Income Tax Services

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.

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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.

FAQs

Income tax is a tax on your earnings from your sole trader business or any other income you earn in Ireland.

If you are resident in Ireland and earn an income here, you will likely need to pay income tax. The amount of tax you pay will depend on your earnings and any tax deductions you’re eligible for.

You will be resident in any tax year that you spend 183 days or more in Ireland. There is also a look back rule if you spend more than 280 days in the current tax year and the preceding year.

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 online through the Revenue Online Service (ROS) or we can do it on your behalf.

The deadline for filing your income tax return is usually October 31st of the following year. For example, the deadline for the 2022 tax year is October 31st, 2023. There is usually a filing extension to mid November if filing online via ROS.

The tax rates and bands for the 2023 tax year 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%

As a sole trader, you may be eligible for tax deductions such as expenses related to your business or pension contributions. It’s important to keep track of these expenses throughout the year.

You can file your income tax return online through the Revenue Online Service (ROS) or by paper form.

Usually there is PRSI to be paid of 4%, this covers your social insurance benefits. There is also the Universal Social Charge (USC) which was introduced as a “temporary” measure in 2011 but is not going anywhere. This starts at 2% and rises to 8% for income over €47k. You pay no USC if your income is below €13k and you pay an additional 3% if your non-PAYE income is over €100k.

PAYE (Pay As You Earn) is a system of deducting tax from an employee’s income before they receive it. As an employer, you will need to deduct and pay PAYE taxes on your employees’ behalf.

If you don’t file your income tax return on time, you may face penalties and interest charges. It’s important to file your return on time to avoid these additional costs. There is a 5% surcharge automatically applied if you are late filing and this increases to 10% after two months.

Bradan Accountants is a reliable and experienced provider of income tax services in Ireland. Our team of accountants can help you navigate the complex landscape of Irish income tax regulations, ensure that you stay compliant with the law, and help you identify any tax deductions you may be eligible for.