Company Director - No PAYE Tax Credit?

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BobbyFowler

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I've tried searching previous posts but after searching I'm coming up with a blank page.
I'm a director of my own business. I'm the sole employee. Is it right that I can't avail of PAYE Tax Credits? I was going over my figures last night. I haven't availed of tax credits this year. I reckon I'm basing that off something I've read. Is it true that I'm taxed on all income?
 
BobbyFowler said:
I've tried searching previous posts but after searching I'm coming up with a blank page.
Click to expand...
I often have this problem.
If I enter more than two words or certain two word combinations it will return a blank search.

If you use Google advanced search and enter the domain as www.askaboutmoney.com, with "Only" return results from this domain, it will allow you to do a more comprehensive search of previous threads.


Sorry, no knowledge of the query at hand... just wanted to possibly help with future searches for you/other users.
 
Satanta said:
I often have this problem.
If I enter more than two words or certain two word combinations it will return a blank search.

If you use Google advanced search and enter the domain as www.askaboutmoney.com, with "Only" return results from this domain, it will allow you to do a more comprehensive search of previous threads.


Sorry, no knowledge of the query at hand... just wanted to possibly help with future searches for you/other users.
Click to expand...
The vBulletin search is flakey. Use Google instead. See my signature. If you can't see it then adjust your profile settings so that you can.
 
BobbyFowler said:
Is it true that I'm taxed on all income?
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Isn't everybody taxed on all income but standard rate bands and tax credits deducted from gross tax to give net tax mean that they don't, say, pay 41% of their gross income etc.?

Do you not have an accountant or payroll specialist to advise you?
 
If the company has a tax card for the director which is based on nil tax credits for the director, then PAYE must be operated on this basis. It is up to the director to claim refund of any overpayment, when they complete their personal tax return for the year.
 
I have Sage & do all my own accounts over the year. I've a friend who's an Accountant & I sit down with him to make sure the whole thing balances okay. That takes half a day. To be honest, I'm a bit unsure of how I work out my own personal tax situation now. Am I simply paying 20% on the first 34K & 41% on anything over that? The way I'm reading it is that because I'm a director with over 15% Shareholding, I can't take advantage of the 1760 Euro Tax Credit.
 
Did you personally ever receive a statement of tax credits? Did the company ever receive a tax deduction card for you? I would have assumed that these would be necessary to avail of any standard rate band and tax credits?
 
Well I would have got a standard tax card as an employee of the company. According to this I've Tax Credit of 1760 Euro. At the same time, I would have thought that because I'm a Director I can't avail of it?
 
There is a PAYE tax credit and a single person tax credit.
You would not be allowed the PAYE tax credit.

Maybe that 1760 is your single person tax credit.
(see post #7 above)
 
Alright
Had a quick look and found my Tax Deduction Cards for the last few years. These have Total Tax Credits of 1500 (going back a few years) up as far as 1760 for this year. I wasn't aware that there was a Single Person Tax Credit & PAYE Tax Credit - I thought there was just the 1. I suppose my best bet is to give Revenue a buzz. With a bit of luck I'll be due a Christmas Windfall as up until now I've paid myself on the basis that I can't use the Tax Credits.
 
You need to get any claim for backdated credits in before the end of the year otherwise you will miss out on any refund for 2003. You can only backdate such claims by 4 tax years. You should really be getting your accountant to help you out on this or be using a payroll package and being aware of what's on your statement of tax credits.
 
BobbyFowler said:
Alright
Had a quick look and found my Tax Deduction Cards for the last few years. These have Total Tax Credits of 1500 (going back a few years) up as far as 1760 for this year. I wasn't aware that there was a Single Person Tax Credit & PAYE Tax Credit - I thought there was just the 1. I suppose my best bet is to give Revenue a buzz. With a bit of luck I'll be due a Christmas Windfall as up until now I've paid myself on the basis that I can't use the Tax Credits.
Click to expand...

Have you not already filed directors form 11 returns for each year to date?
 
I've actually never heard of a Directors Form 11 & have never submitted one. I use ROS & make sure my PAYE, VAT & Corporation Tax are up to date. It's starting to look a bit shambolic!
 
ubiquitous said:
Have you not already filed directors form 11 returns for each year to date?
Click to expand...

I’m not aware of such a thing as a directors form 11.

Prehaps I can help you. As a propreitory director of an Irish resident company you are obliged to complete a an income tax return on a yearly basis. The form which you complete the is known as a form 11.

Providing your only source of income is PAYE from your company then your return will be quite simple.

I recommend you return this form as soon as possible as it can sometimes hold up certain refunds etc…
 
Get the Form 11 for 2006 submitted bfore the end of December or the surcharge rises to 10%.
 
Cheers for that - my only source of income is PAYE from the company - I'll get this sorted out by the weekend.
 
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