Regardless of the size of your business, full and accurate records must be kept in order to make a proper return of income for tax purposes. The self-assessment system can be time consuming and stressful, yet it is crucial to get it right in order to avail of any potential refunds, and avoid fines due to miscalculations. SOS bookkeeping provide a full personal tax service at an attractive rate, taking that weight off your shoulders.
Under the Self-Assessment system, self-employed persons must submit an Income Tax return by the 31st of October every year. Using the ‘Pay and File’ system, you must submit your return for the current year, as well as pay the outstanding balance for the previous tax year.
SOS services include:
The sole trader must register for PAYE/PRSI if any employee is taken on for the business. Employers are required by law to calculate the income tax, contributions and levies for each member of staff under the PAYE system. Each month (with some exceptions) these figures must be entered and submitted on a P30 form, detailing the total tax and total PSRI contributions.
How SOS can help:
The business must register for VAT if turnover is expected to exceed the Turnover thresholds over the following 12 month period. The current thresholds are €37,500 for supply of services, and €75,000 for supply of goods.
Revenue require that you submit a VAT return, usually bi-monthly, containing figures relating to the amount of VAT carried on by the business, and the amount charged by the business to customers. If the business has paid more in VAT than taken it, it can reclaim the difference. If the business has taken in more VAT than its paid, then the difference must be paid to Revenue.
What we can do for you: