Self-Employed Individuals & Partnerships
As a self employed individual you are subject to a number of tax compliance obligations. For the entrepreneurial sole trader or individual in a partnership these obligations may seem cumbersome, and distract you from the main purpose of your business. I provide a personal taxation compliance service that will remove this distraction and allow you to concentrate your energies on growing and expanding your business.
Please contact me on 086 3111565 should you require competitively priced compliance services for the following tax matters:
Income Tax Returns
We are all obligated to pay income tax. Employees pay their income tax through the Pay As You Earn (PAYE) system. This is dealt with by their employer, which means that employees generally are not required to file an income tax return each year. Self-employed individuals are self assessed. This means they are responsible for calculating and paying their own income tax. Self assessed individuals must file their income tax return before 31st October of the year following the year ended on the previous 31st December.
I provide a complete service in respect of income tax returns including the preparation and filing of the return, and the arrangement of payment of any liability.
VAT Returns
Value Added Tax (VAT) is a tax on consumer spending. A business acts as a collector of the tax rather than a payer of the tax. Generally, each trader in the supply chain charges VAT on their sales and is entitled to deduct VAT paid on their purchases, until the product or service is sold to the final consumer for whom the VAT forms part of the purchase price.
VAT-registered traders are obliged to file VAT returns, usually on a bi-monthly basis.
Relevant Contracts Tax
Payments under a relevant contract from a principal contractor to a subcontractor in the construction, forestry and meat processing industries are subject to a withholding tax. The applicable rates are 35%, 20% or 0%. Since 1st January 2012 all RCT is managed electronically through the Revenue Online Service.
I provide assistance with the RCT process to subcontractors and principal contractors.
Partnership Returns
The partners in a partnership are self-assessed in a similar manner to sole traders and are required to file an income tax return each year. In addition to this, the precedent partner in a partnership is required to submit a partnership return on behalf of the partnership.
I also provide extensive taxation services to:
