Frequently Asked Questions

Clear answers to common Irish accounting and tax queries.

What is My Future Funds?

My Future Funds is our specialized advisory service designed to help you plan for long-term financial security. We provide guidance on tax-efficient pension planning, investment structures, and wealth management strategies tailored for business owners and individuals in Ireland.

When do I need to register for VAT in Ireland?

In Ireland, you must register for VAT if your 12-month rolling turnover is expected to exceed:

  • €42,500 for the supply of services.
  • €85,000 for the supply of goods.

You can also register voluntarily if your turnover is below these thresholds, which may allow you to reclaim VAT on business purchases.

What is the deadline for Income Tax self-assessment?

The standard deadline for filing your Income Tax return (Form 11) and paying any tax due for the previous year is October 31st. However, if you file and pay online through the Revenue Online Service (ROS), this deadline is typically extended by approximately two weeks (mid-November).

What is the Corporation Tax rate for Irish companies?

The standard rate of Corporation Tax on trading income for Irish companies is 12.5%. Non-trading (passive) income, such as rental income or investment income, is generally taxed at 25%.

What is RCT and what are the rates?

Relevant Contracts Tax (RCT) applies to the Construction, Forestry, and Meat Processing industries. The deduction rates depend on the subcontractor's compliance record with Revenue:

  • 0% (Substantial compliance record).
  • 20% (Standard rate for those with a good compliance record).
  • 35% (For those with a poor compliance record or who are not registered with Revenue).
What about Capital Gains Tax (CGT)?

Capital Gains Tax is a tax you pay on the profit (gain) you make when you sell or dispose of an asset (e.g., shares, property). The standard rate of CGT in Ireland is 33%. There is an annual personal exemption of €1,270.

Am I eligible for a Tax Refund?

Many taxpayers are entitled to refunds for overpaid tax, unclaimed health expenses, or tuition fees. We can perform a comprehensive four-year tax review to ensure you have claimed all eligible credits and reliefs.

How often do I need to file VAT returns?

Most businesses file VAT returns every two months (bi-monthly). The deadline for filing and payment is the 19th of the month following the end of the period (extended to the 23rd for ROS users).

Can you help me set up a new company in Ireland?

Yes, we provide full company formation services through Taxcom Accounting Limited, including registration with the Companies Registration Office (CRO), tax registration with Revenue (VAT, Corporation Tax, PAYE), and advice on the best business structure for your needs.