What do you need to know from us? Frequently asked questions

What do you need to know from us? Frequently asked questions

Q: I have started a new business. When do I need to register for tax?
A: As soon as you start to spend money on your business you should register for the various tax categories.
Q: Should I set up a limited company?
A: We usually suggest that business people use a limited company. It keeps your personal affairs away from those of your business and protects your assets from any people the company owes money to.  Consider it as a form of insurance, if only for peace of mind.
Q: Do I have to get an audit done every year?
A: If you are a sole trader you will never have to get an audit done. If you have a limited company and you have sales less than Euros7 million per year, and file your returns on time with the Companies Office each year, you don’t have to get an audit done.
Q: How long do I have to keep financial records – invoices, cheque books and so forth?
A: Six years.