Setting up a limited company is an exciting step — here’s a clear, practical checklist to help you stay on top of your obligations and avoid common pitfalls.
1. Register for Tax with Revenue
After you receive your company number from the Companies Registration Office (CRO), you must register for the appropriate taxes. This typically includes:
- Corporation Tax
- VAT (if your turnover exceeds €37,500 for services or €75,000 for goods)
- PAYE (if you plan to pay yourself a salary or employ staff)
It’s important to get this sorted early, as Revenue may impose penalties if you issue invoices or run payroll without being properly registered.
2. Register with the RBO
Submit details of the company’s beneficial owner(s) to the Central Register of Beneficial Ownership (RBO) within 5 months of incorporation.
This is a legal requirement under anti-money laundering laws and applies to nearly all companies, including single-director setups.
3. Open a Business Bank Account
Every limited company should maintain a separate business bank account. This helps to clearly separate company and personal finances and is essential for accurate bookkeeping.
You’ll typically need:
- CRO company number
- Company Constitution
- Proof of ID and address for all directors
Digital options such as Revolut Business or N26 Business are becoming increasingly popular for startups due to their convenience and speed.
4. Maintain Accurate Financial Records
Under Irish law, companies must retain accurate financial records for at least six years. This includes:
- Sales invoices and receipts
- Supplier invoices and expense records
- Bank statements and payment records
- Payroll and VAT returns
The key is consistency, keeping organised records from the outset will make your annual returns much easier!
5. Paying Yourself Correctly
If you’re a director, any money you take from the company must be properly accounted for – options include:
- Salary (requires PAYE registration and payroll processing)
- Dividends (available only if the company has post-tax profits)
- Expense reimbursements (must be legitimate, documented company expenses)
Get advice before making payments to yourself to ensure they’re tax-compliant and properly recorded.
6. Know Your Deadlines
Missing a deadline in your first year can result in penalties or even loss of audit exemption. Here are the key dates:
| Return | Deadline> |
| RBO Registration | 5 months after incorporation |
| Annual Return (Form B1) | 6 months after incorporation (no accounts required yet) |
| Corporation Tax Return (CT1) | 9 months after your financial year-end (by the 23rd) |
| VAT Returns (if registered) | Typically every 2 months |
| PAYE Submissions | Monthly (real-time reporting via ROS |
Final Thoughts
Running a limited company offers excellent tax benefits and credibility, but it comes with added responsibilities. If you stay organised from day one and get the right advice, your first year can run smoothly and set a strong foundation for future growth.
If you’d like help managing your company accounts, registering for tax, or staying compliant, get in touch with us at HTH Accountants — we’re here to help and to make it simple!
