Consult You should always check with your advisor before proceeding with a course of action. Each scenario can be different, and you may have different options available to you than a similar business/person.
Don’t leave it to the last minute – As a minimum pay and file on time. However, we are advocates to have your returns completed way in advance of this. Completing the returns early means that you have more opportunity to make changes going forward. Leaving it to the last minute means you have no time to do this. For example, local property tax 10% surcharge can be identified earlier in the process and be paid before your tax return is filed.
Set up DDs for VAT / PAYE – with a little planning this has 3 great benefits – cash management, avoiding unnecessary returns and reducing the risk of late returns (See 2 above). And also, it reduces administration Claim all your credits/expenses – Make sure that you are claiming everything that you are entitled to. Incorporate – there are many tax advantages to having a company which may be relevant to you – tax rates, seed capital, travel and subs, entertainment, liquidation etc. (See 1 above) This can open the door for R&D tax credits, EIIS etc.
Pensions – I know it is boring but if you are earning more cash than you need to live on it makes no sense not to invest in a pension for your future. They are highly tax efficient.
Vouchers – another no brainer is to pay yourself and your employees a tax-free gift voucher each year to the value of €500.
Home and Family – are you using your home as an office or are your spouse and kids working in your business. If so, then you may be able to claim some costs for this. However please take advice as this is closely scrutinised area.
Gift Tax – reduce the taxable value of your estate by utilising the €3k annual exemption to gift tax and potentially save a fortune over time.
CGT– if you have assets to sell utilise the annual exemption whereby the first €1,270 of each gain is tax free.