Thinking of starting a business? Liam Burns & Co Accountants and Tax Advisers specialise in business startups, providing essential advice and information required for individuals starting new businesses or new companies, guiding you every step of the way and assisting with all aspects of your business.
Some tax advantages for start-up businesses
Start your own Business Relief (Sole Traders, Partnerships)
An exemption from income tax, up to a maximum of €40,000 income per annum is available for a period of two years to individuals who set up a qualifying unincorporated business, having been unemployed for a period of at least 12 months prior to establishing the business. The business must be set up before 31 December 2016.
The relief means you can make a profit of up to €40,000 and pay no income tax on this amount. PRSI and USC will be payable as normal. Amounts over €40,000 cap are also taxable.
Start Up Companies Tax Relief (Limited Companies)
Start up companies can still avail of the tax relief, extended in the Finance Act 2014, to companies that start trading in 2015, which allows them relief from corporation tax for the first three years of trading (now extended through to 2018). The relief is linked to the amount of employers PRSI paid by the company.
Therefore, subject to a maximum of €5,000 per employee, a company can reduce the corporation tax payable by up to €40,000 per year if it employs staff and pays employers PRSI in this amount.
Our advice includes:
- Whether to set up as a Sole trader, partnership or Limited Company
- Advantages and disadvantages of each – for example, the different tax rates associated with each, the administration levels and associated costs, and the available tax reliefs such as the business start-up relief (Limited Companies) and start your own business relief (Sole Traders/Partnerships)
- Information on requirements and obligations of each – For example, registering for taxes, incorporating a company, registering a business name, opening a bank account.
Once you have decided to set up the business, we provide the essential professional services required to keep on top of your finances and enable you to manage your business effectively, guaranteeing compliance with relevant authorities and maximizing efficiency and overall profit for your business.
Our services include:
- Registration with relevant authorities (FREE)
- Assistance with Business Plans/Cash flows/Forecasts
- Assistance with obtaining finance/loan applications
- Annual Accounts preparation
- Management Accounts as required
- Company Secretarial Services
- Bookkeeping (Full service or Client initial training)
- Payroll (Full service or Client initial training)
Liam Burns is also a Chartered Tax Adviser, and offers expert services to guarantee the business is tax efficient. All clients of Liam Burns & Co are kept fully informed of tax obligations and reliefs available and the following tax services are readily available and generally provided standard practice by the firm.
- Income Tax Advice Returns – Individuals and Partnerships
- Corporation Tax Advice and Returns
- VAT Returns
- Employer Tax Returns – P30’s (Monthly Returns), P35’s (Annual Return)
- Set up of DD Payments for taxes to ease of cashflow
- FREE – 4 year PAYE Review – You may be due tax back – enquire here!!
- Advice on tax efficient ways of buying business assets
- Advice on the most tax efficient way to extract profits from the business