Hello to all, its my first post and I would like to greet everyone. I have a question related to taking money from my LTD for example in 2018.
If I will have 50k on my LTD account and will take all at once I understand that I will pay everything like PRSI/TAX/USC - so according to calculator it will be: 36,017 after everything (I have used this calculator: salaryaftertax - google it ). Correct?
The question is - what if Tax Office will treat it as monthly salary not yearly? I mean is it possible for Tax Office to calculate this 50k as montly salary so in this case I will get only 25,043? I am asking because I remember one time I got more due to the overtimes and extra days working and because of this PAYE system I have paid more tax. Then I had to apply for return and got some back... Wont it happen this time?
Thanks in advance!
If I will have 50k on my LTD account and will take all at once I understand that I will pay everything like PRSI/TAX/USC - so according to calculator it will be: 36,017 after everything (I have used this calculator: salaryaftertax - google it ). Correct?
The question is - what if Tax Office will treat it as monthly salary not yearly? I mean is it possible for Tax Office to calculate this 50k as montly salary so in this case I will get only 25,043? I am asking because I remember one time I got more due to the overtimes and extra days working and because of this PAYE system I have paid more tax. Then I had to apply for return and got some back... Wont it happen this time?
Thanks in advance!