A pet hate for Irish limited companies and sole traders is tax. We know what you mean, people hate paying it, don’t understand the forms and end up having to pay an accountant to manage it for you.

At Bullet, with our online accounting solution, we’ve been spending the past year working hard to automate all the accounting returns that a limited business or sole trader needs to do from VAT to P35L’s. One of the features we’ll be releasing soon on Bullet is ‘Tax as a Timeline’. Our research showed how confused people get about taxes and when they need to be paid.

There are well over 800 million people using Facebook; it’s the king of time-lines, so we thought why not present Irish company tax as a Facebook timeline to help people understand it better.

Infographics – Irish Company Tax explained as a Facebook Timeline – Bullet HQ

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Infographic - Irish Company Tax Explained as a Facebook Timeline | online accounting solution

Infographic - Irish Company Tax Explained as a Facebook Timeline | online accounting solution

VAT Returns (ROS)

You pay your VAT every 2 months, unless the Revenue gives you a specific payment schedule. You pay the month following a two month accounting period. So in March, you pay for January and February, and so on.

Payroll

P30 (ROS) 

Submitted monthly and quarterly. Provides revenue with information on how much tax and PRSI you’ve withheld from your employee’s wages.

P35L (ROS)

An annual return of employee wages details. It’s basically all your P30’s added together.

CT1 (ROS)

This is the form you use to estimate and pay your Corporation Tax. New Companies are often exempt for the first few years

B1 – Annual Return (CRO)

This is the form you must return to the Companies Registration Office each year. I must be accompanied by accounts unless you have claimed an audit exemption.

 

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