What records to keep / file year 1?

L

laelaps

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Hi,
I just signed up here, so it's my first post!

I have been trying to search these forums for an answer instead of asking it again, but I really can't find what I need. I'm sure it has been answered many times before though, so apologies in advance :)

I registered a business name around February this year, and started trading around start of March. I have not completed TR1 yet, but am about to. I have a tiny turnover expected for the year, so will not VAT register. In this case, what kind of records do I need to keep, and what do I file at the end of my first year?

I run a pet sitting / dog walking business in Waterford, so it is service based. I have no considerable outgoings, just petrol, and a few odds and ends like a few leads, collars etc.

Thanks in advance!
 
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Complete TR1 as you mentioned.

You will need to complete an income and expenditure statement for the business from the date of commencement to 31 Dec XX. You then return this income on a Form 1 by 31 Oct XX of the following year and also pay any taxes due at this date.

The second year calculation is a bit more complex. The 3rd and subsequent years are more stright forward i.e. 1 Jan XX to 31 Dec XX.
 
Paddy, thanks for your reply!
So, I don't need to file the form this year? I guessed I would need to file income / expenditure for this year, at the end of this year.

Is there a website that spells out my situation in absolute laymans terms? I can only ever find more detailed information on vat registered businesses, and it seems to be quite a different process.

Due to the very limited turnover of my business, I really want to try and avoid paying for an accountant if at all possible.

Another question... I'm registered on the Core.ie site. Can I file the B1 online form instead?
 
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Taxation
Form 11 - pay and file by 31 Oct 2011. You can do this on ROS.ie if registered. http://www.revenue.ie/en/tax/it/leaflets/it10.html

Company secretarial
CRO B1 Form - file within 28 days of your ARD date. You can do this online at CORE.ie [broken link removed]

These are 2 completely seperate filings. For both, you will need your accounts done.
 
If you filled in a Tr1 your not a company so you don't have to worry about filing B1's with the CRO.
 
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