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Preliminary corporation tax.

  • 03-10-2012 9:56pm
    #1
    4400kevin
    Registered Users, Registered Users 2 Posts: 66 ✭✭


    My corporation liability for last year was € 4990. This was our highest profit since 2006 however this year our turnover is down and will do well to break even.

    Do we still have to make the full preliminary payment of € 4990 by the 21st of October ?


Comments

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


    I remarked in another thread - about ROS - that there's no compulsion to pay any amount of preliminary tax. Revenue will accept a nil declaration. I also said that failure to pay sufficient exposes you to significant amounts of interest.

    I was writing in the contest of income tax, but the same principles apply to corporation tax.

    Paying the 100% amount avoids any risk. How good are your forecasting skills?


  • #3
    4400kevin
    Registered Users, Registered Users 2 Posts: 66 ✭✭4400kevin


    It would not be forecasting as such as my tax year ends on the 30th of November so I have 10 months of trading figures showing a small loss for the year to date.


  • #4
    4400kevin
    Registered Users, Registered Users 2 Posts: 66 ✭✭4400kevin


    Having read your comments on the ros thread I now understand the reasoning behind paying 100% preliminary tax , thanks for that.

    It is just difficult at the minute as it could affect cash flow as the new year starts.


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