Preliminary Tax Query Urgent

tomhenryford · 24-10-2016 10:40AM #1

Hi there,

I have two businesses. One that commenced in 2015 and one that commenced in June 2016.

I have already contacted Revenue but I'm still not sure what I'm doing.

Revenue told me that all I was liable to do was to file & pay preliminary tax on the 2015 business but that the return wasn't due until Oct 2017.

However, when I log into ROS, I can't see an option to pay preliminary tax, I can only see an option to file a Form 11 which they have told me I do not need to do.

They won't send me out anything in paper form either.

Can anyone advise?

adrianw · 25-10-2016 10:57PM

As a sole trader your first trading period (taxable period) runs from the date of incorporation to 31 December. As a result, for the business which commenced in 2015, you need to file a form 11 and pay any liability due by 10 November if filed on ROS.

exaisle · 26-10-2016 05:08PM

Not quite right..... If a business started in 2015 then the first two returns are due by 31st October 2017. While the first taxable period is from commencement to 31st December, it would be completely impractical for a business that commenced on 1st December to do one month's accounts. More likely they'll do 12 months to 30th November or 13 months to 31st December and this is the accounting period that will form the bases of the assessments for the first two years' returns.

OP - You cannot pay preliminary tax for a period that has already expired but you can make a payment of income tax.

Preliminary Tax Query Urgent

Comments