Tax

Regardless of the size of your business, full and accurate record keeping is necessary 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 to avoid fines due to miscalculations. Important commercial decisions are being made every day in your business and you need solid financial information to back them up, which is why accurate annual accounts and returns are so important. SOS Bookkeeping offers a full tax service at an attractive rate and provides tax efficient recommendations to ensure you never pay more tax than you need to.

INCOME TAX RETURNS

Under the Self-Assessment system, self-employed persons must submit an Income Tax return by the 31st of October every year.

SOS Bookkeeping 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/Rental returns.
• Management of your submission deadlines.

PAYE

Employers must register for PAYE/PRSI for any employee working for their business. Employers are required by law to calculate the income tax, contributions and levies for each member of staff under the PAYE system. These figures must be entered and submitted live through ROS, detailing the total tax contributions per employee in tandem with Payroll.

How SOS Bookkeeping can help:

• We calculate each employee’s PRSI contributions, deducting appropriate levies such as Universal Social Charge from income.
• Calculate any change in contribution where their class may have changed.
• Staff reports containing cost per department details, at your request.

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 in, 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 relating to new legislation, and recommendations about TAX thresholds you are likely to exceed.