- Limited Company Accounts
- Preparation and Submission of Annual Return
- Value Added Tax (VAT) & VAT returns
- Payroll advice
- End of year PAYE Return (P35)
- Income Tax Returns for Directors / Shareholders
- Revenue Audit
- Tax Registration
- Business Name Registration
What is a Company?A company is an incorporated business, usually with limited liability and with at least one shareholder. It has a separate legal entity to its owners - the shareholders.
It is important to realise that a limited company is a separate legal entity from its shareholders. This separate identity carries advantages and disadvantages.
What are the advantages of operating as a Limited Company?
- No Personal Liability - Providing you have not engaged in fraud or have traded recklessly, and providing you have not signed personal guarantees, you will not bear personal liability for the debts of the company in the unfortunate scenario that it fails.
- Low Tax Rate on excess profits. The current Corporation Tax on trading profits for a limited company in Ireland is 12.5%. It is important to realise that this is only an advantage if you can afford to leave a portion of the profits in the company and do not need to draw all the profits out as a salary.
What are the disadvantages of operating as a Limited Company?
- Higher compliance costs. The cost of set up and ongoing costs for a limited company are higher than for a sole trader.
- Loss of privacy. Each year the accounts for every limited Company trading in Ireland must be filed with the Companies Registration Office (CRO). These accounts must be accompanied by an Annual Return, which lists the directors and shareholders and also contains financial information about the Company. All documents filed with the CRO are open to public scrutiny.