Finance and Tax Terms Glossary Ireland

Finance and Tax Terms Glossary Ireland

🇮🇪 Ireland-Specific Terms

General

• myAccount
  Revenue’s online portal for individuals. Used to file Form 11, view Employment Detail Summary, and access tax records.
• Preliminary Tax
  An advance payment of income tax for the following year, based on your current year’s income.
• PRSI (Pay Related Social Insurance)
  Social insurance contributions paid by employers, employees, and the self-employed to qualify for state benefits.
• Revenue (Revenue Commissioners)
  Ireland’s tax authority. Handles all tax matters including PAYE, VAT, Corporation Tax, Form 11, and PRSI.
• ROS (Revenue Online Service)
  The online system for submitting tax filings (e.g. CT1, VAT, Form 11, payroll).
• USC (Universal Social Charge)
  A tax on gross income. Applied at different thresholds in addition to PAYE and PRSI.
• VAT (Value Added Tax)
  A sales tax that must be charged if you’re VAT-registered. Commonly filed every two months.
• VAT RTD (Return of Trading Details)
  An annual summary of your total VATable sales and purchases.

Self-Employed Professionals

• Employment Detail Summary (EDS)
  Replaces the old P60. Shows income and tax deductions. Downloaded from myAccount.
• Flat Rate Expenses
  Fixed amounts allowed by Revenue for certain trades, claimed without receipts.
• Form 11
  The annual self-assessment return used to declare income, expenses, and tax.
• Home Office Deduction
  Claiming a portion of your home utility costs if you work from home.
• Mileage Claim
  A standard per-kilometre rate that can be claimed for business-related driving.

Limited Companies

• Annual Return
  A required filing to the CRO confirming company details and year-end accounts.
• Corporation Tax (CT1)
  Annual tax return filed by Irish limited companies. Due 9 months after financial year-end.
• CRO (Companies Registration Office)
  The government body that registers Irish companies and manages their compliance filings.
• Director’s Salary
  PAYE salary paid to directors. Subject to income tax, PRSI, and USC.
• Dividends
  Profit distributions paid to shareholders after tax.
• Form 46G
  Annual return listing payments over €6,000 made to contractors or professionals.
• PAYE (Pay As You Earn)
  A payroll tax deducted monthly from employee and director salaries and submitted to Revenue.

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Finance and Tax Terms Glossary Ireland

🌍 Universal Terms

Beginner & Compliance

• Assets
  Items your business owns with value (e.g. cash, laptops, receivables).
• Bookkeeping
  Recording all business income, expenses, and financial activity.
• Break-Even Point
  The point at which total income equals total expenses—no profit, no loss.
• Cash Basis
  Recognising income and expenses only when money changes hands.
• Creditors
  Businesses or individuals your company owes money to.
• Debtors
  Customers who owe you money.
• Equity
  The value of ownership in your business after debts are subtracted from assets.
• Expenses
  The cost of doing business (e.g. subscriptions, rent, tools).
• Invoice
  A document requesting payment from a client for services or goods.
• Liabilities
  What your business owes—loans, unpaid bills, taxes.
• Operating Expenses
  Day-to-day costs of running your business.
• Overheads
  Fixed expenses that do not vary with sales—e.g. rent, salaries, software.
• Reconciliation
  Matching your bank account transactions with your bookkeeping records.
• Retained Earnings
  Profits kept in the business rather than paid out.
• Turnover
  Your total sales revenue before expenses.
• Working Capital
  The difference between your current assets and current liabilities.

Reports & Financial Metrics

• Gross Income
  Total income before any deductions or tax.
• Net Profit
  Profit left after deducting all expenses and taxes from income.
• (Other metrics as above under Universal Terms.)

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Finance and Tax Terms Glossary Ireland

💻 Software & Tools (Used at RizFin)

• Bank Feed
  A secure integration that imports bank transactions directly into your accounting system.
• Payroll Software
  A payroll tool used to process salaries, generate payslips, and submit PAYE to Revenue.
• Task & Project Management Tools
  Tools like Asana or Trello used to manage and coordinate tasks and projects with your team.
• Client Portal
  A secure platform where you can view proposals, upload files, and communicate with our team.
• Accounting Software
  Digital tools that help businesses manage financial tasks such as tracking income, expenses, VAT, and generating financial reports. Using platforms like Google Sheets, these tasks can be automated and organized, providing a clear overview of financial data in a user-friendly, cloud-based format.