Self-employed people/Company directors

Tax registration

You are legally obliged to register with Revenue for Income tax.  There is no strict deadline for registration, but generally, you should register with Revenue when you start a business.

You are paying income tax (and preliminary tax), USC and PRSI once a year through your Income tax return (form F11).

A company director who own more than 15% of an active trading company is obliged to submit an Irish Income tax return each year, even though his salary is processed through PAYE (payroll) system.

Income tax return

Deadline for filing return, paying preliminary tax and balance of tax is 31st October each year. If you pay and file through ROS, deadline is extended till 13th/14th November.

Example: If you have accounting period ending 31st December 2014, you need to file your tax return, pay preliminary tax and balance of tax by 31st October 2015.

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Companies

Tax registration

You need to register your new company for Corporation tax and PAYE (as an employer) by 30 days after you have registered the company with the Companies Registration Office and received its CRO number.

CRO

You need to file Annual Return (form B1) by 28 days after company’s Annual Return Date (ARD).

Corporation tax return

You have to file the Corporation tax return (form CT1) and the balance of tax by 8 months and 21 days of the end of the company’s accounting period. If you pay and file through ROS, deadline is extended till 23rd.

Example: If a company has an accounting period ending 31st December 2014, then Corporation tax return (form CT1) must be completed and submitted to Revenue by 21st September 2015  (23rd September 2015, if filing and paying by ROS).

Preliminary tax

New or Start-up companies don’t need to pay Preliminary tax for their first accounting period, if their corporation tax liability is less than €200,000.

Small companies (with a tax liability less than €200,000 in their previous accounting period) have to pay preliminary tax by 21st (23rd if paid by ROS) of the month preceding accounting period end month.

Example: If a company has an accounting period ending 31st December 2014, then preliminary tax needs to be paid by 21st November 2014 (23rd November 2014, if paid by ROS).

Form 46G – Third party information return

You must file Form 46G by 9 months of the end of the company’s accounting period.

Basically, Form 46G is a report of all payments for services made to any person or company, which total amount for the period of 12 months is more than €6,000.

Example: If a company has a year ended 31st December 2014, then Form 46G must be completed and submitted to Revenue by 30th September 2015.


Following deadlines are only for those who have registered for PAYE or VAT or RCT. Doesn’t matter if you are self-employed or company, deadlines are the same.

Employer (PAYE)

Tax registration

You have to register for PAYE if you make payments to your employee more than €2 per week (or €9 per month). Best practice is to register with the Revenue for PAYE as soon as you take your first employee on board.

A company must register as an employer and operate PAYE on the income of directors even, if there are no other employees. A director of an Irish incorporated company is liable to PAYE on any income of directorship irrespective of his/her residence or where the duties are performed.

Employer (PAYE) Deadline
P30 – Filing monthly return and paying any PAYE/PRSI due to Revenue 14th every month (23rd, if paid and filed by ROS)
P35 – Filing yearly return and paying any PAYE/PRSI due to Revenue 15th of February every year
Give P60 (yearly) to all your employees 15th of February every year

VAT

Tax registration

You must register for Value Added Tax (VAT), if your annual gross sales is more than €75,000 for selling goods or €37,500 for selling services.

Standard VAT return filed BI-MONTHLY

Below are deadlines for filing VAT return and paying any VAT due to Revenue.

Period Deadline
Jan/Feb 19th of March
Mar/Apr 19th of May
May/Jun 19th of July
Jul/Aug 19th of September
Sep/Oct 19th of November
Nov/Dec 19th of January

VAT return filed THREE TIMES A YEAR

Revenue will allow you to file your VAT return three times a year, if your VAT payments for last year were in total between €3,000 and €14,400.

Below are deadlines for filing VAT return and paying any VAT due to Revenue.

Period Deadline
Jan/Apr 19th of May
May/Aug 19th of September
Sep/Dec 19th of January

Filing VAT return TWICE A YEAR

Revenue will allow you to file your VAT return twice a year, if your VAT payments for last year were in total less then €3,000.

Below are deadlines for filing VAT return and paying any VAT due to Revenue.

Period Deadline
Jan/Jun 19th of July
Jul/Dec 19th of January

RCT

Principal Contractor

Tax registration

You are obliged to register for RCT as soon as you enter into a relevant contract with a subcontractor.

Principal Contractors must register for Value Added Tax (VAT) as well and account for VAT at 13.5% or 23% under the reverse charge rule.

As soon as you enter into a relevant contract with a subcontractor, you need to notify the contract to Revenue through eRCT system. Once you decide to pay the subcontractor you need to notify the payment  to Revenue through eRCT. You need to deduct tax from the payment to the subcontractor according to the Deduction authorisation issued by Revenue. And finally you need to file RCT return and pay any RCT tax due to Revenue.

RCT Return

After the end of each period (monthly or quarterly), you need to file RCT Return and pay RCT (online) through eROS by 23rd.

Example: You need to file RCT return and pay RCT due for November period (1.11.2014-30.11.2014) by 23rd of December 2014.

There is €100 penalty if the return is made or amended after the due date. Interests will be charged for late payments made by principals.

Sub-Contractor

Tax registration

If you are not already registered for RCT, you will be automatically registered for RCT when principal contractor will notify your contract to Revenue.

You will have to register for VAT, if your sales will be more than €37,500 in a 12 month period.

You need to give the Principal  contractor your name and tax reference number to ensure that you will be credited with any RCT deducted. Check your contract notification letter issued by Revenue for accuracy when you have received it.

Other

Books and records

You need to keep books and records relating to the business – including
records relating to the PAYE, VAT and RCT for a period of six years.

Mandatory e-Filing

You need to pay and file returns online through ROS, if you are:

  • company, trusts and partnerships,
  • employers with ten or more employees,
  • VAT registered persons,
  • all newly registered self-employed individuals,
  • individuals who avail reliefs and exemptions as follows: retirement annuity contract, PRSA contributions, overseas pension plans: migrant member relief, retirement relief for sportspersons, relief for AVCs, artists exemption, woodlands exemption, patent income exemption, income on which transborder relief is claimed, business expansion scheme relief, seed capital scheme relief, film relief, significant buildings/gardens relief, interest relief: loan to acquire share in company or partnership.

Further information on Mandatory e-Filing can be found here.