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One tax thread to rule them all

  • 11-05-2021 09:29PM
    #1
    Nody
    Moderators, Category Moderators, Arts Moderators, Business & Finance Moderators, Entertainment Moderators, Society & Culture Moderators Posts: 18,583 CMod ✭✭✭✭


    Mod:
    To avoid the question of how to handle taxes to be brought up in every thread this is THE tax thread that all other threads pay tax to. The focus is on Irish tax system for obvious reasons but posters are welcome to ask for any tax system they wish.

    Any and all advise in this thread is:
    a) Not legal advise
    b) Not expert advise
    c) Not something you should take as gospel

    It's individuals stating a personal view and should be taken accordingly and that view may have changed over time as legislation change as well.

    With that have at it! The last person standing with a calculator wins!


Comments

  • #2
    Jeff2
    Registered Users, Registered Users 2 Posts: 7,648 ✭✭✭Jeff2


    Would it be possible to setup a company like RTE stars and have yourself as employees invester then pay 12%.


  • #3
    Jeff2
    Registered Users, Registered Users 2 Posts: 7,648 ✭✭✭Jeff2


    Joe Duffys company.

    https://www.solocheck.ie/Irish-Company/Claddaghgreen-Limited-185841


  • #4
    Dades
    Moderators, Society & Culture Moderators Posts: 25,631 Mod ✭✭✭✭Dades


    Jeff2 wrote: »
    Would it be possible to setup a company like RTE stars and have yourself as employees invester then pay 12%.
    But then your company still legally owns all the assets and you have to pay income tax if you ever want to actually spend it.


  • #5
    [Deleted User]
    Posts: 13,822 ✭✭✭✭ [Deleted User]


    Should I be doing a tax return every year? Or just the year I realise the gains into fiat? Could I declare €1270 worth of crypto every year by exchanging one crypto for another, thus freeing up €1270? Does that make sense


  • #6
    One More Toy
    Registered Users, Registered Users 2 Posts: 4,040 ✭✭✭One More Toy


    [Deleted User] wrote: »
    Should I be doing a tax return every year? Or just the year I realise the gains into fiat? Could I declare €1270 worth of crypto every year by exchanging one crypto for another, thus freeing up €1270? Does that make sense

    Yes but even if you realise a gain even below threshold, you still have to file


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  • #7
    jimmyjoe98
    Registered Users, Registered Users 2 Posts: 2 ✭jimmyjoe98


    Recently considering dabbling in cryptocurrency but in a bit of a quandary and hoping someone might be able to help!

    Long story short, I have two questions:
    1. I'm on Jobseeker's Allowance. Will that in any way have an impact on my engaging in purchasing (and hopefully profiting from) crypto?
    2. As far as I know, tax allowance is €1650. Does that mean that if I make a profit above that, I need to make a tax report, or does it mean that I need to report it regardless, but just won't pay any tax below that rate? Considering that I'm on Jobseekers, will filing taxes affect that?

    Would love advice from anyone in a similar situation or who knows the craic.

    Thanks a lot.


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