Preliminary Tax

D

Deauville

Registered User
Messages
194
Form 11 Pay and File. If I have a far lower Non PAYE income this year than last. Do I still have to pay preliminary tax based on last years (or pre preceding year) Non PAYE Income ?

Non PAYE income this year will also be less than 5k.

Many thanks.
 
Last edited:
No, you can estimate what your non-PAYE income will be for this year, calculate what tax is due and pay preliminary tax based on that.

As long as your are within 90% of the actual tax due when that is known at the end of the year, no penalties will be due
 
jpd said:
No, you can estimate what your non-PAYE income will be for this year, calculate what tax is due and pay preliminary tax based on that.

As long as your are within 90% of the actual tax due when that is known at the end of the year, no penalties will be due
Click to expand...
That's great news. Thank you for the swift reply. Very much appreciated.
 
As an aside, I've always been outside the 90% tax due as I have had a somewhat unruly income due to the vagaries of the stock market. I pay any add'l tax due immediately and so far Revenue have not penalised me. In fairness, I'm usually returning well in advance of the cut-off date, so maybe they cut me some slack.
 
They aren't really gong to chase you for a few hundred or a few thousand euro in late paid taxes - as long as you can show that it was a genuine error or mistake.

They have bigger fish to chase
 
You must log in or register to reply here.
Back
Top