Top Ten Tax Tips 2017 For Business Owners

Business Buddy’s Top Ten Tax Tips 2017 for Business Owners

At the start of every year business owners are developing their business plans and goals for the year ahead. And so while planning is top of the agenda it makes perfect sense to actively look for tax planning opportunities at the same time. If your net profit percentage is 5% then every €1,000 of tax saved is worth the equivalent of an extra €20,000 in sales to your bottom line.  I set out below my top ten tax tips for 2017.

Read more

Revenue Form 11 Filing Guide

businessbuddy January 31, 2017 No Comments

REVENUE FORM 11 2016 GUIDE – FILE EARLY TO SAVE TAX!

The 2017 tax season has now commenced and all ‘Chargeable Persons’ are required to prepare and submit a 2016 return of income on a Revenue Form 11 or  Form 12 to the Revenue Commissioners on or before the 31st October 2017.

It is practice for Revenue to extend the Form 11 deadline until mid-November where a taxpayer both files his tax return online and pays any liability using the Revenue Online Service (ROS). The extended Form 11 deadline for filing the 2016 returns has not been announced yet.

A Chargeable Person is an individual that is self-employed or has Non-PAYE income where the tax liability cannot be collected by reducing their tax credits under the PAYE system.  

Company Directors, owning more than 15% of the shareholding in the company, are also obliged to complete a Revenue Form 11 each year even if all their income is PAYE.

Read more