D
Dubliner1962
Guest
I've never been a fan of handing over cash before it's due so we've always set aside a % of income (self employed) for the inevitable tax bill.
However owing to a (temporary) growth in business we owe rather a lot of tax for y/e 31/12/05 and looks like the same for 31/12/06.
The calculation of the 05 prelim tax was 100% of the 04 amount so way underestimated the 05 liability.
This has left us with a massive bill for 05 and a looming one for 06, which to be fair was a good year. I'm not overjoyed at paying it but I am not losing sleep over principles this week but the cash flow aspects are giving me an ulcer!!
Is it too late to switch to paying by DD for 31/12/06?
I can't follow the Revenue guidance.
Any ideas anyone?
I am on PAYE and it's hubby's business that gives rise to the liability although we are jointly assessed.
However owing to a (temporary) growth in business we owe rather a lot of tax for y/e 31/12/05 and looks like the same for 31/12/06.
The calculation of the 05 prelim tax was 100% of the 04 amount so way underestimated the 05 liability.
This has left us with a massive bill for 05 and a looming one for 06, which to be fair was a good year. I'm not overjoyed at paying it but I am not losing sleep over principles this week but the cash flow aspects are giving me an ulcer!!
Is it too late to switch to paying by DD for 31/12/06?
I can't follow the Revenue guidance.
Any ideas anyone?
I am on PAYE and it's hubby's business that gives rise to the liability although we are jointly assessed.