5 Common Tax Mistakes Small Businesses Make (and How to Avoid Them)

Running a small business in Ireland requires excellent understanding of various accounting practices and laws. When the tax season comes around, things can quickly become overwhelming. At Taxability, we have seen first-hand how even the most dedicated and hardworking business owner falls into common traps that end up costing significant amount of time, money and peace of mind.

Here are five tax mistakes we see all too often and how you can avoid them:

1. Missing Deadlines

   
   

   Most business owners are juggling multiple tasks. One day you are doing your marketing campaigns, the next day you are visiting clients...the to-do list never ends and you can quickly lose track of time. This often leads to missing Revenue deadlines, which can lead to significant penalties and interest. Taxability can help you manage your key dates - so you don't have to stress and can focus on your business growth instead.

   
   

2. Poor Record-Keeping

   
   

   A shoebox full of receipts won't cut it. Accurate bookkeeping ensures your claims are properly backed-up and that is something our team at Taxability can handle for you, so you could maintain your focus on key business operations. Get in touch with us today and we will explain it in more detail.

   
   

3. Incorrect VAT Handling

   
   

   Not sure when to register or which scheme applies? You are in the same boat as hundreds of business owners in Ireland. This often results in many businesses overpaying or underreporting. Let us review your VAT setup and keep you fully compliant with current practices, laws and regulations.

4. Claiming Ineligible Expenses

   
   

   We understand, it is tempting to claim everything. However, Revenue has strict rules on what can be deducted from expenses and not everything is on that list. We will guide you through multiple allowable deductions and keep things clean, clear and compliant.

   
   

5. DIY Tax Returns Without Advice

   
   

   There are various particularly useful online tools, but without expert review, you could miss significant savings or raise red flags. We, at Taxability, offer affordable, tailored tax support that pays for itself. At Taxability, we don't just file returns. We protect your business and personal finances.

   
   

   With offices in Blanchardstown and Ballyjamesduff, our experienced team provides personalised, no-stress accounting services for various business owners in Ireland.

Ready to get on top of your taxes?

Your business deserves more than guesswork - it deserves Taxability. Get in touch with us today on (085) 129 2630 and leave the rest to us!