TAS Consulting

How to Reduce Your Company’s Tax Obligation

  • Protecting your company’s assets is easier when you’re completely incorporated. You can, for example, reduce your tax liability and save money each year. This also has a number of tax benefits, such as fewer tax audits and more tax deductions.

Limited Companies in Ireland are eligible for the R&D tax credit. It is a value-based incentive that encourages enterprises in the European Economic Area to invest in R&D. (EEA).

A €1,500 Earned Income Tax Credit is available to self-employed/sole traders and proprietary directors.

Sole traders can claim this tax credit in addition to the employee tax credit, but the total amount cannot exceed the maximum employee tax credit of €1,650..

Both the earned income tax credit and the employee tax credit are available to sole traders who establish a firm while working full-time. The total sum cannot, however, exceed the maximum employee tax credit of €1,650.

The employee tax credit is not available to Proprietary Directors, their spouses, or civil partners who receive income directly related to their directorship.

Non-proprietary Directors, on the other hand, are eligible for the employee tax credit.

Pension payments are tax deductible because the government provides large tax benefits to encourage company directors to save for their retirement. When you retire, your retirement strategy can ensure that you get the most money out of the organisation.

It’s calculated at the same rate as your personal income tax. In other words, if you pay the higher rate of income tax (40 percent), you will get a 40% tax break on your pension. Similarly, if your tax rate is lower (20%), you will receive tax relief at that rate.

Contact our Customer Services Team if you need assistance understanding your tax bill and saving money. We can discuss our accountancy services for Irish startups and small enterprises with you.

We’ll go over several examples below, but you should consult an accountant because each circumstance is unique and not all tax credits will apply.

    We offer a range of services to Startups & Businesses in Ireland.

    Year-End Accounts
    Company Registration
    Accounting Solutions
    Capital Gains Tax
    Tax Returns
    Business Advisory
    Inheritance Tax
    Other Services