Companies pay corporation tax. This tax is charged on the company’s profits.

There are two rates of corporation tax:

  • 12.5% – for trading income (unless the income is from an excepted trade in which case the rate is 25%)
  • 25% – for non-trading income such as rental income, investment income and income from an excepted trade

An excepted trade includes certain land dealing activities and petroleum activities.

Running a business can be time consuming and stressful.

We advise on the full range of tax heads, Corporation Tax, PAYE/PRSI, VAT and R&D. Companies can sometimes be burdened by paperwork and administration.  Here at O’Donovan Lavin we help company directors manage the tax affairs of the company. We file all company returns and look at tax saving methods for the company.

Our taxation department work closely with our accounting staff to ensure we can provide a complete tax compliance service for companies.

Some individuals find it difficult to decide whether to trade as a sole trade or a company. Here at O’Donovan Lavin we can discuss the best option available to you. Generally your own individual circumstances will dictate whether you should operate as a limited company or as a sole trader. In addition to the taxation issues you need to consider there are various other practical and legal matters which should be taken into account when setting up a company and on which you should seek professional advice.