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Can you invest your income into shares before tax?

  • 02-03-2016 8:04pm
    #1
    francislynch
    Registered Users, Registered Users 2 Posts: 4 ✭


    Hi,

    I've a small online business on the side, I'm also a PAYE worker. And the money I'm making after tax isn't great.

    Is it possible to invest your self employed income in other areas before paying tax, and when you drew down on that investment you then pay the tax on that amount? - I'm assuming that's not tax avoidance as you intend to pay tax on your profits from that investment?? - if it is then i'd like to know.

    Apologies, this is just a general question, I've heard about this approach, i'd like to know if it's actually possible or most importantly if it's legal.


Comments

  • #2
    Dave876
    Registered Users, Registered Users 2 Posts: 8 ✭Dave876


    It could be of benefit to look in a SSAP (Small self-administered pension schemes)

    Theres lots of info below on them but personally I would prefer a managed PRSA and if you have any after tax money left over to invest then think about shares

    www.

    consumerhelp.ie/ssap

    paulryan.ie/SSAS_Frequently_Asked_Questions/Default.304.html


  • #3
    howardmarks
    Registered Users, Registered Users 2 Posts: 641 ✭✭✭howardmarks


    The short answer is no.
    Tax is due on profit before being utilised for other ventures.
    This is something you should seek professional advice on to be honest. A good tax consultant can advise on reducing your tax liability but in a legitimate way.


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