Simple question: When to pay the corporate tax?

pikachu12

Hello,

I am from Germany I and want to start a business in Ireland.

I have one important question:

When do I pay the corporate tax (12.5%)?

Is it...
At the end of the month? In advance for 2 months? One year in advance? (...what I could not afford)

Where can I read something about it? I was able to find a lot of information about other taxes, but not about the corporate tax.

Thanks for any reply!

dogsears

pikachu12 wrote: »

Hello,

I am from Germany I and want to start a business in Ireland.

I have one important question:

When do I pay the corporate tax (12.5%)?

Is it...
At the end of the month? In advance for 2 months? One year in advance? (...what I could not afford)

Where can I read something about it? I was able to find a lot of information about other taxes, but not about the corporate tax.

Thanks for any reply!

Have a look here

ted1

pikachu12 wrote: »

Hello,

I am from Germany I and want to start a business in Ireland.

I have one important question:

When do I pay the corporate tax (12.5%)?

Is it...
At the end of the month? In advance for 2 months? One year in advance? (...what I could not afford)

Where can I read something about it? I was able to find a lot of information about other taxes, but not about the corporate tax.

Thanks for any reply!

Get a good accountant and you won't pay 12.5%

pikachu12

You want to tell me, that is not a fixed tax?

Btw. do I have o register for an Irish bank account? Most (every) banks do not want customers without resident status.

CIARAN_BOYLE

pikachu12 wrote: »

You want to tell me, that is not a fixed tax?

Btw. do I have o register for an Irish bank account? Most (every) banks do not want customers without resident status.

Its 12.5% of profit. Depending on your business you may not want to have to profit and would thus salary it saving corporation tax (paying more paye but that makes sense as you would need to pay it eventually to get money out of business).

ted1

pikachu12 wrote: »

You want to tell me, that is not a fixed tax?

Btw. do I have o register for an Irish bank account? Most (every) banks do not want customers without resident status.

There's creative accounting, which can reduce your profit, and thus the tax you pay.


A very basic example is,Things like renting your premises as oppose to buying. Rent is a deductible allowance where mortgage isn't

dogsears

ted1 wrote: »

There's creative accounting, which can reduce your profit, and thus the tax you pay.


A very basic example is,Things like renting your premises as oppose to buying. Rent is a deductible allowance where mortgage isn't

That's not creative accounting. That's making a completely different commercial decision leading to different consequences and rights based on objectives, available funds etc. And because renting would carry a different cost to buying, so it would lead to a different tax outcome.

There is no magic way to avoid tax if you are running a business. It is absolutely not a simple as just deciding to pay a "good" accountant. A bad accountant could probably make a mistake so that you end up paying more than your fair share but that just means everyone should use a good accountant to compute their correct tax, based on the commercial actions they've taken, one of which might be renting as opposed to buying.

And by the way loan interest on a loan to buy a business premises would be deductible.