Certain businesses should register for Value Added Tax (VAT). The decision needs to be made as to when you should register, and whether you need to apply Standard VAT Accounting or Cash Accounting.
As a VAT registered business you will be in a position to re-claim VAT on certain petrol expenses purchased in the South. The threshold for registering for VAT is a turnover of £70,000 per annum. However some businesses, such as farming, may find it beneficial to register before they reach this threshold.
If you plan to employ people we can help you register for PAYE, and set up your payroll systems.
If you need to register you can do so up to four weeks in advance of your first pay day.
Bear in mind that you might need to register as an employer even if you're the only person working in your business. If you run a one-person limited company, you'll be both an employer and an employee. So if any of the conditions above apply to you as an employee you'll need to register.
The Construction Industry Scheme (CIS) is a set of special rules for handling payments made by contractors to subcontractors for construction work. If your business works in the construction industry or does construction related work then it may need to register with HM Revenue & Customs as either a contractor or a subcontractor under CIS.
A person who becomes a principal in the Republic of Ireland, must formally notify the Revenue Commissioners of that fact within 21 days of entering into his or her first relevant contract as a principal.