Corporation Tax

Companies resident in Ireland must pay Corporation tax on their worldwide profits. Corporation tax returns are filed annually by all companies trading and resident in Ireland. Special tax rules and reliefs apply to companies, such as close company surcharge,  cash extraction limits, dividend withholding tax, PAYE on director fees,  mileage & subsistence allowances, allowable expense claims, preliminary tax payments.

Ireland’s 12.50% tax rate on trading income makes it very attractive to trade through a company in Ireland. It is relatively easy to establish a business in Ireland and the Irish government incentivises new business growth with financial assistance, and attracts new businesses into Ireland with various grants and tax reliefs.

Types of Clients we help:

Limited Companies, Partnerships, Trustees, Trades, Businesses, Start Ups

1.Sole Traders, Consultants, Contractors, Tradesmen, New Start-Ups

Every registered business is obliged to keep proper books and records, upon which they must base their accounts and tax returns. It is important to develop a system which records all transactions accurately and regularly throughout the year. A good accounting system will save you time and money in the long run. We can develop an accounting system for your business, improve the existing system, or manage it all on your behalf. We use cloud based accounting software which provides real time reporting.

2.Limited Companies

Every Limited Company is legally obliged to prepare annual accounts and file them with the Companies Registration Office in Ireland. The accounts must also be disclosed to the Irish Tax Authorities, as they form the basis for its Irish Tax Returns.

Our Accounting  software allows us to account for every business transaction in your business, so that you always have accurate financial information to hand.

3.Partnerships

Partnerships can be Limited or unlimited, have at least 2 business partners and are required to maintain book & records and financial accounts. Each partner may have different rights and shareholding position in the partnership, which makes their accounts unique. Accounts are required for the partnership itself, and each partner will require personal financial management of their financial transactions.

4.Trustees

Trustees are appointed to manage a trust on behalf of its beneficiaries. The Trustees are responsible for managing the financial affairs of the trust, which may include holding assets in trust, buying and selling property or shares, investing funds, paying bills and extracting income for the purpose of the trust. Every trustee is personally responsible to act in good faith and with integrity in their position. Trustees must file annual tax returns based on asset valuations and trading transactions of the trust. Keeping accurate books and records and preparing accounts, demonstrates that the trust is being correctly managed by the trustees.

Contact us to prepare accounts and record all the financial transactions of your trust

5.Landlords and property developers

Landlords who own and rent property must file annual tax returns. Property Developers buying, selling and renovating property must also file annual tax returns. Accounts must be prepared to keep proper record of the business transactions, so that accurate tax returns can be filed, and so that all figures can be proved in the event of an audit.

6.Trades – retailers, publicans, cafes, hotels and restaurants

Cash businesses have a high volume of transaction which puts them at a higher risk of recording inaccurate financial records. There is also a higher risk of theft and fraud in cash businesses which wastes business owners time and attracts scrutiny from Revenue. It is important to have a water tight robust accounting system in place which captures data continually on all sales, purchases and other business transactions. We can review the system in place and check it for accuracy when relying on it to produce figures for financial statements.