10 Simple Steps to getting set up on Revenue

 

I received two calls this week, from two very different entrepreneurs both asking the same question.

‘How to get set up for tax on Revenue’

One was born in Ireland but had never filed their own taxes, the other born outside Ireland and wasn’t sure where to start.

If you fall into either category you will need to check with revenue in your area how best, you should approach your individual circumstances.

In general, however, here are a few steps that you can follow.

  1. If you were born in Ireland after 1978 you will already have a Personal Public Service Number allotted to you, if you don’t have it, Revenue will be able to give it to you. If born outside Ireland, you will need to apply.  Check out the link here.
  2. Once you have a PPS no, you must register for Income Tax. A manual form TR1 can be filled out, however, Revenue really want everyone on line and will request you to use eRegistration service and set up myAccount on revenue.ie 
  3. myAccount is a single access point for secure online services. It is a quick, convenient and easy way to perform several tasks. These include updating your personal details, reviewing your tax affairs, making payments and applying for certain tax reliefs and incentives. myAccount allows you to access many Revenue services, using a single login and password.
  4. If you have recently established a business, started working as a sole trader or became a landlord, you must register as self-employed with Revenue.
  5. If you are setting up a company and need to register for tax, you must first register the company with the Companies Registration Office and obtain a CRO number.
  6. Once you have your CRO number, you can register for tax using ROS or by completing and submitting Form TR2. Your myAccount will have a link into setting up ROS.
  7. As a self-employed person you may need to register for Value Added Tax – if annual turnover is likely to exceed €75,000 in the supply of goods or €37,500 in the supply of services.
  8. If you’re self-employed, you should maintain records of all purchases and sales of goods and services, as well as all amounts received, and all amounts paid out.
  9. Self-employed filing deadline is 31st October, extended to 17th November if submitted online.
  10. First year of trading taxes are not due until October of year 2.

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