my husband and i are 50% shareholders of ltd company. we incorporated last April (from soletrader status) and loaned the company 51,000 euros as working capital.
since then we have taken 38,000 euros in salary - i've deducted expenses. we have one employee and i'm just about to file his P35 on ROS.
I've just realised from reading various posts on this forum, that I should probably have filed PAYE and S class PRSI for my husband and I.
However, could we count the 51,000 we invested last April as a director's loan to the company and the drawings for the last 9 months as repayment of this loan?
I'm in a pickle (to say the least!) about this as I have no idea what our tax liability would be if we need to go down the PAYE and PRSI route. Or what our tax liability might be? I've figured it as 38,000 x 20% tax rate + S class PRSI = 11,300 euros. I think I might also have to pay PRSI as I work in the company and am a 50% shareholder.
Can anyone advise on what I should do at this late stage? My plan at the moment is to call the Revenue first thing ....
Many thanks,
since then we have taken 38,000 euros in salary - i've deducted expenses. we have one employee and i'm just about to file his P35 on ROS.
I've just realised from reading various posts on this forum, that I should probably have filed PAYE and S class PRSI for my husband and I.
However, could we count the 51,000 we invested last April as a director's loan to the company and the drawings for the last 9 months as repayment of this loan?
I'm in a pickle (to say the least!) about this as I have no idea what our tax liability would be if we need to go down the PAYE and PRSI route. Or what our tax liability might be? I've figured it as 38,000 x 20% tax rate + S class PRSI = 11,300 euros. I think I might also have to pay PRSI as I work in the company and am a 50% shareholder.
Can anyone advise on what I should do at this late stage? My plan at the moment is to call the Revenue first thing ....
Many thanks,