Resources for your business
The Republic of Ireland has over 185,500 active enterprises, of which 99.7% are SMEs. In fact over 90% of these SME businesses are classified as “micro-enterprises” with less than 10 employees.
Small and medium enterprises in the Republic employ 68% of the workforce and generate just over half the State’s annual turnover (Central Statistics Office, 2012).
Keeping good records can help your business:
- avoid paying too much tax
- budget for tax payments ahead of time with no nasty shocks at the end of the year
- avoid interest and penalties by making it easier to pay the right tax at the right time
- manage your business and help it grow
- get a loan
- pay lower accountants fees
Funding Your Business
Microfinance Ireland provides loans to small businesses with no more than 10 employees, including sole traders and start-ups. The loans of between €2,000 and €25,000 are for commercially viable proposals that have been refused credit by the banks. Details of how to apply and forms are available on microfinance.ie.
JobsPlus is a new employer incentive which encourages and rewards employers who employ jobseekers on the Live Register. There are 2 levels of incentive: €7,500 for recruits unemployed for more than 12 but less than 24 months and €10,000 for recruits unemployed for more than 24 months. Eligible employers who recruit full-time employees on or after 1 July 2013 may apply for the incentive, which will initially operate on a pilot basis for a period of 6 months. JobsPlus has replaced the Revenue Job Assist and Employer Job (PRSI) Exemption Scheme which ended on 30 June 2013, but existing participants on these schemes will not be affected.
Under the Trading Online Voucher Scheme vouchers of up to €2,500 may be available to businesses who demonstrate that they have a credible plan to trading online. Further details are available from your Local Enterprise Office.
Read more on the Citizens Information website.
KEEP CALM AND HIRE A BOOKKEEPER
Hiring a Certified Bookkeeper to work freelance, is a cost-effective way to reduce the burden of bookkeeping and leave’s you time to get on with running your business.
Remember – you should always verify your bookkeeper’s credentials.
Five things a Certified Bookkeeper can do for you:
- Help you with your cash-flow, VAT returns and tax bills
- Sort out your receipts
- Ensure you’re claiming for the right expenses
- Save you time
- Save you money
Self Assessment Tax Returns guidance article
Starting and Running a Business by the the Revenue Commissioners