Galwaygirl
Registered User
- Messages
- 107
Hi
Husband has small limited company and up until now has made hardly any money so any money extracted has been for repayment of loans (company set up money he financed from personal savings) and travel expenses.
He now has a small contract with reasonably steady income for the next few months and as my own pay is due to drop by a considerable amount next month we need to draw a salary from the business. He is also in receipt of some PAYE income and is taxed etc on this.
My question is really how to draw down a salary and do the necessary returns without having to pay an accountant to do it monthly - when he originally set up the business he payed his accountant to do monthly returns but had to reduce that to paying for yearly accounts /tax returns as the business wasn't even making enough to cover that cost! and he still won't be making that much - 2k a month before tax max so not really in a position to pay an accountant to do payroll. He is currently only doing VAT returns as he deregistered from sending back the other empoyee forms with zeros in them every month (on advise of accountant)
If he draws salary each month does he (I am guessing yes!) have to return TAX /PRSI etc on a monthly basis or is there some way of balancing off at the end of the year tax return? Any advise most welcome
I will call the tax office on this as well but just throwing it out to the AAM experts!
Thanks!
Husband has small limited company and up until now has made hardly any money so any money extracted has been for repayment of loans (company set up money he financed from personal savings) and travel expenses.
He now has a small contract with reasonably steady income for the next few months and as my own pay is due to drop by a considerable amount next month we need to draw a salary from the business. He is also in receipt of some PAYE income and is taxed etc on this.
My question is really how to draw down a salary and do the necessary returns without having to pay an accountant to do it monthly - when he originally set up the business he payed his accountant to do monthly returns but had to reduce that to paying for yearly accounts /tax returns as the business wasn't even making enough to cover that cost! and he still won't be making that much - 2k a month before tax max so not really in a position to pay an accountant to do payroll. He is currently only doing VAT returns as he deregistered from sending back the other empoyee forms with zeros in them every month (on advise of accountant)
If he draws salary each month does he (I am guessing yes!) have to return TAX /PRSI etc on a monthly basis or is there some way of balancing off at the end of the year tax return? Any advise most welcome
I will call the tax office on this as well but just throwing it out to the AAM experts!
Thanks!