Navigating September: Essential Tax Filings for Small Businesses in Ireland

By Kasia Gawel, 29^th August 2023

As September rolls around, small business owners in Ireland find themselves at a critical juncture for tax filings and tax deadlines. With the summer season winding down and the business landscape shifting, it’s crucial to stay on top of your tax responsibilities to ensure compliance and avoid unnecessary penalties. In this blog post, we’ll delve into the key tax filings that demand your attention in September, helping you navigate the complexities of Irish tax regulations.

1. Corporation Tax Deadline:

For small businesses operating in Ireland, corporation tax is a significant consideration. In general, Irish companies must file their corporation tax returns within nine months of the end of the accounting period. However, if your accounting period ends on  December 31st,  the filing deadline is not due until the following September. It offers a great opportunity to accurately prepare and organise your financial records while ensuring you meet your tax obligations.

2. Preliminary Corporation Tax:

Alongside the extended corporation tax filing deadline, September also marks the time to pay your preliminary corporation tax for the current financial year. Small business owners with a year-end in October must estimate their tax liability for the current year and make a payment by 23^rd  September. This can be a challenging task, as it involves predicting your annual profits accurately. Seeking professional guidance can be incredibly helpful in ensuring that your preliminary tax payment is as accurate as possible.

3. Value Added Tax (VAT) Returns:

If your business is VAT-registered, you’re required to file your VAT returns and make payments on a regular basis. The frequency of these filings depends on the VAT period assigned to your business. Some businesses file monthly, while others file on a bi-monthly or quarterly basis. Regardless of your filing frequency, it’s essential to ensure that your VAT returns are submitted promptly and that any due payments are made before the deadlines. In September, businesses with monthly, bi-monthly and quarterly VAT periods should verify their records and submit their returns, avoiding any last-minute rush.

4. PAYE/PRSI Returns:

If your small business has employees, the Pay As You Earn (PAYE) and Pay Related Social Insurance (PRSI) system applies. Each pay period, you’re responsible for calculating and deducting the appropriate taxes from your employee’s wages and remitting them to the Revenue Commissioners. This ensures that your employees’ tax liabilities are met in a consistent manner. September serves as a reminder to diligently review your PAYE/PRSI calculations, address any discrepancies, and submit accurate returns on time.

5. Self-Assessment Income Tax Deadlines:

While the annual self-assessment income tax deadline falls in October, September is a prime opportunity to start preparing your financial information. If you’re a self-employed business owner or have other sources of income, such as rental properties, you’re required to file a self-assessment tax return. Begin gathering your income and expense records, receipts, and other relevant documentation well in advance. This proactive approach can save you from the stress of last-minute scrambling as the deadline approaches.

6. Capital Gains Tax (CGT) Deadline:

For small business owners who have made certain types of capital gains during the year, a capital gains tax liability may arise. If you’ve disposed of assets like property, investments, or shares, you might need to pay CGT. If the disposal occurred between January  1st and November 30th, the payment deadline is December 15th. Being aware of these deadlines well in advance enables you to plan your finances and allocate the necessary funds to meet your tax obligations.

In conclusion, September is a pivotal month for small business owners in Ireland, presenting an array of tax-related responsibilities that require careful attention. From corporation tax deadline to VAT returns, and preliminary tax payments to PAYE/PRSI filings, this month demands diligent preparation and accurate submissions. By staying organised and seeking professional advice when needed, you can ensure that your small business remains compliant with Irish tax regulations, setting the stage for a successful year ahead.

At Company Bureau, we provide a comprehensive selection of Company Secretarial and Compliance Services. Our services can help you prepare for upcoming tax obligations, freeing up your time to focus on running your business. If you have any questions regarding our services or the aforementioned tax-related obligations, please do not hesitate to contact our team. Give us a call at +353(0)1 6461625 or fill out our online contact form.

Disclaimer This article is for guidance purposes only. It does not constitute legal or professional advice. No liability is accepted by Company Bureau for any action taken or not taken in reliance on the information set out in this article. Professional or legal advice should be obtained before taking or refraining from any action as a result of this article. Any and all information is subject to change.