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Corporate Tax dates?

  • 19-09-2013 10:58am
    #1
    John_Mc
    Registered Users, Registered Users 2 Posts: 2,793 ✭✭✭


    Hi,

    Can anyone confirm that the corporate tax year is 1st Jan to 31st Dec?

    I want to ensure that I don't incur corp tax but carrying money over to new year, so would I be right in saying that if the company account has no money in it as of the date above (or the corrected date given) then no corporation tax is due?

    Many thanks,
    John


Comments

  • #2
    Citizenpain
    Registered Users, Registered Users 2 Posts: 2,004 ✭✭✭Citizenpain


    Corporation tax year is your accounting year

    more here

    http://www.revenue.ie/en/tax/ct/basis-charge.html


  • #3
    Alan Shore
    Registered Users, Registered Users 2 Posts: 735 ✭✭✭Alan Shore


    John_Mc wrote: »

    I want to ensure that I don't incur corp tax but carrying money over to new year, so would I be right in saying that if the company account has no money in it as of the date above (or the corrected date given) then no corporation tax is due?

    No, the relationship between profit and cashflow is often confused.

    The company will pay corporation tax on Profit for the year. So you need to establish the profit. If you have increases/decreases in Debtors/creditors during the year or you purchased equipment or are repaying a loan the cashflow and the profit will be different. Having no cash in the bank may not result in no CT being due.


  • #4
    John_Mc
    Registered Users, Registered Users 2 Posts: 2,793 ✭✭✭John_Mc


    Alan Shore wrote: »
    No, the relationship between profit and cashflow is often confused.

    The company will pay corporation tax on Profit for the year. So you need to establish the profit. If you have increases/decreases in Debtors/creditors during the year or you purchased equipment or are repaying a loan the cashflow and the profit will be different. Having no cash in the bank may not result in no CT being due.

    I get what you mean, thanks for explaining :)


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