| What is the best way to save tax? These tax saving tips may help | Can you do accounts now before the year ends? Get accounts on time, then set out a plan with your accountant before the year end or as close as possible to the year end. That way you can plan your business to avail of better tax planning. Many tax saving tips depend on getting notice in advance of the last few weeks. |
| Should you have a limited company? | Consider setting up a limited company in Ireland for your business as there are many tax advantages. The company can increase your pension contributions. You can be taxed at Corporation Tax rates rather than Income Tax rates which would save a lot of money. Or you could rent property to the company, and you could use retirement relief if you ever sell or close the company. If you are a sole trader now and you sell your business into a limited company there is a once off chance for tax-planning to shelter income from Income Tax rates ( up to 40% plus USC at rates of 2 to 11% ) to Capital Gains Tax ( 33% ). Your business activities may qualify to be free of Corporation Tax for the first 3 years, depending on the activities carried on by it. Is there any chance that you could sell an existing business ( a Sole Trader ) to a new company and pay for Goodwill in the Sole Trader. If you already have a limited company and would like to get a quote now for all your accounting call us on 01-2834123 to see what we can offer. |
