Frequently Asked Questions
Do I need an audit?
A: Not always, but each case must be considered individually. Exemption from statutory audit may be available to certain companies that meet specific criteria. Some other types of company are required under company law to undergo an annual audit regardless. Even if a company could ordinarily avail of exemption, there may be other necessities for an audit, arising from bank financing requirements, shareholder agreements, members' interests, etc
Should I incorporate my business?
A: This always depends on the individual circumstances and needs of each business, and the variations are enormous. What age am I? As can be expected, there are benefits and disadvantages to both, and tax planning opportunities often affect the final recommendation. Specific advice should always be taken in this regard to ensure that the most suitable option is availed of.
I only want to know how much tax to pay? Why is it expensive?
A: A: Beware of the many unqualified and unauthorised people claiming to be accountants, offering the general public services at very low fee levels; their level of training, experience and competence often is inferior to what you should expect from your tax professional.
These individuals are not insured and if they make a mistake with your figures you can end up paying too much or too little tax - but you are the one responsible, not them! To be properly carried out, every engagement requires an absolute minimum amount of work, and these individuals very often cut corners and miss important issues which result in you, the taxpayer, being exposed to financial penalty from Revenue
By all means shop around and get different quotes - but do make sure that you only deal with fully qualified practitioners. Check that they carry professional indemnity insurance. Check that they are regulated by a professional accountancy or taxation body. Check that they hold the required certification (a practising certificate from one of the regulatory bodies), authorising them to offer their services (because not all fully qualified accountants can actually offer these services)
Do I have to register for VAT?
A: Some businesses do not in fact have to register for VAT, either because they are exempt from doing so (for example, because of the type of activity they engage in), or because their level of trade is below the registration threshold. If a business is registered (either voluntarily or otherwise), regular returns must be filed on time with Revenue, detailing the relevant amounts of VAT relating to the transactions in the period, and either payment made to Revenue, or refunds claimed. Always seek professional advice if there is any doubt as to whether you are properly accounting for VAT as it is an area where mistakes occur very frequently and Revenue are very keen to apply fines and penalties for incorrect filing.