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Sole trader, tax, preliminary tax, tax free?

  • 26-06-2016 8:04pm
    #1
    shugy
    Banned (with Prison Access) Posts: 409 ✭✭


    Just keeping this short and simple so as to not get confused.

    If one started his business on oct14 and was on back to work enterprise tax free for 2 years. Does this mean tax free from that date untill same date 2 years later.

    From Oct that year untill Dec, 3000 was earned but no profit. So no tax owed under the scheme or preliminary tax, right?.

    From jan1 2015 untill Dec 31st 2015 25k was earned and 15k took out for wages. No tax owed or preliminary tax owed again, yes or no?

    From jan1st 2016 untill Oct 16(2year date from started scheme) 20k earned 10k took out in wages. No income tax owned, no preliminary tax owed as well. Yes or no?

    From oct16- dec31st 2016 10k earned, 10k took out wages. 20% income tax owed which is 2k and also preliminary tax owed as well(don't know what rate?)

    Would this be correct?


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