Hi Mark, thank you for your concise video. If possible may you let me know what a ltd registered in the UK and working as a contractor/subcontractor in constructions in Ireland should do? I read about registering with TR2 (FT), however not sure if the company would have to send any PAYE and CT to Ireland, if they operate just with Irish subcontractors and not Irish employees. The employees will be only from the UK, ideally!. Would the VAT threshold for services have to consider Irish legislation or UK legislation? Many thanks!
hi mark, how to count days for preliminary tax late payment. for example - how to know that it will be 40/45 days multiply by 0.0219%. thank you in advance.
Thank you for your video, Mark. I'm thinking about starting a small business and registering as a company and I have a few questions: About my financial end date, would this be assigned to me, or is it basically 12 months after the registration of my company for corporate tax with ros? Also, let's say I open an online store and make 3 sales with a turnover of 100€ before I register as a company and register for corporate tax, do I need to declare it as a company even if it was made before the company was constituted or should I just declare it as income tax filling the form 12? Thanks in advance!
Great video, I am in the process of setting up a Import Export Company with physically trading of commodities and as well only as Intermediate for Deals with international clients. There want be any delivery of any goods to the Republic of Ireland, as I want have Irish companies...Would I be falling under the 12.5% taxation ?
I am thinking of opening a limited Irish company for a 6 month project, what is the retention rate? Would it approx. 80% or more? I was informed its complicated happy if you could provide guidance.
hi Wasim, this is quite a loaded question and hard to answer - personally I wouldn't set up a limited company anywhere for only 6 months due to the sheer amount of paperwork and cost involved in both setting it up and winding it down.
Do you legally have to pay tax. If you don't pay tax what law are you breaking? Say, you haven't registered a company and you're just working for yourself. Are you legally obliged to pay income tax?
Hi Hazel, yes you are legally obliged to pay income tax. The 2 main pieces of legislation are the Taxes Consolidation Act 1997 and VAT Consolidation Act 2010, but there is also a plethora of laws derived from case law and annual statutory budgets. If you underdeclare your income or do not pay your tax liabilities, you can receive penalties and in some instances even face prison.
hi Stefano, you will have to add it to the T2 figure yes (at Irish rate of VAT). Goods will normally have VAT applied to them at the port though, so you might not need to self-account.
Also, I am a limited Liability and VAT registered company, If I pay cash to a person who does craft for me at home, and this person doesn't have an invoice and of course, doesn't have a company, how can I log these expenses into my Account? (I have SURF software). Can he use a simple receipt book and hand it to me every receipt or what you recommend?
@@stefanomc I would set up a fake bank account called "Cash in Hand" and enter the transactions input/output whenever cash was given/paid. Then I would raise a sale/purchase invoice and record it against this cash entry.
Epic stuff Mark, thanks for sharing!
Thank you. Please keep making videos like this.
thanks Nicolai!
Very informative. Thank you so much.
Brilliant stuff - very clear overview - thanks a lot
thanks James!
Love the videos,
good stuff Mark 👏
thanks for the compliment!
excellent explanation, no jargon and encouraging to plough ahead yourself
thanks Hugh!
You are a legend!
I’m subscribing thanks Mark
Good video 👍
VERY GOOD
Hi Mark, thank you for your concise video. If possible may you let me know what a ltd registered in the UK and working as a contractor/subcontractor in constructions in Ireland should do? I read about registering with TR2 (FT), however not sure if the company would have to send any PAYE and CT to Ireland, if they operate just with Irish subcontractors and not Irish employees. The employees will be only from the UK, ideally!. Would the VAT threshold for services have to consider Irish legislation or UK legislation? Many thanks!
hi mark, how to count days for preliminary tax late payment. for example - how to know that it will be 40/45 days multiply by 0.0219%. thank you in advance.
Hi Mark, do you have a new link for the calculator?
Hi, as usual your videos helped me with my home business a lot, thank you for this! Quick one: What's the difference between RTD & Corporate Tax?
RTD is an annual return reporting figures for VAT purposes. Corporation Tax is the tax a company pays on its profits.
@@TheAccountingChannel Great, Understood now. Thanks again!
Thank you for your video, Mark.
I'm thinking about starting a small business and registering as a company and I have a few questions: About my financial end date, would this be assigned to me, or is it basically 12 months after the registration of my company for corporate tax with ros? Also, let's say I open an online store and make 3 sales with a turnover of 100€ before I register as a company and register for corporate tax, do I need to declare it as a company even if it was made before the company was constituted or should I just declare it as income tax filling the form 12?
Thanks in advance!
Hello , could you please explain subcontractor taxes in Ireland for construction workers
hi Irina, we'll do an RCT video for construction contractors very soon!
@@TheAccountingChannel thank you so much ! Really appreciate it 👌
Great video, I am in the process of setting up a Import Export Company with physically trading of commodities and as well only as Intermediate for Deals with international clients. There want be any delivery of any goods to the Republic of Ireland, as I want have Irish companies...Would I be falling under the 12.5% taxation ?
Not sure - that's quite a complex scenario!
Hi sir
Both Irish Taxiaton and uk Taxiaton are same?
not at all - Ireland and the UK are separate countries and therefore have different tax jurisdictions and legislation.
I am thinking of opening a limited Irish company for a 6 month project, what is the retention rate? Would it approx. 80% or more? I was informed its complicated happy if you could provide guidance.
hi Wasim, this is quite a loaded question and hard to answer - personally I wouldn't set up a limited company anywhere for only 6 months due to the sheer amount of paperwork and cost involved in both setting it up and winding it down.
how it works for a non-residential or permanent resident from another country outside of the EU!?
Hi Vimal - people who don't reside in Ireland don't pay tax in Ireland (generally speaking, there are a few exceptions)
Do you legally have to pay tax. If you don't pay tax what law are you breaking?
Say, you haven't registered a company and you're just working for yourself. Are you legally obliged to pay income tax?
Hi Hazel, yes you are legally obliged to pay income tax. The 2 main pieces of legislation are the Taxes Consolidation Act 1997 and VAT Consolidation Act 2010, but there is also a plethora of laws derived from case law and annual statutory budgets. If you underdeclare your income or do not pay your tax liabilities, you can receive penalties and in some instances even face prison.
Hi Mark, a quick one, if I buy goods in China, I have to add VAT here on my "purchases" accounting book right or not?
hi Stefano, you will have to add it to the T2 figure yes (at Irish rate of VAT). Goods will normally have VAT applied to them at the port though, so you might not need to self-account.
@@TheAccountingChannel Great thanks again for that Mark. You are a gent.
Also, I am a limited Liability and VAT registered company, If I pay cash to a person who does craft for me at home, and this person doesn't have an invoice and of course, doesn't have a company, how can I log these expenses into my Account? (I have SURF software). Can he use a simple receipt book and hand it to me every receipt or what you recommend?
we don't use Surf so I'm not sure how this would go into it - if you use Xero we could help!
@@TheAccountingChannel Thanks for this and how would you record this on Xero?
@@stefanomc I would set up a fake bank account called "Cash in Hand" and enter the transactions input/output whenever cash was given/paid. Then I would raise a sale/purchase invoice and record it against this cash entry.
@@TheAccountingChannel Brilliant! and you add VAT to that or that payment includes the VAT?
@@stefanomc Yes if VAT registered