Value-Added Tax (VAT) registration is obligatory when the VAT thresholds are exceeded or are likely to be exceeded in any 12 month period (except for distance sales). If you are below the thresholds you may elect to register for VAT.

The principal thresholds are as follows:

• €37,500 in the case of persons supplying services only.
• €37,500 for persons supplying goods liable at the reduced or standard rateswhich they have manufactured or produced from zero rated materials.
• €35,000 for persons making mail-order or distance sales into the State.
• €41,000 for persons making acquisitions from other European Union Member States .
• €75,000 for persons supplying goods.
• €75,000 for persons supplying both goods and services where 90% or more of the turnover is derived from supplies of goods.
• A non-established person supplying taxable goods or services in the State is obliged to register and account for VAT irrespective of the level of turnover.

Certain trades are exempt from vat and you should check with an accountant or tax adviser or the revenue regarding this rule. For further information go to www.revenue.ie

1. Q. How do I know what type of business to set up?

   There are 3 types of businesses that can trade in ireland:

• A Sole Trader is an individual in business who is personally responsible for the debts and liabilities of that business. If you wish to carry on a business using a trade name it must be registered with the Companies Registration Office. The charge for registration of a business name is €20.

• Registration for income tax non-paye is completed through revenue on line services and is very simple procedure. Once registered the tax payer is obliged to submit an income tax return to revenue once a year. The deadline for submission and payment of liabilities for personal income tax returns is the 31 October each year.

• A Partnership is a business organisation in which two or more individuals manage and operate the business. Both owners are equally and personally liable for the debts from the business.

• A Private Limited Company ( this is a company limited by shares, a company having the liability of its members limited by the Memorandum to the amount, if any, unpaid on the shares held.) Each year a Limited Company must submit a return to the Companies Registration Office. It is vital that companies annual returns are filed on time (9 months after the year end) in order to maintain their audit exemption status. A Private Limited Company can avail of audit exemption if all returns are filed and on time and satisfies the following conditions:

• Balance sheet total does not exceed €6m
• Turnover does not exceed €12m
• Number of employees does not exceed 50

• For further information log on to www.cro.ie

Business Management Package for small to medium size businesses

We have found that smaller businesses in general are unable to afford a full time accounts person role and this role is usually fulfilled by the owner themselves. The key business information available will be limited to the proprietor’s accounting knowledge and the quality of accounting information being recorded. Our firm have developed a business Management package for small to medium sized businesses.

This package includes: 

Set up of recording templates and control systems.

Preparation of Weekly & Monthly Profit/ Loss Reporting.

Preparation of Monthly Management Accounts .

Analysis of margins and overheads for effective business management and assisting with Key business decisions.

Working closely with our IT Consultant to customise packages as a business management tool for our clients to include including Stock Control, recording of staff hours, productivity time, staff diary , recording of daily works, maintaining record of leads, quotes etc in a sales environment etc

Set up of cloud based systems for access of information on mobile data devises.

Preparation of all tax returns as required.

This service is provided as cost effectively as possible to the client.