Irish Income Tax
Most earning individuals in Ireland and some organisations are liable to Irish Tax on their income. They may also be liable to a variety of other charges such as Pay Related Social Insurance (PRSI) and Universal Service Charge (USC). The collection system for these taxes is broadly split into two categories : Pay as You Earn (PAYE) and the Self Assessment system for the Self-Employed.
PAYE
Tax from PAYE workers is collected by deduction from their regular salary or wages. In general, if they have only one source of income, they will not have a further liability to tax. There are circumstances where they may be entitled to a refund of tax, USC or PRSI. These refunds can only be claimed for four years.
If a PAYE worker has other sources of income, such as dividends, credit union interest, rental income or profits from a small business, then they may have an additional liability to tax. It is far better to address this liability at an early stage than to leave it to Revenue to discover as penalties and interest may apply.
At Upper Third Chartered Accountants, we can assist you with either tax refunds or the calculation of any additional tax liability. Our tax review process is keenly priced and allows you to make the necessary tax returns yourself. For a small additional charge we can make those returns on your behalf. Contact us on 051-873913 for further details.
If a PAYE worker has other sources of income, such as dividends, credit union interest, rental income or profits from a small business, then they may have an additional liability to tax. It is far better to address this liability at an early stage than to leave it to Revenue to discover as penalties and interest may apply.
At Upper Third Chartered Accountants, we can assist you with either tax refunds or the calculation of any additional tax liability. Our tax review process is keenly priced and allows you to make the necessary tax returns yourself. For a small additional charge we can make those returns on your behalf. Contact us on 051-873913 for further details.
Self Assessment for the Self-Employed
Self-employed individuals are required to make their own return of income on or before the 31st of October each year. Their business income is calculated on the basis of the profits arising in the business. At Upper Third Chartered Accountants we give you three different options:
1. Accounts and Tax Return: We prepare and certify your annual accounts and make your tax return.
2. Tax Return: We make your tax return based on accounts prepared by you.
3. Tax Review: We review the tax return and accounts prepared by you prior to you submitting them.
Many people leave their tax returns to the last minute. We recommend having your tax return done over the summer months (from June to August) as this gives you an opportunity to make provision for any payments (whether tax or pension) that you may need to make. Email us now to book your slot.
1. Accounts and Tax Return: We prepare and certify your annual accounts and make your tax return.
2. Tax Return: We make your tax return based on accounts prepared by you.
3. Tax Review: We review the tax return and accounts prepared by you prior to you submitting them.
Many people leave their tax returns to the last minute. We recommend having your tax return done over the summer months (from June to August) as this gives you an opportunity to make provision for any payments (whether tax or pension) that you may need to make. Email us now to book your slot.