January. The Time for New Year’s Resolutions!
By paying your Preliminary Income Tax by Direct Debit this year, you will improve your cash flow planning by spreading your payments to a twelve-month period and with the advantage of avoiding the one-off payment in October.
Preliminary Tax is your estimate of tax and related charges payable by you for a tax year and must be paid by 31 October in the year in question. In calculating your Preliminary Tax payment you should ensure that it covers your liability to PRSI and Universal Social Charge, as well as Income Tax.
To avoid interest charges, the amount of preliminary tax paid for a tax year must be equal to or exceed the lower of:
The Next Step
Please get in touch with us if you think that the Direct Debit approach would be suitable for you.
Maura Duffy, Partner - HLB Sheehan Quinn
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