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RCT - Possible opt for deduction rate?

  • 06-08-2017 2:33pm
    #1
    Heisenburg81
    Closed Accounts Posts: 322 ✭✭


    Is it possible for a subcontractor to opt for a deduction rate of 20%?

    I am sure in many cases it would prevent a big shock at tax season!


Comments

  • #2
    gerrybbadd
    Registered Users, Registered Users 2 Posts: 10,301 ✭✭✭✭gerrybbadd


    Heisenburg81 wrote: »
    Is it possible for a subcontractor to opt for a deduction rate of 20%?

    I am sure in many cases it would prevent a big shock at tax season!

    Why would anyone want to?


  • #3
    Heisenburg81
    Closed Accounts Posts: 322 ✭✭Heisenburg81


    gerrybbadd wrote: »
    Why would anyone want to?

    To smooth cashflow.
    Taxes can be a huge hit at tax season and many dont budget for same


  • #4
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    gerrybbadd wrote: »
    Why would anyone want to?

    Because between income tax, vat, paye for some entities it works out about right.

    As to the op's question if you are consistently a day or two late filing your returns revenue will never move you off 20%. That said it can be bad for other reasons to be consistently late filing returns.


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