While Mandelbrot is (as always) correct about making preliminary tax payments before you absolutely have to, note that Revenue won't pay any interest on the money.
You would be better off calculating the amount you should be putting aside for your first prelim tax payment and putting it on deposit until it's needed, unless of course you would spend it first!
Hi Mrs Vimes, could you help me with this query;
I registered for self-assessment in January 2016. Can you tell me what I need to do in advance of the October 31st deadline this year? I'm finding it very confusing.
In October 2017, my understanding is that I should file a tax return for the period Nov 2015 - Oct 2016. Considering I registered in Jan 2016, I would be paying tax on the amount earned between Jan 16 and Oct 16.
Let's say the amount of tax I owe for the period Jan 2016 - Oct 2016 is €10,000 (for simplicity), how much then total should I be paying revenue? Would it be the €10,000 that I owe for the period ending in October 2016 and ALSO the same amount, as preliminary tax, for the period Nov 2016 - Oct 2017?
Thank you in advance for your time
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