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TAX HELP

  • 29-07-2009 6:29pm
    #1
    K.P
    Closed Accounts Posts: 3 ✭


    i am in a business partnership since SEP 2008 and its nearly time to end of year .I would like your help on few points if possible

    1. am i allowed to pay my partner through paye system and not self assesment

    2 Can i distribute my profits between partners (2) as i want even if i do pay other partner through paye system.

    3 as this is end of my first year trading is it possible to pay tax for the whole year IST SEP TO 30th AUG. is this preliminary tax and finally

    4 is employers prsi Class s paid on profits or drawings . Sorry for all questions but i am novice at this and would like get books in some sort order before talk to accountant. your help be greatly appreciated,

    APOLIGIES IF POSTED ALREADY AM ONLY FINDING MY WAY AROUND SITE/THREADS


Comments

  • #2
    TaxingTimes
    Registered Users, Registered Users 2 Posts: 145 ✭✭TaxingTimes


    If you are in a partnership, the partnership agreement will set out the way partners are to be paid.
    If you do not have a written partnership agreement then the standard agreements applies in default.

    PRSI - Class S applies to Directors or self-employed, and as a partner in partnership will be based on your taxable profits.

    I would suggest that you discuss tax payments woth your accountant or advisor


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