Taxation for Beginners

The session will address the basis tax issues that arise for individuals operating as a soletrader or a company. It will also address the issue of self-assessment and submitting returns, reading accounts and assessing the financial health of your business.  The trainer will also provide “Prescriptions” which will ensure participants are made aware of ways in which they can best manage the tax affairs of their business.
The session will also ensure participants gain all the information they need on any key agencies involved, the processes involved in dealing with such agencies and the steps they should be taking to ensure that they are managing their businesses in a legal manner

Topics covered

• Reporting requirements of limited companies, sole traders and partnerships
• The Self-Assessment system 
• Preliminary Tax – What & When to Pay
• Capital Allowances/chargeable gains
• The PRSI System
• The completion of an Income Tax return
• Personal Allowances and Rate Bands 
• Tax and PRSI Liability
• The VAT System - Calculating VAT and preparing VAT returns (The trainer will provide blank VAT    Forms and facilitate a point by point explanation)
• Important Dates – Trainer will distribute a Checklist 
• Contact Details of Key Agencies

Outcomes

• Capability of registering for Taxation
• Capability to complete monthly/bi-monthly/quarterly/annual vat returns
• Knowledge of the Income Tax System and completion of Income Tax Return
• Knowledge of who/when and how to contact Revenue

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