Nodo Revenue give interest on this?
Have to pay preliminary tax this year almost greater than income for this year, do Revenue give interest on this?
Is the notice you got not just an estimate. You can and should estimate your actual liabilty (90% of it anyway) and send in that much or make a NIL return.
Have to pay preliminary tax this year almost greater than income for this year, do Revenue give interest on this?
I would not make this assumption. Depending on figures involved ones PT based on 100% of p/y liability could in certain cases exceed c/y income and yet c/y income could well be a taxable amount.OP states that "preliminary tax this year almost greater than income" for year so unlikely to be any tax liability therefore NIL return.
That would be helpful alright. More detail given, the less assumptions have to be made.OP should state how they arrived at idea that they have to "pay preliminary tax this year almost greater than income for this year"
Have to pay preliminary tax this year almost greater than income for this year, do Revenue give interest on this?
Should clarify, my income last year was quite good due to two good jobs (I'm self employed) however this year my income is half of what it was last year so that when preliminary tax came out for this year it almost equals what I made this year.
You have a choice, you estimate your tax liability for 2007 and pay 90% or you pay the same amount of tax as you did for 2006 (100% rule). If the final liability is higher than the estimate you will have to pay interest from the date the liability is due.
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