Tax & Vat for Beginners - How to do an Income Tax Return

PROGRAMME OBJECTIVES:

At the end of this course Trainees should be able to

• list key obligations to Revenue

• registering with Revenue

• explain when to register for VAT and pros and cons of registering for VAT

• be aware of deductible expenses

• Understand how income tax is calculated

• Prepare for tax bill

• Tax dates, deadlines and when tax is due

OUTLINE CONTENT:

• Contact numbers and revenue website

• Using ROS and/or My Account to register Self-Assessment system explained – income tax compliance obligations

• Registering for tax

• List deductible expenses

• Difference between capital and revenue expenditure

• Capital allowances explained

• Identify how tax is calculated using practical case study

• Tax dates- preliminary tax, tax returns – Form 11 (Completing the Form 11 - walkthrough of form)

• Introduction to VAT

• How VAT works

• Registering for VAT – what to consider

• VAT thresholds

• VAT Rates

• VAT returns

• Important Dates

• Bookkeeping for VAT – samples given and practical application to prepare VAT 3 return

• Non Deductible VAT items

• Self – Supply

• 2/3 rule

• Bad Debt Relief

• VAT 3 calculation and submission on ROS

• Return of Trading Details (RTD) – complete and submit

• Introduction to EU transactions and Vat 

• Introduction to Vat on Exports and Imports 

This course is for Westmeath Businesses. Businesses who book on who are not based in Westmeath may be removed if the place is required by a Westmeath-based business.

Please note: In the event you book a place and subsequently do not cancel your booking at least ten working days prior to the commencement of the course and do not take up the place no refund or fee transfer will be offered.

Dates: 21st & 28th May 

Times: 10am - 1pm

Cost: €15.00

Trainer: Bernadette Farrell - Ace Training Ltd