Filing a company tax return is an annual obligation for all incorporated businesses. The return reports your company's taxable income, deductions, tax offsets and the resulting tax payable. Accuracy is critical - errors can trigger audits and penalties. Having clean, well-organised books throughout the year is the single most important factor in making your company tax return straightforward and accurate.
Ensure all financial records are up to date and reconciled for the full year
Prepare financial statements - profit and loss statement and balance sheet
Calculate taxable income (accounting profit adjusted for tax differences)
Identify and calculate all available tax deductions and offsets
Complete the company tax return form for your jurisdiction
Lodge the return by the due date (or engage a tax agent for an extended deadline)
Pay any tax owing or note the refund amount
Keep all supporting documentation for the required retention period
Businesses in Ireland operating under the VAT system must meet these compliance requirements set by Revenue:
Not reconciling all accounts before preparing the tax return
Missing deductions that could reduce taxable income
Confusing accounting profit with taxable income
Not making adequate tax provision payments throughout the year
Filing late and incurring penalties
Not engaging a tax professional for complex situations
SortBooks connects to your Xero account and finds transactions sitting in catch-all accounts. AI suggests the right account and tax code, learning from your own past coding. You approve it and SortBooks updates Xero. Reconciled transactions are locked by Xero, so those stay in SortBooks with an Open in Xero link.
AI suggests a category and VAT code for each transaction. You approve it before anything changes in Xero.
Growth and above get a quarterly GST/VAT estimate to check before you lodge with Revenue.
Ask about your P&L, cash and who owes you, using live Xero data. Every dollar figure is checked against Xero.
Due dates vary by country. Australia: typically 28 February for companies (later if using a registered tax agent). UK: 12 months after the end of the accounting period. US: 15 April (calendar year) or 15th day of 4th month after year-end. Using a tax agent often extends your deadline.
Rates vary by country and sometimes by company size. Australia: 25% for base rate entities, 30% for others. UK: 25% (19% for small profits). US: 21% federal. Canada: varies by province. Singapore: 17%. Many countries offer reduced rates for small businesses.
SortBooks helps keep your Xero coding clean year-round, so your accountant receives tidier data for tax return preparation. It suggests the right account for expenses in catch-all accounts, and you approve each change.
AI suggests, you approve, SortBooks updates Xero. Try it free for 14 days.