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Our Services

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We offer a wide range of services that cater to sole traders, partnerships, companies and private individuals. The list below is not exhaustive but includes the services that we most regularly supply.

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Business name registration

All business names for sole trades and partnerships need to be registered with the Companies Registration Office (CRO). Once registered, the CRO will include the business name and information pertaining to it, on its public record. This offers confirmation to any interested parties of the business’s legitimacy. For example, if you wish to open a sole trader business bank account, the bank will ask you for a copy of your business’s “Certificate of Registration” from the CRO before allowing you to do so.

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Company formation

While there are various types of companies, the most common type is what’s known as a “private company limited by shares”. There are advantages and disadvantages to forming such a company, as opposed to forming a sole trade or a partnership. Unlike sole trades and partnerships, a company is a separate legal entity to the person who owns the company. Therefore, the company owner benefits from having limited liability. In other words, the company owner is not personally liable for the company’s debts. Companies also benefit from having their profits taxed at the corporation tax rate of 12.5%. A sole trader however can pay up to 40% income tax on their business’s profits. This means that it can be more financially beneficial for your business to be a company, depending on its profit. There are also disadvantages to your business being a company, such as having to submit annual returns to the CRO, increased accountancy costs and your business’s accounts being available to the public.

We will discuss the pros and cons of forming a company with you in more detail and determine whether the model is the best fit for your business. If it is, we will do all the necessary administrative work to form it. 

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Tax registration

Once your business has been formed, various tax registrations must be made. All sole traders/partners must be registered for income tax and every company must be registered for corporation tax. Beyond those two taxes, you or your company may also have to be registered for the likes of PAYE/PRSI, VAT and RCT, depending on whether you plan to hire staff, your expected sales figure and the type of industry your business is in. All proprietary directors of companies must also be registered for income tax because they’re deemed as being self-employed. 

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RBO registration

The Register of Beneficial Ownership (RBO) is a database that contains the details of all the beneficial owners of Irish companies. A beneficial owner is any person who owns more than 25% of the shares of a company. Beneficial owners need to be registered with the RBO upon the formation of a company. 

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Bookkeeping

Bookkeeping is the practice of regularly recording and organising a business’s financial transactions. The bookkeeping records act as the foundation for the financial statements and therefore play an important role in the effective financial management of a business. 

Once we complete the bookkeeping for a given month, we send the full set of updated accounts to the client so that they can see how their business is performing. 

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Payroll

Included in our payroll service is the calculation of net pay for each employee, the issuing of payslips, the submission of the payroll details to Revenue, the payment of income tax/PRSI/USC to Revenue and the payment of employees’ auto-enrolment pension contributions to the National Automatic Enrolment Retirement Savings Authority. 

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Preparation of management accounts

Management accounts are typically comprised of an income statement, statement of financial position and a cash flow statement for a given month/quarter. They can also include a detailed breakdown of sales and departmental costs etc. The figures provided can be compared against the budgeted figures for that same period, allowing a business owner to make informed financial decisions for the following period. 

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Preparation of financial statements

Financial statements provide an overview of a business’s performance and its financial standing. They are comprised of the following accounts:

• Income statement 

This account provides a detailed breakdown of a business’s performance, in terms of sales, cost of sales, expenses and the net profit/loss. 

• Statement of financial position

This account provides important information regarding a business’s assets, equity and liabilities, and of its performance since its formation. It is key to long-term planning and for the likes of loan applications. 

• Cash flow statement

This account shows the factors that have led to the inflow/outflow of cash and provides a net increase/decrease figure for cash flow for a given period. It allows a business owner to assess the affordability of hiring staff or making monthly loan repayments etc.

Preparation of three-year projections

Three-year projections are comprised of projected financial statements for the following three years. They offer a prediction of how a business will grow over that time span. When deciding on granting a loan, many lenders will ask for a set of three-year projections to help them determine whether a business will be able to afford the respective loan repayments in the coming years. 

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Preparation and submission of annual returns

Every company must file an annual return to the CRO, which is comprised of various details relating to the company, such as the registered office address, the number of shareholders, the amount of issued share capital and the directors’ details etc. The company’s financial statements must be filed as part of the annual return. Late filing of an annual return can lead to fines and the loss of a company’s audit exemption, so it’s very important that it’s done properly and on time. 

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Preparation and submission of tax returns

• Income tax
• Corporation tax
• VAT
• Dividend withholding tax
• PAYE/PRSI
• Relevant contracts tax
• Capital gains tax
• Capital acquisitions tax

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