The Tax Pay Dat Comes. What Documents Should I Submit?

As we all know, taxes are financial levies imposed upon the taxpayers by the state. Failure to pay your taxes on time or deliberately evading them is punishable by law. Therefore persons who deliberately evade taxes are punished by imprisonment of up to 5 years or fines of €250,000 for individuals (and 500,000 for corporations). It is of high importance to have all your tax forms submitted and paid on or before the tax pay day arrives.

tax pay day

In Ireland, businesses pay corporation tax on the company’s profits which include both income and chargeable gains. Company’s income is calculated in accordance with income tax rules and chargeable gains are calculated in accordance with Capital Gains Tax rules.

There are two rates of Corporation Tax:

  • 12.5% for trading income.
  • 25% for non trading income (investment income)

In order to pay corporation taxes in Ireland, companies use a self assessment system known as ‘Pay & File’. The obligations of a company with regard to paying Corporation Tax and filing its returns are as follows:

Firstly, a company must pay its preliminary corporation tax before the specified date. Nowadays it is normally done via ROS (Revenue Online Services). This is Revenue’s strategy to establish the use of an electronic channel as the prefereed way way of conducting tax business. It is a secure online facility available 24/7, making it very convenient to pay your taxes quickly and safely.

Secondly, companies must complete and file a Form CT1 and, where applicable, also a Form 46G, both of which are available via ROS as well.

And lastly, companies must ensure online payment of any balance of tax due when lodging the return within 9 months of the accounting period.

tax pay day_1

According to Revenue, new and start-up companies are not obliged to pay preliminary taxes if their corporation tax liability is €200,000 or less for their first accounting period, but they will have to pay their final corporation tax liability and they are required to submit their corporate tax returns (online).
Revenue Commisioners (Irish Tax Office) have undertaken quite a progressive strategy, technologically, by making it mandatory for most businesses to pay and file their taxes online using R.O.S.

Submitting the right documents to your accountant can take a considerable amount of time. In a bid to decrease this timely process, PlanetVerify have developed an app that lets you do that instantly. Once your accountant sends the list of required documents, PlanetVerify customers simply photograph these documents and submit the photos via the app. The documents will then be sent through a secure channel and stored encrypted in one place. PlanetVerify is fully EU GDPR compliant, so you know where your data is going.

Learn more about the app here.

Stay up to date on PlanetVerify news, product updates, and more

PlanetVerify will only use the information you provide to share blog updates. You can unsubscribe any time. For more details, check out our privacy policy.

Related Articles

Unlocking Success: The Essential Checklist for Digital Customer Onboarding

Businesses are constantly evolving to meet the demands of tech-savvy consumers and one crucial aspect of this evolution is the digital customer onboarding process. Digital customer onboarding refers to the seamless integration of new users into a digital platform or service. It is the first impression a customer has of your product, making it a pivotal step in creating a positive user experience. In this era of instant gratification, a well-executed digital onboarding strategy can be the key to retaining customers and fostering long-term relationships.   BOOK A PLANETVERIFY DEMO TODAY →   Essential Checklist to Consider Clear Communication: Successful

Read More ...

Essential Customer Onboarding Best Practices for Success

At PlanetVerify, we’re not just experts in secure document collection and verification; we’re also passionate about ensuring the onboarding experience for our clients is second to none. This blog dives deep into the nuances of customer and client onboarding, sharing advanced strategies that have been refined through our extensive experience. Whether you’re welcoming new customers or clients, these insights are designed to set your business apart. BOOK A PLANETVERIFY DEMO TODAY →   The Critical Importance of Customer Onboarding Customer onboarding is a pivotal phase in the customer journey, laying the groundwork for a long-term relationship. It’s more than a

Read More ...