Great Services
Monday 20th, January
Tax Save Accountants.ie offer a full complement and taxation services to both individuals and SME's.
OUR GREAT SERVICES
They will also be invaluable for providing information about your business to financial institutions. Tax Save Accountants.ie will keep you compliant with all your statutory obligations such as VAT and tax returns and managing your affairs.
SELF ASSESSMENT FILING
Tax Save Accountants.ie are a revenue approved ROS agent
Self-Assessed Tax Returns
Self assessment is a system which gives you greater control and responsibility over your tax affairs. It applies to people chargeable to Income Tax who are in receipt of income from sources which are not chargeable to tax under the PAYE system or where some but not all of their tax on these sources of income is paid under PAYE.
Self-Assessment applies for Income Tax purposes to:
• Self-employed persons (i.e. people carrying on their own business including farming, professions or vocations)
• Persons receiving income from sources where some or all of the tax cannot be collected under the PAYE system, for example:
profits from rents,
dividend or interest income,
foreign income and foreign pensions,
maintenance payments to separated persons,
fees,
profit arising on exercising various Share Options/Share Incentives.
Under Self-Assessment there is a common date for the payment of tax and filing of Tax Returns, i.e. 31 October. This system, which is known as "Pay and File" allows you to file your return and pay the balance of tax outstanding for the previous year at the same time.
Under this system you must:
pay Preliminary Tax for the current tax year on or before 31 October each year
make your Tax Return after the end of the tax year but not later than the following 31 October, referred to as the specified return date:
pay any balance of tax due for the previous tax year on or before 31 October
pay any Capital Gains Tax on disposals made between 1st Jan and 30th Sept of the current tax year
Every company that is based in Ireland is subject to Corporation Tax on their profits. The first thing you must do is register your company with Revenue Commissioners and let them know that you are liable for corporation tax.
If your company is liable for corporation tax, you must calculate how much taxable profit your company made over the course of the financial year, and what is owed to Revenue Commissioners.
Tax Save Accountants.ie will calculate your taxable profit and complete your corporate tax return.
SPECIALISED TAX ADVICE – INDIVIDUALS
Tax Save Accountants.ie offer specialist tax advice to individuals in ensuring that they have claimed all reliefs available to them, and have managed their affairs in the best possible way, in order to legally minimise their exposure to tax.
Paye refunds we can help Irish citizens and foreign workers claim income tax refunds as well as any additional refunds such as medical expenses, rent relief, medical insurance and PRSI refunds
PRSI Refunds: We can claim your Pay Related Social Insurance Contributions (PRSI) refunds from as far back as 2006.
Landlord Tax Returns: If you receive income from renting out a property or part of your private residence in Ireland we can file your tax return and control your tax liability through deductable related-costs.
Construction Tax Refunds: we can arrange tax refunds for construction workers in Ireland. We can file your Irish tax return and claim your back your work-related expenses such as tool, protective clothing and equipment.
You may be in a position to claim a refund if you:
• Had medical or dental expenses
• Rented accommodation
• Paid tuition fees
• Overpaid the income tax levy
• Are a member of a trade union
• Only worked for part of the year or had more than one job
• Are self-employed and had work-related expenses
• Paid bin and water charges
• Overpaid PRSI
SPECIALISED TAX ADVICE – SMEs
Tax Save Accountants.ie have vast experience in advising all types of business and particularly offer specialist tax advice to SMEs (sole traders, partnerships, limited and unlimited companies) in order to legally minimise their exposure to tax.
Some of our tax tips would include:
1. Form a partnership with your spouse if they have no income, to stop your profits being taxed at the higher rate and save up to €6,000.
2. E learning – save up to €1,200 by having an allowance for a relative doing some valuable research on line for you !!
3. Pension contributions- despite the bad press, choose a pension which is minimal risk, and reduce your annual tax bill.
4. Employ a family member – make use of all family members tax credits who are not working and therefore reduce your liability by up to €4,000.
5. Employers – know the different tax class’s in regard to PRSI – paying over €356 a week instead of €355 will cost you an addition €400 in PRSI alone !!
6. If you work from home for your business either partly or fully, remember some of the house hold bills can be written off as a business expense. This could include light and heat, insurance, telephone bills, broadband etc
7. Avail of the Seed capital relief scheme – This scheme is designed to encourage those set up in business after they cease employment. Relief is given as a refund of PAYE for the 6 years previous to ceasing employment and the maximum relief is €91,440.
8. Avail of 'Start-up' Companies Relief - Certain companies incorporated in the State on or after 14 October 2008 and which commence a qualifying trade in 2014 may claim 'start-up' relief against Corporation Tax arising on the profits or gains of the new trade. The amount of relief available will be linked to the amount of Employers’ PRSI paid by a company in an accounting period, taking account of the Employer Job (PRSI) Incentive Scheme, subject to a maximum of €5,000 per employee and an overall limit of €40,000.
RCT, CGT, CAT, Stamp Duty and Vat advice
Tax Save Accountants.ie can advise on all aspects of RCT (Relevant contracts tax), CGT(Capital gains tax), CAT(capital acquisitions tax), Stamp Duty and Vat(Value added tax).
Let Tax Save Accountants.ie look after the financial and tax aspects of your business and untangle all the jargon which causes much stress and concern and stress each year. Tax Save Accountants.ie offer tax compliance service for all individuals and SME s(small medium enterprises), so if there is anything you need then just call 01 8827600 or fill out our contact form and we will get back to you promptly.
