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New Business (Sole Trader) tax and expenses

  • 21-11-2012 8:24pm
    #1
    Registered Users, Registered Users 2 Posts: 158 ✭✭


    Hi, I recently decided to start a business, I've registered as a sole trader but have a few questions in relation to taxation.

    What's the tax rate? I've been looking around and have seen rates from 20% to 41% both are a bit steep.

    What can be claimed back as business expenses and how does that work vs taxable income?

    Hope you can help thanks.


Comments

  • Registered Users, Registered Users 2 Posts: 7,157 ✭✭✭srsly78


    You pay income tax just like anyone else.

    Get an accountant to advise about expenses and book-keeping.


  • Registered Users, Registered Users 2 Posts: 158 ✭✭Audiomad


    So a sole trader is not seen as a business owner but more as a employee?


  • Registered Users, Registered Users 2 Posts: 7,157 ✭✭✭srsly78


    Neither. They are seen as a self-employed person.

    Self-employed people pay the same tax on their income as normal employees, the difference is they have to file returns (and prsi may be treated slightly differently).

    Look at the stickied threads at the top of the forums, these will refer you to www.revenue.ie where there are lots of guides you should read.


  • Registered Users, Registered Users 2 Posts: 158 ✭✭Audiomad


    If everything is taxed and not just your own wage, then your classed as an employee the Government makes more than you do as you have to pay for more stock using the income that was taxed as your wage.


  • Registered Users, Registered Users 2 Posts: 7,157 ✭✭✭srsly78


    Sales is not the same as wage for a sole trader. You do get to take expenses out.

    Do talk to an accountant, don't start a business by guessing.

    Yes the government makes more than you (and me). It's hard to compete with an entity that takes in billions.


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  • Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    There is a guide to this in the stickies.

    Thread closed.


This discussion has been closed.
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