withholding tax

monkey8

I have a company that paid withholding tax for professional services during the year.
We made a loss this year and i took no salary.
Do i get withholding tax back at some stage?

Victor

I'm not sure if you can get it back, you might have to use it against future tax liabilities.

dbran

Hi

You can claim it back on your corporation tax return when you file it, set it off against other taxes such as VAT etc. or contact revenue and ask for it to be refunded.

Regards

dbran

nompere

Once the CT1 for the year has been filed you will certainly get a refund.

Companies may also make interim refunds during the accounting period, and any amount that is in excess of the previous year's tax liability will be refunded on an interim basis.

I have clients who make 20 or 30 interim claims in the course of an accounting period.

paul71

I am confused by the replies here guys? Surely if he has with-held the tax on a payment he made to someone else then the tax is an asset of the other company not his and he cannot reclaim it?

http://www.boards.ie/vbulletin/showthread.php?t=2056656989

dbran

Hi

I took it that the OP had professional withholding tax withheld by his client and not that it was the other way around ie that he actually withheld tax on behalf of his professional services supplier.

As accountable persons for withholding tax are generally a Government Departments, local authorities, health boards, State bodies, etc. I think it is safe to assume that the OP is not in a business that deducts withholding tax but is actually in one that suffers the withholding tax.

dbran

barneystinson

dbran wrote: »

Hi

I took it that the OP had professional withholding tax withheld by his client and not that it was the other way around ie that he actually withheld tax on behalf of his professional services supplier.

As accountable persons for withholding tax are generally a Government Departments, local authorities, health boards, State bodies, etc. I think it is safe to assume that the OP is not in a business that deducts withholding tax but is actually in one that suffers the withholding tax.

dbran

+1

In my experience a layperson who invoices a Govt body 1,000 and gets paid 800 after PSWT is always inclined to say they "paid" withholding tax... In the same way a PAYE taxpayer pays tax; they don't give it to Revenue personally, but they know they've suffered it by deduction.

monkey8

thanks for the replies guys. just to clarify, it was payments to me from the HSE for professional services I provided where i had withholding tax taken from the payment.