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Company Owners

Tax Free Expenditure 

  • Donations to approved charities (with receipts)
  • Employer’s contributions to social insurance and approved funds on employees’ salaries
  • Expenditure incurred for the acquisition of shares in an innovative business (new measure)
  • Overseas permanent establishment profits abroad under certain conditions
  • Telephone expenditure (landline and mobile) incurred for business use
  • Commercial vehicles expenditure and their repairs
 
  • Entertainment expenses

The lower of €17.086 or 1% of the gross income of the business.

 

  • Employees

Payments to employees for which social insurances have not been paid are not allowable for tax purposes.

 

  • Casual Labour

Is always scrutinized by the Income Tax Office.

 

  • Collection of Expense Invoices

Expense invoices incurred for business purposes reduce your Corporation Tax payable.

 

  • Deemed Dividend Tax

Don’t forget that at the year-end profitable companies have to pay corporation tax & deemed dividend tax.

 

  • Bad Debts

VAT paid on bad debts can be recovered

 

  • Netting Off Taxes

Don’t forget that you can net off VAT obligations and Corporation Tax refundable against each other and vice versa. 

 

  • Directors of Company

Are personally liable to the VAT authorities for any VAT discrepancies of the company.