Some Common Questions I am asked

Some Common Questions I am asked24/4/15

So there is 6 months to go until self-employed people need to file their Form 11 Self-Assessment form. Sure there is loads of time. What is the rush?

This is a question I am often asked.The reality is Oct 31st is not a target, it is a limit. You have until then to file. By compiling earlier you get advance notice on what is due for payment on Oct 31st. Call us now to discuss your individual circumstances

What is Preliminary Tax?

Prelim is the system where Revenue ask you to pay this year towards your tax for next year. Prelim operates at 3 different levels…. 90%, 100% and 105% of this year’s return.
Be very careful with this, as if you opt for 90% prelim assessment and your business shows year on year growth the Revenue Commissioners are entitled to charge interest and penalties on the difference. While this is not strictly enforced the rumours around the industry are that from this year’s budget this will become compulsory which could in essence result in a DOUBLE tax bill this year. (Income tax and preliminary)

What should I do next?

Contact your taxation advisor (or us if you are looking for a new agent) and discuss your individual case. There are cheap alternatives out there offering a standard one size fits all approach. Please be careful as this can cost you more long term. If you would like a no obligation chat over a cup of coffee to discuss your particular situation then please email Appointments or call 0831086692. 

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