TAX RETURN SUPPORT
Need Help with Tax Returns?
Accounting & Tax Pros
Administration and Tax Returns for Clients
Our services are specifically tailored to those needing extra support in calculating and completing their Income Tax Returns annually. We consider the clients’ position, their businesses or professions, and the company’s size. We then assist the customer by determining the amounts due and planning the tax payments with customised tax solutions based on the particular profile of each taxpayer.
Among the most common activities carried out by our Firm are those related to various periodical administrative fulfilments of natural persons and small businesses, including the annual tax returns.
Filing your first tax return
How To Submit Your First Tax Return
Date for filing Your First Tax Return
All sole traders have responsibility for their taxes from the first day they start trading. Hence, you need to file your tax return and pay your tax by 31st October of the year following the commencement of your trade.
This is due to the principles of the self-assessment system existing in Ireland's tax law. So, for example, if one starts trading in April 2022, they are due to submit a tax return and pay the taxes on or before 31st October 2023.
However, you should always be prepared for your first tax return, and if you follow the tips below, Big Bucks will have your tax return filed before the deadline date of 31st October.
The Items You Need For Your First Tax Return
It is important to remember that you are liable for your business's tax from the first day you start trading. Hence, it would be best if you did the following critically:
Keep a record of all transactions in and out of business, such as: All sales invoices for each accounting year. All purchase invoices for each accounting year.
All receipts and cheques of money paid out or received into the business for each accounting year. Bank statements/credit card statements for your business account.
cut down your tax bill
Reduce Your Tax Burden
Claim All Expenses Incurred Wholly And Exclusively For The Business.
Maximize your deductions by claiming all expenses incurred solely for business purposes. From tools and supplies to travel and utilities, we help ensure nothing is missed.
Running costs/Lease payments of vehicles used for the business.
Accountancy fees.
Goods bought for resale
Expenses for your business setup, such as the cost of business plans and the rest
Examples Of Non Claimable Expenses
Not all expenses are tax-deductible. Personal costs, fines, and entertainment are typically non-claimable. We help you distinguish between claimable and non-claimable expenses to keep your tax return accurate and compliant.
Personal Mileage Expenses.
Food Expenses
Accommodation (unless exclusively in the interest of the business)
Customer Entertainment
If an expense relates to personal and business use, for example, phone bills, cars, and rent, then the cost needs to be divided pro-rata between the company and personal use.
Unlock your tax credits
Maximize Your Savings with Available Tax Credits
Tax credits come to lower your tax liability; therefore, all efforts must be made to claim all possible tax credits due to a tax paper. A refund may be obtained in some instances. They are dependent on one's circumstances. Examples are
How To File Your First Tax Return
As a new business owner or a self-employed individual, filing and paying taxes is an obligation that you must work through correctly. This is why Big Bucks Accounting is here to relieve and help you. Call or visit www.bbucksaccounts.ie or email [email protected] for a quote or more information. After that, all you need to do is send us your business transaction details, or we will come to collect them, and we will do the rest!
Filing And Payment Dates
As explained above, your tax return is due on 31st October of the following year. If your file is submitted late but within two months of the deadline, Revenue imposes a surcharge of 5%. If the tax return is not filed within two months of the deadline, the tariff imposed by Revenue will increase from 5% to 10%. If filing is done online, Revenue does extend the filing deadline by some days for those taxpayers.
Lets Get Started
Never miss a deadline—let us ensure your taxes are filed on time, every time
Our promise to you is accurate, reliable, and stress-free accounting tailored to your unique needs.
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