Bookkeeping and Taxation for Small Businesses

Part 1 - An Introduction to Books & Records Systems Underpinning Bookkeeping

• Outlining some of the benefits of good bookkeeping systems in a small / medium sized business
• Records which need to be kept / maintained
• Introducing templates of books of first entry including purchases book, payments book, sales book, receipts book
• Resourcing the bookkeeping function - 'how’ and ‘who’ best to do it
• Advantages of good record keeping
• Case Study - writing up books of first entry and in doing so demonstrating the benefits that can accrue in so doing (including cash flow management)
• Emerging VAT, tax issues for small business from Budget 2016

Part 2 - Bookkeeping & Tax Compliance ~ What it Means

• Your responsibilities in a self assessment system
• Registration for tax (TR1, TR2) and ‘how’ to de-register - a walk-through forms TR1 and TR2, highlighting important aspects e.g. cash receipts basis for VAT and how & ‘when’ to register; and when a business should de-register for taxes
• Tax codes - an introduction to types of taxes that businesses / persons may be liable to
• Tax returns and tax payments (obligations) 
• The Revenue Online System (ROS) 
• Key tax deadlines for small business, incl’ (Sole Trader & Companies, VAT, Income Tax) 
• Preliminary Tax - what it means, ‘how’ it is calculated and how to provide for this tax

Part 3 - Bookkeeping & Tax Administration ~ How it Happens

• VAT

- Registration for VAT - the thresholds 

- Invoice -v- cash receipts basis registration what they mean, how to decide what basis to choose

- Paperwork necessary in maintaining VAT records (including VAT 3) 

- Exceptional VAT items (including two thirds rule)

- Revenue taxes and cash flow projections to pay the VAT bill

- Worked Case Study

• PAYE / PRSI

- ‘When’ and 'How’ to register for payroll tax

- The ‘full’ cost of employing persons

- Setting wage levels including provision for tax credits, employee PRSI

- How best to maintain payroll records 

- Worked Case Studies.

Part 4 - Outputs from a Good Bookkeeping System, Tax Planning & Preparation of Accounts

• Being proactive in accounts preparation and tax management - the advantages for the owner and business.
• Better financial analysis and financial management practices explained - Costing, pricing, debt management and bank management

Part 5 - Ensuring Good Bookkeeping Practices – the controls

• Overview of typical systems being used in small / medium sized businesses that work effectively.
• Identifying your needs in a bookkeeping design before buying into a system.
• Bookkeeping modules / areas necessary to control the finance function (incl’ stock, credit management).
• Controls that can be put in place - creditors management, bank management, debtor management, processes and packages that smooth financial outputs and costing effectively.

Takes place over four Wednesday evenings - 25th September & 2nd, 9th & 16th October, 2019. 7:00pm to 10:00pm.