Your Tax Obligations in Ireland: A Simple Guide

Everyone who earns income in Ireland has tax obligations, but they are easy to overlook until a penalty arrives. In short, you must register for the right taxes, file your returns on time, pay what you owe and keep records for six years.

Register for the right taxes

• Employees and self-employed people register with Revenue for a Personal Public Service (PPS) number-based tax record.
• Employers register for PAYE/PRSI.
• Businesses register for VAT once they exceed the €40,000 (services) or €80,000 (goods) thresholds.
• Companies register for Corporation Tax on incorporation.

File your returns on time

• Self-employed people file an income tax return (Form 11) each year.
• Companies file a Corporation Tax return (Form CT1) each year.
• Employers file PAYE returns on each payroll run.
• VAT-registered businesses file VAT returns, usually every two months.

Pay what you owe

Paying late attracts interest and can lead to penalties. Setting up direct debits for VAT and PAYE is one of the easiest ways to avoid missing payments. For income tax, preliminary tax is generally due by 31 October (or mid-November when paying online).

Keep records for six years

You must keep the records behind your returns — invoices, receipts, bank statements and books — for six years. Revenue can ask to see them, and having them organised makes any enquiry far less painful.

If you are unsure whether you have registered for the right taxes or are up to date with your filings, talk to Bradán Accountants — we will review your position and keep you compliant.

Sources

• Revenue.ie – Paying and filing your tax
• Revenue.ie – Keeping records