income return for 2008 afected by new tax rates?

freelancerTax · 09-03-2009 6:41pm #1

hi all,
anyone know for sure what the story is with the new tax levey - will this be added onto my 2008 income return for self employment? or is it ok because the levey didnt exist in 2008?

thanks
ft

ellips · 10-03-2009 8:41am

The levy didn't exist in 2008 so it won't affect your 2008 income.

freelancerTax · 11-03-2009 1:13pm

thanks very much elips-
anyone know if the tax rates increase at the end of the month if this will affect my 2008 income return or not?>

thanks
ft

ellips · 11-03-2009 2:05pm

Why would a change in 2009 apply to 2008 earnings? Whatever they come up with after 31/12/2008 can't apply to income earned prior to that date. You don't change your last year's tax credits or SRCOP to 2009 ones and re-calculate the whole thing again.

Mr. Incognito · 11-03-2009 2:19pm

Your income tax return covers the period 1/1/08 to 31/12/08.

All legislation applicable up to 31 December 2008 applies to it.

It is due to be filed before or after 31 October 2009.

You can ignore everything else.

freelancerTax · 11-03-2009 4:03pm

thanks for clearing that up,

FT

swanvill · 12-03-2009 1:59pm

HI FT,
As stated before it does not impact on 2008 income tax but you should be aware of the fact that it will needed to be paid with 2009 preliminary tax payment. See section 3.1 of the Revenue booklet 'Income Levy Frequently Asked Questions'.

The link is as follows:
http://www.revenue.ie/en/spotlights/income-levy.html

Regards,
Swanvill

income return for 2008 afected by new tax rates?

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