We offer our services to small, medium and large businesses in the following industries:
We tailor our services to fulfil your needs and to minimise your involvement in the process. All you have to do is to forward any payroll changes to our specialised team members on designed templates specially for your business or load the information on secure online portal specially created for clients. Once we get the timesheets/hours your payroll is done and you can leave the rest on us.
Our experienced team members will take care of registering your business as employer, entering your periodic details, updating amendments to employee details, calculating the correct amount of tax liabilities for Employers and employees. We will ensure to setup other deductions or additional payments as well.
We offer full services of to manage transfer of funds from your online bank accounts, we will provide you payroll reports with details of Tax deductions, hours analysis and Gross to net.
In addition to that we can provide a nominal journal customised to your accounts system and financial management team to satisfy their requirement.
We have a team of specialists and a segregation of duties between them. One will process, cross check and them his work will be examined by more experienced team member to ensure payroll is not only processed correctly but there are maximum tax efficiencies in there.
All team members in OTHS are qualified through the Irish Payroll Association Ltd (IPASS). They are fully aware of and up to date with payroll calculations and employment laws. Payroll specialists regularly do manual calculations checks to ensure systems are correct. For processing, the most up to date payroll software is used and any updated are installed immediately.
All these practices, experience and expertise ensure that your payroll is in the best hands. After all that you get an opportunity to review your payroll before it is finalised ensuring you remain in control. Our payroll team members are available to answer any queries and work with you to ensure your payroll will meet all requirements by Revenue, WRC and Social welfare when required.
Absolutely. Just because you outsource your payroll does not mean that it is out of control. As we process your payroll, we discuss alterations, probable matters or prospects for optimisation with you.
Before we finalise the transfer of any funds to employee bank accounts, we require confirmation from you that you are content for us to proceed. We will only accept changes to payroll with verification from you or your authorised representative. All data sent by e-mail is encrypted going to and from our offices.
Our team work with you, in partnership, to ensure the most efficient outcomes with transparency throughout the process.
You can set up a business as a sole trader, as a partnership or as a limited company. The type of structure you choose depends on the followings:
It is advisable to get the advice of an accountant when considering the structure for your business.
Sole Trader is relatively simple to setup, they don’t take a wage, any money use for personal reasons is called drawings. Income Tax, PRSI and USC need to be paid on that income, it could be taxed up to 52%. If your business fails, your personal assets could be used to pay your creditors.
Partnership is when there are 2 or more people agree to run a business, they are jointly responsible for running the business if it fails all partners are jointly responsible for the debt.
Limited Company business is a separate legal entity. It company gets into debt the creditors generally only have a claim on the assets of the company. Director can pay themselves a salary, contribute to a pension through the company, and take dividends.
Registration with the Companies Registration Office (CRO):
Sole Traders – they need to register with the CRO if they want to trade under a different name than their own name.
Limited Company – All the Limited Companies need to be registered with the Companies Registration Office (CRO) and if there are any changes in the company details they need to be registered with the CRO.
OTHS can setup your Business Name Registration for Sole Trader or Limited Company with CRO in an easiest and quickest way so for an expert advice please contact our Team.
Registration with Revenue:
Sole Traders need to register as self-employed with Revenue.
Limited Company need to register for Corporation Tax with Revenue.
Sole Traders and Limited Companies pay taxes to Revenue but type of tax depends on their activities. It is important to register your business for relevant taxes, it also means that your business need to file the tax returns to Revenue.
All businesses need to file tax returns to Revenue, even though they are not trading or making any profits. It is important to file the tax returns to Revenue in a timely manner to avoid fines, interest and penalties. If you want to stay in compliance with Revenue get in touch with us and we will make sure all your tax returns are filed on-time.
Limited Companies need to file an annual return (Form B1), whether trading or not, to CRO. It must be delivered to CRO not later than 56 days after its effective date. If delayed it potentially resulting in the company incurring late filing fees and losing any entitlement to claim audit exemption for two years.
If you want to start a business in Ireland you don’t need a physical office. You can work from home, in a coworking space or use your home address to setup a company. You can outsource to an address service provider if you don’t want to show your home address on marketing material and invoices.
It is best practice to have a business bank account but it is not required to be necessarily in Ireland. Irish bank require one face to face meeting to open a bank account, it is difficult for you open a bank account if you are not a resident in Ireland. If you want to open business bank account in your resident state instead, you may need your company documents to be apostilled.