registering for income tax

P

pred

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Hi,just a couple q's about reg for income tax.on the tr1 form part A4 #25
' To what date will annual accounts be made up? ' Is this the same date as business commence but adding on the year i.e business commenced on 01/04/2014, annual accounts on 01/04/2015...

#26 state expected turnover in next twelve months?
I cant tell what I will earn in next twelve months so what should i put down

#27 advisor details [ if any ] I will be doing accounts myself with help from family friend, I also wont be registering for VAT so can I leave blank?

#28 If correspondence relating to the following is being dealt with by the accountant or tax advisor thick 1. VAT [i.e vat 3's ] [ RCT ] [Employer PAYE/PRSI ] What do I fill out??

Any help would be greatfull. I could go the easy route and pay someone but since I am going into business I think its best to start learning right from the beginning, so again any help appreciated.

THANKS

PS how long will it take to finalise registration of income tax?
 
Last edited:
.on the tr1 form part A4 #25
' To what date will annual accounts be made up? ' Is this the same date as business commence but adding on the year i.e business commenced on 01/04/2014, annual accounts on 01/04/2015...31/03/2015

#26 state expected turnover in next twelve months?
I cant tell what I will earn in next twelve months so what should i put down. Have you any projections for turnover, you say you're not registering for VAT you must have some idea. Is it turnover €30,000 for services or €50,000 for goods.

#27 advisor details [ if any ] I will be doing accounts myself with help from family friend, I also wont be registering for VAT so can I leave blank?I guess it's blank

#28 If correspondence relating to the following is being dealt with by the accountant or tax advisor thick 1. VAT [i.e vat 3's ] [ RCT ] [Employer PAYE/PRSI ] What do I fill out??
Don't tick any box

Any help would be greatfull. I could go the easy route and pay someone but since I am going into business I think its best to start learning right from the beginning, so again any help appreciated. If you are starting a business and learning to be an accountant at the same time it will be very difficult, be sensible and go meet an accountant, first meeting is usually free and they will set you straight from the start

THANKS

PS how long will it take to finalise registration of income tax?
Depends on your local tax office, 7-10 working days
 
Joe_90 said:
.on the tr1 form part A4 #25
' To what date will annual accounts be made up? ' Is this the same date as business commence but adding on the year i.e business commenced on 01/04/2014, annual accounts on 01/04/2015...31/03/2015
Click to expand...
There are significant implications attaching to selecting a year end date, and the wrong choice can cost you. You may well need professional advice to determine whether you are better off with eg a calendar year end date (31 Dec) or the anniversary of the date you start trading.

+1
(except that "first meeting free" is generally a sales gimmick that you end up paying for later. There is no such thing as a free lunch - but that's your call )
 
Tommy you are of course 100% right on the free meeting.

I should have said, "the initial consultation would be included in an annual comprehensive accountancy service"
 
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