Taxation is an important aspect for all businesses, regardless of their type and size. If you have a business, you need the expertise of tax advisors to provide you with tax services and advice. With sound advice, proper planning and strategic execution, you can count on tax exemptions and relief that will be a monetary benefit to your business. Likewise, you can avoid tax problems and liabilities that are bothersome and costly. Understand that the simple mistake of missing a filing deadline can already have a major impact on your operations.
In most cases, your business will be taxed based on how it was formed. A business is basically liable or subject to what is called corporate income tax. Corporate income tax is levied on all profits from business activities. Business income is taxed at 12.5%, while non-business income is taxed at 25%. Consult your trusted tax advisor to learn more about the tax rates applicable to your business. Calculating the exact taxes down to the last penny can be complex if other factors come into play, such as if the tax rate changes during an accounting period. You also need to take into account expenses that can be deducted from your profits and result in a tax deduction.
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If you are a newly established business, you may be entitled to a tax exemption for the first three years of operation. There is an extension of this tax break for newly established businesses that started operations in 2011. Your dedicated accountant can assist you with updates and changes to Irish tax legislation. Additional tax relief is available if you are a start-up business with salaried employees. Since 2011, the amount of tax relief is based on the amount of payroll-related social insurance or PRSI you pay in an accounting period, capped at EUR 5,000 per employee. An accounting period is the period during which your company prepares its annual accounts and must not exceed 12 months.
However, if your company is not registered and you operate as a sole trader, you are subject to personal income tax. If you are a sole proprietor running a small business with rental income, capital gains, foreign income and similar income, you will need to file and submit your tax returns by a specific due date.To reduce your burden of calculating business taxes, filing returns and paying taxes on time, it is best to hire a tax advisor, whether you are a sole proprietor or a company.
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