FAQs

Income Tax

As a sole trader you must complete an income tax return every calendar year and submit to Revenue.
The calendar year is January to December (inclusive).
Revenue must receive your income tax return by mid-November the following year.
This return is submitted online via Revenue Online (ROS) by our team here at ‘Subbies-Support.’
Your income tax return includes all income and expenses relating to your trade/profession.
It also includes any additional income such as rental income, deposit interest etc.
We will be completing all your VAT returns throughout the year. Whilst completing this work we are recording all income and claimable expenses.
In February, each year we also send out a simple questionnaire to capture any other income as well as an important claimable credit (to reduce your tax amount payable.)
This form will be sent by email.
The tax return includes income tax, USC & PRSI.
We will prepare and provide a calculation for you and highlight the amount payable. This will be issued via email.
Remember! Any RCT held by Revenue will be deducted from the liability.
Your tax return must be lodged and paid by mid-November, the following calendar year.
No, Revenue will transfer the refund directly into your bank account approx. 3-5 working days from the submission of your income tax return.
Yes, we can arrange to set up a fixed monthly transfer to Revenue. At no extra cost!
We could project the amount payable to Revenue.
This is a once off exercise and is based on individuals’ circumstances. i.e., Your income, expenses, annual living costs and RCT deduction held by Revenue.
Note: There is a nominal once off fee for this service.
You can only deregister for Income Tax if you are no longer self employed and have no other income apart from PAYE and/or social welfare.
We at Subbies-Support look after all registrations and de-registrations on your behalf, with no extra charge.
Simply call, email, or text and we will reply with an answer to all queries.

Sales Invoices

We will be completing and sending out your sales invoice each week to the main contractor.
You can send your days/hours into us via email or Whatsapp/text.
Yes, as every invoice is issued you will receive a copy into your email address.
We will look after everything on your behalf. You have nothing to worry about!
Yes, your bank details will be included on every invoice.
You will need to contact the main contractor yourself.
You will have a copy of the invoice in your email.
Unfortunately, we do not get involved in chasing your due payments.
You will need to fill out a ‘Contract Details’ form and press the ‘send’ button, each time you change contractor.
Note: Here is a link to the form. www.subbies-support.com/contract-details
You will need to fill out a ‘Contract Details’ form and press the ‘send’ button, each time you change contractor.
Note: Here is a link to the form. www.subbies-support.com/contract-details
Simply call, email, or text and we will reply with an answer to all queries.

RCT

RCT stands for ‘Relevant Contracts Tax’ – this tax is deducted from payments made by the main contractor from your invoice for your services.
Each time a payment is made to you the main contractor will enter this into Revenue online (ROS). The Revenue system will confirm what amount to deduct.
The main contractor will pay the deduction across to Revenue which will be held in your RCT account, in your name/with your PPS No.
The main contractor could be advised by revenue to deduct either 0%, 20% or 35%.
If your tax affairs are all in order your deduction will be 0%.
20% will be deducted if Revenue have any concerns e.g., late payments or outstanding tax returns.
35% will only be deducted if Revenue have serious concerns.
The RCT deducted in each calendar year will be held on account until your annual income tax return is submitted. The RCT held will transfer to pay your income tax liability. Any refund will issue to into your bank account.
You can opt to have 20% or 35% deducted.
We can arrange this for you. No extra charge!
The deduction of RCT should be seen as a kind of savings. It ensures that part of your income tax liability is already paid.
No, RCT is only deducted by Main Contractors.
You can only de register for RCT if you no longer provide services to a main contractor.
We at Subbies-Support look after all registrations and de-registrations on your behalf, with no extra charge.
Simply callor email and we will reply with an answer to all queries.

VAT

VAT is ’Value Added Tax’ and is a charge added to products and services.
It is then paid on to Revenue every two months.
Note: VAT on expenses will be deducted, see below.
If your income exceeds or is expected to exceed € 37,500 per year, then you are obliged to register for VAT.
We at ‘Subbies-Support’ will look after your registration. The price is all included in our package of services.
No. You must raise your invoice, VAT 0%, VAT charge € 0.
Include the sentence ‘VAT to be accounted for Main Contractor’ on each sales invoices issued.
Yes, VAT should be added to any services provided.
General rule: Labour only, add VAT @ 13.5%
First of all, materials should be priced on your invoice separate to the labour charge. So, two separate lines - labour & materials.
Supply of materials labour, add VAT@ 13.5%.
*The 2/3rds rule may apply if the materials charge & 2/3rd of total before VAT… ask for more details from our Subbies-Support desk by email or call.
Yes, VAT is claimable on all business materials &expenses.
You need to upload all business invoice/receipts to our ‘app,’ snap & send!
There are some expenses where VAT is not claimable – this listing is provided as part of your starter pack. If you require a copy, please contact our Subbies-Support desk by email or call.
Important: VAT can only be claimed when a VAT receipt/invoice is provided.
We will look after all VAT claims for you.
Refunds will be advised and issued by Revenue directly into your business bank account.
We submit your VAT return every two months (Jan/Feb, March/April, etc…) to Revenue on your behalf.
VAT returns are due to be submitted to Revenue online by 23rd of the month after the VAT period.
E.g. Jan/Feb, due to revenue on 23rd March.
We will issue an email confirming the VAT amount for each VAT return.
Every two months you will receive a WhatsApp/text message reminding you to upload all invoices/receipts.
You can only de-register for VAT if your income drops below €37,500 or you cease being self- employed.
We will look after all registrations and de-registrations on your behalf, this is all included in the package of services provided by ‘Subbies-Support.’
Just contact our Subbies-Support desk via email or text.
Simply call, email, or text and we will reply with an answer to all queries.

Year End

Yes, all sole trader and limited companies must prepare a set of year-end accounts.
Yes, the year-end accounts are completed for you by our team here in Subbies-Support and are included in your package of services.
As a sole trader we complete all accounts to 31st December.
However, Limited Companies could have various year-end’s, this is dependent on your commencement date or date of incorporation.
Your year-end accounts are required to calculate your taxable profits… Income/Sales less expenses = taxable profits.
The values from your accounts are also submitted to Revenue when completing your annual income tax return.
As a vat registered business, we will have already completed all your processing to calculate and submission of your VAT returns.
There is nothing else we need from you.
As a sole trader – we have all the information to hand, thanks.
If you trade as a limited company, we will be in contact to confirm some additional information e.g., stock, work-in-progress.
For sole traders:

Your accounts & income tax return will be completed once we receive your income tax questionnaire (which we issue by 28th February each year)
Your file will be scheduled during the following month, and you should expect to hear from us by the end of that month.

For Limited Companies:
We aim to complete all year-end accounts for limited companies within 5 months of your year-end.
For Sole Trader -
Your accounts and income tax calculations will be emailed to you, for your agreement.
As soon as we receive your reply, we will issue a copy of the accounts and income tax return for your eSignature.
Of course, if you have any questions, we are here to provide answers.

For Limited Companies:
Your accounts and corporation tax liability will be emailed to you, for your agreement.
As soon as we receive your reply, we will issue a copy of the accounts, annual return and corporation tax return for your eSignature.
Of course, if you have any questions, we are here to provide answers.
For an update you can contact the ‘Subbies-Support’ team who can give you an update.