
All contracts and payments to sub contractors must be notified to Revenue via ROS when payments are made
After the end of each period (monthly or quarterly), you need to file an RCT Return and pay RCT (online) through eROS by 23rd. There is a €100 penalty if the return is made or amended after the due date. Interest will be charged for late payments made by principals.
All Irish-registered companies have an obligation to file an annual return with the CRO. The annual return provides details of the company and is usually filed with a copy of the company’s statutory financial statements.
In addition to the requirement to file an annual return in the CRO, the Act imposes a requirement to hold an AGM every year within prescribed timelines. The Companies Act also imposes obligations on directors to ensure that proper books and records, such as accounting records, statutory registers and minutes of all director and shareholder meetings, are kept.
We at T J Hyland & Co can file these returns on your behalf and help you complete your obligations as directors.
As a director you may be obliged to file an income tax return each year, notwithstanding the fact that all of your income may have been taxed at source under the PAYE system.
We can advise you on your filing obligations.
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