Our services are specifically tailored to those needing extra support in calculating and completing their Income Tax Returns annually.
We consider the clients’ position, their businesses or professions, and the company’s size. We then assist the customer by determining the amounts due and planning the tax payments with customised tax solutions based on the particular profile of each taxpayer.
Among the most common activities carried out by our Firm are those related to various periodical administrative fulfilments of natural persons and small businesses, including the annual tax returns.
All sole traders have responsibility for their taxes from the first day they start trading. Hence, you need to file your tax return and pay your tax by 31st October of the year following the commencement of your trade. This is due to the principles of the self-assessment system existing in Ireland's tax law. So, for example, if one starts trading in April 2022, they are due to submit a tax return and pay the taxes on or before 31st October 2023. However, you should always be prepared for your first tax return, and if you follow the tips below, Big Bucks will have your tax return filed before the deadline date of 31st October.
It is important to remember that you are liable for your business's tax from the first day you start trading. Hence, it would be best if you did the following critically: Keep a record of all transactions in and out of business, such as: All sales invoices for each accounting year. All purchase invoices for each accounting year. All receipts and cheques of money paid out or received into the business for each accounting year. Bank statements/credit card statements for your business account.
If an expense relates to personal and business use, for example, phone bills, cars, and rent, then the cost needs to be divided pro-rata between the company and personal use.
Tax credits come to lower your tax liability; therefore, all efforts must be made to claim all possible tax credits due to a tax paper. A refund may be obtained in some instances. They are dependent on one's circumstances. Examples are:
As a new business owner or a self-employed individual, filing and paying taxes is an obligation that you must work through correctly. This is why Big Bucks Accounting is here to relieve and help you. Call or visit www.bbucksaccounts.ie or email peter@bbucksaccounts.ie for a quote or more information. After that, all you need to do is send us your business transaction details, or we will come to collect them, and we will do the rest!
As explained above, your tax return is due on 31st October of the following year. If your file is submitted late but within two months of the deadline, Revenue imposes a surcharge of 5%. If the tax return is not filed within two months of the deadline, the tariff imposed by Revenue will increase from 5% to 10%. If filing is done online, Revenue does extend the filing deadline by some days for those taxpayers.
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