Brief Course Description

The session will address the basic tax issues that arise for individuals operating as a sole trader. 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 make time for a ‘Small Business Check-up’ whereby the participants can take time to ascertain if their current business systems meet tax obligations.

Aims of the Programme

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.

Content

• Reporting requirements of sole traders 
• 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
• 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

The training course will be a mixture of both theory and practical case studies.

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