Starting In Business[Venue / Date]

Welcome

Today we will cover• Business planning

• The Irish tax system and your obligations

• VAT & PAYE

• What expenses are allowed?

• Common Pitfalls

Some questions for you?

Business planning

Sole trader or Limited company?

Some considerationsCommercial riskUse of company carsVolume of paperworkPrestige

Business Planning

Business Plans

SMART Objectives?

How are you going to finance the company?

What are your expectations for sales, profitability and investment in assets

The Irish tax system

Your obligations

Self Assessment vs. PAYESelf Assessment

Tax paid annually Accounts required You are responsible Class S PRSI No PAYE tax credit Less entitlements when

cease self employment

PAYE Tax deducted weekly or

monthly No accounts required Employer is responsible Class A PRSI (usually) PAYE tax credit €1,650

Value Added Tax

Registration Limits How does it work? Deadline and returns Rates Cash basis vs. invoice basis Deductible expenses Non deductible expenses Bad debts

PAYE/PRSI

Registration How does it work? Deadline and returns Rates Paying wages – gross vs. net

Unemployed

Back to Work Enterprise Allowance (BTWEA) Keep your social welfare payments for up to 2

years Different qualifying periods depending on how

long you have been unemployed for

Allowable expenses

“Wholly and exclusively” test Reasonable expenses Pre-trading expenses Normal everyday expenses Capital expenses Personal expenses/drawings Not allowed

Common Pitfalls

Using the wrong business structure Not preparing a business plan Failing to register for tax(es) on time Failing to make returns on time Poor/no record keeping Not seeking advice

Penalties for late return and/or payment

Surcharge Restrictions Interest and penalties Publication in defaulters list

Record keeping

Legal requirement Keep it simple Main records:

• Bank and credit card statements

• Cheque and lodgement books

• Sales and purchases invoices

• Cash expenses

• Legal agreements

Recommendations Get registered! Know key filing dates File returns on time Get invoices for everything (receipts are no

good for VAT) Pay staff gross Use direct debits to pay Revenue If you unsure, get advice

TaxAssist Accountants

Our core services:Business accountancyTax returns and adviceBookkeeping servicesPayrollBusiness plans and financial projectionsCompany formation

TaxAssist Accountants We focus only on the SME sector Friendly and approachable Fixed fees agreed in advance Prompt completion of accounts and returns Tailored service No Jargon Regular and flexible appointments Free business guide

TaxAssist Accountants We are the leading accountancy network with

over 24 branches across Ireland We specialise in helping Small Businesses

and as a network are servicing over 3,000 clients

We offer clients Fixed Fees – no hidden costs, so you know what you are paying in advance

Our fees include all correspondence and free business advice to clients

Range of Services Business Accounts and Taxation Self Assessment Tax Returns Bookkeeping and VAT Returns Payroll RCT compliance Company Formations Business Plans Management accounts

Thank you!

Any Questions?