Accounts for a Sole Trader

M

mcb

Registered User
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Hi

I use to do monthly returns, payroll etc for a limited company. So I did the VAT returns bi monthly and PAYE/PRSI returns as well as doing bank recs.

A friend of mine is now setting up a new company as a Sole Trader and has asked me to help out on the accounts side of things. I went onto the Revenue website but am confused. Are the same account done as a LTD company or different. Is there bi monthly returns to be done or is it just a yearly return.

Any help/advice appreciated.
 
If your friend is only just setting up as a sole trader, the Vat returns could be every 2 months. Existing businesses are usually every 4 months now. A good track record would have to be established before annual Vat returns would be allowed.
If your friend registered with the Revenue as an employer, P30s would be on a monthly basis to begin with.
 
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