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Help - new to self assessment tax

  • 22-04-2013 08:12PM
    #1
    mac009
    Closed Accounts Posts: 2 ✭


    Any advice would be greatly appreciated!

    Overview:

    Husband is self employed and registered as a sole trader. I left my job recently to work full time with said hubby. We are both Irish residents, one of us is an EU citizen and the other has a stamp 4 (i.e. spouse of an EU citizen). We have a small business and only draw approx €1000 each per month.

    Questions:

    Should we be registered as a partnership? I assume that's easier than setting myself up as an employee.

    What tax credits can we deduct as we are not Irish citizens? Should we have a tax cert or something containing this info?

    I tried an online calculator that deducted the married persons allowance of €3800 from a combined gross income of €24000 per year and said we have a zero tax liability. Does that sound correct?

    As a very rudimental tax calculation, how does this look:

    Gross income = €12000
    USC = €240 (2% of €12000)
    PRSI = €480 (Class S - 4% of €12000)
    Income Tax = €2400 (20% of €12000)
    Liability = €3120
    Less credits = €3800 (married persons)


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