Bradán Accountants, an Irish accounting company based in Dublin and Galway, offering income tax services to individuals and businesses.
Income tax is a tax on your earnings from your sole trader business or any other income you earn in Ireland. As a leading provider of accounting services, we help our clients navigate the complex landscape of Irish income tax regulations and ensure they stay compliant with the law.
Keeping you up-to-date with the Revenue.
It’s essential to keep up-to-date with any updates from Revenue, the Irish tax authority, as income tax rates and bands change every year. Our team of experienced accountants can help you stay informed and updated with any changes that may impact your income tax liability.
If you’re a sole trader, you will need to register for income tax with Revenue within 30 days of starting your business. You can do this easily online through the Revenue Online Service (ROS). We can help you with the registration process and ensure that you have all the necessary documents and information to register with ease.
Filing TAX Returns Every Year.
As a sole trader, you will also need to file an income tax return every year, which will detail your earnings and any tax deductions you’re eligible for. The deadline for filing your income tax return is October 31st of the following year but there is an online filing extension usually to mid-November. Our team of accountants can help you with the filing process, ensuring that you meet the deadline and avoid any penalties.
The amount of income tax you’ll pay will depend on your earnings and any tax deductions you’re eligible for. Our team of accountants can help you identify any tax deductions you may be eligible for and ensure that you pay the correct amount of tax. The tax rates and bands for the 2023 tax year (as of 2023) are as follows:
- Income up to €40,000 is taxed at a rate of 20%
- Income over €40,000 is taxed at a rate of 40%
Keeping you well informed.
As a sole trader, you may also be eligible for some tax deductions, such as expenses related to your business or pension contributions. Our team of accountants can help you identify these deductions and ensure that you claim them correctly.
If you have employees, you will also need to deduct and pay PAYE (Pay As You Earn) taxes on their behalf. This can be done through the Revenue Online Service. We can help you with this process and ensure that you comply with all relevant regulations.
It’s important to keep accurate records of your income and expenses throughout the year, as well as any relevant paperwork or receipts. This will make filing your income tax return much easier and ensure that you pay the correct amount of tax. Our team of accountants can help you set up an efficient record-keeping system and ensure that you keep track of all relevant information.
Bradán Accountants can help you navigate the complex landscape of Irish income tax regulations and ensure that you stay compliant with the law.