Services for Sole Traders

Becoming a Sole Trader is one of the easiest ways to start a business. However, self-employment does not mean you can ignore legal obligations such as tax and registration procedures. These are necessary and must be done so your business is in order. I work directly with individuals to help them with required financial documentation, tailoring my services to the unique needs of the client. 

What is Required of a Sole Trader?

Starting up as a sole trader means that all business decisions are made by you. While you will be able to control the aims and function of your business, not having any partners does leave you with more responsibilities.

◉  You are responsible for not only paying any employees you may have but also keeping records of your business. You will also have to pay PAYE and employer PRSI for all your employees, deducting them accurately from pay that should be equally correct.

◉  Tax returns are also obligatory. Legally, any self-employed person must register with Revenue if their net income is over €5000. You will then have to submit your tax returns under the self-assessment system each year. Anyone that receives additional income that is not subject to PAYE needs to file a self-assessment tax return.

◉  Your Income Tax, Pay Related Social Insurance (PRSI), and Universal Social Charge (USC) will be based on your net business profits. As a sole trader, your tax matters will always be dealt with under your Personal Public Service Number (PPSN).



◉  As a business owner, you will also have to consider Value Added Tax (VAT) and Relevant Contracts Tax (RCT). 

Depending on your circumstances, you may be required to register for them. I can help you with this registration, supporting you throughout the process.

Failure to follow tax compliance can result in penalties. Submitting all the necessary documents therefore is vital. However, you can focus on your business growth by using my accountancy services, knowing all documents will be prepared and submitted correctly. As part of my services, I even ensure all entitled tax relief is claimed.