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Help needed re Preliminary Tax for 2017

  • 07-11-2017 9:23am
    #1
    BasicBetty
    Registered Users, Registered Users 2 Posts: 11 ✭


    Hi,
    any help would be appreciated.

    I started my own consultancy biz in Jan 2016. For one reason or another my gross profit was very low, under €3k.

    I'm now working 5 days a week as a contractor/consultant, getting paid the same wage every month. Started in April this year.

    I've just completed my income tax form 11 for year 2016 on ROS - the amount of tax I owe is zero.

    My question is, for 2017, I am being asked for a preliminary tax. I don't fully understand this or what I need to put in here.

    I was hoping someone could help me figure out if i need to fill this is, or can I pay this next years income tax in October 2018 as I am doing right now with 2016s?


Comments

  • #2
    scheister
    Registered Users, Registered Users 2 Posts: 1,310 ✭✭✭scheister


    BasicBetty wrote: »
    Hi,
    any help would be appreciated.

    I started my own consultancy biz in Jan 2016. For one reason or another my gross profit was very low, under €3k.

    I'm now working 5 days a week as a contractor/consultant, getting paid the same wage every month. Started in April this year.

    I've just completed my income tax form 11 for year 2016 on ROS - the amount of tax I owe is zero.

    My question is, for 2017, I am being asked for a preliminary tax. I don't fully understand this or what I need to put in here.

    I was hoping someone could help me figure out if i need to fill this is, or can I pay this next years income tax in October 2018 as I am doing right now with 2016s?


    when paying preliminary tax you have two options 100% of last year or 90% of this year.

    Since 2016 had a nil liability you can simply put nil in the box.
    I assume since you are on same wages every month in 2017 money is being collected via PAYE system so 2017 return should be nil aswell.


  • #3
    exaisle
    Registered Users, Registered Users 2 Posts: 2,675 ✭✭✭exaisle


    scheister wrote: »
    when paying preliminary tax you have two options 100% of last year or 90% of this year.

    Since 2016 had a nil liability you can simply put nil in the box.
    I assume since you are on same wages every month in 2017 money is being collected via PAYE system so 2017 return should be nil aswell.

    I think OP is self-employed for 2017..they mentioned "contractor/consultant"....so they should probably make some preliminary tax payment for 2017 so a shock doesn't come down the tracks in October 2018.

    I'd probably advise that they pay 15% of their gross income for 2017 in Preliminary Tax, though estimating is difficult, not knowing the amounts concerned.


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