Tax Tips For Startups

Tax Tips For Startups

Keeping your tax affairs in order will put you and your business in a better position to hit the ground running when it comes to when those main tax dates come around.


  1. Ensure that you file your returns on time to avoid any interest being added. The Revenue calculates interest on a daily basis so missing the due date can be costly.


  1. At the start of every year, review any taxes you have due. Your business may be eligible to file in returns and make payments less regularly.


  1. Make sure that enough of your preliminary tax is paid in order to avoid any interest charges.


  1. Use the revenue online service to manage your tax. “Revenue Online Service (ROS) enables you to view your own, or your client’s, current position with Revenue for various taxes and levies, file tax returns and forms, and make payments for these taxes online in a variety of ways.”


  1. If at least 75% of your turnover is made from sales to customers outside Ireland you may be able to register with the Revenue to receive all supplies without VAT. You can apply with VAT form VAT 56A. You can download this form from the Revenue website here.


  1. Find out if any tax reliefs can be claimed and employ a qualified tax advisor to you prepare your submission.


If you allow your business to go into tax arrears the revenue had the power to; refer the debt collection to the Revenue Sheriff, who can seize assets of the business and sell them to pay tax debts, can issue a “power of attachment order” to a debtor who owes the taxpayer money, requiring the money to be paid directly to Revenue, get a court judgment against the taxpayer can be sought, which can result in the forced sale of assets, an instalment order or a bankruptcy petition.


If you are unsure about the taxes you have to pay to consult a qualified tax advisor to help you get your tax affairs in order.