calcuating yearly tax bill - any advice?

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speirbhean

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Hello, I hope this isn't a dumb question! But my OH has been self employed since July last year, thankfully he's in a stable enough industry and has a regular income of E4500 pm month coming in. We've been saving every month towards his tax bill in October and have engaged an accountant. However I'm worried that we might be saving too little - we've estimated his tax bill but I'm worried that we mightn't have taken the recent tax changes into account from the last budget. Is there a web site or the eqivalant of the mortgage calculator which could give us a rough estimate of how much he will owe this autumn? Even to within a thousand euro would be helpful... Things are very tight and we wouldn't have anything to spare if we have indeed underestimated so I'd rather know now and increase the savings.
If the answer is no, just work it out yourself then I'll understand!
thanks
We are married, both working, have similar incomes and are jointly assessed for tax purposes. One child.
 
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Hi Speirbhean
An option would be to download the ROS offline application (found on Revenue website), download the Form 11 from within the application and then imput your details on it. It will then calculate the tax due. If you have any problems using ROS offline you could ask your accountant or post the query on this thread and I will try and steer you in the right direction. Another option is to get the business accounts completed asap and your accountant will be able to give you an exact figure for the tax liability. Hope this helps.
 
Thank you! It's a straightforward ish sole trader situation so I'll try revenue site.
Thanks again
 
Get your accountant to finalise the accounts and liability now. It doesn't have to be filed and paid until 31 Oct but you will have an exact figure to save towards.
 
Paddy199 said:
Get your accountant to finalise the accounts and liability now. It doesn't have to be filed and paid until 31 Oct but you will have an exact figure to save towards.
Click to expand...

+1, at the very least your accountant should be able to give you draft accounts and a draft liability. We've done this for many clients already for 2010.

Also just to add, as nobody seems to have already, if he started in July last year, look at the commencement rules.
 
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