Tax on foreign income as non-dom

lavazza1337

Hi all,

I'm a non-dom here and run a small business out of my home country.

I only recently found out that even as a non-dom you are taxable on your foreign income if it is transferred to an Irish account.

The business is not profitable yet but is making around 20,000 € in revenues per month. This revenue is directly deposited into my Irish account for convenience reasons while all expenses are paid from my foreign business account. Since the business is not profitable yet, I obviously did not include any (negative) income on my tax return (didnt file at all) here in Ireland.

Now I'm wondering if Revenue might inquire what's up with those payments on my Irish account and if they want to tax me eventhough those cash flows do not represent profit. Do I need to do something or am I fine? Will they understand if I show them my P&L with all my expenditures and receipts?

Thanks

L.Jenkins

Shall PM you.

Mr. Incognito

Speak to a tax consultant

lavazza1337

I thought I could get some first info here before doing that