■ What accounting software should I use?
- Consider what subscription amount you feel comfortable with.
- Who is going to be using the application.
- What direction you want to take your business.
- One option does not fit all.
- Do you need cloud accounting software.
■ Can I use excel to do my accounts?
Yes you can but now with accounting software it’s so much more efficient and faster. Excel has its limits whereas with an accounting package it can do so much more from producing reports to invoicing your clients.
■ Can I do my own VAT returns?
If you feel you have enough knowledge on the topic yes but it is very easy to complete VAT returns incorrectly. If revenue query returns or look for a detailed report then you may be subject to interest and charges if VAT due to revenue has been under declared.
■ What is ROS?
Revenue Online Service or ROS in short is where one can file returns, make payments, submit queries or claim repayments.
■ What is the difference between a bookkeeper and an accountant?
Some of the roles of a bookkeeper consist of recording financial transactions, producing invoices, reconciling accounts, producing reports and processing payroll. An accountant completes income tax & corporation tax returns, aid in tax planning and financial forecasting.
■ Do I need a bookkeeper?
Having a bookkeeper allows you to focus your time on running and growing your business. A bookkeeper is there to do the work only when required whereas having an employee to do this can be more costly, need regular training and may not be up to date on accounting issues.
■ Must I register for VAT?
The need to register for VAT if you turnover from your service business is €37,500 in any continuous 12 month period. This increases to €75,000 for the sale of products.
■ How do I register a business name?
Go to https://www.cro.ie/en-ie/Registration/Business-Name and follow instructions. Cost is €40 for paper application or €20 for electronic application.
■ What expenses can I claim if I’m self-employed?
Depending on the nature of you business this can vary. Examples are:
- Professional Fees
- Bank Fees
- motor expenses
It is worth noting that only the business portion of these expenses are allowable.