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Starting work in Ireland towards the end of the tax year...

redape99 · 2007-11-18 12:59:36

Hi, I came over from England in September and set up a Ltd. Co. for IT contracting. I now want to pay myself the first salary in November and December but not sure of the best way to do it. I have a PPS number and a Tax Allowance Cert (with 1760 personal tax credit and srcop of 34000) but the accountant who set up the…

18-11-2007 12:59pm

#1

redape99

Registered Users, Registered Users 2 Posts: 259 ✭✭

Join Date: July 2007

Posts: 246

Hi, I came over from England in September and set up a Ltd. Co. for IT contracting. I now want to pay myself the first salary in November and December but not sure of the best way to do it.

I have a PPS number and a Tax Allowance Cert (with 1760 personal tax credit and srcop of 34000) but the accountant who set up the company says I'm not entitled to the 1760 as I'm not resident.

I'm thinking of just paying 2 instalments and taxing both fully at 20% plus the 5% prop. director's PRSI.

Or (and I suspect the answer is no!) could I declare 2 large salary instalments of say 15K each to take more advantage of the 20% cut-off, pay the tax/prsi amounts due on those immediately and then pay myself the net salary early next year when there are more funds in the company?!

Any help most appreciated... anyone been in a similar situation?

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#2 18-11-2007 2:22pm

AARRRGH

Closed Accounts Posts: 12,382 ✭✭✭✭

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I don't have an answer for you unfortunately, but you might find www.askaboutmoney.com helpful for this kind of question too

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#3 18-11-2007 3:55pm

redape99

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Yep thanks, asked over there too.

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#4 18-11-2007 4:35pm

the_syco

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Isn't the tax year up to April or something?

Also, try asking in the Accountancy section.

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#5 18-11-2007 4:59pm

redape99

Registered Users, Registered Users 2 Posts: 259 ✭✭

Join Date: July 2007

Posts: 246

Posted in Accountancy too, thanks.

Tax year is January to December now?!

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#6 18-11-2007 7:00pm

The_Hustler

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Yes, it changed over 5 years ago.

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