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New Small Business Help

  • 16-01-2012 9:08pm
    #1
    stephentbb2000
    Registered Users, Registered Users 2 Posts: 169 ✭✭


    In the process of completing a business plan, trying to get my head around the financial projections and in particular the taxation. The business will be registered as a partnership. The business will be a service bases business and it is intended to exceed the VAT threshold.

    I have a few questions if anyone could help,

    Q1. Tax is payed on all profits from the business minus VAT and expenses, what rate applies? Is it the same rate as PAYE?

    Q2. Is the VAT then reapplied to all sales after the tax has being deducted? Is this minus the tax?


Comments

  • #2
    Alan Shore
    Registered Users, Registered Users 2 Posts: 735 ✭✭✭Alan Shore


    If your turnover is over €37,500 for services, €70,000 for goods then you have to register for VAT.

    If you are VAT registered then you prepare your accounts exclusive of VAT.
    So you have sales - purchases = profit, the profit is divided between the partners and subject to Income Tax, PRSI and USC.


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