Changing the accounts year end for sole traders – Tax tip If you are a sole trader who has: a) suffered a large drop in sales and profits due to the Pandemic b) and has a December year end It may make cease to extend your accounts year end well into 2020 to cover the…
Key advice from Revenue for small businesses experiencing cash flow difficulties 1.Tax Returns: Businesses experiencing temporary cashflow difficulties should continue to send in tax returns on time, even where payment is not immediately possible. Where key personnel are unavailable to compute the tax returns due to the COVID-19 virus, businesses should still file on a…
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:…
