We offer the following services:
- The 12.5% Corporation Tax Rate in Ireland– Are you Eligible? CLICK HERE.
- Book-keeping
- Preparation and submission of VAT returns
- Preparation of either monthly, quarterly or yearly management accounts
- Preparation of accounts
- Completion and filing of company tax returns
- Registration of new businesses for tax and VAT
BUSINESS SET UP
You can set up the following types of business in Ireland:
- Private Limited Company
- Public Limited Company
All businesses have a legal requirement to keep full and complete books and records.
PRIVATE LIMITED COMPANIES
Most commonly used form of business set up in Ireland.
PUBLIC LIMITED COMPANIES
PLC status is mainly favoured by large enterprises.
SOLE TRADER
This is when you trade as an individual
MAIN TAXES IN IRELAND
There are two main kinds of tax in Ireland:
Corporate Tax
Personal Income Tax
Additionally there are other taxes applicable for certain types of income, such as Capital Gains Tax.
CORPORATION TAX
This is based on the profits of the business:
The rate for Irish resident companies is 12.5%, with a rate of 25% related to other income such as rent or investments.
All companies incorporated in Ireland are deemed Irish residents.
VAT
The general VAT rate is 21% with effect from 1 January 2010, with a lower rate of 13.5% and 0% applying to certain goods and services.
A company needs to register for VAT if its turnover from the sale of goods exceeds €75,000 or if its turnover from the provision of services exceeds €37,500.
VAT returns are generally made on a bi-monthly basis.
PERSONAL INCOME TAX
All individuals based in Ireland must pay taxes on income.
Rates are from 0% to 50% according to the band you fall into.
National Insurance needs to be taken into account. Please refer to 2011/12 links through to the treasury below for more detailed information on bands.
The 2011 Budget on Dec 7th announced that the Health and Income Levies are going to be scrapped – and replaced by a new Universal Social Charge from Jan 1st 2011.
The new USC deductions will be applied to all income paid from Jan 1st 2011 – even if the wages are for work done in 2010.
This USC is a tax and does not provide a benefit to those paying the charge.
All individuals are liable to pay the USC if their gross annual income is more than €4004 (€77 a week).
CAPITAL GAINS TAX
The 25% rate of Capital Gains Tax will change to a new system in 2012, with differing rates for different levels of gains.
The current tax-free thresholds for Capital Acquisitions Tax (CAT) are to be cut.
Current reliefs and exemptions from CGT, CAT and Stamp Duty ‘will either be abolished or greatly restricted’.
USEFUL LINKS
Tax and tax credit rates and thresholds for 2011-12:
http://www.hm-treasury.gov.uk/d/rates_thresholds_tables.pdf
Enquire About Our Accountacy & Tax Services
For further information, please contact us on +44 (0)208 421 7474 or fill in the form below: