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VAT registering and preliminary tax

  • 18-07-2017 11:10AM
    #1
    lkavanagh50
    Registered Users, Registered Users 2 Posts: 16 ✭


    My partner is in the process of registering for VAT as a contractor.
    Someone told him that he'll have to pay preliminary tax at the end of October for 2018. So thousands worth of a tax bill. From what I can gather it's preliminary for the end of 2017? Anyone any idea of this?


Comments

  • #2
    amtc
    Registered Users, Registered Users 2 Posts: 2,490 ✭✭✭amtc


    Not for year 1


  • #3
    lkavanagh50
    Registered Users, Registered Users 2 Posts: 16 ✭lkavanagh50


    amtc wrote: »
    Not for year 1

    So he won't get a hefty tax bill in October?


  • #4
    thegolfer
    Registered Users, Registered Users 2 Posts: 346 ✭✭thegolfer


    lkavanagh50 wrote: »
    So he won't get a hefty tax bill in October?

    It's not a tax liability, but the payment would be a payment on account for his estimated tax liability for 2017.

    He has the option to pay something, or nothing, in the first year.

    However bear in mind that in year two, he will have a double payment. The tax for 2017, and a preliminary amount for 2018.


  • #5
    lkavanagh50
    Registered Users, Registered Users 2 Posts: 16 ✭lkavanagh50


    thegolfer wrote: »
    It's not a tax liability, but the payment would be a payment on account for his estimated tax liability for 2017.

    He has the option to pay something, or nothing, in the first year.

    However bear in mind that in year two, he will have a double payment. The tax for 2017, and a preliminary amount for 2018.

    Thank you so much. Why couldn't I get a straight and clear answer like that anywhere else 😊 really helpful info!


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