What do you need to know from us? Frequently asked questions

Q: I have started a new business. When do I need to register for tax?
A: As soon as you start to incur expenses you should register for the various tax categories.
Q: Should I set up a limited company?
A: Only if required to by law, or for commercial considerations. There are extra expenses and formalities to deal with when you have a limited company, so often setting up as a sole trader is the best route for the first few years, then consider moving to a limited company thereafter.
Q: Do I have to get an audit done every year?
A: If you are a sole trader you will never have to get an audit done. If you have a limited company and you have sales less than Euros7 million per year, and file your returns on time with the Companies Office each year, you don’t have to get an audit done.
Q: How long do I have to keep financial records – invoices, cheque books and so forth?
A: Six years.

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