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I've been sent a letter from the revenue looking for corporation tax due for 1st year of trading (2007). The company ceased trading at the end of its first year and I have zero money left in the bank. I'm trying to apply for voluntary strike off, which is probably why this has been flagged as unpaid. I did have an accountant and I would have thought he had taken care of this for me but he obviously didn't.
Considering I have no money, no accountant, have ceased trading, what are my options here? Will I have to pay out of my own pocket? If anyone could also please tell how to calculate the amount due that would also be appreciated. I will need to keep my costs down so an accountant is out of the question.
Also, is there any exemptions to corporation tax? I was not a coompany per se. I was a software contractor and the only reason I was setup as a limited company was because the job agencies will only deal with limited companies. I know Mr. tax man probably won't care about any sob stories but thought I'd ask.
@jack2009
Yes I was a company but it is different. I was a contractor. I did not have profits and losses, my accountant would process my VAT returns deducting any expenses and the rest was my wages. PAYE and PRSI have been paid in full (confirmed by the revenue commission to be accurate within 2 cent).
Please don't jump down my throat for this if it is a stupid question, but I have to ask for sake of clarity: Is corporation tax calculated on your profits after wages? If so then I am correct in saying I owe nothing.
Thanks PaperValue. It is clear now from looking at the CT1 form what my situation is. Wages are deducted from income. I may need help filling in the CT1 form I'll be sure to pop back on here once I get a copy of my accounts.What you would need is the copy of accounts done for 2007- you would need to put this information on a ct1 form. if cant file online, file manually.
if loss no corp tax due just file ct1- just need form filed on your revenue account to issue letter of no objection
if profit *12.5% and their would be a 10% surcharge for late filing
corp tax is calulated on profit- which is net sales less net expenses wages etc
If you need any help filling in Ct1 or clarification just ask on this forum and I am sure someone will help
I did have an accountant and I would have thought he had taken care of this for me but he obviously didn't.
I was not a coompany per se.
Hi Brendan,
I'm not imagining anything its there for all to see. I would have thought the owner of the website would have more sense than to add such petty comments.
This website is truely an awful place to come for advice. I know many people who think the same.
Here are the facts for any other contractor out there wondering the same. You do not have to pay corporation tax, your taxes are paid in full through the PAYE and PRSI system. This is the advice I was looking for on here, advice I ended up getting elsewhere.
Over and out.
Here are the facts for any other contractor out there wondering the same. You do not have to pay corporation tax, your taxes are paid in full through the PAYE and PRSI system.
I apologise for the use of the word "clueless". Words such as "naive" or "uninformed" would conveyed my meaning equally well and might not have proved so contentious.... you unfortunately are clueless as to your responsibilities ...
I apologise for the use of the word "clueless". Words such as "naive" or "uninformed" would conveyed my meaning equally well and might not have proved so contentious.
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