Benjamin Franklin said there were only two things certain in life: death and taxes.
The taxation services provided by TW Business Solutions include:
Negotiating Payment Plans with Revenue
Businesses that want extra time to pay off their tax bills now have to submit detailed information on their banking arrangements to the Revenue Commissioners.
Rules that came into force on January 1 require anyone applying for “phased payment arrangements” to complete a new standardised form rather than the old process of making an agreement with their Revenue contact.
TW Business Solutions can assist your business in the preparation of a Phased Payment Application (PPA1) and agreeing same with Revenue.
- Full Reconciliation and submission of VAT and PAYE/PRSI Returns
In line with keeping Tax Returns up-to-date with Revenue, TW Business Solutions will reconcile and submit VAT Returns and P30 Returns for your business.
- CT ‘Pay & File’
Paying Corporation Tax & Filing Obligations
The Self-Assessment system ‘Pay & File’ applies to companies. The obligations of a company with regard to paying Corporation Tax and filing its return are as follows:
- Compute and pay its preliminary tax liability by the specified date.
- File its return of income (including audited accounts where applicable) within nine months of the end of the accounting period. If this date is after the 21st of the ninth month the filing date is brought forward to 21st of the ninth month or 23rd in the case of returns filed electronically (21/23 day rule).
- Pay any balance of tax due when lodging the return i.e. within nine months of the end of the accounting period, subject to the 21/23 day rule.
Annual Tax Returns
TW Business Solutions will complete your Annual Tax Return and take the hassle out of the ‘Pay and File’ system. We will review your Tax Credits and identify any potential tax savings.
Registering for Tax
It is necessary to complete a tax registration form (TR1 or TR2) when applying for Tax Registration. The form you complete depends on the legal structure you choose:
- Form TR1, if you are a sole-trader or partnership
- Form TR2, if you are a limited liability company
Rental Income Computations
Need help preparing your rental income computations? We can assist in preparing same for your Annual Tax Return.
Claim your Health Expenses etc
A 2011 report by the Oireachtas Committee on Finance estimated that unclaimed tax relief adds up to some €350m per year, of which €50m is for unclaimed medical expenses.
You can get back 20% of unreimbursed medical expenses in a year. Medical expenses include GP costs, drugs and medicines, hearing aids, home nursing, physiotherapy and maternity care, among others.
It is essential to hold on to medical receipts and submit them to Revenue with the Med1 form (which can be downloaded at www.revenue.ie) at the end of the year.
It is still possible to claim back 4 years!
TW Business Solutions can assist you on reducing your tax bill.