Many clients are left to look after their own book keeping, as well as filing their own VAT, PAYE / PRSI and relevant contracts tax (RCT) returns, during the tax year. The accountant / tax adviser may only commence work on the books and records of the client when the tax year is over. This can mean that incorrect returns (e.g. VAT, PAYE / PRSI and RCT) can sometimes come to light over a year after the event. The client can also be too busy to attend to timely filing which may result in an exposure to statutory interest. The incorrect and / or late submission of VAT, PAYE / PRSI and RCT returns by the client is a significant problem for small to medium sized businesses and can result in:
- Latent tax liabilities, interest and penalty charges from the Revenue Commissioners.
- The increased likelihood of a Revenue Audit.
Clarus takes a more proactive and involved approach to the bookkeeping and accounting needs of the client ensuring that the filing and payment of all the relevant tax returns of your business is done in a timely manner during the course of the tax year.
Clarus firmly believe that this is the correct basis for preparing the end of year accounts of the sole trader or the company. This approach also leads to more reasonable fee levels as the time and resources spent preparing accounts is not wasted on attempting to fix the inevitable errors made by the business in keeping its own books and filing its own returns.
All businesses want ongoing taxation advice and expertise to be provided in conjunction with their ongoing bookkeeping and accounting needs. Clarus Taxation provides all its services with a special focus on taxation. The activities of a business need to be constantly monitored during the year so that steps can be taken to address issues as they arise. Many businesses complain of their accounts not being prepared “with a tax viewpoint” and generally a lack of real tax advice from their professional adviser.
- A sole trader needs to be known as soon as possible if it needs to incorporate to prevent a large income tax liability. It is not satisfactory for a client to be told 6 months following the end of the income tax year that they should have incorporated last year to save significant amounts of income tax.
- A business that is not yet VAT registered needs to constantly monitor its turnover levels to see should they be registered for VAT. A client that is advised to register for VAT too late is potentially liable to backdated VAT liabilities, interest and penalty charges.
- A company’s shareholding and directorships should be set up with a view to maximising the tax reliefs available under the Irish tax code.
Clarus Taxation provides exceptional value for money and its fees are considered extremely reasonable. We are never vague about our fees because we know that they represent real value for the client. We would be confident most new clients will see a reduction in their professional fees going forward.
It would of course be necessary to have a complimentary meeting or a telephone conversation to establish the extent of services required or the complexity of a potential client’s affairs.