Entrepreneurial Taxation

tomsp

I am thinking of setting up my own business selling poker tables and other pieces of furniture. I am wondering, as a sole trader, what tax do I have to pay on the items I sell. Also, can i reclaim the tax on my expenses.
Thanks in advance.

Geuze

There is no special income tax for entrepreneurs.

The same income tax system applies to all earnings.

There are three marginal income tax rates in Irl: 0%, 20% and 41%.

See here:

www.revenue.ie

Geuze

See here for sole traders:

http://www.revenue.ie/en/business/index.html

tomsp

Geuze wrote: »

There is no special income tax for entrepreneurs.

The same income tax system applies to all earnings.

There are three marginal income tax rates in Irl: 0%, 20% and 41%.

See here:

www.revenue.ie

Thanks, and can I claim tax back on my expenses?

Geuze

I don't know what you mean by "can I claim tax back on my expenses"?

I presume you mean "can I deduct my expenses from my sales revenue to calculate my taxable profits"?

Of course.


NB: I can't believe that anybody going into business doesn't know this????

Now, the issue is: what expenses are allowable to deduct from sales revenue when calculating profits?

Geuze

http://www.revenue.ie/en/business/running/registering-tax.html

See the above link.

Geuze

http://www.revenue.ie/en/business/running/allowable-expenses.html

Here is details of allowable expenses that can be deducted from revenue when trying to calculate taxable profits.