Director + self-employed, low income, what rate to use for Pay & File?

[Andrew Duffy]

I am an employed director of my own company and pay-as-I-earn on my income from that, and am also registered as self-employed for a small amounts of consultancy. For 2009 the sum of these incomes will be well below my standard rate cutoff point; however this cutoff is entirely assigned to my employment as a director.

Now it's coming up to pay and file time, what rate should I use to calculate my payment for my consultancy work? If I can avoid paying full rate and claiming it back in six months that would be nice.

 

[Gervan]

To work out your 2009 prelim tax, if you estimate your total income will be below the SRCOP, use 20% income rate, but don't forget Prsi & Health levy on your consultancy income, and income levy at 1.67% too.