Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

We have to pay Preliminary Tax again so soon??!! I just paid off 2016!!

  • 13-10-2017 2:43pm
    #1
    Dubliner1975
    Registered Users, Registered Users 2 Posts: 10 ✭


    I paid Preliminary Tax for 2016 in March of this year. And then recently I submitted my 2016 tax return and paid the remainder of 2016's tax in September. So that's my tax for 2016 paid off.

    BUT now why are we being asked to pay Preliminary Tax for 2017 so soon by October 31st??? I just shelled out a total of about €2500 already this year for 2016 and now they want 100% of that again already??

    I paid Preliminary Tax for 2016 in March this year so why aren't we paying 2017's Preliminary Tax  next March?

    Why am I being asked to make 3 payments (Preliminary Tax 2016, remainder of 2016's tax, and Preliminary Tax 2017) in the space of 8 months?


Comments

  • #2
    y0ssar1an22
    Registered Users, Registered Users 2 Posts: 17,750 ✭✭✭✭y0ssar1an22


    your 2016 prelim should have been paid last october, so thats why you are paying your 17 prelim so soon after 2016 prelim.


  • #3
    Dubliner1975
    Registered Users, Registered Users 2 Posts: 10 ✭Dubliner1975


    Oh I see. I must have paid it late then as I was out of the country. Thanks.

    TBH though, I'm worried I'll pay the 2017 preliminary tax (100% of 2016) and still get stung with a big amount when I submit my return next Sept. I'm just collecting rent from my flat that I let out.


  • #4
    y0ssar1an22
    Registered Users, Registered Users 2 Posts: 17,750 ✭✭✭✭y0ssar1an22


    Dubliner1975 wrote: »
    Oh I see. I must have paid it late then as I was out of the country. Thanks.

    TBH though, I'm worried I'll pay the 2017 preliminary tax (100% of 2016) and still get stung with a big amount when I submit my return next Sept. I'm just collecting rent from my flat that I let out.

    you could pay more than 100% 2016 for 2017 prelim if you wish, but why give it to rev now?
    if you are only earning from letting you should be able to estimate your 2017 liability and plan accordingly around that


  • #5
    exaisle
    Registered Users, Registered Users 2 Posts: 2,675 ✭✭✭exaisle


    You would probably be better off setting up a monthly direct debit. It's always easier in smaller amounts....though for some reason you can't set up a monthly direct debit starting in November or December 2017, it has to start in January 2018 and I'm forked if I know why not? What idiot refuses when somebody wants to pay them money? Somebody in the Collector General's office no doubt...


  • #6
    Dubliner1975
    Registered Users, Registered Users 2 Posts: 10 ✭Dubliner1975


    y0ssar1an22 wrote: »
    Dubliner1975 wrote: »
    Oh I see. I must have paid it late then as I was out of the country. Thanks.

    TBH though, I'm worried I'll pay the 2017 preliminary tax (100% of 2016) and still get stung with a big amount when I submit my return next Sept. I'm just collecting rent from my flat that I let out.

    you could pay more than 100% 2016 for 2017 prelim if you wish, but why give it to rev now?

    Well cos they say preliminary has to be 100% or 90% doesn't it? There isn't an option, pay what they ask for its a penalty fee, right?


  • Advertisement
  • #7
    Heisenburg81
    Closed Accounts Posts: 322 ✭✭Heisenburg81


    Dubliner1975 wrote: »
    I paid Preliminary Tax for 2016 in March of this year. And then recently I submitted my 2016 tax return and paid the remainder of 2016's tax in September. So that's my tax for 2016 paid off.

    BUT now why are we being asked to pay Preliminary Tax for 2017 so soon by October 31st??? I just shelled out a total of about €2500 already this year for 2016 and now they want 100% of that again already??

    I paid Preliminary Tax for 2016 in March this year so why aren't we paying 2017's Preliminary Tax  next March?

    Why am I being asked to make 3 payments (Preliminary Tax 2016, remainder of 2016's tax, and Preliminary Tax 2017) in the space of 8 months?

    Shocking to have to pay tax in the same year you earn the income. Ever hear of PAYE workers??


  • #8
    exaisle
    Registered Users, Registered Users 2 Posts: 2,675 ✭✭✭exaisle


    Heisenburg81 wrote: »
    Shocking to have to pay tax in the same year you earn the income. Ever hear of PAYE workers??

    The difficulty is that many businesses technically earn income in a year but do not receive the cash in the same year...in other words, a business may have to shoulder a large degree of debtors. PAYE workers do not.


  • #9
    Heisenburg81
    Closed Accounts Posts: 322 ✭✭Heisenburg81


    exaisle wrote: »
    The difficulty is that many businesses technically earn income in a year but do not receive the cash in the same year...in other words, a business may have to shoulder a large degree of debtors. PAYE workers do not.

    Agreed but a lot of business owners also dont set aside funds to provide for taxes and all of a sudden a big bill.


  • #10
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,113 ✭✭✭relax carry on


    Heisenburg81 wrote: »
    Agreed but a lot of business owners also dont set aside funds to provide for taxes and all of a sudden a big bill.

    It's a question I don't think a lot of self employed people actually ask themselves when they start out. The money comes in, expenses are paid for but taxation is forgotten about until the last minute. Think it's a hand up frim being in the PAYE system when someone else took care of it.


Advertisement