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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 considerations

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Starting In Business [Venue / Date]

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Starting in business venue date

Starting In Business[Venue / Date]



  • Today we will cover

    • Business planning

    • The Irish tax system and your obligations

    • VAT & PAYE

    • What expenses are allowed?

    • Common Pitfalls

Starting in business venue date

Some questions for you?

Business planning

Business planning

Sole trader or Limited company?

Some considerations

  • Commercial risk

  • Use of company cars

  • Volume of paperwork

  • Prestige

Business planning1

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

The Irish tax system

Your obligations

Self assessment vs paye

Self Assessment vs. PAYE

Self Assessment


Tax deducted weekly or monthly

No accounts required

Employer is responsible

Class A PRSI (usually)

PAYE tax credit €1,650

  • Tax paid annually

  • Accounts required

  • You are responsible

  • Class S PRSI

  • No PAYE tax credit

  • Less entitlements when cease self employment

Value added tax

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



  • 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

Allowable expenses

  • “Wholly and exclusively” test

  • Reasonable expenses

  • Pre-trading expenses

  • Normal everyday expenses

  • Capital expenses

  • Personal expenses/drawings

  • Not allowed

Common pitfalls

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

Penalties for late return and/or payment

  • Surcharge

  • Restrictions

  • Interest and penalties

  • Publication in defaulters list

Record keeping

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



  • 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

TaxAssist Accountants

Our core services:

  • Business accountancy

  • Tax returns and advice

  • Bookkeeping services

  • Payroll

  • Business plans and financial projections

  • Company formation

Taxassist accountants1

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 accountants2

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

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

Thank you!

Any Questions?

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