Starting a business - There are certain areas which commonly come up for new businesses which we have tried to answer for you below.
This choice should be based on your business activity, size and a number of other factors.
Read our blog post 6 Key areas to consider when deciding on a Sole Trader or Limited
Company for more detailed information.
In most cases, a business will be liable for some, if not all of the following: Income Tax or
Corporation Tax, VAT, and PAYE/PRSI. Your accountant will advise on the taxes you are
liable for once the business structure has been decided on. However, it is worth discussing
your business structure with your accountant first to ensure your structure is the most tax
efficient for your business.
It is advisable to keep good records, understand what expenses you can offset against your
taxes and plan ahead. For more information, we have a dedicated Annual Accounts and Tax
In terms of accounting, consistency and reliability are key and for these to be possible, good
processes are essential. At Bradan Accountants, we recommend using suitable technology
such as Xero Accounting or other Cloud based accounting software to ensure this.