Bookkeeping and 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.

* This course will be taking place again in early 2021, please email localenterprise@kildarecoco.ie to be added to the waiting list *

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.