1. Sole Trader Accounts Preparation and Tax Returns
Sole Traders must have accounts and tax returns prepared every year by 31st October. It is vital to get these returns prepared and filed on time with Revenue, otherwise interest and penalties may accrue. These accounts and tax returns can be prepared by us from the client’s books and records, ensuring that all available expenses are claimed and that all tax credits available are utilised. Advice will be given by us as to the best method of keeping books and records.
Sole Traders may need to register for VAT depending on their annual turnover. In some circumstances, it may be more beneficial for Sole Traders to set up as a company.
2. Companies Accounts, CRO Returns and Tax Returns
Companies Annual Returns need to be filed every year within 28 days of the ARD. Corporation Tax Returns need to be filed within 9 months of the company’s year end. It is necessary to file these on time with the various organisations. Greg Small will advise on all aspects of company administration, filing and returns. The corporation tax rate is much lower than the personal tax rate but it may not always be appropriate to set up a company just to avail of the lower tax rate. All aspects of the appropriate type of trading entity for the client will be examined in detail.
3. Other Individuals needing to file Tax Returns
More and more people must file tax returns nowadays either because they have other sources of income (rental properties, investment income, wage income received after retirement, etc.) or they need to claim many of the allowances that are available to them. The penalties for not filing are severe so it is important that you keep your tax affairs fully up to date.
4. Capital Gains Tax and Capital Acquisitions Tax Returns
If a property is sold or a business or a farm is transferred, capital gains tax returns and / or capital acquisitions tax returns may need to be filed with Revenue. Penalties and Interest may be charged if taxpayers fail to file on time. In a lot of circumstances, reliefs may be claimed, reducing the tax liability significantly or eliminating the tax liability altogether. Sometimes, a quick meeting can put a client’s mind at ease to ascertain any tax liability due and to advise on the appropriate procedure to follow.