It can be tempting to try to save money by completing your own accounts and tax return, but it can be an expensive mistake. There are so many laws to be complied with and regulations to be followed, for a layperson it’s an area of great complexity. For accountants it’s the job they trained to do, and they understand all the things that need to be done. They know what you can and can’t claim for, what you should be declaring as sales and how to help you make your business more efficient.
However, some accountants go one step further and undertake specialist training as a tax consultant. This involves learning the extra skills relating to tax, not just for Ireland but for international taxes as well.
How A Tax Consultant Could Help Your Business
Are you thinking of replacing your company vehicles and wondering if you should buy or lease them? Are you considering buying a new commercial property so you can expand your business? Perhaps you are considering making someone else a partner or changing the legal status of your business from a sole trader to a limited company.
These are just a few of the business decisions that have tax implications, and how they are handled can reduce the amount you have to hand over to the Revenue. Any business decision can have tax implications, which why a tax consultant will be the ideal person to help you make the right choice to keep your tax liabilities as low as possible.
The last thing you want is to make an investment in your business only to find out afterwards you could have saved money by structuring it in a more tax efficient way.
You should speak with a tax consultant before making any large investment or any other important business decision, as they will be able to provide expert guidance and advice to keep your tax bill as low as possible.
They also have the expertise to guide you in making your business more profitable and to help you grow.
Direct Taxes In Ireland
The tax system in Ireland is complicated. There may be taxes you might not even be aware of you could potentially avoid with the right advice and planning.
Most people are aware you have to pay tax on most earned incomes, whether you are employed or run your own business. If you are under 66 you also have to pay social insurance contributions (PRSI). There is also the Universal Social Charge (USC) payable once your income reaches 13,000 euros, after relief for certain capital allowances. All three of these are forms of direct tax on your income, regardless of your legal status for work.
Capital Acquisitions Tax is an umbrella term that includes such liabilities as taxes on gifts and inheritances. These can amount to quite large sums, but if the gift or inheritance is handled in the right way, there are ways of reducing the amount payable. This needs to be sorted before the gift is made or the will is completed, and it can be hugely beneficial to speak with a tax consultant at this time.
The rate of Corporation Tax is lower in Ireland than in many other European countries, but a company still does not want to pay more than it needs to. It is currently 12.5% on trading income and 25% on non-trading or investment income.
Capital Gains Tax is the same rate of 33% whether you are an individual or a company. When you sell a chargeable asset, which includes property, shares and goodwill, the original cost is deducted from the sale price and tax is payable on the gain.
All of these direct taxes are worth discussing with a tax consultant, as if there is anyway of reducing them they will be able to help you plan to ensure you keep as much of your money as possible.
Indirect Taxes In Ireland
Now you have been taxed on income in its different forms with the relevant taxes, you would hope that is all the tax you have to pay. Unfortunately, not just in Ireland, but also in most other countries worldwide, you have to pay indirect taxes as well. These include Value Added Tax (VAT), Stamp Duties, Customs & Excise Duties, and Vehicle Taxes.
These are set amounts laid down in law by the country you’re in, and some of them, such as VAT, are paid by visitors and tourists as well as the citizens of the country.
Finding a Tax Consultant In Dublin
If you are looking for a tax consultant in Dublin you need look no further than Kane Bergin & Company. Based at the Centerpoint Business Park in Oak Road Dublin, we are able to offer all the business related accounting and bookkeeping services you will ever need, tax consultancy being just one of our areas of expertise.
For more than 15 years we have been providing businesses with the highest standard of accounting and auditing, keeping the whole process as efficient and stress free as we can. Our bookkeeping services will take the burden of this work from your shoulders, leaving you to do what you do best, run your business. We can deal with your VAT and PAYE, and at the year-end hand over everything to our accounting department all in good order and ready for your accounts to be prepared.
Company secretaries now have much more responsibility than most people realise when they agree to take the position on. That need not be a problem when you use the company secretarial service at Kane Bergin & Company.
We are in business to help your business, and whether you need management accounts, have a Vat visit, just want advice, or anything else business related, we have the experts to assist you.
It will cost you nothing to find out how we can help you, just give us a call on 01 969 6306 to arrange a free consultation today. We look forward to hearing from you.