Corporation Tax Returns
Limited companies prepare audited accounts annually. Companies must pay preliminary tax via ROS to the collector general under self-assessment.
Corporation tax is charged on company’s profits at a rate of 12.5% for trading income and 25% on non-trading income. The taxable profits are computed the same way as taxable profits for a sole-trader. A company’s tax return form CT1 should be submitted to the Inspector of Taxes on a date nine months after the end of the company’s year-end but no later than 21 days after the ninth month. If returns are filed electronically the return filing and payment deadlines are extended.
There is a number of advantages if you operate your company as a director. For instance, you can decide the level of salary you will receive under the PAYE system. From a pension point of view, a company can make more generous pension contributions to your retirement fund and have these contributions offset against its taxable profits.
At Dublin Tax Accountants we will make sure your accounts are prepared accurately and timely. Our aim is to take the advantage of the tax reliefs and allowable expenses available to your company. In addition, we will file your tax returns on your behalf taking the advantage of the extended electronic filing deadlines.