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What is preliminary tax ?

What is preliminary tax ?

Preliminary Tax

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.

For example, when completing your 2018 income tax by 31st October 2019, you will need to calculate your preliminary tax for 2019 as follow:

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 ( up to 8% per annum), the amount of preliminary tax paid for a tax year must be equal
to or exceed the lower of:

1. 90% of your final liability for the tax year, or
2. 100% of your final liability for the previous tax year, or
3. 105% of your final liability for the pre-preceding tax year. (This option is only
available where preliminary tax is paid by direct debit and does not apply where
the tax payable for the pre-preceding year was nil).

Any queries on the above give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie

 

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