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Sole trader now LTD company tax question

Miss OMMC · 2020-10-07 11:33:28

Hi there, I had a sole trader ship for a few years which has now become a LTD company. I switched to LTD in March 2020. I'm completing tax returns for 2019 and am a bit confused about preliminary tax for 2020. There is a profit in 2020 for the sole tradership of 26k up to end of Feb. How is the preliminary tax on this…

07-10-2020 11:33am

#1

Miss OMMC

Registered Users, Registered Users 2 Posts: 82 ✭✭

Join Date: April 2006

Posts: 60

Hi there,

I had a sole trader ship for a few years which has now become a LTD company. I switched to LTD in March 2020. I'm completing tax returns for 2019 and am a bit confused about preliminary tax for 2020. There is a profit in 2020 for the sole tradership of 26k up to end of Feb. How is the preliminary tax on this calculated? Or is this figure considered additional income for me for 2020 and should be included on my directors tax return for 2020?

Trying to get hold of accountant but no luck yet so thought I'd check with you all also.

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