If you’re a sole trader in Ireland, preparing for your tax return can be a smooth process with the right approach. It’s essential to ensure your financial records are organised, allowing you to accurately report your income and claim eligible deductions. Here’s our compact tax return checklist tailored for sole traders in Ireland for 2023:

1. Gather Essential Information:

• Personal Details: Your full name, address, and Personal Public Service (PPS) number.
• Business Records: Detailed records of all sales, invoices, and expenses related to your business operations.

2. Review Your Business Income and Expenses:

• Collect all invoices and receipts for sales made during the tax year.
• Organise receipts for business-related expenses such as rent, utilities, supplies, and travel.
• Calculate the cost of goods sold (if applicable).
• Compile information about any home office expenses, including a portion of your home’s bills.

3. Tax Documents:

• Complete Form 11 (Self-Assessment) for self-employed individuals.
• If you have non-PAYE income, fill out Form 12.
• Provide bank statements that show your business income and expenses.
• Have receipts readily available for all deductible business expenses.

4. Deductions and Credits:

• Remember to include pension contributions to your Personal Retirement Savings Account (PRSA).
• Keep track of health insurance premiums paid during the year.
• Ensure you have documentation for business-related professional fees and memberships.
• Record any bad debts or write-offs if they occurred.

5. VAT (Value Added Tax):

• If you are VAT-registered, maintain records of all sales and purchases subject to VAT.
• Ensure you have the necessary information for your VAT return.

6. PAYE (Pay As You Earn):

• Maintain records of salaries and benefits paid to any employees, if applicable.
• Keep records of PAYE information and payroll reports.

7. Important Dates:

• Remember that the annual tax return deadline in Ireland is October 31st if filed online.
• Preliminary tax payments for the current year are typically due on or before October 31st.

8. Bank and Financial Information:

• Organise your business bank statements to provide an accurate financial snapshot.

9. Other Relevant Documents:

• Include records of capital expenditures made for the business.
• Keep any correspondence with the Irish Revenue Commissioners.

10. Professional Consultation:

• Remember, keeping detailed and organised records is crucial for accurate tax reporting. While this checklist provides a comprehensive overview, your specific business circumstances might require additional documentation. Staying informed and proactive will help you navigate the tax return process smoothly and ensure compliance with Irish tax regulations.

At Gallagher Keane Chartered Accountants we can help you prepare and file your tax return. If you need assistance with your income tax return, please reach out to us: [email protected]

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If you have any questions or need further assistance with your tax return, feel free to reach out to us: