Proprietary director

[Generalred]

There is a lot of information on the definition of a proprietary director. All of it states that anyone with more than 15% equity in a company is defined as such. Does anyone know if having exactly 15% share means you're a proprietary director, or is it just over 15% !!??

 

[Gordon Gekko]

It's more than 15% that makes one a proprietary director.

So someone bang on 15% is not.

 

[Joe_90]

I'd agree.

Is it that you don't want to be a chargable person or the PAYE Cr your concerned with?

 

[Generalred]

I'd agree.

Is it that you don't want to be a chargable person or the PAYE Cr your concerned with?

Yeah, it wasn't obvious where one with stand

It's more than 15% that makes one a proprietary director.

So someone bang on 15% is not.

Great, thanks.

 

[mickeyg]

If I may I would like to ask a further question regarding Proprietary Directors. Are they entitled to the Tax Credit when calculating their tax payable?? If not, can that tax credit be
transferred to a spouse??

 

[Joe_90]

Proprietary directors are not entitled to the PAYE Credit.

http://www.revenue.ie/en/tax/it/credits/paye-employee-credit.html

 

[Steven Barrett]

Wasn't there a credit introduced in the last budget for about €550 for the self employed? I can't remember what it is called. No good for 2015 tax returns though, it only came into place in January 2016.


Steven
www.bluewaterfp.ie

 

[mickeyg]

I would like to "revive" the question asked here as I don't see it has been answered.
I note that Proprietary Directors are not entitled to the PAYE Credit but what about the €550 p.a. "pseudo" Tax Credit mentioned above, does this apply to 2017??
Also is the spouse of a Proprietary Director entitled to claim whatever Tax Credits he is entitled to??

 

[GabbyTheKing]

Exact extract ""proprietary director” means a director of a company who is either the beneficial owner of, or able, either directly or through the medium of other companies or by any other indirect means, to control, more than 15 per cent of the ordinary share capital of the company"

If you have access to control more than 15% ie. your wife, minor kids are also shareholders you are still a proprietary director.

"For the purposes of the definition of “proprietary director”, ordinary share capital which is owned or controlled as referred to in that definition by a person, being a spouse or a minor child of a director, or by a trustee of a trust for the benefit of a person or persons, being or including any such person or such director, shall be deemed to be owned or controlled by such director and not by any other person."

No PAYE Credit although you can get an earned tax credit as a PD.