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paying taxes

  • 10-06-2005 7:22am
    #1
    gyaala
    Closed Accounts Posts: 14 ✭


    As a director of Private Limited Company when do I have to pay corporation tax, can I do it once a year or is it better to pay it more often? When do I have to pay VAT, once a year ?

    gyaala


Comments

  • #2
    Einstein
    Registered Users, Registered Users 2 Posts: 2,630 ✭✭✭Einstein


    trust me, its soooo much less complicated if you pay the VAT bi-monthly


  • #3
    fintan
    Closed Accounts Posts: 647 ✭✭✭fintan


    You need to talk to your account about coporation tax as you need to prepay it, i dont really understand the way it works so i wont explain, but seriously go talk to an account.

    As for VAT as divers said, pay bi-monthly, as it helps you to keep on top of your paperwork.

    I would also recommend the revenue on line service for filing returns, it saves so much paperwork its fantastic!


  • #4
    gyaala
    Closed Accounts Posts: 14 ✭gyaala


    when do I have to pay Income tax (PAYE) and PRSI ?

    gyaala


  • #5
    Nuttzz
    Registered Users, Registered Users 2 Posts: 3,784 ✭✭✭Nuttzz


    gyaala wrote:
    when do I have to pay Income tax (PAYE) and PRSI ?

    gyaala

    monthly

    you really need to get some professional advice mate, you can land yourself with some serious finanical headaches without it


  • #6
    Kinetic^
    Closed Accounts Posts: 13,249 ✭✭✭✭Kinetic^


    gyaala wrote:
    As a director of Private Limited Company when do I have to pay corporation tax, can I do it once a year or is it better to pay it more often? When do I have to pay VAT, once a year ?

    Corporation Tax - an estimated 10% of your liability has to be paid a month before your year end,then 60% of the liablility 6 months after the year end,then the balance 9 months after the year end.

    VAT - You can pay either bi-monthly or yearly. If you want yearly then you'll have to request it with the revenue and you'll need to set a direct debit up with them for each month. On a bi-monthly,you need to send the return in before the 19th of the following month ie. for your jan/feb period, it needs to be sent in by the 19th march,with a cheque for the liability.

    If you have any other questions on this, just ask, my fee is €50/hour :D:D


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  • #7
    nesf
    Registered Users, Registered Users 2 Posts: 27,644 ✭✭✭✭nesf


    Nuttzz wrote:
    monthly

    you really need to get some professional advice mate, you can land yourself with some serious finanical headaches without it

    Agreed. A good accountant is worth his weight in gold simply from the fact he saves you so much time and hassle.


  • #8
    Kinetic^
    Closed Accounts Posts: 13,249 ✭✭✭✭Kinetic^


    nesf wrote:
    Agreed. A good accountant is worth his weight in gold simply from the fact he saves you so much time and hassle.

    Eh Hello,you got one right here!!!


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