Taxation for Self Employed?

MonicaBing

Hey all, anyone know how much tax should be paid on earnings from outside Europe taking into consideration he's an Irish resident living less than 180 days in Ireland?

misspiggy40

What kind of earnings MonicaBing. Wages type or Capital Gains type??

MonicaBing

misspiggy40 wrote: »

What kind of earnings MonicaBing. Wages type or Capital Gains type??

Hey there, thanks for replying! He's not drawing a wage from the business and his first tax return is not till February 2010?

misspiggy40

It all hinges on the residency. Irish Income tax is charged on world wide income of residents and Irish income of non residents. When you say he is resident do you mean it in terms of 'he is currently living here'? That is not the same as resident for tax purposes. Tell me a little more.

MonicaBing

misspiggy40 wrote: »

It all hinges on the residency. Irish Income tax is charged on world wide income of residents and Irish income of non residents. When you say he is resident do you mean it in terms of 'he is currently living here'? That is not the same as resident for tax purposes. Tell me a little more.

Ok girl, he's an Irish citizen with Irish registered Business but all work emanates from outside Europe. He lives outside of country 6-8 months of year, hope this helps?!

misspiggy40

Yep that's what I wanted to know. Here it is as I understand it (from my trusty IATI manual). If he is in the country for 280 days in total during the tax year and the previous year (of which 31 are in each separate year) he is resident. Then he is liable for tax on worldwide income here. I think the rules changed this year to say that if you are in the country at any stage in a day it counts as a day. (Used to be midnight only counted)

Post again if this is not the case and I will root again for the details.

exaisle

I suggest you talk to a tax consultant who will give you advice specific to your own case.

Quoted generalities on a discussion board are only worth what you've paid for them.

E

MonicaBing

misspiggy40 wrote: »

Yep that's what I wanted to know. Here it is as I understand it (from my trusty IATI manual). If he is in the country for 280 days in total during the tax year and the previous year (of which 31 are in each separate year) he is resident. Then he is liable for tax on worldwide income here. I think the rules changed this year to say that if you are in the country at any stage in a day it counts as a day. (Used to be midnight only counted)

Post again if this is not the case and I will root again for the details.

Thanks girl, i'm waiting for him to get back to me and when i know more i'll PM you would that be ok with you?

misspiggy40

Sure MonicaBing. Anytime.

Fair point about the generalities. But is that not what discussion boards are for ie to gather info so that you know what you need to look into in more detail. You don't need to be a gynaecologist to know someone is pregnant.....Probably not a good example as I am not even sure how to spell it!!

mark renton

exaisle wrote: »

I suggest you talk to a tax consultant who will give you advice specific to your own case.

Quoted generalities on a discussion board are only worth what you've paid for them.

E

:eek:

Thats not nice and demeans the capability of boards to enhance ones life, last week I happened to keep a marriage together in the Relationship forum, 5 weeks ago I solved one of the greatest mathematician puzzles known to man in the Maths forum (even though I failed at Inter Cert level) - I have sold Lucas to Man Utd and bought Van Piersie in the Soccer forum, have had my college assignments done for me in the Tech forum, was advised to buy BOI shares at 1.10 in the Investments forum, have vented my frustration about that eejit who called my all-in with bottom pair and hit runner runner in the Poker forum

Generalities???

I think not

Mr. Incognito

Thats not nice and demeans the capability of boards to enhance ones life, last week I happened to keep a marriage together in the Relationship forum, 5 weeks ago I solved one of the greatest mathematician puzzles known to man in the Maths forum (even though I failed at Inter Cert level) - I have sold Lucas to Man Utd and bought Van Piersie in the Soccer forum, have had my college assignments done for me in the Tech forum, was advised to buy BOI shares at 1.10 in the Investments forum, have vented my frustration about that eejit who called my all-in with bottom pair and hit runner runner in the Poker forum

Generalities???

I think not

Wel and good but someone has to mod this place to make sure we are not sued for giving out legally incorrect advice.

Now to the matter at hand- if he is resident he is taxed on worldwide income- if he is not- he is not. Gereralisation. Yes. Legally binding- No.

Please read the charter.