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Preliminary tax

  • 03-10-2018 11:39am
    #1
    Moomintroll99
    Registered Users, Registered Users 2 Posts: 79 ✭✭


    Sorry I have one more question around preliminary tax.

    If we're a married couple and have earnings as follows:

    2017
    9k self employed for each of us

    2018
    15k PAYE for him
    12k for me self employed
    10k for him self employed

    How does the preliminary tax thing work when calculated with the 100% of last year's tax?

    If we owe just the minimum €500 contribution each for last year, and then we owe say €2500 to cover what's not been covered by his PAYE deductions for this year is it right to say that due by 14 Nov is:

    - €1000 to settle our 2017 tax
    - €1000 towards our 2018 tax, calculated as 100% of 2017 tax? And then the balance of €1500 due next Oct/Nov?

    So a total of €2000 due this year?

    Is that right? Or have I misunderstood? Thanks for any replies, very new to this preliminary tax thing!


Comments

  • #2
    El Grifo
    Closed Accounts Posts: 43 ✭El Grifo


    Moomintroll99 wrote: »
    Sorry I have one more question around preliminary tax.

    If we're a married couple and have earnings as follows:

    2017
    9k self employed for each of us

    2018
    15k PAYE for him
    12k for me self employed
    10k for him self employed

    How does the preliminary tax thing work when calculated with the 100% of last year's tax?

    If we owe just the minimum €500 contribution each for last year, and then we owe say €2500 to cover what's not been covered by his PAYE deductions for this year is it right to say that due by 14 Nov is:

    - €1000 to settle our 2017 tax
    - €1000 towards our 2018 tax, calculated as 100% of 2017 tax? And then the balance of €1500 due next Oct/Nov?

    So a total of €2000 due this year?

    Is that right? Or have I misunderstood? Thanks for any replies, very new to this preliminary tax thing!

    Yes that's correct. Where self-assessed liabilities are rising year on year you can push the expected balance for the current year out by pretty much 12 months by paying 100% of the previous year.


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