Damien Malone

Whether you own Bitcoin, Ethereum, or Stablecoins, you need to understand the Irish tax laws before gaining access to the Irish crypto market. Ireland has some of the highest rates of income tax in Europe and there is a possibility that you will end up paying CGT. Fortunately, there are a variety of deductions you can take to keep the cost of acquiring and holding crypto under control. Here are a few of them: Capital Gains Tax (CGT) If you are a non-resident of Ireland and you have disposed of assets in the country, you will have to file a Capital Gains Tax (CGT) return and pay the relevant tax. In addition, you will need to complete a TR1(FT) form. The amount of CGT to be paid depends on the amount of gain made on the disposal. You may deduct unused capital losses from the gain. The Revenue Commissioners use the term disposal to describe various methods of transfer of ownership. Any transfer of ownership of an asset is considered a disposal. A disposal can include a gift, exchangin...

If you’re wondering how to set up a limited company in Ireland, read this article. We’ll discuss the Steps to Take, Documents to Draft, and the Tax Rate, and help you decide between a sole trader and a limited company. This information is vital for any business in Ireland. It’s important to make the right decision for your business, so we’ll discuss the Steps to Take and the Tax Rate before we discuss the benefits of each. Steps to set up a limited company in Ireland One of the primary reasons for setting up a limited company in Ireland is the low corporation tax rate. A good way to make sure you’re saving money on taxes is to check the corporate tax rates before you decide how to structure your company. Also, many Irish banks won’t let your company open a bank account until you’ve completed this step. A free startup webinar is available from Accountant Online to get you started on the right foot. The first step in setting up a limited company in Ireland is to fill out the Form A1 o...

Whether you want to own a limited company or operate as a sole trader, registering as a sole trader will have numerous benefits for your business. Listed below are the advantages of each. Also, you’ll learn about the liability limitation and insurance requirements that come with a limited company. And, of course, there’s always the option of combining the two. To start your own business, register as a sole trader in Ireland today. Benefits of registering as a sole trader One of the biggest benefits of registering as a sole trader is the flexibility of the company. You can keep all your profit and reinvest it in the business. However, this flexibility does come at a price: if you have no money to invest, you cannot use the profits to pay off your debts. Moreover, it is more advantageous to register as a limited company than a sole trader because your profits are less likely to be taxed as personal income. A limited company will require you to register your company name with the Compa...

If you’ve been wondering how to close a company in Ireland, then you’ve come to the right place. Here you’ll find detailed information about the processes involved in voluntary liquidation, strike off, and creditor’s voluntary liquidation. There are also important points to consider in liquidation, as explained below. If you have any questions about how to close a company in Ireland, don’t hesitate to ask us. Creditor’s voluntary liquidation Insolvent companies in Ireland may be dissolved through creditors’ voluntary liquidation. This process is initiated by the directors of the company, who must agree to liquidation and must inform the creditors and shareholders of their decision ten days before the board meeting. They must also publish this notice in two daily newspapers for ten days. A voluntary liquidation is an alternative method of closing a company in Ireland. Once the liquidator has been appointed, the company must publish a notice of the meeting in the Belfast Gazette and a...

If you’re considering changing your business status in Ireland, you may want to learn more about the process of converting from a sole trader to a limited company. There are several steps you can take to move from one legal structure to the other. In this article, we’ll discuss the tax benefits of a limited company, how to transfer assets from a sole trader to a limited company, and how to decide what type of legal structure is best for you. Choosing between a Sole Trader and a Limited Company If you run a professional services business, it may be wise to register as a Limited Company instead of a Sole Trader. Limited Companies can benefit from lower corporation tax rates. Furthermore, directors can put company profits into private pensions practically tax-free. However, registering as a Limited Company is more complex than setting up a Sole Trader. You must comply with regulations laid down by the Companies Registration Office, appoint a Company Secretary, and submit annual returns....

Many small business owners and self-employed individuals don’t know how to maximise their tax liability in Ireland. They are often unaware of certain deductions that can have a major impact on their tax liabilities. In this article, we will take a look at how you can minimise your tax liability in Ireland by making smart purchases and investments in January. The sooner you start investing, the better. Listed below are some of the most common mistakes that business owners make. Employing spouses or other family members There are many ways to reduce your tax liability in Ireland. One of the easiest is to avoid employing spouses or other family members. By doing so, you can claim tax benefits that are not applicable to employees. In addition, the employment of such family members will help you keep your business expenses low. Here are some tips to help you get the most from your business. These can reduce your tax liability dramatically. Claiming capital allowances for capital expendit...

If you’re planning to set up a payroll in Ireland, here are some things you should know. In this article, you’ll learn how to comply with local labor and employment laws, register as an employer, and deal with Overtime regulations. In addition, we’ll cover how to get a work permit. These are all very important considerations when setting up a payroll in Ireland. So, take a look! Set up a payroll in Ireland One of the top priorities for small business owners in Ireland is managing their payroll. But managing payroll is not an easy task and can take a significant amount of time. You can find some help by reading this payroll guide. The process of establishing a payroll in Ireland is complex and can take several weeks or months. To avoid facing these difficulties, you can consider outsourcing your payroll needs. Here are some tips to get started. You can also consult a payroll service provider in Ireland. First, Ireland is a high-performing business location. It has the highest proport...

Listed below are some tax-deductible expenses for companies and sole traders in Ireland. The definition of a small/medium-sized business is that it has fewer than 250 employees and a group turnover and assets of less than EUR50 million. These deductions are not exhaustive. You should seek detailed, appropriate advice prior to a transaction. This article has been prepared with the intention of providing general guidance only. Tax-deductible expenses A company’s operating expenses are deductible, as are the professional fees and advertising costs incurred exclusively for the trade. Operating expenses include salaries and rent, insurance, office supplies, and the costs of payroll. Interest paid on borrowed funds also qualifies for a tax deduction if the loan was taken for the trade. Bad debts, or those relating to specific trading debts, can also be deductible. Whether or not the expenses are deductible depends on the purpose of the expenditure. A hotel bill for a business trip should ...

In a small business in Ireland, the biggest priority is running payroll. However, this isn’t an easy task and can eat into your precious time. Fortunately, a bookkeeping guide for small businesses in Ireland can help you tackle this daunting task. After several months of experience, running payroll is much simpler. Alternatively, you can hire an expert accountant to run your payroll for you. Here are some tips to help you get started: Registering with Revenue If you’re running a small business in Ireland, you’ll want to register with Revenue for both income tax and VAT. If you don’t know how to register for tax or what you need to do, there are a few resources that can help you out. To start, you’ll need to get a Personal Public Service number from the Department of Social Protection. Once you have one, you’ll need to register for VAT and PAYE. You can register for both online through the Revenue’s eRegistration service. You must register for employment tax if you hire staff, but yo...

If you’re looking to switch accountants, you’ve probably considered the pros and cons of the process. After all, you want your accountant to be a good fit for your business. So, how can you decide if it’s time to make a change? What are the steps to take? What are the warning signs that your current accountant might not be a good fit? Read on to find out! Con of switching accountants The benefits of a new accountant may outweigh the costs of switching. In fact, switching to a new firm could save you a significant amount of money without compromising the quality of the service. Ignite Spot, for example, offers 60 percent less cost than hiring in-house accounting staff. However, cost should be the secondary consideration. Be sure to check online reviews before making a decision. Be aware that a smaller accounting firm may cut corners and struggle with busy seasons and timeliness. Changing your accountant will mean explaining your business’s needs to a different team. While it will cos...

Tax credits are the reductions in Irish income tax owed by taxpayers. Some tax credits are automatically granted, while others can be claimed by the taxpayer. These credits are non-refundable and expressed as an annual amount. Taxpayers can claim personal tax credits for a variety of reasons, but they usually receive the highest amount for certain circumstances. Here are a few examples of tax credits you might qualify for. Whether you need them or not depends on your individual circumstances. Section 481 tax credit Irish filmmakers can claim a Section 481 tax credit if they produce a feature film or television drama in the country. To qualify for this tax credit, a qualifying company must be 100 percent owned by an Irish company. Qualifying expenditures must include the cost of goods and services purchased in Ireland. Films produced outside of Dublin and Cork will be eligible for the benefit. The maximum benefit is 32% of the eligible expenditure. In order to receive a Section 481 t...