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BTWeA tax

  • 23-12-2015 4:18pm
    #1
    Banned (with Prison Access) Posts: 409 ✭✭


    I'm on the back to work enterprise allowance for starting up my business. One question i have, seeing as my earnings are tax free(up to a certain amount) for 2 years, what is the max I can earn in one year before I am taxed.

    Another question is, is my tax year from 1jan-very last day in Dec or is it when the income tax forms have to be in from end oct-end of Oct.


Comments

  • Moderators, Business & Finance Moderators, Regional South Moderators Posts: 6,854 Mod ✭✭✭✭mp22


    Moved from state benefits


  • Registered Users, Registered Users 2 Posts: 366 ✭✭cruiser202006


    Would also be interested in an answer for this


  • Registered Users, Registered Users 2 Posts: 444 ✭✭prettyrestless


    shugy wrote: »
    I'm on the back to work enterprise allowance for starting up my business. One question i have, seeing as my earnings are tax free(up to a certain amount) for 2 years, what is the max I can earn in one year before I am taxed.

    Another question is, is my tax year from 1jan-very last day in Dec or is it when the income tax forms have to be in from end oct-end of Oct.

    You can earn profits of up to €40,000 in the first two years and pay no tax on them. You will have to pay USC and PRSI on your profits. BTWEA is exempt from tax, USC and PRSI. You will be liable for tax, USC and PRSI on any other income you have such as deposit interest, dividends, rental income etc.

    The tax year runs from Jan to dec and you file your tax return in the following October/November. So 2015 returns are due on 31 October 2016. If you set up your business part way through 2015, then the calculation of taxes is different for the first year and you will definitely need to find an accountant to help you out.


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