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Preliminary Tax

  • 10-09-2020 5:19am
    #1
    gabbo is coming
    Registered Users, Registered Users 2 Posts: 999 ✭✭✭


    Hi

    Completely up to date on annual income tax. I'm PAYE, but have a small rental income. Annual tax liability of say 5k cleared on time

    However, dont pay preliminary tax. Didn't know it was a thing. I do get a notice for the last few years, but I generally settle up last years tax before end Oct following year.

    I need to start paying preliminary tax right?


Comments

  • #2
    Irishphotodesk
    Registered Users, Registered Users 2 Posts: 1,896 ✭✭✭Irishphotodesk


    gabbo is coming wrote: »
    Hi

    Completely up to date on annual income tax. I'm PAYE, but have a small rental income. Annual tax liability of say 5k cleared on time

    However, dont pay preliminary tax. Didn't know it was a thing. I do get a notice for the last few years, but I generally settle up last years tax before end Oct following year.

    I need to start paying preliminary tax right?

    You don't need to but revenue would like you to because it would mean they have money in their pocket instead of chasing a debt/bill.

    If you have the money to pay preliminary, go for it.


  • #3
    gabbo is coming
    Registered Users, Registered Users 2 Posts: 999 ✭✭✭gabbo is coming


    Irishphotodesk wrote: »
    You don't need to but revenue would like you to because it would mean they have money in their pocket instead of chasing a debt/bill.

    If you have the money to pay preliminary, go for it.

    Hi

    I just made a payment in respect of 2020 preliminary tax, but instead of making it 105% of tax paid in 2018, I made it only 100%. How do I pay the extra 5%?


  • #4
    ebbsy
    Registered Users, Registered Users 2 Posts: 7,071 ✭✭✭ebbsy


    gabbo is coming wrote: »
    Hi

    I just made a payment in respect of 2020 preliminary tax, but instead of making it 105% of tax paid in 2018, I made it only 100%. How do I pay the extra 5%?

    Single Direct Authority payment on Ros.


  • #5
    gabbo is coming
    Registered Users, Registered Users 2 Posts: 999 ✭✭✭gabbo is coming


    ebbsy wrote: »
    Single Direct Authority payment on Ros.

    Thanks

    And this condition about paying by a direct debit, I assume they mean having your bank details on ROS and doing a direct transfer from the account?

    "105% of the tax due for the tax year preceding the immediately previous tax year (often called the ‘pre-preceding year’). This option only applies where you pay by direct debit. It does not apply if the tax due for the pre-preceding year was nil."


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