At the end of each year you or the owner of a company must make end of year tax returns. End of year returns are compulsory even if no tax or Universal Social Charge (USC) was deducted from an employee.
In Ireland there are quite a few types of taxes, from Income Tax to Local Property Tax. Unless you are a tax consultant or accountant you aren’t going to understand everything. It gets complicated when tax is involved, yet everyone is required to pay tax.
Whether you are a PAYE (Pay As You Earn) worker or self-employed you are required to pay the tax man. Even the state contributory pension is taxable. Hiring a tax consultant is a great advantage to ensuring you understand all the tax deductions you are entitled to claim.
Here are a few benefits to hiring a tax professional:
Saves Time
It may be tempting to file and complete all your various taxes yourself, however tax is a time-consuming process, it’s stressful and if you don’t know what you’re doing there’s an increased risk of error.
Sure it seems like a good idea to partake in a DIY job, you’re thinking it will be a lot faster, except this is rarely the case. By the time you collate your tax information, check your deductions and try and spot any errors you made, you have spent well over an hour trying to make ends meet.
A tax consultant can sort everything out quicker and they know exactly what they are doing so no mistakes will be made.
Less Complicated
When tax is involved this is an ever-changing landscape. A procedure you used a few years ago may even be outdated now. The way tax changes make it difficult for the average person to keep up.
Most people will be aware that you must pay tax for the majority of earned incomes. This applies for everyone from employees to business owners. Those under the age of 66 contribute to Pay Related Social Insurance (PRSI).
Yearly incomes over €13,000 must be taxed for Universal Social Charge (USC). Whether you are aware of these ongoing or not, they happen. With a tax consultant at your side the process will be a whole lot simpler.
Effective Financial Planning
Expenditure, any money going out on spending, can be effectively planned out by utilising the services of a tax consultant.
Whether you want to purchase a new car, buy a home or make any significant changes to your business, clear expenditure planning based on the advice of a tax consultant can save you a significant amount of money and keep your tax liabilities as low as possible.
Knowing the appropriate time to make a decision is just as important as knowing what decision to make.
Finding A Tax Consultant In Dublin
If you are looking for a tax consultant in Dublin then Kane Bergin & Co is the perfect fit. Headquartered at Unit H14 Centrepoint Business Park, Oak Road in Dublin 12 we deliver innovative solutions and measurable results in tax consultancy for clients both large and small.
For more than 15 years we have been providing business’ with advice and planning on growth, saving money on tax and an increase in profit without causing any stress. Tax procedures made simple and hassle free.
It won’t even cost you anything to consult with us as we offer a free consultation so what are you waiting for? Phone 01 969 6306 or email info@kanebergin.ie today to discuss our tax consultancy services.