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Help me understand Preliminary Tax

  • 03-02-2017 11:37am
    #1
    DerryRed
    Registered Users, Registered Users 2 Posts: 472 ✭✭


    My wife is a self employed childminder and I do her tax returns. It is (or at least should be) pretty straightforward as she earns less than the cutoff rate for childminders to pay income tax.

    This means every year her tax liability should only be PRSI at a rate of €500.

    What I can't get my head around is Preliminary Tax.

    So I understand there is a deadline of October 31st each year, by which time I need to pay preliminary tax. Is this for the following tax year?

    For example if I pay €500 in preliminary tax on or before Oct 31st 2017, does this cover me for tax year 2018 (which I will file in 2019), or for the tax year 2017 (which I will file in 2018)?

    Thanks


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