My self and my wife are both directors of our company but due to the downturn in business neither of us has being able to get wages at the end of the week for the past couple of months. We are the only full time employees in the business and we have 3 part time employees.
I'm after doing the P35 last week for last year we paid quite a bit of tax that I don't think I could pay this year. The majority of the tax/ prsi was on my own income and my wife's as we are classed as self employed we get very little tax credits.
What are the implications of resigning as employees but still working full time in the business. As were self employed we would be entitled to nothing if we were out of work so I can't really see the point in paying all this tax and PRSI for nothing.
We loaned the company a sum of money so our income would be the repayments of this loan. At the moment the business is in survival mode and were just hanging by threads and hope thing will improve.
Any help appreciated.
I'm after doing the P35 last week for last year we paid quite a bit of tax that I don't think I could pay this year. The majority of the tax/ prsi was on my own income and my wife's as we are classed as self employed we get very little tax credits.
What are the implications of resigning as employees but still working full time in the business. As were self employed we would be entitled to nothing if we were out of work so I can't really see the point in paying all this tax and PRSI for nothing.
We loaned the company a sum of money so our income would be the repayments of this loan. At the moment the business is in survival mode and were just hanging by threads and hope thing will improve.
Any help appreciated.