Over the past nine years, Liam Burns has provided Accountancy and Taxation services for tradesmen, builders, principal contractors and sub-contractors (including carpenters, electricians, plumbers, plasterers and general builders).
With the economy stabilising and the construction industry beginning to pick up again, now is the perfect time to assess your financial situation and ensure you are soundly positioned to build and/or rebuild your business and keep a close eye on your finances and business systems to enable you to thrive in the coming years.
With Liam Burns & Co, you can be assured that your business is not only compliant but is structured efficiently to become successful and maximise your after-tax profits.
Having extensive experience in accounting and taxation for builders and tradesmen, Liam Burns & Co. can provide the solutions to meet your needs in relation to Accountancy, Bookkeeping, Payroll, Income Tax, RCT, VAT, PAYE, and Corporation Tax.
We understand the long hours and hard physical work involved in the building game and how this impacts on the bookkeeping and administration end of the business. In many cases it leads to a lack of focus on the financial aspect of the business and leads to the ultimate failure of businesses. We will not only minimise the hassle for builders but will also take the time to review your business processes and mentor clients in improving the business systems.
So what exactly can Liam Burns & Co do for you?
We will prepare Annual Accounts, submit VAT, Corporation Tax, PAYE, RCT Returns and prepare and submit companies office returns as required.
In certain cases, when deemed more efficient and cost-effective for clients, we will train clients or their staff to maintain their own book-keeping and payroll records. We will advice on appropriate software to cater for each business ensuring your books and records are up to date and accurate at all times.
The difference with our service, however, is that as Chartered Tax Advisers, you can be assured that your taxes will be kept as efficient as possible and any available reliefs will be maximised in full – guaranteeing maximum after-tax profits for you and your business.
4 Free Services We Provide
1. Register for Taxes
As part of our initial consultation, we will register new businesses and sole traders under all tax heads free of charge.
2. Register Business Name (Trading As)
Should an individual or Limited Company wish to trade under a different name, we will register your business name – Again Free of Charge, as part of an introductory offer – there is however a €20 filing fee charged by the Companies Registration Office in relation to this.
3. Advise on the most appropriate business structure
In many cases tradesmen and builders are ill advised in how to structure the business. We will advise on the options, advantages and disadvantages on whether to trade as a sole trader, partnership or Limited Company.
For example, for tax purposes, if your annual profits are not more than €32,800 it not likely to be more efficient to trade under a Limited Company structure and the additional costs and administration would generally lead you to sway more towards a sole trader operation.
As turnover and profits increase, we will advise on the optimal time to change from a sole trader or partnership to a limited structure.
4. Four Year PAYE Tax-Back Review
When you do decide to use Liam Burns & Co. as your professional accountant and tax adviser, we will review your PAYE history and reclaim, if possible, any tax-back due to you.
Advice on Business Processes – Staff or Subcontractors
Employing staff and taking on subcontractors can be one of the highest costs in the building industry.
Many builders and tradesmen do not allocate enough attention to weighing up the cost of taking on staff and/or subcontractors and the actual benefit to them in the short and long term. We advise on what the most optimal amount of staff or subcontractors and explain the implications, costs and additional administration burdens of each, ensuring clients are well informed and understand what level of productivity is required to ensure hiring becomes profitable.
Relevant Contract Tax – RCT
With the introduction of the new online RCT system for subcontractors and principal contractors, it is imperative for principal contractors to keep on top of their bookkeeping and records.
We provide assistance and training to clients in getting an efficient system up and running. We will guide you through the process and regularly review your system and records to ensure your business is compliant and does not end up paying unnecessary surcharges, penalties and interest
Alternatively, we provide a full bookkeeping service, including processing of RCT payments and contracts, if you prefer to offload the burden and hassle and concentrate on the day job.
Personal Financial Advice – Pensions, Life Cover and Income Protection
It is important to respect the fact the in the building industry the risk are high in relation to accidents in the workplace. Should something happen to you in the workplace or otherwise, leaving you out of work for a period, you should have some cover in place to prepare for such a situation.
Liam Burns and Co. are tax advisers for many clients of Ocean Finance, specialists in providing the most competitive financial products to clients. We have teamed up with Ocean Finance, who will get you the best quotes from a range of different providers, with no charge to you.
We will also ensure, this is done tax efficiently, costing you as little as possible
We will advise on the allowable expenses for tax purposes, ensuring you and your business are optimising allowable costs and minimising tax liabilities while maintaining compliance.
Examples of expenses allowable are:
- Cost of Motor Vehicles (over 8 years)
- Diesel and/or Petrol
- Other Travel Costs
- Insurance, Motor & General
- Subcontractors & Employees
- Workwear and Tools
- Print, Post, Stationery, computer costs
- Company Pensions
- Accounts and software expenses
- Any expenses ‘Wholly & Exclusively’ for the purposes of the trade
Indication of Our Fees (Excl VAT)
Accounts, Income Tax, Corporation Tax and Companies Office Returns
Sole Traders – From €700 per annum (Up to 50k turnover)
Limited Company – From €1,400 per annum (50k to 100k Turnover)
Payroll, VAT, RCT and Bookkeeping
Fees will depend on the volume of each and the time taken to prepare and submit returns. Liam Burns & Co keep these fees to a minimum.
€100 per month, based on 1-3 employees or subcontractors, bi-monthly Vat Returns and turnover of up to €100k