I am so confused with how to calculate my preliminary tax. I have to relook at my preliminary tax for 2011 I under paid it.
1. I am a director of my own limited company and I am the only person drawing a wage from it. I have no other income, I am not married and have not children.
2. In 2011 I was paying my P30 for income tax through my company. So by Oct 2011 I had already paid 75% of my income tax bill for 2011.
3. When i submitted the form 11 I had over paid tax for 2010 so I got tax back.
My question on the preliminary tax is how to calculate it based on the fact I have paid income tax via the p30s
If I go for the 90% of the current year...I had already paid 75% of my income tax by oct 2011 through the p30s. Should I of paid the additional 15% to bring it to 90% of the current year.... but then as the limited company submitted the P30 and P35 in Jan of 2012 would that mean I would have to claim back the 15% I had paid in Oct 2011. Or do I get the limited company to under pay tax in the p30s and p35?
or- - -
If I pay 100% of the tax liability for 2010 should I of paid the entire tax liability for 2010 plus USC as if it was paid in 2010 less what has been paid in 2011 through the P30s?
1. I am a director of my own limited company and I am the only person drawing a wage from it. I have no other income, I am not married and have not children.
2. In 2011 I was paying my P30 for income tax through my company. So by Oct 2011 I had already paid 75% of my income tax bill for 2011.
3. When i submitted the form 11 I had over paid tax for 2010 so I got tax back.
My question on the preliminary tax is how to calculate it based on the fact I have paid income tax via the p30s
If I go for the 90% of the current year...I had already paid 75% of my income tax by oct 2011 through the p30s. Should I of paid the additional 15% to bring it to 90% of the current year.... but then as the limited company submitted the P30 and P35 in Jan of 2012 would that mean I would have to claim back the 15% I had paid in Oct 2011. Or do I get the limited company to under pay tax in the p30s and p35?
or- - -
If I pay 100% of the tax liability for 2010 should I of paid the entire tax liability for 2010 plus USC as if it was paid in 2010 less what has been paid in 2011 through the P30s?