Taking care of your business

TAX

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.

INCOME TAX RETURNS

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:

  • Preparation and filing of personal Tax and self-assessment Returns relating to all income streams.
  • Consultation and personal tax advice regarding deductible expenses and credits, exemptions and reliefs.
  • Landlord returns

PAYE

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:

  • We calculate Employee’s weekly/monthly PRSI contributions, deducting appropriate levies such as Universal Social Charge from income
  • Calculate any change in contribution where the class has changed
  • Calculate and record the total amount of income deducted from your employees on P30 form for the Collector General
  • Prepare and file end of year Ievy amount for P35L

VAT

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:

  • Assistance with VAT registration
  • Preparation and filing of bi-monthly VAT returns online
  • VAT advice
                           © 2019 SOS Bookkeeping       Tel: 00353 (0)1 8495131/ 00353 (0)86 3340400       Email: info@sosbookkeeping.ie
Back to top