Registering For Tax In Ireland

If you’re setting up a limited company in Ireland, you will need to register for tax. In fact, you may have to register for 3 or 4 different kinds of taxes or levies.

The tax you pay will depend on the size and type of your business and what sector you belong to, this may mean your tax registration will involve different steps.

Below are the main tax and vat rates for businesses and how to register;

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Corporation Tax

There are two rates you can pay for Corporation Tax; 12.5% and 25%. To qualify for 12.5% Corporation Tax you will need to prove to Revenue that your company is centrally controlled and managed in Ireland, if this cannot be proved you will pay 25%.

 

 

To register for Corporation Tax you will need to fill out TR2 form.

Employer Pay As You Earn Tax

If your company or business has employees, you will need to register your business as an employer. Once you are registered as an employer, you business is liable to pay PAYE (Pay As You Earn).

If you are registered for ROS you can register for PAYE online.

If you are unable to register online you can register using a TR1 form for sole traders or TR2 form for a company.

Relevant Contract Tax

Relevant Contracts Tax applies where a principal contractor is paying a sub-contractor for carrying out or supplying labour in relevant sectors such as construction, forestry, and the meat processing industry. As a principal contractor, you need to file the contract on the Revenue system.

You can register for Relevant Corporation Tax using a TR2 Form.

Value Added Tax

You will need to register for VAT once you reach the VAT Threshold, €37,500 for services and €75,000 for goods. The rates of VAT are dependant on what service or goods your business provides.

You can register for VAT using a TR2 form.

Self Assessment & Preliminary Tax

Sole Traders in Ireland need to register for Self-Assessment Tax. For this, you will need to make a self-assessment for the previous year of business. Self-assessment filings are due on October 31st each year. But, these filings are for the previous year. So, if you set up as a Sole Trader in March 2018, you will not need to file self-assessment for October 2018.

You will also need to pay preliminary tax for the current year in October. Preliminary tax is the estimate of your Income Tax, PRSI and USC that you expect to pay for a tax year.

 

To make an Income Tax Return you will need to complete a Form 11.

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Startup Webinar

If you're still unsure about registering for tax and VAT, you can ask your questions to a Chartered Accountant during our Startup Webinar.

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