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Rct

  • 03-05-2017 5:02pm
    #1
    kmccarthy247
    Registered Users, Registered Users 2 Posts: 24 ✭


    Hello, ive a quick question about the RCT. I'm paying 20% currently at the moment. At the end of the tax year would I owe anything to revenue? As in prsi and usc? New to this so I'm not sure. Thanks in advance


Comments

  • #2
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    kmccarthy247 wrote: »
    Hello, ive a quick question about the RCT. I'm paying 20% currently at the moment. At the end of the tax year would I owe anything to revenue? As in prsi and usc? New to this so I'm not sure. Thanks in advance

    That's kind of a piece of string question.

    The 20% that's deducted is available for you to use to clear your income tax or any other liabilities that you have.

    At the end of the year you will have a profit presumably, which will determine how much income tax universal social charge, and PRSI you owe for the year.

    Whether your RCT deducted and available for use is sufficient to cover all of these liabilities depends on how much your profit is, because once your income exceeds a certain amount you will be paying tax at 40% on the excess .


  • #3
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    kmccarthy247 wrote: »
    Hello, ive a quick question about the RCT. I'm paying 20% currently at the moment. At the end of the tax year would I owe anything to revenue? As in prsi and usc? New to this so I'm not sure. Thanks in advance

    You will need to file a return, you may be due a refund or you may owe a significant sum.


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