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Preliminary Tax

  • 27-11-2020 11:27pm
    #1
    Davio
    Registered Users Posts: 85 ✭✭


    I was a PAYE worker for most of 2019, but then I set up a business which I now have to pay tax on. As I was mainly taxed under the PAYE system, my tax bill as a self-employed person is quite small.

    However, I'm confused about preliminary tax. There are various figures given (90%, 100% and 105%), but can I pay more than these, e.g 300%? - I want to pay as much as I can off my 2020 tax bill now.


Comments

  • #2
    HcksawJimDuggan
    Registered Users, Registered Users 2 Posts: 394 ✭✭HcksawJimDuggan


    You can pay as much as you want. In order to ensure Revenue can't charge interest due to an underpayment you have to pay at least 90%, 100% or 105%.


  • #3
    Davio
    Registered Users Posts: 85 ✭✭Davio


    HcksawJimDuggan wrote: »
    You can pay as much as you want. In order to ensure Revenue can't charge interest due to an underpayment you have to pay at least 90%, 100% or 105%.

    Thanks, that's helpful. The amount of tax I'll have to pay for 2020 will be much higher than in 2019 and I don't want a massive bill next year.


  • #4
    davindub
    Registered Users, Registered Users 2 Posts: 1,447 ✭✭✭davindub


    Davio wrote: »
    Thanks, that's helpful. The amount of tax I'll have to pay for 2020 will be much higher than in 2019 and I don't want a massive bill next year.

    Did you look at direct debit options?


  • #5
    Davio
    Registered Users Posts: 85 ✭✭Davio


    davindub wrote: »
    Did you look at direct debit options?

    No, how would that work?


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