Small Benefit Exemption Scheme Ireland: rules, limits and how to use it in your business
Give your employees tax-free vouchers to show your appreciation of their hard work by using the Small Benefit Exemption Scheme.
By staying on top of the numbers, sole traders and small businesses have all the information they need to record transactional data and get tax confident. You or your accountant has the ability to easily submit a self-assessment tax return.
Make sure you’ve registered with Revenue, through your local Revenue office or through Revenue Online Service (ROS), if you meet the requirements for self-assessment.
31 August is the deadline to submit a self-assessment if you would like Revenue to calculate your return for you.
In 2024 the deadline has been extended to 14 November to those customers who both pay and file through Revenue Online Services.
Digital records are a simple and secure way to store your financial records in one place:
Save time and avoid mistakes with automated processes that simplify preparing for self-assessment:
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By 31 October in a tax year, you must:
For example, by 31 October 2024 you must:
If you pay and file through the Revenue Online Service (ROS) , the deadline is 14 November.
To avoid interest charges, please ensure you file by the correct due date.
You’re responsible for assessing what tax you must pay, though Revenue Online Services (ROS) does the calculations for you, based on what information you input.
You can claim certain business expenses against tax, such as rent, lighting and heating, accountancy fees, and interest paid on business loans.
Once you’re registered, you fill out a Form 11 online.
Your tax liability will comprise two elements:
The preliminary tax should usually be 90% of the current year liability.
Once you know your total liability, you make your payment via ROS.
By using Sage Accounting software, you’ll be able to store your records in one place and have everything ready for when you need to submit your self-assessment tax return.
Both packages (Start and Accounting) give you the fundamental features you need to manage your accounting.
Accounting Start is perfect for small businesses, sole traders and micro-businesses with simpler accounting and cash flow needs.
Accounting, offers everything Start offers and is ideal for small businesses working with suppliers, accrual accounting, managing stock, and trading in multiple currencies.
You can upgrade, change, or cancel plans at any time.
Sage Accounting helps you capture, categorise, and automate data for your self-assessment tax return in one place. Get ready for the October 2024 deadline today by keeping digital records and optimising your self-employment income with Sage Accounting.
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Give your employees tax-free vouchers to show your appreciation of their hard work by using the Small Benefit Exemption Scheme.
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