FAQ

1. How do I register for tax as a new company in Ireland?

To register a new company for tax in Ireland, you must first obtain a Company Registration Number (CRO) from the Companies Registration Office. Once you have this, you can register for tax with Revenue by submitting Form TR2.This form allows you to register for Corporation Tax, VAT, and PAYE as applicable. The process can be completed online through Revenue's Online Service (ROS) or by submitting the form via post.

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2. What is the difference between a CRO number and a Tax Reference Number?

A CRO number is issued by the Companies Registration Office upon company incorporation and serves as your company's unique identifier. A Tax Reference Number is issued by Revenue after tax registration and is used for all tax-related activities.

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3. Do I need to register for VAT immediately after setting up my company?

VAT registration is mandatory if your annual turnover exceeds €37,500 for services or €75,000 for goods. However, you may opt for voluntary registration if it's beneficial for your business. This can be done by completing the VAT section in Form TR2 during your initial tax registration.

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4. How do I register for PAYE as an employer?

If you plan to hire employees, including yourself as a director, you must register for PAYE. This can be done by completing the PAYE section in Form TR2 during your tax registration process. Ensure you have details like the number of employees and estimated salary expenses ready.

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5. Can I register for tax myself, or do I need an agent?

While it's possible to register for tax independently, many businesses choose to engage a tax agent like Bond & Co. to ensure accurate and timely registration. Our team handles the entire process, allowing you to focus on your business operations.

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6. How long does the tax registration process take?

The duration varies depending on the completeness of your application and Revenue's processing times. Typically, you can expect to receive your Tax Reference Number within a few weeks of submitting a complete application.

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7. What are the penalties for late tax registration?

Failing to register for tax on time can result in penalties, interest charges, and potential legal action. It's crucial to complete your tax registration promptly to remain compliant with Irish tax laws.

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8. How can Bond & Co. assist with tax registration?

At Bond & Co., we offer comprehensive support for tax registration, including:

• Preparing and submitting necessary forms (e.g., Form TR2)

• Advising on VAT and PAYE registration

• Ensuring compliance with Revenue requirements

• Providing ongoing tax and accounting support