B1e2r3n4a5rd
Registered User
- Messages
- 22
I have a small buisiness in the UK as a sole trader, I have no other income
and I live in Ireland, My understanding of Tax is as follows;- please let me know if I understand it correctly.
The UK buisiness is a seperate entity and pays UK tax seperately depending on profit.
I do my personal tax returns in Ireland and I account for the UK buisiness ignoring any U.K. tax paid initially. If any tax is due in Ireland I deduct the tax already in the U.K.
Does this mean I could be in a situation where I pay tax in the UK where as overall I might not be liable for tax at all, (if the tax was equal tomy tax credit), if the buisiness was in Ireland?
Do I loose the benifit of my Tax Credit in Ireland . Can I rectify this?
Can I deduct my Irish Tax Credits from any UK tax due?
Can I charge the UK Buisiness for my services thereby reducing profit in the UK and paying Irish Tax on the charge.
Is there anything I have not considered?
Looking forward to a reply.
and I live in Ireland, My understanding of Tax is as follows;- please let me know if I understand it correctly.
The UK buisiness is a seperate entity and pays UK tax seperately depending on profit.
I do my personal tax returns in Ireland and I account for the UK buisiness ignoring any U.K. tax paid initially. If any tax is due in Ireland I deduct the tax already in the U.K.
Does this mean I could be in a situation where I pay tax in the UK where as overall I might not be liable for tax at all, (if the tax was equal tomy tax credit), if the buisiness was in Ireland?
Do I loose the benifit of my Tax Credit in Ireland . Can I rectify this?
Can I deduct my Irish Tax Credits from any UK tax due?
Can I charge the UK Buisiness for my services thereby reducing profit in the UK and paying Irish Tax on the charge.
Is there anything I have not considered?
Looking forward to a reply.