Paying Taxes through out the year

TheDuke

Hi there,

this is probably a stupid question but my wife is a sole trader and to get the tax money out of her account (so there's no temptation) she would like to transfer it to the tax office at the end of each month.

Is this possible?

Thanks

rpmcs

Not sure about that, but what I have is second acc. Easily set up with bank and every month I transfer an amount to keep it in balance.
Then vat and end of year is taken out of this account.
I suppose it's only down side is that if you were badly stuck you might dip in from time to time to shore up current account.
So when I log into my account through my phone it shows me my current account and below that, my tax account balance.

nompere

TheDuke wrote: »

Hi there,

this is probably a stupid question but my wife is a sole trader and to get the tax money out of her account (so there's no temptation) she would like to transfer it to the tax office at the end of each month.

Is this possible?

Thanks

It's certainly possible - http://www.revenue.ie/en/online/ros/direct-debit-online/index.html

Whether you would want to do it as opposed to having the money under your control is a different thing.

prettyrestless

Could she put it in a 7 day notice account to earn a small bit of interest on it during the year without the temptation of instant access? I'd rather have the money in my account than Revenue's!

TheDuke

Many thanks all,

rpmcs - too risky ;-)

prettyrestless - great idea but the numbers aren't that big so not really worth the effort but thanks

nompere - I never found this bit so thank for that!

eladnova

Separate account is the easiest. If your wife thinks that money is hers, she obviously never had a big tax bill she couldn't afford. Once that happens you'll never think of it as yours again.

hjr

Buy some prize bonds, risk free. Once held for 3 months, can be withdrawn anytime after that...you might win something

whelan2

I pay an amount every month to the revenue commisoners by direct debit, it goes towards my preliminary tax, would this help her. Makes a big difference in novemeber that the bilk of it is paid

TheDuke

sorry for the delay in responding but a thanks to everyone.

I'll use the DD and once off payment option. The numbers are not big enough that it's worth the effort of trying to make a few bucks off it within the year.... though I will keep that idea in mind as it's not a bad one... but not right now.

Need to get the basics right first.

Thanks all

Carawaystick

Any money paid should have a ppsn and the tax its paid for attached - so a ppsn and IT2015 for Income Tax for 2015

as opposed to vat/prsi/or preliminary tax for the following year.