Bookkeeping & Taxation for SMEs

This two-day course is aimed at those who are involved in running a small business and will provide participants with tools to keep a set of books, manage their finances, and comply with tax obligations.

It covers all elements of setting up a simple bookkeeping system and provides trainees with an understanding of the Irish tax system and of calculating their tax liabilities.

Course Objectives

At the end of this course, participants should be able to:

• Keep appropriate records
• Prepare daybooks for small business
• Understand inputs and outputs of good bookkeeping
• Execute proper controls for good bookkeeping
• Understand tax compliance and administration in a small business
• Extract key information for taxation and financial management purposes

Course Outline

Module 1 – Understanding Tax Compliance & Planning

• Self Assessment system explained – income tax compliance obligations
• Tax administration in the small business
• Record keeping obligations – receipts, invoices etc
• Deductible expenses
• Capital Allowances
• Reliefs available to micro enterprise including SYOB Relief
• Elements of a tax bill – tax, PRSI & USC
• Identify how tax is calculated – using case study and exercises
• Tax dates- preliminary tax, tax returns – Form 11 introduced
• Contact numbers
• Dealing with your accountant
• Introduction to Daybooks – using samples
• Basic bookkeeping and accounts terminology explained
• Bank Receipts Book & Bank Payments Book (Combined Bank Book)
•   

Module 2 – Maintenance of Key Books and Financial Records including Inputs and Outputs of Good Bookkeeping

Preparation of the following (Concentrating on Daybooks and day-to-day bookkeeping):

•  Sales book
• Purchases book
• Petty Cash Book or equivalent
• Introduction to VAT and compliance obligations
• Bookkeeping for VAT versus non-VAT businesses
• Manual or Computerised systems
• Extract key information from your records and compiling Profit & Loss and Balance Sheet
• Discuss difference between profit and cash
• Applying basic bookkeeping skills to my business
• Setting up daybooks to ensure useful information available for tax returns and
• Financial Management

Course Delivery:

• This course will be delivered via Zoom. Details about how to log in will be emailed to you following registration.
• Course materials will be available online prior to and during sessions using Moodle.

NOTE: Rescheduled course following Covid19 suspension