Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

what tax rate for new business in 2012??

  • 05-01-2012 8:35pm
    #1
    tryingmybestt
    Closed Accounts Posts: 759 ✭✭✭


    does anyone know what the start off tax band will be for new business starting in 2012

    the 3 bands are 0%, 20% and 35%?


Comments

  • #2
    Tow
    Registered Users, Registered Users 2 Posts: 9,223 ✭✭✭Tow


    Your question does not really make sense, which is why you have no replys. The 0%, 20% and 35% look like subcontractor rates.

    When is the money (including lost growth) Michael Noonan took in the Pension Levy going to be paid back?



  • #3
    tryingmybestt
    Closed Accounts Posts: 759 ✭✭✭tryingmybestt


    Tow wrote: »
    Your question does not really make sense, which is why you have no replys. The 0%, 20% and 35% look like subcontractor rates.

    Sorry I didn't mention the business is a subcontractor and will need to register with ROS


  • #4
    Tow
    Registered Users, Registered Users 2 Posts: 9,223 ✭✭✭Tow


    The subcontractor rules changed on the 1st of January 2012.

    My understanding is that both parties must now register with ROS. To pay you they 'lodge' the total amount with ROS and ROS then deducts the tax and pays you the difference directly into you bank account. I have also been told very few (currently almost none?) Subcontractors qualify for less than the 35% rate, but I am sure there are more knowledgeable people here who can fill in the details.

    When is the money (including lost growth) Michael Noonan took in the Pension Levy going to be paid back?



  • #5
    tryingmybestt
    Closed Accounts Posts: 759 ✭✭✭tryingmybestt


    Tow wrote: »
    The subcontractor rules changed on the 1st of January 2012.

    My understanding is that both parties must now register with ROS. To pay you they 'lodge' the total amount with ROS and ROS then deducts the tax and pays you the difference directly into you bank account. I have also been told very few (currently almost none?) Subcontractors qualify for less than the 35% rate, but I am sure there are more knowledgeable people here who can fill in the details.

    ROS instructs the principal contractor what rate to deduct from the subcontractor, either 0, 20 or 35%. The principal contractor then has to pay it in it's returns or it can offset it....

    last year to be eligible to tender for government projects the company had to hold a c2. I was told that for 2012 the equivalent to a c2 is 0% rate. I'm concerned that setting up a new business and starting on a rate other than 0% will rule me out of tendering for government projects...

    any help is greatly appreciated !


  • #6
    moy83
    Closed Accounts Posts: 4,701 ✭✭✭moy83


    how do they figure which band applies to who does anyone know ?


  • Advertisement
  • #7
    Bobby1984
    Registered Users, Registered Users 2 Posts: 269 ✭✭Bobby1984


    Ok here is how things will work from 1st January 2012 in relation to subcontractors tax.

    Everything must be done online - contracts must be registered by the principal contractors, Revenue must be notified by principal contractors of payments being made, returns filed, taxes paid etc. The Revenue will notify the principal of the relevant tax which must be deducted as this will go as follows:
    0% - where a subbie holds a C2
    20% - where a subbie is registered with the Revenue but who doesn't hold a C2
    35% - subbies who are unknown to Revenue or subbies who have a history of non-compliance.

    My advice for someone setting up is to register immediately for ROS, ensure that your tax affairs are up to date and get a C2.


Advertisement