If you are a returning Irish expat who wants to update your knowledge of the Irish tax system and also understand how you will be taxed on your return to live and work in Ireland, get in touch.
Services Provided
Benefits of Working With Us
- Understanding Residency Rules: Assistance in determining tax residency status under Irish law.
- Split Year Treatment: Advice on split year treatment if they move partway through the year.
- Double Tax Treaties: Review of applicable double tax treaties between Ireland and their home country.
- Registration with Revenue: Assistance with registering with the Irish Revenue Commissioners.
- Filing Tax Returns: Preparation and filing of Irish income tax returns.
- PAYE System: Guidance on the Pay-As-You-Earn (PAYE) system for salaried income.
- Remittance Basis: Advice on the remittance basis of taxation for non-domiciled individuals.
- Foreign Income Reporting: Assistance with reporting foreign income and understanding the tax implications.
- Capital Gains Tax: Guidance on capital gains tax liabilities in Ireland and any reliefs available.
- Social Security Contributions: Assistance with understanding Irish social security contributions and any agreements between Ireland and their home country.
- Pension Planning: Advice on pension schemes and contributions in Ireland.
- Inheritance and Gift Tax: Guidance on inheritance tax (CAT) and gift tax implications in Ireland.
- Estate Planning: Assistance with estate planning to minimize tax liabilities.
- Business Setup: Assistance with setting up a business or branch in Ireland.
- Corporate Tax Compliance: Corporate tax advice and compliance services if they own or manage a company.
- Tax Updates: Regular updates on changes to Irish tax laws that might affect their situation.
- Personalised Tax Planning: Ongoing personalized tax planning and advice.
- Expertise in Expat Taxes: Specialised knowledge in handling tax issues for expats.
- Personalised Advice: Tailored tax strategies to optimise your financial situation.
- Comprehensive Support: From filing returns to planning future tax obligations.
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How It Works
Common Challenges Addressed
- Initial Consultation: Discuss your specific needs and circumstances.
- Assessment: Evaluate your tax status and obligations.
- Strategy Development: Create a tailored tax plan.
- Implementation: Assist with filing and compliance.
- Ongoing Support: Provide continuous advice and updates on tax laws.
- Understanding whether to amend structure for new Irish operations/presence of Irish employee/director/owner
- Unsure whether Irish registrations are required
- Double tax concerns – managing cross border reporting and tax payment obligations
Frequently Asked Questions
What taxes am I liable for as a freelancer or entrepreneur in Ireland?
As a freelancer or entrepreneur in Ireland, you are liable for several taxes:
Income Tax:
Rates: Progressive tax rates of 20% and 40% depending on your income.
Thresholds: The first €42,000 is taxed at 20%, and income above that is taxed at 40% (rates and thresholds may vary yearly).
Universal Social Charge (USC):
Rates: USC is levied at rates of 0.5%, 2%, 4.5%, and 8% depending on your income level.
Pay Related Social Insurance (PRSI):
Rates: Sole traders pay Class S PRSI at 4% on all income over €5,000 annually.
Value Added Tax (VAT) (if applicable):
Thresholds: Registration is mandatory if your annual turnover exceeds €40,000 for services or €80,000 for goods.
Rates: Standard VAT rate is 23%, with reduced rates for certain goods and services.
Preliminary Tax:
Obligation: You must pay preliminary tax, which is an estimate of your tax liability for the current year, by October 31st.
What business expenses can I deduct from my taxable income?
You can deduct certain business expenses from your taxable income that are incurred exclusively and wholly for the business, including:
Office Expenses: Rent, utilities, internet, and phone costs.
Supplies: Office supplies, equipment, and materials directly related to your business.
Travel and Subsistence: Business travel expenses and accommodation costs.
Professional Fees: Accountancy, legal, and consultancy fees.
Marketing and Advertising: Costs related to promoting your business.
Insurance: Business insurance premiums.
Training and Development: Costs for courses, seminars, and other professional development activities.
Bad Debts: Debts that are proven to be uncollectible.
Depreciation: Tax depreciation on capital assets, such as computers and machinery (called ‘wear and tear’ allowances).
Motor Expenses: If using a vehicle for business, a portion of running costs may be claimed.
How do I report my freelance or self-employment income?
You report your freelance or self-employment income through the following steps:
Register as a Self-Employed Individual: Register with the Revenue Commissioners as a sole trader.
Maintain Accurate Records: Keep detailed records of all income and expenses.
File an Annual Tax Return: Complete a Form 11 (Income Tax Return for Self-Employed Individuals) by October 31st each year (or mid-November if filing online via ROS).
What legal requirements must I meet to operate my business in Ireland?
To operate your business legally in Ireland, you must:
Register with Revenue: Register for income tax, VAT (if applicable), and as an employer (if you have employees).
Comply with Health and Safety Regulations: Follow health and safety laws relevant to your business operations.
Obtain Necessary Licenses and Permits: Depending on your business type, you may need specific licenses or permits.
Data Protection Compliance: Adhere to GDPR regulations for handling personal data.
Business Name Registration: If using a business name other than your own, register it with the Companies Registration Office (CRO).
How do I register with the Irish Revenue Commissioners?
To register with the Irish Revenue Commissioners:
Online Registration:
ROS: Use the Revenue Online Service (ROS) to register as a self-employed individual. Create a ROS account if you don’t have one.
eRegistration: Submit an online registration application through ROS.
Paper Registration:
TR1 Form: Complete and submit the TR1 form (Tax Registration form for Sole Traders, Partnerships, Trusts, and Unincorporated Bodies) by post.
What is the process for filing my income tax returns?
The process for filing your income tax returns involves:
Prepare Your Financial Records: Gather all income and expense records for the tax year.
Calculate Taxable Income: Deduct allowable business expenses from your total income to determine your taxable income.
Complete Form 11: Fill out Form 11 to report your income, deductions, and tax credits.
File the Return:
Online Filing: Submit your completed Form 11 through the ROS by October 31st (mid-November if filing online).
Paper Filing: If filing a paper return, ensure it is received by October 31st. Please note that online filing is mandatory in some cases.
Pay Any Tax Due:
Preliminary Tax: Pay your preliminary tax for the current year and any balance due for the previous year by the filing deadline.
Payment Methods: Payments can be made via ROS, direct debit, or electronic funds transfer.
