Artisan Accountant provides business startup expertise to help with the financial aspects of starting and running a new business.
Business Startup Services
Congratulations, you’ve started out on the road to being an entrepreneur! It’s a really exciting time… setting up your own business, being your own boss, and making your own decisions. However, there is so much to do and not enough hours in the day to do it.
Artisan Accountant can help with the following important areas to ensure you are doing the right things, early enough:
- Grants and financial assistance for business startup
- Different types of business structures
- Accounting and taxes
The right support will allow you the time to nurture your business and let it reach its full potential.
Funding for Starting a Business
There is a lot of media attention at the moment on the reluctance of banks to lend to Small and Medium Enterprises (SMEs). How do you make sure that you get the money you need to allow your business to grow?
You may be able to access other forms of grants for small business, including…
- Revenue Tax Reliefs. Yes, there are different reliefs available depending on whether you meet the criteria, e.g. Start-up Refunds for Entrepreneurs (SURE) – you can reclaim income tax paid in the previous six years if you are setting up a company. If you are a sole trader and have been long term unemployed you may be entitled to Start Your Own Business Relief – provides an exemption from Income Tax up to a maximum of €40,000 per annum for a period of two years. These are two of the Revenue reliefs amongst others.
- Enterprise Ireland and the local Enterprise Boards have a variety of funding options, e.g. grants for small business include a Priming Grant of up to 50% of investment costs.
I can help you with investigating these and other funding options, and with your business proposal.
With the right know-how and assistance, you will be well prepared to negotiate the funding that you need and deserve.
Business Structure Types
What are the differences between being a sole trader, a partnership or setting up a limited company – and why does it matter to you?
A big advantage is that a company structure gives limited liability for any losses that may arise but it’s more expensive to set-up and maintain.
We hear a lot about the corporate tax rate in Ireland of 12.5%. Yes, this is advantageous, but be aware that any money you take out of the company as salary or distributions will be subject to income tax.
On the other hand, the pension benefits for directors can be substantial compared to the sole trader.
You can get assistance with weighing up the pros and cons of the different legal entity structures from Artisan Accountant. I will look at your particular set of circumstances and target my advice to your situation alone.
Small Business Accounting
Accounting may not be your favourite subject – VAT, payroll and bookkeeping. However, from a regulatory and legal point of view they are required. Non-compliance and missed deadlines will result in penalties.
You may be so busy with getting the business up and running that it’s easy to allow these things to fall through the cracks. I can provide the accounting and tax support so you don’t need to worry about these things at this busy time.
- Your questions will be answered such as whether you need to register for VAT, how to do bookkeeping, and how to register for tax return.
- Training can be provided if you want to keep costs down and do it yourself.
Setting Up A Business
There is quite a bit involved in setting up a business and some of the issues have been touched on here. You may be concerned with these but may not have the time to do the research.
I can help with your business startup questions and many of the necessary (though maybe unwelcome) tasks.