FAQs
You got questions, we provide the answers.
If you have a business either in the form of sole trader or a company then most probably you will have to charge VAT on your products or services especially if your annual sales exceed €15,600. (Special rules apply even if your sales are below that amount so you have to seek an advice from us before you decide whether you need to register for VAT purposes). When you have daily transactions then you have to keep evidence in the form of receipts and invoices and certain accounting records. If you are not a qualified accountant then you most probably need one to keep your accounting records updated. Even if you are small firm not eligible to register for VAT, chances are you will need a loan from a bank or other type of finance. These people need proof of your business results. Having your financial statements prepared and checked by a qualified accountant will make them more reliable and will increase the possibility of the finance being approved. Besides the cost of having an accountant outweighs the cost of errors or penalties incurred by businesses that choose not to employ one.
If you are a company then you definitely need to have an auditor and if you have a business making more than €70,000 annual turnover, then you too need to submit audited financial statements.
A Ltd company has certain advantages as a form of entity. However it also has certain obligations and one of those is to submit audited financial statements to the registrar of companies annually.
The company has to pay provisional tax in three installments on 1 August, 30 September and 31 December. There are many other payment deadlines for other types of taxes and submission of forms which you should consult with us to avoid incurring penalties.
This is tax deducted from the salaries of all employees including the directors of the company. This is payable at the end of the following month.
An auditor must be independent of the company. Thus you cannot audit your own company because you are not independent. The rules of professional conduct prohibit the audit of companies or businesses by people that have interests in the company.
For reasons mentioned before the answer is no!
You can find these rates and other tax information in one of our publications. Please get in touch with our office so as to send you our free tax facts brochure.
You can find these rates and other tax information in one of our publications. Please get in touch with our office so as to send you our free tax facts brochure.
The tax year runs from 1 January until the 31 December. The same holds true for individuals and companies.
We will have a meeting with you and ask you certain information regarding the operations of your business. As everybody, we base our fees on the time spend on entering your transactions. Therefore we need to know the volume of your transactions and the amounts involved. Also the complexity of all transactions is one of our criteria. For example 20 transactions per month sound like a small company. However if those 20 transactions involved imports or exports then that involves a lot of time from our part in entering and checking the documents.
We are open to answer any of your questions and feel free to contact us using the CONTACT US form or use our telephone number. We can arrange a personal meeting to discuss your issues and to give you enough information before you join our esteemed clientele.