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withholding tax

  • 11-07-2012 1:44pm
    #1
    monkey8
    Registered Users, Registered Users 2 Posts: 386 ✭✭


    I had a business in which i was providing a professional service for the HSE and was charged withholding tax. I was also working part time as a PAYE employee for someone else.
    I closed the business as it made a loss two years in a row.
    I am now a full time PAYE worker.
    Is it possible to claim the withholding tax back or get extra credits for it and how would I do that?
    Also is it possible to write off the losses made each year against tax?
    Thanks in advance for any help.


Comments

  • #2
    nompere
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    Withholding tax is generally repayable - subject to the 4 year time limit.

    There is normally relief for losses incurred in a trade against other income. There is generally a two year time limit for making claims. When you are looking at terminal loss relief the rules are a little more complicated.

    You're going to have to prepare accounts/fill in the ROS accounts menus and file returns for any year in which you are looking for relief or repayment.

    You'll probably need to fill in Form 11.

    If you're baffled by what I've said, you'll certainly need some professional help.


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