Prelimenary tax

Coala

Hi,
Sole trader has started business 01/06/2008 to 30/06/2009.
Income - €10,000.
First year is on actual basis:
10,000x6/12=5000 and
10,000 for 12 months.
When do I have to pay preliminary tax 90% on 15,000 profits? Do I have to pay them together (both assessments)? I would say it is 31/10/2009 to pay tax for year ended in 2009. Am I right? Thanks for any advice.

Coala

Are everybody on holidays?

Justintime

'Is everybody on holidays!'

And 1/6/08 to 30/6/09 is thirteen months!

Coala

oh sorry,thats my mistake.There is 12 months supposed.

Cgm

Because of the option to pay Preliminary Tax of 100% of the previous year's liability (i.e. liability net of PAYE tax) a payment of Preliminary Tax does not generally arise for the first year. However, you are advised to make a payment of 90% of the estimated liability.

In your case, who enters the self-assessment system because they have commenced in trading, have until the return filing date for the second year i.e 31/10/10 to submit tax returns for both the first and second year trading. However, as mentioned previously, early filing of returns is advisable, as it allows an individual to know in advance of payment deadlines what tax is due

Coala

strange,I have received fom 11