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;
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%.
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.
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.
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.
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