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How much Tax?

  • 08-05-2010 10:38am
    #1
    BlackEdelweiss
    Registered Users, Registered Users 2 Posts: 1,549 ✭✭✭


    I have no idea yet about taxes but I just need to get a rough idea for my calculations.
    If my business made a profit of €100,000 after wages, rent etc, how much tax would I have to pay on that?
    This figure is purely ficticious, it is just a nice round figure to aid easy understanding of it.
    Is there a good online resource to find out about this stuff?


Comments

  • #2
    fishy21
    Registered Users, Registered Users 2 Posts: 159 ✭✭fishy21


    I think corporate tax is 12.5% in Ireland. Much lower than what they pay in Japan, something like 40%.


  • #3
    BlackEdelweiss
    Registered Users, Registered Users 2 Posts: 1,549 ✭✭✭BlackEdelweiss


    My business would be along the lines of a bakery/coffee shop, does that come under the same tax levels?


  • #4
    Rubiee
    Registered Users, Registered Users 2 Posts: 69 ✭✭Rubiee


    Check out the link below to the revenue site it has all the info on corporation tax. http://www.revenue.ie/en/tax/ct/index.html
    The coffee shop/bakery business is subject to corporation tax at 12.5%

    The revenue site also gives good explanation on VAT and PAYE all which would have to be taken into account - but these are before profit.


  • #5
    DubTony
    Registered Users, Registered Users 2 Posts: 3,267 ✭✭✭DubTony


    fishy21 wrote: »
    I think corporate tax is 12.5% in Ireland. Much lower than what they pay in Japan, something like 40%.

    It doesn't matter if you sell cookies or clean up dog sh*t for a living, you'll be taxed on profits at 12.5% if you operate a limited company.

    If you are a sole trader, you pay tax on your wages and profits at the same rate. As a sole trader the revenue deem ALL the money to be yours.


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