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TaxAssist Accountants Dublin North City Brochure

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Fergus McNamara

This document provides information about TaxAssist Accountants, an accounting firm that offers services for small businesses and individuals. They offer fixed fee pricing, help clients pay only the legally required minimum in taxes, and avoid unnecessary jargon. Their services include tax returns, bookkeeping, payroll, VAT returns, and business advice. They provide guidance on business structures, tax planning, and starting a new business. They can help clients understand and comply with their tax and legal obligations.

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TAX & ACCOUNTANCYUNTANCY A5 Brochure Fairview:Layout 1 10/01/2014 15:11 Page 2
Open and friendly approach We are local to you, with a free initial consultation. We are happy to meet you out of hours too. Upfront pricing Fixed fees, payable monthly, no surprises. Straightforward to understand We avoid jargon. Saving you money On tax you pay the legal minimum, not a cent more. Perfect for small businesses Because you dont need a big accountant. Just one thats right for you. To sum up... you do your business, we do your books A5 Brochure Fairview:Layout 1 10/01/2014 15:11 Page 3
TAX & ACCOUNTANCY ADVICE JUST FOR YOU End Of Year Accounts Bookkeeping Payroll VAT Returns Tax Returns Tax Planning Company Formations A5 Brochure Fairview:Layout 1 10/01/2014 15:11 Page 4
At TaxAssist Accountants we encourage people who are about to start in business to come and talk to us 鍖rst. We can help you get the business off the ground; look at your cash鍖ow position, 鍖nd the best bookkeeping system for you and discuss the tax opportunities available. Business structure Before choosing to operate as a sole trader, a partnership or a limited company, you need to consider several factors such as commercial risk, expected pro鍖tability, 鍖nancing, use of cars, tax planning preparation and remuneration. We can talk you through this important decision. Finding your friendly bank manager Identify banks and 鍖nance companies. These are some of the most important contacts for your business so it is crucial that you are well prepared for the 鍖rst meeting. Business planning A business plan can be an important tool even if you are not looking to borrow any money as they can help you understand your current position, set clear goals and give you an indication of what the future holds. When drawing up your business plan you should consider: your objectives for the business your expectations of sales, costs, margins and pro鍖tability your experience or quali鍖cations in the type of business you want to launch how you will 鍖nance the business Make your 鍖rst step, the right step A5 Brochure Fairview:Layout 1 10/01/2014 15:11 Page 5
How we can help It is much easier to avoid making mistakes and maximise your chances of success if your business is well planned before you launch. We would be happy to assist with the preparation of the business plan and talk you through the best structure for your business. If you would like to discuss starting your own business, please contact your local TaxAssist Accountant. We deal with hundreds of start-ups every month so we know how to tailor our advice to your needs. A5 Brochure Fairview:Layout 1 10/01/2014 15:11 Page 6
Take advantage of the most bene鍖cial tax arrangements available to you How we can help Choosing the right structure for your business is not always an easy decision. We would be happy to discuss your individual requirements and undertake a proper assessment to enable you to decide on the best way forward. If you do decide to change the structure of your business, we can walk you through and take care of every step of the transition. At TaxAssist Accountants we make sure that your business structure suits your trade and your needs. We will review this when you join us and monitor it as your business grows and its needs change. What is a limited company? A limited company is a distinct legal entity that is able to enter into contracts in its own name. This means that any income received, and any costs incurred, by the company are the responsibility of the company, not that of the director and shareholders. A comparison Sole trader No distinction between what belongs to the business and what belongs to the proprietor. Therefore, personal assets can be seized if anything goes wrong. Generally cheaper set-up and professional fees. Fewer reporting requirements. Limited company Trading as a limited company looks like the business has status. Loss of privacy because information and 鍖nancial data about the company and the people involved is available to the public. Can be very tax ef鍖cient. A5 Brochure Fairview:Layout 1 10/01/2014 15:11 Page 7
Are you paying too much tax? How we can help if you would like to discuss reducing your tax bill or any other issue raised above please get in touch with your local TaxAssist Accountant. We can also send you a regular newsletter packed with tips to keep you up-to-date with changes. At TaxAssist Accountants we want our clients to pay the right amount of tax that they are legally obliged to and no more! Tax can arise on all sorts of income, such as on pro鍖ts from trade, pro鍖ts from the sale of assets, employment income, investment income and so on. Tax legislation contains many allowance and reliefs that will help you to minimise or defer your tax liabilities. However the staff at the Revenue Commissioners are not able to advise you on how to organise your affairs and minimise your tax. If you want to make sure you are paying the right amount of tax, you need to consult a professional, such as your local TaxAssist Accountant. Your TaxAssist Accountant will ensure you are claiming all the available deductions, allowances and reliefs. And if cash鍖ow is tight, we can assess the opportunity to defer your tax payments with Revenue on your behalf. We will also ensure that your reporting requirements are limited to your legal obligation to reduce the administrative burden on you. Your TaxAssist Accountant can also take an overview of your assets and if they feel you need 鍖nancial planning advice, we have a number of recommended partners that we can put you in touch with. A5 Brochure Fairview:Layout 1 10/01/2014 15:11 Page 8
Make your 鍖rst step, the right step At TaxAssist Accountants we encourage people who are about to start in business to come and talk to us 鍖rst. We can help you get the business off the ground; look at your cash鍖ow position, 鍖nd the best bookkeeping system for you and discuss the tax opportunities available. What is VAT? Value Added Tax (VAT) is a tax that is charged by VAT registered businesses on most goods and services sold. When VAT registered businesses buy goods and services they can generally reclaim the VAT they have paid. Businesses can voluntarily register for VAT if they wish, but if the turnover of a business exceeds certain limits then they are obliged to register for VAT. VAT registered businesses have to report the VAT they have charged on their sales and reclaimed on their purchases to the Revenue Commissioners at regular intervals on VAT returns. If the VAT charged on their sales is higher than the VAT reclaimed on their purchases, then they must pay this difference to Revenue. If it is the other way around, they are due a refund from Revenue. A5 Brochure Fairview:Layout 1 10/01/2014 15:12 Page 9
Businesses that became VAT registered after 1 April 2010 are required to 鍖le their returns online and make any payments to Revenue electronically. The pitfalls There are various rates of VAT so it is important that you correctly apply them. Mixed personal and business use can impact on the VAT you can reclaim on your expenses, and certain types of expenses, whether business or personal, are never allowed to have their VAT reclaimed. The Revenue Commissioners demand a certain level of detail on the invoices of VAT registered businesses and that they keep certain records to prove the VAT they have reclaimed on their expenses. The Revenue Commissioners now have the power to 鍖ne businesses with inadequate or inaccurate records. Therefore, make sure you are recording the entries in a timely and organised manner. How we can help As a client of TaxAssist Accountants, we will monitor the turnover of your business to ensure you meet your obligation to become or cease to be VAT registered. We can help you register for VAT and help you understand and choose the right VAT scheme for you. We can also help you set up your bookkeeping system and train you to use it so that you meet your reporting requirements and deadlines. Speak to us today to 鍖nd out if and when you should register for VAT. A5 Brochure Fairview:Layout 1 10/01/2014 15:12 Page 10
Employing someone How we can help We can advise you regarding all aspects of payroll preparation and compliance, making sure your calculations are correct and that you meet your statutory deadlines and requirements. We can also offer advice on recruitment and staff retention and provide human resources consultancy services Your local TaxAssist Accountant would be happy to discuss the implications of employing someone. Employment red tape can be daunting, but we can guide you through the process, costs, calculations and deadline or even take care of everything for you. What is PAYE? PAYE stands for Pay As You Earn and is the system that the Revenue uses to collect income tax and national insurance from employees. If you employ someone and pay them above a certain threshold, you will need to register as an employer and calculate and deduct the tax and national insurance they owe the Revenue Commissioners. You then pay these deductions to Rev- enue on their behalf at regular intervals. Employers responsibilities As said, you need to calculate how much tax and national insurance your employee owes. If you pay their deductions over to the Revenue Commissioner late or do not pay the correct amount you could face interest charges and penalties. Calculating wages and deductions can be tricky if your employee goes on sick leave or has a baby. You also need to be aware of the rights during these periods of absence too. If your employee receives tips, bene鍖ts and expenses there are yet more rules on how to account for their tax and national insurance. There are also various forms you must complete when something changes with your employees. For example, if they leave your employment. Furthermore, after 31 December every year you must complete year end forms some of these will go to the Revenue Commissioner and some to your employees for their records. Late submissions of these year end forms can lead to penalties. A5 Brochure Fairview:Layout 1 10/01/2014 15:12 Page 11
How we can help TaxAssist Accountants can help contractors with the registration process, verifying any subcontractors you take on, paying your subcontractors and preparing the required paperwork and records. We can also help subcontractors with their registration process, veri鍖cation and with the Revenue Commissioners, managing the business and records and preparing the self-assessment tax return at the year end. So whether you are a contractor or a subcontractor, TaxAssist Accountants can help you keep your RCT affairs in order. Contractors and subcontractors TaxAssist Accountants would be happy to discuss your responsibilities to register as a contractor or subcontractor and the obligation of such registration. What is RCT? RCT stands for Relevant Contracts Tax. RCT sets out the special rules for subcontractors who work within the construction industry and how payments from contractors must be handled. Contractors As a contractor you have certain obligations under the scheme, including registering with the scheme, checking whether your subcontractors are registered with the Revenue Commissioners, paying subcontractors and submitting monthly returns. There can be a hefty 鍖ne if you fail to meet your responsibilities. Subcontractors If you are a subcontractor you need to register with the Revenue Commissioners. You must also keep Revenue informed of any changes to your business, including changes to the structure, address, business name, owners and so forth. We can guide you through the changes that have occurred recently to the RCT system. A5 Brochure Fairview:Layout 1 10/01/2014 15:12 Page 12
Dublin North City Tel: 01 531 3483 www.taxassist.ie/dublinnorthcity You do what you do best run your business and leave us to look after the books. Your affairs will be in the safe hands of TaxAssist Accountants. Our services are speci鍖cally designed to meet the needs of small businesses and tax payers, giving you peace of mind. A5 Brochure Fairview:Layout 1 10/01/2014 15:11 Page 1

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TaxAssist Accountants Dublin North City Brochure

  • 1. TAX & ACCOUNTANCYUNTANCY A5 Brochure Fairview:Layout 1 10/01/2014 15:11 Page 2
  • 2. Open and friendly approach We are local to you, with a free initial consultation. We are happy to meet you out of hours too. Upfront pricing Fixed fees, payable monthly, no surprises. Straightforward to understand We avoid jargon. Saving you money On tax you pay the legal minimum, not a cent more. Perfect for small businesses Because you dont need a big accountant. Just one thats right for you. To sum up... you do your business, we do your books A5 Brochure Fairview:Layout 1 10/01/2014 15:11 Page 3
  • 3. TAX & ACCOUNTANCY ADVICE JUST FOR YOU End Of Year Accounts Bookkeeping Payroll VAT Returns Tax Returns Tax Planning Company Formations A5 Brochure Fairview:Layout 1 10/01/2014 15:11 Page 4
  • 4. At TaxAssist Accountants we encourage people who are about to start in business to come and talk to us 鍖rst. We can help you get the business off the ground; look at your cash鍖ow position, 鍖nd the best bookkeeping system for you and discuss the tax opportunities available. Business structure Before choosing to operate as a sole trader, a partnership or a limited company, you need to consider several factors such as commercial risk, expected pro鍖tability, 鍖nancing, use of cars, tax planning preparation and remuneration. We can talk you through this important decision. Finding your friendly bank manager Identify banks and 鍖nance companies. These are some of the most important contacts for your business so it is crucial that you are well prepared for the 鍖rst meeting. Business planning A business plan can be an important tool even if you are not looking to borrow any money as they can help you understand your current position, set clear goals and give you an indication of what the future holds. When drawing up your business plan you should consider: your objectives for the business your expectations of sales, costs, margins and pro鍖tability your experience or quali鍖cations in the type of business you want to launch how you will 鍖nance the business Make your 鍖rst step, the right step A5 Brochure Fairview:Layout 1 10/01/2014 15:11 Page 5
  • 5. How we can help It is much easier to avoid making mistakes and maximise your chances of success if your business is well planned before you launch. We would be happy to assist with the preparation of the business plan and talk you through the best structure for your business. If you would like to discuss starting your own business, please contact your local TaxAssist Accountant. We deal with hundreds of start-ups every month so we know how to tailor our advice to your needs. A5 Brochure Fairview:Layout 1 10/01/2014 15:11 Page 6
  • 6. Take advantage of the most bene鍖cial tax arrangements available to you How we can help Choosing the right structure for your business is not always an easy decision. We would be happy to discuss your individual requirements and undertake a proper assessment to enable you to decide on the best way forward. If you do decide to change the structure of your business, we can walk you through and take care of every step of the transition. At TaxAssist Accountants we make sure that your business structure suits your trade and your needs. We will review this when you join us and monitor it as your business grows and its needs change. What is a limited company? A limited company is a distinct legal entity that is able to enter into contracts in its own name. This means that any income received, and any costs incurred, by the company are the responsibility of the company, not that of the director and shareholders. A comparison Sole trader No distinction between what belongs to the business and what belongs to the proprietor. Therefore, personal assets can be seized if anything goes wrong. Generally cheaper set-up and professional fees. Fewer reporting requirements. Limited company Trading as a limited company looks like the business has status. Loss of privacy because information and 鍖nancial data about the company and the people involved is available to the public. Can be very tax ef鍖cient. A5 Brochure Fairview:Layout 1 10/01/2014 15:11 Page 7
  • 7. Are you paying too much tax? How we can help if you would like to discuss reducing your tax bill or any other issue raised above please get in touch with your local TaxAssist Accountant. We can also send you a regular newsletter packed with tips to keep you up-to-date with changes. At TaxAssist Accountants we want our clients to pay the right amount of tax that they are legally obliged to and no more! Tax can arise on all sorts of income, such as on pro鍖ts from trade, pro鍖ts from the sale of assets, employment income, investment income and so on. Tax legislation contains many allowance and reliefs that will help you to minimise or defer your tax liabilities. However the staff at the Revenue Commissioners are not able to advise you on how to organise your affairs and minimise your tax. If you want to make sure you are paying the right amount of tax, you need to consult a professional, such as your local TaxAssist Accountant. Your TaxAssist Accountant will ensure you are claiming all the available deductions, allowances and reliefs. And if cash鍖ow is tight, we can assess the opportunity to defer your tax payments with Revenue on your behalf. We will also ensure that your reporting requirements are limited to your legal obligation to reduce the administrative burden on you. Your TaxAssist Accountant can also take an overview of your assets and if they feel you need 鍖nancial planning advice, we have a number of recommended partners that we can put you in touch with. A5 Brochure Fairview:Layout 1 10/01/2014 15:11 Page 8
  • 8. Make your 鍖rst step, the right step At TaxAssist Accountants we encourage people who are about to start in business to come and talk to us 鍖rst. We can help you get the business off the ground; look at your cash鍖ow position, 鍖nd the best bookkeeping system for you and discuss the tax opportunities available. What is VAT? Value Added Tax (VAT) is a tax that is charged by VAT registered businesses on most goods and services sold. When VAT registered businesses buy goods and services they can generally reclaim the VAT they have paid. Businesses can voluntarily register for VAT if they wish, but if the turnover of a business exceeds certain limits then they are obliged to register for VAT. VAT registered businesses have to report the VAT they have charged on their sales and reclaimed on their purchases to the Revenue Commissioners at regular intervals on VAT returns. If the VAT charged on their sales is higher than the VAT reclaimed on their purchases, then they must pay this difference to Revenue. If it is the other way around, they are due a refund from Revenue. A5 Brochure Fairview:Layout 1 10/01/2014 15:12 Page 9
  • 9. Businesses that became VAT registered after 1 April 2010 are required to 鍖le their returns online and make any payments to Revenue electronically. The pitfalls There are various rates of VAT so it is important that you correctly apply them. Mixed personal and business use can impact on the VAT you can reclaim on your expenses, and certain types of expenses, whether business or personal, are never allowed to have their VAT reclaimed. The Revenue Commissioners demand a certain level of detail on the invoices of VAT registered businesses and that they keep certain records to prove the VAT they have reclaimed on their expenses. The Revenue Commissioners now have the power to 鍖ne businesses with inadequate or inaccurate records. Therefore, make sure you are recording the entries in a timely and organised manner. How we can help As a client of TaxAssist Accountants, we will monitor the turnover of your business to ensure you meet your obligation to become or cease to be VAT registered. We can help you register for VAT and help you understand and choose the right VAT scheme for you. We can also help you set up your bookkeeping system and train you to use it so that you meet your reporting requirements and deadlines. Speak to us today to 鍖nd out if and when you should register for VAT. A5 Brochure Fairview:Layout 1 10/01/2014 15:12 Page 10
  • 10. Employing someone How we can help We can advise you regarding all aspects of payroll preparation and compliance, making sure your calculations are correct and that you meet your statutory deadlines and requirements. We can also offer advice on recruitment and staff retention and provide human resources consultancy services Your local TaxAssist Accountant would be happy to discuss the implications of employing someone. Employment red tape can be daunting, but we can guide you through the process, costs, calculations and deadline or even take care of everything for you. What is PAYE? PAYE stands for Pay As You Earn and is the system that the Revenue uses to collect income tax and national insurance from employees. If you employ someone and pay them above a certain threshold, you will need to register as an employer and calculate and deduct the tax and national insurance they owe the Revenue Commissioners. You then pay these deductions to Rev- enue on their behalf at regular intervals. Employers responsibilities As said, you need to calculate how much tax and national insurance your employee owes. If you pay their deductions over to the Revenue Commissioner late or do not pay the correct amount you could face interest charges and penalties. Calculating wages and deductions can be tricky if your employee goes on sick leave or has a baby. You also need to be aware of the rights during these periods of absence too. If your employee receives tips, bene鍖ts and expenses there are yet more rules on how to account for their tax and national insurance. There are also various forms you must complete when something changes with your employees. For example, if they leave your employment. Furthermore, after 31 December every year you must complete year end forms some of these will go to the Revenue Commissioner and some to your employees for their records. Late submissions of these year end forms can lead to penalties. A5 Brochure Fairview:Layout 1 10/01/2014 15:12 Page 11
  • 11. How we can help TaxAssist Accountants can help contractors with the registration process, verifying any subcontractors you take on, paying your subcontractors and preparing the required paperwork and records. We can also help subcontractors with their registration process, veri鍖cation and with the Revenue Commissioners, managing the business and records and preparing the self-assessment tax return at the year end. So whether you are a contractor or a subcontractor, TaxAssist Accountants can help you keep your RCT affairs in order. Contractors and subcontractors TaxAssist Accountants would be happy to discuss your responsibilities to register as a contractor or subcontractor and the obligation of such registration. What is RCT? RCT stands for Relevant Contracts Tax. RCT sets out the special rules for subcontractors who work within the construction industry and how payments from contractors must be handled. Contractors As a contractor you have certain obligations under the scheme, including registering with the scheme, checking whether your subcontractors are registered with the Revenue Commissioners, paying subcontractors and submitting monthly returns. There can be a hefty 鍖ne if you fail to meet your responsibilities. Subcontractors If you are a subcontractor you need to register with the Revenue Commissioners. You must also keep Revenue informed of any changes to your business, including changes to the structure, address, business name, owners and so forth. We can guide you through the changes that have occurred recently to the RCT system. A5 Brochure Fairview:Layout 1 10/01/2014 15:12 Page 12
  • 12. Dublin North City Tel: 01 531 3483 www.taxassist.ie/dublinnorthcity You do what you do best run your business and leave us to look after the books. Your affairs will be in the safe hands of TaxAssist Accountants. Our services are speci鍖cally designed to meet the needs of small businesses and tax payers, giving you peace of mind. A5 Brochure Fairview:Layout 1 10/01/2014 15:11 Page 1