I am trying to use the Revenue guidance at
https://www.revenue.ie/en/tax-profe...ains-tax-corporation-tax/part-13/13-02-05.pdf
to calculate the above. Assuming Trading Income of €100k, Bank Interest Income of €10k and Trading Expenses of €40k does the below make sense? Thanks
https://www.revenue.ie/en/tax-profe...ains-tax-corporation-tax/part-13/13-02-05.pdf
to calculate the above. Assuming Trading Income of €100k, Bank Interest Income of €10k and Trading Expenses of €40k does the below make sense? Thanks
A. | Trading Income: | 100,000 |
B. | Interest Income: | 10,000 |
C. | Total Income: | 110,000 |
D. | Trading Expenses: | -40,000 |
E. | Net Profit: | 70,000 |
Corporation Tax | ||
On Trading Profits 12.5%*((E/C)*A): | 7,954.55 | |
On Investment Income 25%*((E/C)*B): | 1,590.91 | |
Total: | 9,545.45 | |
Surcharge on Undistributed Investment Income: | ||
Investment Income (E/C)*B: | 6,363.64 | |
Less Corporation Tax: | 1,590.91 | |
Less Trading Company Reduction @ 7.5%: | 357.95 | |
Distributable Investment Income: | 4,414.77 | |
Surcharge: | 882.95 |