Accounts
Getting into difficulties with Revenue and Irish Tax arrears
In the current economic climate, businesses are finding it increasingly difficult to meet their current tax obligations to Revenue. Dave from Irishaccounts.ie discusses the options…
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Tax Exemption for New Start-Up Companies In Ireland
There has never been a better time to set up a company in Ireland. David Brannigan explains the new tax exemption for startups
The Irish Government has introduced a scheme whereby new start-up companies are exempt from paying corporation tax for the first three years of their operation.
In order to avail of the scheme the companies
1) must be incorporated on or after 14 October 2008,
2) commence qualifying trade in 2009 (now extended to 2010),
3) have corporation tax liabilities that do not exceed specified levels.
In order to qualify, the trade of the company must not have been previously carried on by another person or formed part of another person’s trade.
The relief also does not apply to “service companies”. These are companies which are controlled by five or fewer people who carry on a profession or supply professional services.
The maximum relief allowable is for a corporation tax liability of €40,000 per annum. There is also marginal relief where the corporation tax is between €40,000 and €60,000.
If you need any further advice and information about any of the above, do get in touch with us at info@irishaccounts.ie
Choosing The Right Accountant – Starting A Business In Ireland
David Brannigan gives his advice on choosing the right accountant!
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Sole Trader Vs Limited Company
David Branigan has 15 years experience in practice and is accredited by the ACCA.
In the second of a series of Blogs for www.startups.ie David discusses the pro’s and con’s of setting up as a Sole Trader vs Limited Company
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VAT – What’s The Deal! – Advice Starting a Business in Ireland
David Branigan has 15 years experience in practice and is accredited by the ACCA.
In the first of a series of Blogs for www.startups.ie David tackles the basics of VAT…..
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Accounting is by far, one of most important aspects of starting and operating a business. It’s so easy to get caught up in the start up glamorous tasks of designing a business card or choosing a business name, yet without a solid understanding of the numbers you will not survive.
The streets of entrepreneurship are littered with former business owners who ignored the financial side of business only to discover too late they were operating at a loss not a profit. Without a firm grasp of your margins and cash flow, you can price yourself right out of the market.
Over 28% of businesses declaring bankruptcy cite problems with the financial structure of the company as the main cause of failure, according to a Small Business Administration study, “Financial Difficulties of Small Businesses and Reasons for Their Failure.” Take the responsibility of entrepreneurship by learning the basics of accounting.
Hiring an Accountant
Unless you are a numbers wiz or have a degree in accounting, you will need to employee the services of a professional to set up your accounting system. To get a grasp on your small business accounting and financials, should you hire a bookkeeper or an accountant?
Each start up situation is unique but generally most start ups can begin with bookkeeper. A bookkeeper’s services make sense for average start-ups with no plans on building an empire. The bookkeeper will help you start off with a good record keeping system, handle financial transactions, and produce financial statements.
Hiring an accountant makes sense for growing companies, businesses with more complex business structures (such as limited liability companies) and when you add additional employees to your company.
Initially, you may start your business part-time or at home to keep expenses low. The cost of an accountant on a monthly basis can be too much for a one-person business. Either prepare the books yourself or have a bookkeeper involved in the process. Use the accountant for your year-end tax planning.
When you do plan to hire an accountant or bookkeeper, remember to find one you can trust and build a solid relationship with because you need their advice and guidance in steering your business now and in the future.
