Beneficial Ownership Register
Internal Beneficial Ownership Register All companies are required to keep an internal beneficial ownership register. This contains a list of the beneficial owners of the company. For simple company structures, …
Closing a company without liquidation
When forming companies for clients, I am often asked how much hassle is involved in closing a company, if it is no longer required. Normally, a liquidator would need to be appointed, which can be expensive. However, if a company ceases to trade and has no assets or liabilities (or they are less than €150), then the company can request to be struck off the register, which is a much simpler process.
Comply with VIES when supplying to the EU or face a €4,000 penalty
VIES is a system of exchange of certain VAT data between EU Member States to combat fraud and other irregularities. Certain supplies of goods and services to businesses in other EU Member States can be zero-rated for VAT purposes but this comes with an obligation to file a VIES return on a monthly or quarterly basis. […]
How to claim Corporation Tax Relief for Start Ups
The relief allows an exemption from Corporation Tax for the first three years of trading provided certain conditions are met. The company must be carrying out a qualifying trade. The value of the relief is based on the Employers PRSI paid by the company up to a maximum of €5,000 per employee and an overall maximum of €40,000. […]
A Guide to Formatting Invoices and Letterheads
Before you finalise the design of your company stationery and forms, you should ensure that they comply with the Companies Acts 1963 to 2009 and the Tax Acts. […]
How to Register a Business Name
In this post, I will outline the circumstances where a business needs to register a business name, how to register the name and what you need to do when you receive your business name registration cert. If a business trades under a business name which is not the registered name of the company or the name of the owner (if a sole trader) then the business name should be registered with CRO. There are separate forms for sole traders, partnerships and companies and specific requirements on the display of the business name. […]
How to avoid a costly Statutory Audit
In general, most companies are required to attach audited accounts to their annual returns under the terms of the Companies Amendment Act, 1986. However, an exemption from audit is available for small companies. This can reduce the administrative burden as well as professional fees.
How to Register your Company for Tax
Once you have formed your company with the Companies Registration Office, you will need to separately register your company for taxes. Form TR2 can be used to register for a number of taxes, including Corporation Tax, VAT and Employers PAYE…
Choosing the right Legal Structure: Sole Trader, Partnership or Limited Company
Handy summary chart of the differences between sole trader, partnership and limited company. The ultimate decision will depend on a number of factors including the type of business, the number of people involved in the running of the business, whether investors are required, what profits are expected in the business. […]
Mileage and Subsistence Explained
A business can reimburse its employees and directors for certain motor and travel expenses without the deduction of tax provided certain conditions are met…