Tax Registration

What is a Tax Registration

When you file for tax as a sole trader, trust, partnership, or corporation, Revenue assigns you a Tax Registration Number (TRN). As a sole trader, trust, partnership, or corporation, you must use your TRN to trade and file your tax returns.

Types Taxes

Corporation Tax (CT)

  • CT is due on worldwide profits of Irish companies. Income and capital gains are included. Non-resident corporations that trade in Ireland must likewise pay CT.
  • The CT a corporation pays is governed by Income Tax laws. Capital Gains Tax (CGT) laws determine taxable gains.

Value-Added Tax (VAT)

  • In general, a new businesses does not need to register for VAT from the start. Before charging VAT on your goods/services, your company must satisfy specific conditions.
  • Both sole traders and limited companies are allowed to apply for VAT, but you should consult an expert beforehand.

Relevant Contracts Tax (RCT)

  • You might be a primary contractor or a subcontractor if you work by yourself in any business, especially construction. When a primary contractor hires a subcontractor to carry out construction operations under a relevant contract, RCT applies.
  • Non-resident contractors' tax responsibilities: Non-resident contractors in the construction business are subject to RCT. They should be aware of their other tax duties.

Employer Pay As You Earn (PAYE)

  • You must register as an employer if you hire someone. Revenue must be notified of your name and address, as well as your plan to pay employees.

Your Accounting Obligations

  • Company accounts
  • Corporation tax return
  • Annual return
  • VAT returns
  • Annual return of trading details (RTD)
  • ESL – VIES return
  • Form 11 filing

Tax Returns Your Guide to Filing Irish Taxes

It doesn’t have to be difficult to file your taxes in Ireland. This guide makes it easy to speed up the process, pay as little tax as possible, and make sure you’re following all Revenue guidlines.

Filing your Returns

1. Streamline Your Tax Filing with Forti

Not sure which tax forms to fill out? Don’t worry about the process; let us do it for you. For correct and stress-free tax filing, you need to know which forms to use. Here’s a quick look at some popular Irish tax forms

Form 11

For individuals, independent contractors, and sole proprietors, this is the main tax return.

Form 12

Used to report capital gains tax on the sale of assets (such as Property, Stocks or Crypto etc.).

Form CG1

For claiming capital gains tax reliefs and exemptions.

Form TR1

Used by individuals with foreign income or assets to declare their total income.

Other forms

Depending on your situation, you may need to submit additional forms. 

2. Complete your forms electronically on ROS

Utilise the ROS system to electronically fill out and submit your tax return forms. It’s generally faster, more secure, and eliminates the need for paper forms.

3 . Meet filing deadlines

 Ensure you submit your tax returns before the October 31st deadline of the following year. Late filing may incur penalties.

4. Claim your reliefs and exemptions

Be sure to claim all available tax reliefs and exemptions that you are entitled to, reducing your overall tax liability.

Paying your Tax Bill

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Once your return is processed by Revenue, you will receive a tax assessment detailing the amount of tax payable.
You can make your tax payment online through ROS using various methods, including credit card, debit card, or direct debit.
The deadline for paying your tax bill is generally specified in your tax assessment. Late payments incur interest and penalties.

Additional Services from Forti

Forti can assist you with each stage of the tax filing process, including

  • Recognising your obligations and residency for taxes.
  • Determining the appropriate tax forms and the dates for filing them.
  • Organising and compiling your tax records.
  • Accuracy and efficiency in filing your tax returns.
  • Maximising your allowances and tax relief.
  • Calculating and promptly paying your tax liability.
  • Keeping up with updates and changes related to taxes.

Add-ons

Customised Add-Ons-Make your business better

Discover a variety of specialised services designed to help you optimise your business operations, from company formation to customised accounting solutions.

Sole Trader
Accounting

Running a successful sole trader business demands attention, competence, and effective management in all areas, including financial. We understand the specific issues that Irish sole traders.
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E-Commerce
Accounting

Running an online business in Ireland has distinct problems and opportunities. Success in e-commerce requires efficient financial planning, yet the intricacies of e-commerce accounting can easily overwhelm one.
Find Out More

Limited Company
Accounting

When you file for tax as a sole trader, trust, partnership, or corporation, Revenue assigns you a Tax Registration Number (TRN). As a sole trader, trust, partnership, or corporation, you must use your TRN to trade and file your tax returns.
Find Out More

Self Assessment
Filing Service

Our certified public accountants take care of the whole process, which means it’s quick, easy, and made just for you. Enjoy filing without any stress!
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One-off Services
Add-ons

1% +VAT of money earned

Perfect if you’re just starting out or working a side hustle and not ready to become a Limited Company.
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Growing Business
Accounting

1% +VAT of money earned

Perfect if you’re just starting out or working a side hustle and not ready to become a Limited Company.
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Getting Started

Collect your records

Collect all relevant documents, including pay slips, interest statements, expense receipts, rental income information, and any foreign income or assets.

Register for ROS (Revenue Online Service)

If not already registered, sign up for ROS through the Revenue website (https://www.revenue.ie/). This will allow you to file your taxes electronically and access various online services.

Activate your MyAccount

Once registered, activate your MyAccount on ROS to access personalized tax information, submit returns, and manage your tax affairs.

Understand your tax residency

Determine whether you are an ordinary resident, resident for tax purposes only, or a non-resident for tax purposes. This will affect the taxes you need to pay and how they are calculated.

Frequently Asked Questions

When you register for tax as a sole proprietor, trust, partnership, or corporation, Revenue (the Irish tax authority) assigns you a Tax Registration Number (TRN), which is a distinctive identifier. You’ll need your TRN to:

  • Conduct business and trade legally in Ireland.
  • File your tax returns with Revenue.

Here’s a breakdown of some common taxes in Ireland:

Corporation Tax (CT): Applies to the worldwide profits of Irish companies, including income and capital gains. Non-resident corporations with Irish operations may also be liable for CT.

Employer PAYE (Pay As You Earn): If you hire employees, you must register as an employer with Revenue and report payroll information.

Value-Added Tax (VAT): Generally, new businesses don’t need to register for VAT immediately. However, you may need to register if your turnover exceeds a specific threshold or if you plan to charge VAT on your goods or services.

Relevant Contracts Tax (RCT): This applies if you work as a contractor (primary or sub-contractor) in certain sectors, especially construction.

Registering for VAT is not mandatory for all new businesses. If your revenue exceeds a predetermined threshold, you might need to register. Consulting with an expert like FORTI can help you determine if VAT registration is necessary and how it would impact your business.

Depending on your business structure, you may have various accounting obligations, including:

  • Maintaining company accounts.
  • Filing a Corporation Tax return annually.
  • Submitting an annual return.
  • Filing VAT returns (if registered).
  • Submitting an Annual Return of Trading Details (RTD).
  • Completing the ESL – VIES return (if applicable).
  • Filing Form 11.

FORTI understands that tax filing can be complex. We offer a range of services to help you streamline the process:

Identifying your tax obligations: We’ll help you determine which taxes you need to register for and file.

Completing tax forms: We can assist you with completing the correct tax forms, such as Form 11, Form 12, Form CG1, Form TR1, and others relevant to your situation.

Electronic filing: We can electronically submit your tax returns through ROS (Revenue Online Service) for a faster and more secure process.

Meeting filing deadlines: We’ll ensure your returns are filed by the October 31st deadline to avoid penalties.

Claiming reliefs and exemptions: We’ll help you claim all the tax reliefs and exemptions you’re entitled to, reducing your tax liability.

Managing your tax bill: To help you avoid penalties and interest, we can help you review your tax assessment, comprehend your payment options, and make sure your payments are made on time.

Overall, FORTI can take the stress out of tax filing and ensure you’re compliant with all revenue regulations.

Still have questions? 

Do you need help from us or more details about our offerings? We would be pleased to discuss your needs and the best ways we can assist you if you get in touch with us today.
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