Setting up a new business

A new business can be set up as a sole trader business, partnership or limited company.  Talk to us before you decide, we provide assistance with the following:
• registrations with revenue for taxation, VAT and Employer’s PAYE/PRSI (if applicable),
• advice regarding the setting up of book keeping systems,
• assistance with various revenue returns. 
• We also provide assistance with finding and registering a new business name.

Sole Trader versus company set up? 

There are advantages and disadvantages in setting of a limited company.   Advantages include the very attractive 12.5% corporation tax rate along with more generous pension contribution allowances but these may be diminished by the extra cost and burden involved in preparing and filing company accounts.  

Along with all revenue filing deadlines, a small Irish registered company is obliged to file a copy of its balance sheet with the company registration office within 9 months from the end of its financial accounts.  The balance sheet is open for inspection by the public.

Another consideration would be when the time comes to transfer your business -  In general the tax rules applying to estate transfers are more restrictive, complex and less generous for the company structure than individual sole traders.

Each situation must be assessed individually to determine which set up is best. We provide assistance with the following:

• registrations with revenue for taxation, VAT and Employer’s PAYE/PRSI (if applicable),

• advice regarding the setting up of book keeping systems,

• assistance with various revenue returns. 
 
• We also provide assistance with finding and registering a new business name.