Understanding Preliminary Tax 2013

This is an area that sometimes people fall down on and it isworth mentioning again and again.

Preliminary Tax 2012 is just as important as paying the tax duefor the current year.

There are three options to calculating preliminary tax due;

  1. Pay90% of your total tax liability for 2013.
  2. Pay100% of your tax liability for 2012*.
  3. Pay105% of your total tax liability for 2011.

The first option will probably be the most common option ifthe taxable income for the year has fallen considerably since the previous year.

If the third option is chosen you must set up a direct debitarrangement.

*In calculating option 2 above:

It is vital you pay the right amount of preliminary tax as failureto do so may attract interest penalties of 0.0219% per day.

Contact OSK today for more information on preliminary tax for Ireland.

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