TAS Consulting

Key Considerations for Tax Compliance

  • Understanding Local Regulations: Familiarize yourself with Ireland’s tax laws and how they specifically apply to your industry, as regulations can vary significantly across sectors.
  • VAT Obligations: Ensure compliance with Value Added Tax (VAT) requirements, including registration thresholds, rates applicable to your services or products, and timely filing of returns.
  • Transfer Pricing: For businesses operating across borders, implementing robust transfer pricing policies is crucial to meet tax compliance standards while optimising tax liabilities.
  • Employment Taxes: Stay informed about your responsibilities for payroll taxes and employer contributions, which can differ based on employee classification and benefits provided.
  • Regular Reporting and Audits: Maintain accurate financial records and be prepared for possible audits by the Revenue Commissioners, ensuring that all submissions and assessments are timely and accurate.
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WHY CHOOSE US?

Numbers Got You Stressed?

Our customized accounting services are designed to meet your unique business needs, ensuring accuracy and compliance. Save time and reduce overhead costs with our affordable outsourced accounting solutions, providing you with expert support without breaking the bank.

Customized Solutions

Customized Solutions

We tailor our accounting services to meet the specific needs of each business, ensuring personalized and effective financial management.

Affordability

Affordability

We offer cost-effective pricing plans that provide exceptional value without compromising on the quality of service.

Experienced Professionals

Experienced Professionals

Our team consists of certified and highly experienced accountants who bring a wealth of knowledge and expertise to the table.

Comprehensive Services

Comprehensive Services

From bookkeeping and payroll to tax compliance and financial forecasting, we ensure all your financial needs are covered.

Proactive Approach

Proactive Approach

We don’t just handle your accounts; we offer strategic advice and proactive solutions to help your business grow and thrive.

Cutting-Edge Technology

Cutting-Edge Technology

We utilize the latest accounting software and technologies to streamline processes, improve accuracy, and enhance efficiency.

Reliable Support

Reliable Support

Our dedicated support team is always available to assist you with any queries or issues, ensuring you receive timely and reliable service.

Proven Track Record

Proven Track Record

We have a history of satisfied clients who have benefited from our expert accounting services, as evidenced by our positive testimonials and success stories.

Flexible Service Options

Flexible Service Options

Whether you need ongoing accounting support or one-time services, we offer flexible options to suit your business needs.

Full Accounting Service

We provide bookkeeping, accounting, and tax preparation services for Ireland. Since 2008, we’ve been providing accounting services. We have a broad range of experience in a variety of industries and business types.

VAT returns preparation

Company yearend accounts

Submission of annual returns

Revenue online submissions

Budgets and forecasting reports

Tax Returns

Payroll processing

Corporation tax returns

Bank and credit card reconciliation

Bank and credit card reconciliation

Accounts payable

Accounts receivable

Company Formation

Daily or weekly accounting entries

Tax and Compliance

Tax and Compliance

Our specialist tax professionals are experts at managing both direct (corporate income tax) and indirect (VAT) tax compliance.

Tax compliance in Ireland presents a complex and dynamic landscape, particularly for industries such as technology, financial services, retail, and healthcare. Each sector faces unique regulatory requirements and challenges that necessitate a thorough understanding of both national and international tax frameworks. As Ireland continues to attract foreign investment and emerge as a hub for innovation and business development, the importance of adhering to tax compliance is paramount. This document will explore the specific obligations and opportunities for companies operating within these key industries, highlighting best practices for navigating the intricacies of tax compliance in Ireland.

Income is Taxed at Respective Rates

Personal Income Tax Rates
Tax and Compliance

Streamline Your Tax Compliance with TAS Group

We also increasingly help to manage their Withholding Tax obligations. Every year, we complete many tax filings across most jurisdictions, ensuring that the reporting is complete, all deadlines are met, and that clients have full control and transparency of the whole process. When it comes to taxation, the reporting requirement can be a burden that can take your focus away from your core business. Talk to us about your needs and let TAS Group take care of the hassle for you.

Our process ensures the accurate and up-to-date administration of your direct and indirect taxes. Our tax advisors will help you save precious time spent on mandatory activities, assuring your company’s compliance with local tax regulations, such as: preparing the tax returns/tax filing, solving the local tax authorities’ inquiries, and representation during inspections. As your business develops you could benefit from having a dedicated team of professional tax advisors who can advise you on day-to-day matters as well as on specific transactions – to minimize risks and maximize the value of your business. Don’t have time to look after Tax & Compliance yourself? Talk to our Team about our Tax & Compliance Services. We’re happy to talk to you about our accounting packages.

Our Irish office can provide you with the following tax compliance services

  • Registration with tax authority
  • Assistance with tax calculations and settlements with the tax authorities
  • Preparation and submission of tax declarations
  • Managing filings and payments through local bank accounts
  • Handling queries from the authorities, including managing tax audits
  • Handling basic questions, notices or assessments from the tax offices
  • Assistance during tax audits.

Income tax rates in Ireland

Ireland is considered great destination for corporates attracting lower tax rate 12.5% on the profits generated by companies. However, it is important to understand, profits extracted from company in the form of salary or dividend will trigger tax based on the personal situation of person who receives that.

For Self Employed, income tax is levied based on profit it generates during any calendar year. 

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income tax rates in ireland

Information Required

To effectively engage tax compliance services, businesses should prepare and provide relevant information that will assist tax professionals in understanding their operations and compliance needs. Key information includes:

  • Tax Compliance
  • Benefits
  • Eligibility
  • Tab 5

Key Tax Compliance Services by TAS Group

Our Irish office offers a comprehensive range of tax compliance services tailored to meet the needs of businesses in various sectors. Here’s how we can assist:

  • Basic Questions and Notices Handling: We address basic questions, notices, or assessments from the tax offices to relieve you of any hassle.
  • Registration with Tax Authority: We’ll guide you through the process of registering your business with the relevant tax authorities in Ireland.
  • Tax Calculations and Settlements: Our team can assist with accurate tax calculations and help you settle any obligations with tax authorities.
  • Tax Declarations Preparation: We prepare and submit accurate tax declarations, ensuring nothing is overlooked.
  • Filings and Payments Management: With our local expertise, we manage filings and payments through Irish bank accounts efficiently.
  • Tax Queries and Audits Assistance: Our experts handle queries from tax authorities and manage audits, ensuring your business stays compliant.

Benefits of Tax Compliance Services

  • Mitigation of Risks: By adhering to tax regulations, businesses can significantly reduce the risk of penalties, fines, and audits, ensuring operations remain smooth and uninterrupted.
  • Proactive Approach to Compliance: By engaging in ongoing tax compliance services, businesses can stay ahead of regulatory changes and adapt their practices to maintain compliance without disruption.
  • Enhanced Financial Planning: With accurate tax calculations and reporting, businesses can make informed financial decisions and strategically plan for future growth.
  • Time Efficiency: Engaging a tax compliance service allows businesses to focus on core operations while experts handle the complexities of tax regulations, saving valuable time and resources.
  • Industry-Specific Expertise: Services tailored to the unique needs of technology, financial services, retail, and healthcare mean businesses receive relevant advice and support, optimising compliance.
  • Peace of Mind: Knowing that tax compliance is being managed by professionals provides business owners with peace of mind, allowing them to focus on strategic initiatives rather than regulatory concerns.

Eligibility Criteria for Tax Compliance Services

To determine whether a business is suitable for engaging tax compliance services, several key criteria should be considered:

  1. Business Size and Revenue: Companies with a certain level of revenue may benefit more from professional tax assistance. Typically, those with revenues exceeding a specified threshold are more likely to face complex tax obligations that warrant expert guidance.
  2. Complexity of Operations: Businesses that have multiple revenue streams, varied products or services, or are involved in complicated transactions are prime candidates for tax compliance services. The more intricate the business structure, the higher the likelihood that expert consultation is needed.
  3. Geographical Presence: Entities operating in multiple locations, especially across different jurisdictions, should seek professional tax compliance services to navigate varying local, state, and federal regulations.
  4. Changing Business Landscape: Companies experiencing rapid growth, acquisitions, or entering new markets may find themselves needing additional support to manage compliance amidst changes in their operational structure.
  5. Regulatory Environment: Businesses operating in sectors with heightened scrutiny, such as finance, technology, or healthcare, are better suited for tax compliance services to ensure they maintain adherence to stringent regulatory requirements.
  6. Previous Compliance Challenges: Organizations that have encountered issues with tax compliance in the past, such as penalties or audits, should consider engaging professionals to help mitigate future risks and enhance their compliance practices.

These criteria can help businesses assess their need for professional tax compliance services and ensure that they are making informed decisions to safeguard their operations.

Advantages of Engaging Tax Compliance Services

  • Long-Term Cost Savings: Investing in professional tax compliance services can result in long-term savings by mitigating the risks of penalties, fines, and unexpected tax liabilities, ultimately benefiting the bottom line.
  • Access to Expertise: By leveraging the knowledge and experience of tax professionals, businesses gain insights into the latest tax laws and practices, ensuring they remain compliant while benefiting from potential savings.
  • Customised Solutions: Tax compliance services can be tailored to the specific needs of each business sector, ensuring that all unique operational nuances are addressed while complying with regulations.
  • Reduction in Stress: Outsourcing tax compliance allows business owners to focus on their core operations without the added stress of managing complex tax issues, improving overall productivity and mental well-being.
  • Timely Updates on Regulatory Changes: Tax professionals stay abreast of evolving tax legislation, enabling businesses to adjust their practices proactively and avoid any pitfalls associated with non-compliance.
  • Audit Preparedness: With a thorough understanding of compliance requirements, tax service providers ensure that businesses are well-prepared for audits, significantly reducing the chances of adverse outcomes.
  • Improved Cash Flow Management: Effective tax planning and timely compliance can lead to better cash flow for the business, allowing for more strategic investments and growth opportunities.

Information Required

To effectively engage tax compliance services, businesses should prepare and provide relevant information that will assist tax professionals in understanding their operations and compliance needs. Key information includes:

Equipping tax compliance service providers with this information will facilitate a comprehensive analysis and create a stronger foundation for ensuring compliance and optimizing tax obligations.

Exemptions and Reliefs

Businesses may be eligible for various tax exemptions and reliefs that can significantly reduce their tax liabilities and overall compliance burdens. Understanding these options is crucial for effective tax planning and financial management. Below are some common types of exemptions and reliefs that businesses can explore:

Accurate Bookkeeping

Small Business Exemptions

Many jurisdictions provide tax relief or exemptions for small businesses based on their revenue thresholds or size, allowing them to retain more capital for growth and operations.

Timely Financial Reporting

R&D Tax Credits

Companies investing in research and development may qualify for tax credits that encourage innovation. These credits can offset a portion of the costs incurred, effectively lowering the overall tax burden.

Tax Compliance & Planning

Investment Reliefs

Specific investments, such as those in renewable energy or capital expenditures, may qualify for tax relief, encouraging businesses to invest in sustainable practices and infrastructure improvements.

Accurate Bookkeeping

Nonprofit and Charitable Exemptions

Organizations operating as nonprofits or pursuing charitable goals can often receive complete exemptions from income tax, provided they adhere to the legal requirements set forth by tax authorities.

Timely Financial Reporting

Regional Development Reliefs

Businesses located in economically disadvantaged areas may benefit from tax relief programs aimed at boosting local economies, encouraging investment and job creation through financial incentives.

Tax Compliance & Planning

Export Incentives

Companies engaged in exporting goods or services may be eligible for specific tax incentives that aim to promote international trade, potentially reducing their tax obligations on income derived from export activities.

By taking advantage of these exemptions and reliefs, businesses can enhance their financial sustainability and ensure long-term growth while remaining compliant with applicable tax regulations. It is advisable for businesses to consult with tax professionals to identify and maximise available tax relief opportunities effectively.

Challenges Faced by Businesses in Ireland

  • Who Needs
  • Who Not Need

Who Needs Tax Compliance Services?

  • Startups and New Businesses: Companies in their early stages often lack the expertise needed for tax compliance, making professional assistance crucial to set a solid foundation from the beginning.
  • Established Companies Expanding Operations: Businesses looking to expand into new markets or sectors in Ireland require expert guidance to ensure compliance with local regulations and to navigate any complexity that arises from growth.
  • Multinational Corporations: Companies operating across borders need specialized services to manage and comply with both domestic and international tax laws, including transfer pricing regulations.
  • Businesses with Complex Structures: Organizations with intricate ownership structures or a wide array of services may find tax compliance challenging and benefit from tailored consultancy.
  • Sectors with High Regulatory Scrutiny: Industries such as technology, financial services, retail, and healthcare often face rigorous regulatory requirements; thus, they necessitate ongoing support to manage compliance effectively.
  • Companies Undergoing Audits or Investigations: Businesses that are currently dealing with audits or inquiries from tax authorities need expert support to navigate these processes and ensure all obligations are met.
  • Organizations Seeking to Improve Compliance Practices: Companies wishing to enhance their tax compliance procedures can benefit from services that provide insights into best practices and regulatory updates, ensuring they remain proactive.

Who Does Not Need Tax Compliance Services?

  1. Small Businesses with Minimal Revenue: Companies with very low revenue and straightforward financial situations might find that their tax obligations are simple enough to handle without professional support.
  2. Businesses with Established Expertise: Organizations that have in-house tax experts or accountants who are well-versed in compliance may not require external tax services.
  3. Fledgling Sole Proprietors: Individual freelancers or sole proprietors whose tax situations are uncomplicated might manage their compliance without needing professional assistance.
  4. Entities with Standardised Operations: Firms with uniform operations and limited exposure to diverse tax regulations may effectively manage their compliance independently.
  5. Non-Profits with Basic Compliance Needs: Non-profit organizations that are entirely exempt from certain taxes and have simpler operational structures may not require comprehensive tax compliance services.

Case Studies

  • Case Study 1
  • Case Study 2
  • Case Study 3

Manufacturing Firm and State Investment Reliefs

A manufacturing company planning to expand its facility in a region designated as economically disadvantaged sought guidance on potential tax reliefs. Tax compliance consultants helped the firm navigate state investment relief programs, resulting in considerable tax savings on both their new construction and machinery purchases. These savings enabled the company not only to expand operations but also to hire additional staff, positively impacting local employment levels and community economic development.

Nonprofit Organization and Charitable Exemptions

A nonprofit organisation dedicated to environmental conservation faced challenges in securing funding due to unclear tax obligations. By collaborating with tax compliance professionals, the organisation gained clarity on its eligibility for charitable exemptions. This understanding allowed them to apply for necessary certifications and secure significant donations, thereby increasing their operational capacity and outreach efforts in the community.

Tech Start-Up and R&D Tax Credits

A tech start-up focusing on artificial intelligence development was struggling to manage cash flow while investing heavily in research and development. By engaging a tax compliance service, the company was able to identify eligible R&D tax credits that reduced their taxable income significantly. This relief not only enhanced their financial position but also allowed them to reinvest the saved capital into further innovation, ultimately leading to successful product launches and market expansion.

Frequently Asked Questions

What services does TAS Group offer for tax compliance in Ireland?

We offer a range of services including registration with tax authorities, tax calculations, declarations, filings, and audit management.

What industries can benefit from TAS Group’s services?

Sectors such as technology, financial services, retail, and healthcare can benefit from our tailored services.

How can TAS Group help with VAT compliance?

We ensure proper VAT rate application, accurate returns, and maintain proper records.

What are the corporate tax rates in Ireland?

The corporate tax rate is 12.5% on profits generated by companies.

How do you manage withholding tax obligations?

We help manage withholding tax obligations by handling all filings and ensuring compliance with deadlines.

Can TAS Group assist during a tax audit?

Yes, our team is equipped to handle all aspects of tax audits, ensuring your business remains compliant.

How does TAS Group keep clients updated with tax law changes?

We provide regular updates and insights on tax law changes to keep our clients informed and compliant.

What are the challenges of transfer pricing compliance?

Setting and documenting market-reflective prices for cross-border transactions can be complex, but we provide comprehensive support.

Why is accurate financial record-keeping important?

Accurate records are crucial to support tax filings and avoid errors that could trigger audits.

How do you manage international taxation issues?

We assist businesses in navigating double taxation treaties and global tax initiatives, ensuring compliance and minimizing risks.

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Dublin Office

Office 80, Cherry Orchard Industrial Estate Ballyfermot Road, Co. Dublin D10NX96, Ireland.

Working Hours

Monday to Friday: 0900 hours – 1800 hours
Saturday & Sunday: Closed

Email or Call Us

Email: moh@tasconsulting.ie

Tel: +353 01 442 8230

Mobile/WhatsApp: +353 0 85 1477625

Our Best Services

Need top-notch accounting help? TAS Consulting in Dublin offers unbeatable quality and dependable service. We treat every client as an individual, tailoring solutions to your specific needs. From self-assessment and business start-ups to VAT, payroll, tax consulting, and bookkeeping, TAS has you covered!

Self-Assessment

Self-assessment worries? TAS Consulting provides expert support and guidance to ensure accurate and compliant tax filings, tailored to your unique situation.

VAT Services

VAT made easy! TAS Consulting handles all your VAT needs, keeping things compliant and efficient for your business.

Bookkeeping Services

Need meticulous bookkeeping? TAS Consulting tailors services to keep your records accurate and efficient!

Tax Consultants

Top tax savings! TAS Consulting’s personalized experts use strategic planning to keep you compliant and maximize your tax savings.

Payroll Services

Hassle-free payroll! TAS Consulting ensures accurate and timely employee payments, handling taxes efficiently so you can focus on running your business.

Business Start-up

Launching a business? TAS Consulting offers all the support and guidance you need for a successful start!

News & Insights

Get the latest business scoop! Head over to our News & Insights section for industry updates, expert tips, and thought-provoking articles. Make smarter decisions and drive your business success with valuable content you can use!

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Dublin Office

Unit 80, Cherry Orchard Business Park Dublin 10, D10 NX96, Ireland

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Get In Touch

  • Email: moh@tasconsulting.ie
  • Tel: +353 1 442 8230
  • Mob: +353 85 1477625
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Accountancy & Tax