Directors' Series
The first thing you must do is register your company with the Revenue Commissioners using their official forms, letting them know that you are liable for corporation tax.
If your company is liable for corporation tax, you must calculate how much profit your company makes for each accounting period and how much corporation tax is payable on those profits. This information must be reported to the Revenue Commissioners on a corporation tax return form and accounts and tax computations must be submitted also in support of the return. There are strict penalties for filing late returns and interest is charged on tax paid late, so it is important that the deadlines, which are determined by your company's annual accounting date, are adhered to.
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Frequently Asked Questions
Corporation Tax is a tax that Irish companies pay on their profits, including income from trading, investments, and other sources.
All limited companies pay Corporation Tax
The standard Corporation Tax Rate in Ireland is 12.5% for trading income. Non-trading income is taxed at 25%.
A CT1 is the official Corporation Tax return form submitted through Revenue’s online service, ROS.
Your CT1, Corporation Tax Return is due nine months after your financial year-end, no later than the 23rd of that month.
It’s the end of your financial reporting period. Most companies choose 31st December for simplicity.
You could face penalties, interest on unpaid tax, and a higher chance of a Revenue audit.
Preliminary Corporation Tax is a prepayment of your tax based on estimated profits, due in the 11th month of your accounting period.
No, newly formed companies are exempt from Preliminary Tax in their first year.
Companies pay a lower tax rate (12.5%) compared to sole traders, who can face up to 52% in combined taxes.
You for Corporation Tax through Revenue’s Online Service (ROS) using the TR2 form after setting up your company with the CRO.
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