Business Startup

shels4ever

Hi all,

Just looking for some info. We have jsut started up a small business with 3 Full time employees and 2 part time.

At the moment I'm talking to an accountant about what we need to do to be fully complient with PRSI , PAYE and VAT.

Were looking at 2 options
1. Have the accountant do this for us
2. do it ourself with some software package.

We plan to pay weekly as the nature of the business .

Want to get this done right as I dont want any large tax bills down the line.

Does anyone have any ideas on what would be normal charges for this and how dificult is this to do ourself with a software package, looking at sage at the moment but the acountant had another in mind.

Thanks.

Nuttzz

I use this http://www.thesaurus.ie/PayrollManager.aspx

find it excellent without needing to pay accountants etc, still need them for other things obviously

Mr Clonfadda

It is better where possible to do your own payroll and accounts. I have a friend who was outsourcing his payroll to an accountant but there was no real communication and as a result, he was paying net figures and he thought he might be paying 20-30 euros a week for the tax and prsi (part-time employees) but two of them specifically had very low allowances and ending up costing nearly 200 euro a week more than he realised. this put a ten grand hole into his pocket.

shels4ever

Nigel Sage wrote: »

It is better where possible to do your own payroll and accounts. I have a friend who was outsourcing his payroll to an accountant but there was no real communication and as a result, he was paying net figures and he thought he might be paying 20-30 euros a week for the tax and prsi (part-time employees) but two of them specifically had very low allowances and ending up costing nearly 200 euro a week more than he realised. this put a ten grand hole into his pocket.

Thanks for the info, I think i will do the payroll myself as i would understnsd that more, VAT might need to be done by the accountant

Mickk

Vat is quite easy, just keep all your business receipts and keep track of all your sales and the vat total of each have a box on the form, if for example your sales have 1000 vat included and you have receipts for 400 worth of vat you only owe them 600... When you get the form read the back it explains everything.
Best of luck with the new business

shels4ever

Mickk wrote: »

Vat is quite easy, just keep all your business receipts and keep track of all your sales and the vat total of each have a box on the form, if for example your sales have 1000 vat included and you have receipts for 400 worth of vat you only owe them 600... When you get the form read the back it explains everything.
Best of luck with the new business

Thanks Mickk , Will let you know how it goes.

shels4ever

Thanks for all the replies and Info , Nearly set to open . hope to be up and running in 10 days.

Snowdrop

I run a payroll and bookkeeping bureau but firmly believe for small business,it is best to do your own bookkeeping. Invest in some training at the start and a follow up a month or two later. You would save money by going to a decent bookkeeper instead of an accountant for the training. It shouldn't cost more than €150 for a half days training. Get the basics under your belt, and it will save you money in the long run.

Sometimes outsourcing the payroll can be more cost effective. There are a lot of payroll packages out there but they all charge annually for support. For five staff paid weekly,you should expect to pay in the region of €25-€30 per week for a fully managed service.This should include monthly P30 returns. The payroll provider should be able to monitor all the tax credit information for your staff through ros.ie on your behalf.

I would be happy to give you more specific costings for comparison if you want to PM me.

Best of luck with your new venture