Hi there. I'm in the process of setting up a private Ltd. company with my business partner. We have already registered our business name through the CRO and have our company number. So far so good. I am now trying to navigate the rough sea that is corporate tax and VAT legislation and trying to understand as much as I can about them. I have downloaded the TR2 form which I believe has to be filled in and posted to the Revenue.
However, there's a few questions that I struggle with;
8. When did the business or activity commence? – If the company has not yet started trading – what do I put in the boxes?
9. To what date will annual accounts be made up? – Is it correct to assume that it’s 6 months from the date company was registered and that date subsequent years after that?
20. If the company is registering for corporate tax, tick the box. What would be the reasons not to register for corporate tax?
23. What is the meaning of: “Are you applying for the moneys received basis of accounting for goods and services?”
27. Do we need to register as an employer for PAYE/PRSI if it’s just the two directors without any other employees in the beginning?
Part E – What is Relevant Contracts Tax (RCT)?
We are trying to do most of the paper work ourselves and any help is greatly appreciated!
However, there's a few questions that I struggle with;
8. When did the business or activity commence? – If the company has not yet started trading – what do I put in the boxes?
9. To what date will annual accounts be made up? – Is it correct to assume that it’s 6 months from the date company was registered and that date subsequent years after that?
20. If the company is registering for corporate tax, tick the box. What would be the reasons not to register for corporate tax?
23. What is the meaning of: “Are you applying for the moneys received basis of accounting for goods and services?”
27. Do we need to register as an employer for PAYE/PRSI if it’s just the two directors without any other employees in the beginning?
Part E – What is Relevant Contracts Tax (RCT)?
We are trying to do most of the paper work ourselves and any help is greatly appreciated!